Want to take advantage of the short-term, long-term, and retirement savings opportunities offered by a Health Savings Account? First, you need to ensure you’re eligible to open an account. Discover the HSA eligibility requirements. Including who can open an account, how much you can contribute, what are HSA-eligible expenses, and more.

In July 2019, the IRS (with the Department of Health and Human Services) provided guidance that HSA-eligible high deductible health plans (HDHPs) consider a number of medical services, medications, and devices, like insulin, statins, and inhalers as “preventative care” to be covered before the annual deductible is met.

The IRS defines medical expenses as, “the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and the costs for treatments affecting any part or function of the body". Though a broad definition, several products and services are HSA-eligible that you may need for your summertime pleasure.