You can use your Health Savings Account (HSA) to pay for a wide range of eligible medical expenses for yourself, your spouse or tax dependents. An eligible medical expense is defined as an expense that pays for healthcare services, equipment, or medications as described by the IRS. Funds used to pay for eligible medical expenses are always tax-free.
HSA funds can be used to reimburse yourself for past medical expenses if the expense was incurred after your HSA was established. While you do not need to submit any receipts to HSA Bank, it is a good idea to save your bills and receipts for tax purposes.
HSA contribution limits for 2020: $3,550 individual and $7,100 family. If you are 55+, you can contribute an additional $1,000 catch up option.