Can a health savings account be used for diabetic supplies?

Yes, a health savings account can be used for diabetic supplies. HSAs are tax-advantaged savings accounts that allow you to pay for qualified medical expenses tax-free. This includes a wide range of expenses, including diabetic supplies such as insulin, syringes, blood glucose monitors, and test strips.

To be eligible for an HSA, you must be enrolled in a high-deductible health plan (HDHP). HDHPs have higher deductibles than traditional health insurance plans, but they also come with lower monthly premiums. The high deductible allows you to contribute more money to your HSA each year.

The amount you can contribute to your HSA each year is determined by the Internal Revenue Service (IRS). The contribution limits for 2023 are $3,850 for individuals and $7,750 for families. If you are 55 or older, you can make an additional catch-up contribution of $1,000.

HSAs are a great way to save for medical expenses, and they can be especially beneficial for people with diabetes. By using an HSA, you can pay for your diabetic supplies tax-free and save money in the long run.