I am sometimes asked about paying for plastic surgery with money from a health savings account. Medical spending is a topic best reserved for your accountant or financial advisor, but I’m happy to provide a few quick answers.
Can I Use My HSA For Plastic Surgery?
The answer is unfortunately “no”, as most cosmetic procedures are elective. As an elective cosmetic procedure, your costs do not qualify as an eligible medical expense. Not even the hospital fees or anesthesiologist fees.
The HSA can only be used for plastic surgery when it is prescribed by a physician and deemed medically necessary. How do you know if your plastic surgery is deemed medically necessary? It should be obvious, but if you are not certain, please ask Dr. Bash.
What Can I Use My HSA For?
Qualified medical expenses under an HSA are defined as:
“Medical copayments or coinsurance, long-term care costs, dental care costs, vision care costs, prescription medications, and some over-the-counter medications. HSA funds can also be used to pay for COBRA or retiree medical insurance premiums.”
But be sure to browse the HSAStore.com as everything there is eligible, and some of the items may come as a pleasant surprise.
The list below may be helpful for the grey area questions of what your HSA doesn’t cover. You can find a complete list of what is considered an “eligible medical expense” by visiting the IRS.gov.
Your HSA doesn’t cover the following:
- Cosmetic surgery
- Exercise equipment
- Fitness Programs
- Funeral expenses
- Gym memberships
- Hair transplants
- House help
- Illegal operations and treatments
- Insurance premiums
- Maternity Clothes
- Teeth Whitening
Does My HSA Change After I Turn 65?
Before the age of 65, if you spend your HSA money on a non-eligible medical expense, you will pay taxes (in your income tax bracket) plus a 20% penalty on your purchase. This can be very costly!
However, after the age of 65 you can spend the money in your HSA on anything you wish, and you will pay normal income taxes on your purchases. This is still a financial strategy you should discuss with your financial advisor.
Dr. Bash Does Not Accept HSA Funds For your Plastic Surgery
So, your tummy tuck, face lift, breast augmentation, Botox, Juvederm, liposuction, or breast lift cannot be paid with HSA funds. If you are not certain, please ask your accountant for professional advice. Even if deemed medically necessary, our accountant has advised us not to accept HSA credit cards as a form of payment.