Consumer Blog

A Health Savings Account (HSA) makes a brilliant addition to your savings roster. With a tax-advantaged account like this, you don’t need to pay taxes on the money you put into the account and use it for qualified purchases. To contribute to an HSA, you need to have a high-deductible insurance plan, which in 2022 means a plan with a deductible of $1,400 or more for an individual or $2,800 or more for a family. 

Most people associate HSAs with making co-pays and purchasing medications. But there’s more you can buy with them than you might think. Here are a few surprising ways you can use your HSA. 

To cover insurance premiums (in some cases)
In most cases, you can’t use an HSA to pay private health insurance premiums. But that’s not true across the board. The main exceptions are when you’re paying for employer-sponsored COBRA plans or when you’re paying for insurance while you’re on unemployment. If this is you, take advantage of the tax break you can get by using your HSA to pay. 

For period care products
Pads, tampons, and menstrual cups are now on the list of HSA-eligible products. That time of the month doesn’t have to be as much of a strain on your finances anymore. 

For pregnancy and fertility tests
Whether you’re trying to conceive or just keeping an eye on your reproductive health, you can use an HSA to pay for purchases of pregnancy and fertility tests. Plus, if you have little ones, your HSA can cover breast pumps, prenatal vitamins, and nighttime underwear for those potty training days. 

For skincare
Vitamin C serums, acne wash, sunscreen and pimple patches can all be expenses you use your HSA for. It does make sense—your skin is your largest organ, after all. Protect it from infection and damage with a skin-care routine paid for through your HSA.

For massages
Do you know those massage guns that everyone from grandmas to pro athletes are raving about? You can use your HSA to pick one up. So don’t let sore muscles keep you from getting in a workout or generally seizing the day. 

For DNA testing
If you’ve ever wondered about your family background but haven’t been able to justify the expense of a service like 23 and Me, your HSA might help you make the purchase a little easier. You can pay for these DNA testing services with your account. And while this is a great way to get some advanced warning for genetic conditions, it also gives you a chance to look into your ancestry and family history. 

As a retirement fund
Because this is a tax-advantaged account, using an HSA as a retirement account can work out in your favor. Even if you don’t have many medical payments now, it’s common for your health to decline as you get older. Putting away some money in an HSA each month provides that little extra bit of cushion against the unknowns of retirement. 

If you’re curious to learn more about some of the unexpected uses for your HSA, check out the products for purchase at the HSA Store, including a whole section called Surprisingly Eligible. 

And if the benefits of an HSA can help your financial future, you can open an account through your trusted neighborhood credit union, RMCU. All you need to do is maintain your member savings account with a balance of at least $20, and you can save up to $3,650 for an individual each year (or $7,300 for families) in your HSA. Sign up online with Rocky Mountain Credit Union, and get saving.