Table of Contents
- What Is a Health Savings Account (HSA)
- Which skincare products are HSA-Eligible?
- How Does an HSA Work?
- What Skincare Does HSA Cover?
- Is Skin Moisturizer HSA-Eligible?
- Does HSA Cover Acne Face Wash?
- How Can HSAs and FSAs Help You Save On a Wide Range Of Medical Expenses?
- Final Thoughts
What skincare items qualify for the Health Savings Account (H.S.A.)? Did you know that you may use your healthcare plan for self-care, based on my research?
The vast majority of people in the United States with health insurance coverage can contribute to an account named (F.S.A.) flexible savings account or health savings account (H.S.A.) before taxes are taken out.
Most people think this only refers to medical equipment.
However, several commonplace products can also be qualified for the F.S.A. or H.S.A.
Therefore, now is the perfect moment to stock up and be reimbursed with your FSA/HSA funds, whether you’re searching for a face cleanser or a must-have serum to add to your skincare lineup. But when you continue to read,
I’ve listed the skincare items that qualify for the H.S.A., and H.S.A. funds never expire, but to make sure you’re getting the most value out of them, explore Sephora for popular skincare and makeup brands like Fenty Beauty, Supergoop!, Shiseido, Clinique, and Peter Thomas Roth.
You may also use your FSA dollars to purchase these products. Additionally, FSA and HSA-eligible essential parenting tools (starting at $8), including pregnancy tests, no-touch thermometers, and even a reduced Nanit smart baby monitor, are available.
All you need to do to get reimbursed is shop from the pre-vetted lists of acceptable products offered by Sephora and Amazon, save the receipt, and send it to your insurance.
Now, let’s get started.
What Is a Health Savings Account (HSA)
People who are covered in high-deductible health plans (HDHPs) have the opportunity to create a tax-advantaged called as a Health Savings Account (HSA) in order to save money for medical expenses that are qualified for health insurance coverage.
The person or their company makes contributions to the account, which are capped at a certain amount per year.
Prescription medications, dentistry, vision, and other qualifying medical costs, as well as other qualified medical expenses, can be covered by the contributions made to an HSA over time.
A Health Savings Account (HSA) is a tax-advantaged savings vehicle that you can use to help fund medical costs that high-deductible health plans (HDHPs) do not cover.
Contributions to an HSA, the profits of the HSA, and distributions used to cover eligible medical costs are all tax-free.
Employer and employee funds may be used to support an employee-owned HSA. At year’s end, unused account balances can be carried forward, and contributions are vested.
Which skincare products are HSA-Eligible?
A few of them are;
1. Anti-Aging Serum: Use this below your makeup to shield your face from the sun’s damaging rays all day.
Its dual-purpose composition also guards against harm caused by other unsavory free radicals and pollutants, which are particularly prevalent in urban areas.
2. SPF Set: For fun in the sun, toss this SPF set, which is intended for the lips, face, and body, into your beach bag or ski coat pocket.
Apply it all over, and the hydrating and antioxidant-rich mix will make your skin appear extra plump and glowing.
3. Sunscreen Preferred by Celebrities: If Blake Lively finds it satisfactory, we should, too!
Follow the star’s lead, who offered fans an exclusive peek into her cosmetic essentials, and stock up on this ceramide-rich, moisturizing, non-comedogenic face sunscreen.
4. Anti-age Eye Cream: Use this thick cream to combat signs of age and nourish the skin around your eyes.
It’s a great way to enhance your skincare game. Even if you already use an eye cream at night, using this choice throughout the day will guarantee that your most sensitive skin is shielded at all times.
5. Minty Lip Balm: Use this hydrating balm, which has a mint taste, to soothe and protect your chapped lips.
How Does an HSA Work?
As previously stated, HSAs can be opened by HDHP holders. HSAs may be available to those with HDHPs, and the two are typically matched.
You have to fulfill the Internal Revenue Service’s (IRS) qualifying requirements in order to be eligible for a Health Savings Account (HSA). To qualify, you have to:
1. Possess an accredited HDHP
2. Do not own additional health insurance
3. Not having a Medicare enrollment
4. Refrain from appearing on another person’s tax return as a dependant.
For a person ($3,850 for 2023) and a family ($7,750 for 2023), the maximum HSA contribution in 2024 is $4,150.
The total contributions made by the employee and the employer are subject to the yearly contribution caps.
By the conclusion of the tax year, everyone who is 55 years of age or older can make $1,000 more in catch-up contributions to their HSAs.
Certain banking organizations allow for the opening of an HSA as well.
Employer-sponsored plans allow both the employee and their employer to pay contributions; contributions are limited to cash only.
Contributions to an individual’s health savings account (HSA) can be made by any other person, including members of the individual’s family.
It is possible for individuals who are self-employed or jobless to make contributions to a health savings account (HSA) provided that they meet the requirements for eligibility.
What Skincare Does HSA Cover?
You may feel secure in the knowledge that skin cancer screenings are an approved medical cost so that you can utilize your HSA money for them.
Essential skincare products like broad-spectrum sunscreen with SPF 15+ and even restorative acne treatments like light therapy are covered by HSA funds.
The following payment plans do not include skin moisturizer: limited-purpose flexible spending account (LPFSA), dependent care flexible spending account (DCFSA), health savings account (HSA), health reimbursement arrangement (HRA), or flexible spending account (FSA).
The 8 oz. CeraVe Renewing Salicylic Acid Cleanser softens and smoothes skin while detoxifying and exfoliating to get rid of debris and oil.
The cleanser is kind to the skin and doesn’t include any abrasive grains or beads. Utilize acne treatment products that are qualified for the HSA to advance your health.
Hypoallergenic petroleum jelly is Vaseline. It is a helpful option for treating cracked skin, chapped lips, and diaper rash. This product qualifies for HSA/FSA.
Is Skin Moisturizer HSA-Eligible?
A substance called a skin moisturizer is intended to assist the skin in retaining or regaining its natural moisture.
Although moisturizer is an over-the-counter (OTC) product, no consumer-directed healthcare account may reimburse it.
Because moisturizers are primarily used for cosmetic purposes and do not cure, mitigate, or prevent medical conditions or diseases on their own, they are not qualified.
Another name for skin moisturizers is emollients. Lotions, creams, ointments, and bath/shower additives that lubricate and maintain skin hydration may be included (Mayo Clinic).
Cosmetic skin moisturizers are usually designed to target a particular area of the body, such as the hands, torso, face, eyes, or feet.
Generally speaking, moisturizers that are pumped out are more sanitary than moisturizer creams that are kept in a pot.
Each moisturizer comes with specific usage and application instructions.
Generally speaking, moisturizers should be massaged in rather than brushed into the skin in the direction that hair grows.
Using moisturizers immediately after a bath or shower maximizes their effectiveness.
Although it is uncommon, moisturizers can lead to folliculitis by obstructing the skin’s hair follicles.
Does HSA Cover Acne Face Wash?
According to Dr. Reddy, cosmetic products by themselves might not be FSA/HSA eligible, but those with substances that have been shown to treat medical conditions—such as acne, eczema, or the prevention of skin cancer—could be.
For instance, over-the-counter retinol, a well-known anti-aging ingredient in many beauty products, is in many acne treatments, making it eligible for FSA/HSA funds.
Similarly, blemish correctors that contain salicylic acid, another effective ingredient for treating acne, often qualify as FSA/HSA eligible.”
Sunscreen is also acceptable as it helps prevent skin cancer, along with acne treatments.
Additionally, he points out that moisturizers that aid in the management of eczema may be eligible for the benefit.
Suppose there is any doubt about a specific product’s eligibility.
Any items that are labeled as FSA/HSA eligible can be acquired using your FSA or HSA account, which provides a simple method to manage your healthcare spending by delivering tax savings.
In the event that this is the case, it is always recommended to first contact with the administrator of your account.
Additionally, you may shop from areas on websites like Sephora, Target, and Amazon that filter the goods that qualify for the benefit.
I advise thoroughly evaluating your skincare regimen to see which items could be covered.
Speaking with your neighborhood dermatologist may assist you in creating a skincare regimen that is customized for your unique skin issues.
How Can HSAs and FSAs Help You Save On a Wide Range Of Medical Expenses?
By putting away pre-tax money at the beginning of the year, HSAs and FSAs can help you save on a variety of medical bills, but there are restrictions on what you can use those funds for.
Generally speaking, you may use your HSA to pay for birth control, dental work, acupuncture, and contact lenses.
You may be surprised to learn that it also covers a wide range of other at-home medical supplies, including bandages, COVID test kits, spectacles, and skincare products.
This gives you a lot of alternatives.
Here are some of the most well-liked HSA and FSA-eligible products that you can purchase online, ranging from massagers, sunglasses, and prenatal vitamins to beauty staples and everything in between.
These electrolyte packets are simple to combine with water for quick hydration, which makes them ideal for travel, exercise, and healing.
As to the company, every packet has the following vitamins: B3, B5, B6, B12, and C. Its slim shape makes it easy to carry anywhere.
Use your FSA or HSA to shop for this 16-pack today.
For easy hydration, our senior commerce editor usually has a supply in her cupboard.
Final Thoughts
While purchasing cosmetics might be enjoyable, the cost can quickly mount up.
Regardless of how wonderful they make you feel (or appear), nobody likes looking at their credit card statement after a trip to Ulta or Sephora.
However, if you use your FSA (flexible spending account) and HSA (health savings account) for qualified beauty goods, you can save costs on your beauty regimen.
You may set aside pre-tax money for certain medical issues and costs, such as over-the-counter drugs and even skin care items, by enrolling in one of these programs.
In addition, we’ve included a selection of our editor-approved top recommendations for FSA and HSA-eligible skin care items so you can stock up with your money.
I hope you now know a little bit more about the skincare items that qualify for the HSA.
