can i use my hsa for semaglutide

Hello! Health Savings Account (HSA) funds are typically used to pay for qualified medical expenses. Since semaglutide is a prescription medication, it is generally considered a qualified medical expense. However, this could vary depending on your HSA plan rules.

Non-qualified expenses are generally those that are not considered necessary for medical treatment. This often includes cosmetic procedures, gym memberships, and non-prescription drugs.

If you use your HSA funds for non-qualified expenses, there may be tax consequences. Typically, you will have to pay income tax on the non-qualified expense, and you may also have to pay a penalty, often 20%. However, the specific consequences might vary based on your location and tax laws.

You can typically find a comprehensive list of qualified medical expenses in your HSA plan documentation. Alternatively, you can reach out to your HSA provider or seek advice from a tax professional. They can provide the most accurate information specifically applicable to your situation.