Walmart is a retail juggernaut with stores in all 50 states! The retailer makes tons of products accessible to the masses at low costs, including healthcare essentials.
In fact, Walmart is the only source of healthcare products for millions of Americans. With its role in our nation’s health system being so massive, can you use your HSA card when shopping at Walmart?
HSA Basics
A health savings account, also known as an HSA, is a unique form of savings exclusively for medical expenses. It’s self-funded, allowing you to set aside thousands a year to prepare for the future.
Funds are available for qualified medical expenses. Whether it’s to treat diagnosed illnesses or to get a new set of prescription glasses for your kids, the funds can help you out whenever you’re in a pickle.
What are the Tax Benefits of an HSA?
There are several differences between an HSA and a standard savings account. First of all, an HSA can grow with proper investments through a broker. You can maximize your savings and prepare for the future.
Secondly, contributions are tax-free. The same goes for funds that go to qualified expenses and any growth from investment. But what are the tax benefits of an HSA? On top of all that, contributions are tax-deductible. That means they can reduce your taxable income.
Using HSA Funds at Walmart
Walmart fully understands and supports the use of HSA funds. The retailer makes it easy to shop for qualified items directly from the website.
A dedicated HSA section lists all of the items that qualify for reimbursements.
That said, there is one significant downside. Currently, you cannot use your HSA card online or in stores. You must use a standard debit card or cash to make those purchases. The good news is that you can submit order receipts for reimbursement by your HSA. Walmart makes the process straightforward for anyone.
Peace of Mind with an HSA
Thanks to Walmart, making qualified healthcare purchases with HSA funds is a cinch. Before you start shopping, make sure to go through your HSA options to find a plan that’s right for you. The best HSA maximizes your funds and makes getting reimbursements a breeze.
Author Resource:-
Daniel Stewart has been helping people with their money management and personal finance with over 15 years’ experience in business finance. You can find his thoughts at HSA solution blog.
