Can You Buy Weights With a Health Savings Account?

Health Savings Accounts (HSAs) offer a tax-advantaged way for individuals to save and pay for qualified medical expenses. These accounts help people manage healthcare costs effectively, combining savings with health benefits. Understanding what constitutes a qualified medical expense is fundamental to maximizing the utility of an HSA.

Understanding Qualified Medical Expenses

Qualified medical expenses, as defined by the IRS, are costs primarily for the diagnosis, cure, mitigation, treatment, or prevention of disease, or for affecting any structure or function of the body. Common examples include payments for doctor visits, prescription medications, dental care, and vision services.

These expenses must be for medical care, not general health or well-being. For instance, while a doctor’s visit to treat an illness is qualified, expenses for general health improvement, such as certain cosmetic procedures or basic nutritional supplements, typically are not. The distinction lies in whether the expense addresses a specific medical condition or contributes to overall wellness without a diagnosed need.

Eligibility of Fitness Equipment

Generally, items for general health and fitness, such as gym memberships or exercise equipment like weights, are not qualified medical expenses. The IRS views these as promoting overall well-being rather than treating a specific medical condition. This rule applies unless there is a direct medical necessity for the item.

However, fitness equipment, including weights, can become eligible if a physician prescribes them to treat a specific medical condition. This requires a formal document, often called a Letter of Medical Necessity (LMN), from a licensed healthcare provider. The LMN must explicitly state the medical condition, the specific equipment needed, and how it will treat or alleviate the condition. For example, weights might qualify if prescribed for physical therapy, rehabilitation after an injury, or to manage conditions such as obesity, diabetes, or certain musculoskeletal disorders when exercise is a direct part of the treatment plan. The LMN acts as a crucial justification, linking the equipment to a diagnosed medical need rather than general fitness goals.

Documentation for HSA Purchases

Maintaining thorough records is important for all Health Savings Account purchases, especially for items requiring a medical necessity. Account holders should keep receipts for every purchase made with HSA funds. These receipts serve as proof of payment and are necessary for substantiating expenses.

For purchases requiring a Letter of Medical Necessity (LMN), such as fitness equipment, obtain and retain this document alongside the corresponding receipt. These records are essential for demonstrating the legitimacy of expenses, particularly in the event of an IRS audit. Without proper documentation, expenses may be deemed non-qualified, potentially leading to taxes and penalties on the withdrawn amounts.