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Save your money, use your health savings account instead

Posted at 6:12 AM, Apr 29, 2022
and last updated 2022-04-29 10:21:00-04

NORFOLK, Va. - News 3 is helping you stretch your money further.

Next time you go to the pharmacy, consider using your health savings account (HSA) instead of your credit card. A lot of the items that are on the shelves, which you probably need, are HSA eligible.

While you can still pay for doctors visits, co-pays, and medications, those are no longer your only options.

News 3 was curious to see what items were available at CVS. If you type "HSA" in the website's search bar, you will be brought to a page with an entire list of HSA/FSA eligible items by category.

If you click on "skin care," for example, you'll be directed to a long list of body lotions and moisturizers. You can also buy sunscreen and aloe treatments that will protect your skin against the summer sun.

As the seasons change, it's important to have the proper products to keep yourself safe and healthy whether you buy your products at CVS, Sam's Club or another location.

At CVS, your HSA covers the following:

  • Eye drops
  • Immune support powders and tablets
  • Aloe vera skin care
  • Bug spray and itch relief
  • Tylenol and Advil

Health Savings Accounts allow you to put pre-tax money into an account and it will grow tax-free.

Carl Carlson, CEO of Carlson Financial, said anyone with a high deductible health insurance plan can get an HSA. It doesn’t matter if your employer offers an HSA or not, you can open one on your own and receive the same benefits. But everyone who contributes to one must be on an IRS-approved high deductible health plan.