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Home  >  Blog  >  GRB News  >  Sunscreen, Shades and Your Health Savings Account (HSA)

Sunscreen, Shades and Your Health Savings Account (HSA)

Stacey Michaels Friday, May 31, 2019 GRB News
HSA Sunscreen grb

You may wonder what sunscreen and shades have to do with your HSA.  Well, those are just two of the many items that are HSA-eligible expenses.  With summer around the corner, you may want to prepare for fun in the sun by tapping into your HSA to cover sun-protection costs.  Your HSA is the only tax-advantaged account that allows you to save using pre-tax dollars and allows you to spend tax-free for qualified medical expenses.  So, avoid sunburn and use your HSA for sunscreen, prescription sunglasses and SPF 15+ lip balm. 

In order to use your HSA, you must contribute to the HSA.  We are almost halfway through the year and the IRS allows you to save up to $3500 if you are covered as an individual on your health plan or $7,000 if you have family coverage.  You can contribute another $1,000 if you are lucky enough to be over 55 years old. 

Remember, any money deposited into your HSA by you or your employer is yours to keep…forever.  The funds roll over every year and as long as you use the funds to pay for qualified medical expenses, you won’t pay tax on that money. 

You can change your contribution to your HSA at any time.  Situations that often trigger the need to modify a contribution level include marital/family status change, beginning/ending a treatment or medication, need for catch-up contributions, etc. Talk with your payroll department to make a change.

The list of qualified medical expenses is quite extensive and can be found here.  Remember, if you have any questions; please speak with your tax advisor as this information is not tax advice.  Enjoy your summer and remember that GRB is Here. For You.


Genesee Regional Bank

Corporate Office
1850 South Winton Road
Rochester, NY 14618

585.249.1540

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  • ATMs/Branches
  • Online Enrollment
  • Business Online Banking
  • Online Banking Login
  • Commercial Banking
    ▼
    • GRB Stories
    • Business Banking Accounts
    • SBA Lending
    • Cash Management
    • Business Financing
    • Commercial Real Estate Financing
    • Municipal Banking
    • GRB Professional Practice Banking
    • GRB Veterinary Practice Banking
    • Merchant Services
    • Current Rates
    • Online and Mobile Business Banking
    • Commercial Banking Team
  • Personal Banking
    ▼
    • Everyday Banking
      ▼
      • Checking
      • Savings
      • CDs/CDARS
    • Personal Loans – Auto Loans and Home Equity
      ▼
      • Home Equity Line of Credit
      • Auto Loans
      • Personal Loans and Lines of Credit
      • Overdraft Protection
    • Current Rates
    • Online and Mobile Personal Banking
    • HSA Information
    • Personal Banking Team
  • Home Mortgage Loans
    ▼
    • Our Team
    • Home Loan Options
      ▼
      • First-time Home Buyers, Grants, and Discounts
      • FHA, VA, and USDA loans
      • Conventional Loans and Refinancing
      • Buy with Confidence. Refinance with Ease.
      • Specialty Loans
    • Contact Us
  • Community
    ▼
    • Giving Back
    • GRBblog
    • Financial Wellness Resources
    • Locations
    • Security Resources
    • Lost or Stolen Debit Cards
  • About GRB
    ▼
    • Contact Us
    • Secure Email
    • 25 Years
    • History and Growth
    • GRB Timeline
    • The GRB Experience
    • Board of Directors
    • GRB Leadership Team
    • Careers at GRB