Yes, but you might not want to. You can withdraw money from your HSA for any purpose. However, if it’s not an eligible expense, you will pay income tax on the amount withdrawn, plus a 20 percent penalty. Depending on your tax bracket, you could lose 50 percent on the value of money withdrawn. (The 20 percent penalty does not apply in the event of death, disability or once you reach age 65, but you still pay tax.)