Want to find HSA provider that approves receipts for reimbursements... thoughts?
Do most HSA administrators have claims departments to approve receipts so that I don't have to save receipts and worry about whether each claim will be approved if the IRS investigates?
The reason I ask is because my current company does not offer reimbursements based on receipt submission, and I want that so that I don't have to save receipts.
- AnonymousLv 711 months ago
Most HSAs don't work that way. You get a checkbook and/or credit card or you submit online. They could care less why you're taking the money out.
It sounds like you're confusing an HRA with an HSA. They're different.
- A HunchLv 711 months ago
An HSA does not work like a health reimbursement account (HRA) or flex spending account (FSA Section 125 plan).
The HSA works on the honor system. There is no approval necessary. This wouldn't make sense. Unlike a flex spending or HRA where you only receive reimbursement if it's a qualifying medical expense, with a HSA you can take the money for any reason but there are tax consequences if it's not a qualifying medical expense reimbursement.
About 5% of accounts are audited each years. There are over 20million HSA account holders and about 1.25M-1.5M get audited. The chance it's you, it not likely.
- Steve DLv 711 months ago
If you claim health expenses, then you need to keep all your receipts. The HSA is not responible for ensuring that you can take your deductions (btw, in order to take a health deduction, the costs have to be more than 10% of youe AI).