AggieFrog said:

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hypeiv said:

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One reason not to use it for current expenses is because there is no time limit for getting reimbursed. That means if you pay $1000 for a root canal in 2018 and keep the receipt, you can get $1000 out of your HSA in 2025 by claiming the reimbursement then.

I have a stack of receipts ready to be reimbursed if I ever need cash out of my HSA. Its nice to know that money is still growing and I have access to it penalty free if I ever need it.

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Careful with that - I've had to provide more than just receipts on mine. They also required an explanation of benefits along with the receipt.

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And EOB, or a bill?

I scan all my bills, and then the receipt, into a pdf, and attach them together. So the single pdf is bill and receipt.
I couldn't imagine needing an EOB on top of the bill itself.

I plan to let my acct just grow. The problem is keeping this stuff. I mean we're talking 15 years away.. for now it's in dropbox, but who knows what will be around in 15 years and hopefully I never lose this crap. That would suck.

EOB and bill. They wanted more than just the basic itemized bill (which didn't show much of the detail).

AggieFrog said:

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EOB and bill. They wanted more than just the basic itemized bill (which didn't show much of the detail).

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Seems like that burden should be on the Dr. providing the bill. As an HSA holder, I go to dr/clinic, they give me a bill, I pay it, I get the money for it out of my HSA.

62strat said:

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AggieFrog said:

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EOB and bill. They wanted more than just the basic itemized bill (which didn't show much of the detail).

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Seems like that burden should be on the Dr. providing the bill. As an HSA holder, I go to dr/clinic, they give me a bill, I pay it, I get the money for it out of my HSA.

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I pay directly from the HSA via debit card.

AggieFrog said:

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62strat said:

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AggieFrog said:

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EOB and bill. They wanted more than just the basic itemized bill (which didn't show much of the detail).

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Seems like that burden should be on the Dr. providing the bill. As an HSA holder, I go to dr/clinic, they give me a bill, I pay it, I get the money for it out of my HSA.

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I pay directly from the HSA via debit card.

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Paying directly with hsa card vs getting reimbursed is an irrelevant step. My point is, if I pay a doctor I shouldn't have to prove it's for a medical purpose by providing an eob. A receipt should be sufficient to cover me, and if hsa governing body doesn't like it, make the doctor prove It was medically related.

62strat said:

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AggieFrog said:

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62strat said:

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AggieFrog said:

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EOB and bill. They wanted more than just the basic itemized bill (which didn't show much of the detail).

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Seems like that burden should be on the Dr. providing the bill. As an HSA holder, I go to dr/clinic, they give me a bill, I pay it, I get the money for it out of my HSA.

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I pay directly from the HSA via debit card.

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Paying directly with hsa card vs getting reimbursed is an irrelevant step. My point is, if I pay a doctor I shouldn't have to prove it's for a medical purpose by providing an eob. A receipt should be sufficient to cover me, and if hsa governing body doesn't like it, make the doctor prove It was medically related.

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Agreed - but we don't make the rules.

I don't understand how some HSAs (like mine) can have zero admin oversight while others can request receipts, EOBs, etc. Seems like the money should be yours to use as you see fit and you should only have to answer to the IRS. Because that's the only way you could be penalized for misusing the funds (if you're audited and fined by the IRS).

I just discovered this over the weekend from another couple who got surprised by this, but tell me if I'm understanding this correctly:

• wife has her own plan through her work with an HSA
• I have a plan through my work with our daughter that also has an HSA
• When we did enrollment, she figured her per paycheck contributions so that she'd get to the individual max contribution of $3500 (including her employer contributions)
• I did the same, but did it to $7000 because i'm on a "family" plan

I was told that even though we have our separate plans, we can only contribute $7000 total between the two of us, and if I leave it as is we'll be penalized.

The penalty is 6%, and you incur it every year the funds stay in the account.

You can remove the excess contributions before the end of the year, along with any earnings, and avoid the penalty. You'll just pay ordinary income tax on the excess (because it's not tax deductible).

TXTransplant said:

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The penalty is 6%, and you incur it every year the funds stay in the account.

You can remove the excess contributions before the end of the year, along with any earnings, and avoid the penalty. You'll just pay ordinary income tax on the excess (because it's not tax deductible).

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so...just adjust our contribution rates now and not have to mess with that, right?

Pahdz said:

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TXTransplant said:

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The penalty is 6%, and you incur it every year the funds stay in the account.

You can remove the excess contributions before the end of the year, along with any earnings, and avoid the penalty. You'll just pay ordinary income tax on the excess (because it's not tax deductible).

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so...just adjust our contribution rates now and not have to mess with that, right?

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I can't answer that for sure. I don't even know if my employer would let me adjust my contributions if there isn't a "life event" or it isn't open enrollment.

I have full access to my HSA, so I'd probably just take out a lump sum equivalent to the excess and not adjust my contributions. I'm not sure how you would report that come tax time next year, though.

FYI: You can adjust your HSA at any time for any reason.

and employer contributions count towards that annual max right?

Pahdz said:

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and employer contributions count towards that annual max right?

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Correct

We get our HSA account through my employer, and my employer uses Benefit Wallet and if you wish to invest with the monies, I believe Benefit Wallet outsources that to Save Daily. It has an excellent selection funds so we're quite pleased with it.

Agree with the other comments regarding if you can swing it, leave the money alone. Let it grow.