Keep Your HSA Records in Order

Learn what eligible medical expenses are

It sounds obvious, but before you go off and spend your HSA funds, make sure you understand what you can and cannot spend the money on. In order to be considered an HSA eligible expense, a product or service must meet the IRS's definition of medical care — in short, it must be primarily for the diagnosis, cure, treatment, mitigation, or prevention of a medical condition.

You'll also want to make sure that you can get a record of your purchase, like a receipt or an invoice.

You don't want to have to pay taxes — along with a 20% penalty — on any purchase you can't prove was a qualified medical expense. Want to make your life a little easier? Shop at HSA Store — we carry over 2,500+ guaranteed HSA eligible products from over 600 trusted brands. Chances are, you’ll be able to get many of your everyday favorites (pre-tax!), plus you’ll find new items you didn’t know you needed.

Hold on to every receipt and statement

You might want to hold on to all those HSA records as long as your tax return is considered "open," which is about three years after you file, or as long as you have your HSA account.

Your current HSA plan provider may have a tool to store receipts on their portal. This can make recordkeeping easier. Your plan may automatically upload some receipts, but as with all options, others you have to manually upload yourself. But there can be drawbacks: If you change jobs and change HSA plans or if you have multiple HSA accounts. To help solve this challenge, HSA Store created an Expense Dashboard™ to help you securely store your receipts, wherever you spend, whatever HSA plan you have, over time.

With our HSA Expense Dashboard™, you can securely save all your receipts in one place for easy reference and reimbursement. This user-friendly tool will automatically store and organize any and all HSA eligible receipts for simple, easy access — regardless of where you spent your HSA funds (HSAstore.com, doctor’s office, online purchase, or in-store purchase) or how you paid (cash, HSA card, credit card, or debit card). 

How does the HSA Expense Dashboard™ work? It’s as easy as 1, 2, 3:

Shop — Receipts for products purchased through HSAStore.com are automatically stored.‌ 

Track — You can also upload receipts to track your spending and plan for future reimbursement.‌

Save — Your receipts will be stored all in one place, so they’re available as you may need them over time: to submit a reimbursement claim, for tax reasons, to help you budget, or for any other reason you might need them.‌

Ready to get started?

No matter where you store your HSA receipts and invoices, you want to protect your private health information protection and stored at a company you trust. As for what HSA documents to keep, hold onto: HSA purchase receipts, HSA account statements, employer contributions, and documents that explain services or products you've paid for.

Create digital and physical file folders

Keep a backup of those files, too. For example, if you have digital copies, you may want to print a copy and vice versa. That way, you still have HSA records in case your computer is not cooperating, or your cat decides to use your file folders to sharpen their nails.

Creating folders, digital and physical is a great way to keep your HSA documents organized.

Here are some suggestions on how to organize your folders and files:

• Spreadsheets detailing how much was spent from your HSA (ideally one that adds up the total and subtracts that from how much you have left on the account)
• Spreadsheets detailing contributions made throughout the year
• Folders (digital and physical) on the month/year you made purchases and HSA records
• Label receipts/records by date, type of record, the store and even item purchased

Looking for more? 

Find all the tips and tools you need to get the most out of your HSA, from articles to calculators, and more at our HSA Resource Center. Then explore our 2,500+ HSA eligible products, from everyday essentials to hi-tech health devices: Shop Now

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