If you’ve put away the task of filing taxes for 2020, you’d probably like a simpler way to keep records of your HSA disbursements for your personal files. But keeping track of your HSA qualified expenses and itemizing descriptions of eligible health care services can be time-consuming and confusing.
While your HSA administrator or trustee provides HSA tax documents for you and the IRS, you need to keep accurate records of expenses paid for with your HSA. Keeping files of recorded spending on HSA-qualified expenses can provide the proof needed to avoid any penalties or taxes.
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The Best Way to Keep Track Your HSA Qualified Expenses
I’ve found a simple and accurate way to keep track of your HSA qualified expenses. It’s called the TrackHSA. I want to share a little bit of information about this service with you.
Track HSA is a very inexpensive, secure online service that’s designed to help you itemize, document by category and create HSA expense reports at tax time – or anytime.
You can also instantly see descriptions and categories of just what medical expenses are qualified to be paid with HSA funds. In addition, the service allows you to itemize expenses such as prescriptions, doctor visits and others with descriptions your bank may not provide.
I encourage you to keep informed about all the HSA information available to you to make sure you’re getting the most out of your health savings account. If you don’t already have an HSA, you might be surprised at all the expenses you could be paying for from your HSA and the freedom you have to choose what your health care dollars are going toward.
You can get much more information about HSA qualified expenses here: www.HSAforAmerica.com/qualified-expenses.htm
Wiley is President of HSA for America. He believes that consumers should have choice and price transparency, so they can make the best healthcare decisions for their needs. Read more about Wiley on his Bio page.