This will prevent you from saving too much in your HSA. If you’re planning on using your HSA for upcoming surgery expenses and forget that your balance has dipped, you’ll be scrambling when the bill comes.įirst, track your HSA contributions by setting up automatic transfers from your bank account to your HSA.
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It’s easy to forget about your HSA until you need to use it for medical expenses.īut it’s important to track HSA spending just like you would track your credit card balance. Tracking your HSA spending can be more of a hassle, because those funds are kept separate from your regular checking or savings account. You can use the same spreadsheet to log your HSA contributions. If you contribute too much to your HSA and don’t notice until tax time, you’ll pay a 6% excise fee on the extra contributions. Some HSA providers automatically track contributions for you and show when you’re getting close to the annual max, but others don’t. It’s also useful to track your HSA contributions, which have an annual limit of $3,500 for individuals or $7,000 for families in 2019. → Reminder to Track Your HSA Contributions Tiller automatically imports HSA account data into spreadsheets. Make a note if you’re still waiting to be reimbursed for that payment. If you prefer the latter method, remember to track your HSA spending closely.Ĭreate a spreadsheet where you log what you purchased, the date, how much it cost, who the provider was and whether you used HSA funds or another form of payment. Others pay for medical costs with their bank account, debit or credit card and then reimburse themselves from their HSA. If they receive a medical bill, they’ll pay for it with their HSA. Some people use their HSA card to pay for medical expenses directly with the provider. If you use your HSA card for a non-qualified medical expense, you’ll owe income tax on that amount and pay a 20% penalty. Prescription medications, lab work and out-of-pocket expenses for doctor’s visits are allowed.
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Monthly insurance premiums, elective procedures and homeopathic remedies are generally excluded. The IRS has strict rules on what you can use an HSA for. That money will grow tax-free if left in your account, making it a solid investment vehicle as well as a way to fund your medical expenses. It’s a tax-advantaged savings account that allows you to save pre-tax money for most medical expenses.
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Your Health Savings Account (HSA) is a powerful financial tool. Here are a few ways to track your HSA spending with a spreadsheet – and why it’s so important to keep accurate records. That means keeping, storing and tracking your receipts. If the IRS comes knocking about a purchase you made with your HSA card, you need to be able to prove that it was an eligible medical expense. While HSA cards work in a similar way to traditional credit cards, they come with restrictions that warrant a more careful approach. Unfortunately, that kind of thinking can quickly get you into trouble. They’ll pull it out at the doctor’s office or the pharmacy, use it to pay their bill and never give it a second thought. When people get their first HSA card, they tend to treat it just like a credit card.