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HSA Save-It!

 

What is HSA Save-It!?

HSA Save-It! is a record keeping tool that helps track the eligible expenses you've paid for using personal funds (cash, personal credit card, personal check), and allows you to quickly and easily reimburse yourself from your HSA in the future. HSA Save-It! also allows you to store your receipts and record related withdrawals as you make them.


Why would I use HSA Save-It!?

Because your HSA dollars are not taxed (even the amounts you earn from interest and investments grow tax free) it may make financial sense to use personal funds (cash, personal credit card, personal check) to cover your current eligible expenses and save your HSA funds to easily reimburse yourself in the future. It is important to record HSA-eligible expenses paid with personal funds so that you can withdrawal the funds (in other words, reimburse yourself for these expenses) at some point in the future without paying any taxes or penalties.


Do I need to report my HSA Save-It! amount on my taxes?

Since HSA Save-It! is for record keeping purposes only, the dollars recorded here are not reported to the IRS and should not be reported on your tax return. However, any funds withdrawn from your HSA (including those initiated through HSA Save-It!) are reported to the IRS and will be included on your 1099-SA form for the tax year in which you withdrew the funds.


Is HSA Save-It! a separate account? How is my HSA balance related to my HSA Save-It! amount?

No, HSA Save-It! is not a separate account. It is simply a tally of what you've paid for using personal funds (cash, personal credit card, personal check) during the time you had an HSA.

Any HSA payment, reimbursement request or withdrawal will be deducted from your HSA balance, including withdrawals initiated from HSA Save-It!.


What if my HSA Save-It! amount is larger than my HSA balance?

Since HSA Save-It! is simply a tally of what you've paid for using personal funds (cash, personal credit card, personal check), there may be times that your HSA balance is less than your HSA Save-It! amount. As with any HSA payment, you may only withdraw up to your total HSA balance.

If your HSA Save-It! amount is more than your HSA balance, you simply wait until additional funds are added to your HSA before you initiate the HSA Save-It! withdrawal. Or, if you have HSA funds invested, you may choose to liquidate funds to increase your HSA balance.




 

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