{"id":8579,"date":"2014-04-18T10:42:06","date_gmt":"2014-04-18T14:42:06","guid":{"rendered":"http:\/\/blogs.nmc.edu\/?p=8579"},"modified":"2014-04-21T11:07:17","modified_gmt":"2014-04-21T15:07:17","slug":"beneifts-corner-health-savings-account-record-keeping-save-your-receipts","status":"publish","type":"post","link":"https:\/\/blogs.nmc.edu\/?p=8579","title":{"rendered":"Beneifts corner: Health Savings Account record keeping \u2013 Save your receipts!"},"content":{"rendered":"<p>If you participate in the High Deductible Health Plan (HDHP) with a Health Savings Account (HSA), this message is very important: <strong>keep<\/strong><strong> <\/strong><strong>receipts of your <\/strong><a href=\"http:\/\/www.tangohealth.com\/how-does-it-work\/\"><b>Health Savings Account<\/b><\/a><strong> (HSA) spending <\/strong><strong>\u2013 this <\/strong><strong>is an IRS requirement.<\/strong> Essentially, any money that comes out of your HSA and is coded as a distribution by your HSA institution must have a receipt showing the distribution was an <a href=\"http:\/\/www.tangohealth.com\/posts\/consumer-directed-health-plans\/what-do-bandages-travel-and-acupuncture-have-in-common\">eligible medical expense<\/a>. The only exception is when a distribution is rolled over to another HSA and you must account for this on your tax return.<!--more--><\/p>\n<p>Here\u2019s what the IRS says regarding record keeping with an HSA:<\/p>\n<p><em>\u201cYou must keep records sufficient to show that:<\/em><\/p>\n<ul>\n<li><em>The distributions were exclusively to pay or reimburse qualified medical expenses,<\/em><\/li>\n<li><em>The qualified medical expenses had not been previously paid or reimbursed from another source, and<\/em><\/li>\n<li><em><\/em><em>The medical expenses had not been taken as an itemized deduction in any year.<\/em><em><\/em><\/li>\n<\/ul>\n<p><em>Do not send these records with your tax return. Keep them with your tax records.\u201d<\/em><\/p>\n<p>Keep these receipts like any other tax deduction receipts.\u00a0 Be sure to keep you Explanation of Benefits from Priority Health or ASR as well, because they prove that the expense was not paid by our insurance. You can keep electronic records if you treat them like any other IRS electronic records &#8211; read the IRS language for keeping electronic records <a href=\"http:\/\/www.irs.gov\/pub\/irs-tege\/rp-97-22.pdf\">here<\/a>.<\/p>\n<p>To read the full article published by TANGO, visit <a href=\"http:\/\/www.tangohealth.com\/posts\/health-savings-accounts\/health-savings-account-record-keeping-receipts-and-hsas\/\">Health Savings Account Record Keeping:\u00a0 Receipts and HSAs<\/a>. \u00a0If you have questions about this or other benefits, contact HR at 995-1362 or 995-1350.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you participate in the High Deductible Health Plan (HDHP) with a Health Savings Account (HSA), this message is very important: keep receipts of your Health Savings Account (HSA) spending \u2013 this is an IRS requirement. Essentially, any money that comes out of your HSA and is coded as a distribution by your HSA institution [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[68],"tags":[1439,2110,2503,1890,60,2062],"class_list":["post-8579","post","type-post","status-publish","format-standard","hentry","category-intercom","tag-benefits-corner","tag-health-savings-account","tag-high-deductible-h","tag-hsa","tag-human-resources","tag-irs"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Beneifts corner: Health Savings Account record keeping \u2013 Save your receipts! - NMC Communiqu\u00e9<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blogs.nmc.edu\/?p=8579\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Beneifts corner: Health Savings Account record keeping \u2013 Save your receipts! - NMC Communiqu\u00e9\" \/>\n<meta property=\"og:description\" content=\"If you participate in the High Deductible Health Plan (HDHP) with a Health Savings Account (HSA), this message is very important: keep receipts of your Health Savings Account (HSA) spending \u2013 this is an IRS requirement. 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