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Health Savings Account

Level 4

Looking for some knowledge on HSAs. Taxpayer currently has an HSA. They wanted to know if they personally paid for the medical expenses currently, if in later years they could write themselves a check from the HSA as long as they had receipts to prove what they paid. I'm not sure the benefits of this or if it makes any sense as I'm not too knowledgeable with HSAs. Does this make any sense to any of you or why they would want to do that? 

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3 Comments 3
Level 15
Level 11

Yes, you can reimburse yourself for qualified medical expenses from a Health Savings Account (HSA) at any time after you establish the HSA. Qualified medical expenses can include expenses for the taxpayer, their spouse, or a dependent. There is no time limit for reimbursing yourself, so you can accumulate the reimbursable amount until you reach a goal

Level 4
Level 4

Maybe your client wants to keep money in the HSA to take advantage of tax free growth of their investments in the account.