Medical expenses tracker excel3/24/2024 Create a folder to store your receipts.Then at any point in the future you can reimburse yourself for some or all of the expenses in your spreadsheet. That way you have a record of what expenses you’ve paid for but haven’t reimbursed from your HSA. The best way to track your medical expenses is in a spreadsheet. If you reimburse yourself for a medical expense immediately from your HSA, that cash exits your tax-sheltered HSA account, and you miss out on all the tax-free investment gains. Remember, the investment gains are not taxed, so you can keep building your investments tax-free. The benefit of tracking your medical expenses and reimbursing later on is that you can keep more cash in your HSA, which allows you to invest more money. Meaning, if you incur a qualified expense in 2023, for example, you can reimburse it at any point in the future, even years down the road (you must have had an HSA when the expense was incurred for it to be eligible for reimbursement). Track your qualified medical expenses, then reimburse them years down the road from investment gains – What most people don’t realize is there is no time limit for reimbursing your expenses from your HSA.You can view all the latest credit card sign-up offers here. Use a rewards credit card that either provides you with travel rewards or cash back. Pay with a credit card, not with your HSA debit card – When you pay with your HSA debit card, you don’t receive any rewards like cash back or points.You can read a more detailed explanation in our post 2 Hacks to Maximize your HSA Health Savings Account, but at a high level they are: For those over the age of 55 there is an opportunity to contribute an additional $1,000.īesides contributing to your HSA and reimbursing yourself for qualified medical expenses, there are a couple of other ways to optimize your HSA. So how much can you contribute to an HSA? For 2023 the IRS has set contribution limits for HSAs to $3,850 for an individual or $7,750 for a family. Clear-cut examples include a prescription you get at a pharmacy or a bill from a doctor visit.Īt a minimum, it makes sense to deposit money into your HSA and reimburse yourself for qualified expenses so that you are paying with before-tax dollars. In general a qualified medical expense is defined as an expense that pays for healthcare services, medications, or equipment.
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