I've got an HSA at work and I'm not quite sure how it works. I guess maybe I've been traumatized by all the back and forth I get from insurance companies trying to not cover stuff that I really need to live my life, but does anyone know how HSAs work?
Obviously I need to document my expenses with receipts and whatnot, but do I also need to document medical necessity, like having a doctor's order for a new wheelchair back or cushion or tires, which I normally just pay for out of pocket because it's not worth the 20 plus hours I'd have to spend haggling with the insurance company to maybe get it covered.
I just bought a new set of tires and tubes and I'm wondering if I can write that off.
Also, complicating the situation, I'd greatly prefer to not cash out the HSA yet, since it lets me invest anything over $1000 in the stock market. It's like the most tax efficient retirement savings account I have so if I could just save up receipts for 20 years and then cash it out in retirement after getting tons of tax free growth that would be ideal. I just don't want to have a hard drive full of receipts and then find out they get denied because I can't prove medical necessity or some such thing.
Anybody else got experience with HSAs?
Also, this probably isn't the right forum, but it felt weird to put it in the funding/legislation forum. Mods can feel free to move it wherever they feel it fits best.
Obviously I need to document my expenses with receipts and whatnot, but do I also need to document medical necessity, like having a doctor's order for a new wheelchair back or cushion or tires, which I normally just pay for out of pocket because it's not worth the 20 plus hours I'd have to spend haggling with the insurance company to maybe get it covered.
I just bought a new set of tires and tubes and I'm wondering if I can write that off.
Also, complicating the situation, I'd greatly prefer to not cash out the HSA yet, since it lets me invest anything over $1000 in the stock market. It's like the most tax efficient retirement savings account I have so if I could just save up receipts for 20 years and then cash it out in retirement after getting tons of tax free growth that would be ideal. I just don't want to have a hard drive full of receipts and then find out they get denied because I can't prove medical necessity or some such thing.
Anybody else got experience with HSAs?
Also, this probably isn't the right forum, but it felt weird to put it in the funding/legislation forum. Mods can feel free to move it wherever they feel it fits best.
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