If I incur an expense on 1/1/20 but I don’t have money in my hsa until 1/15/20 when I get paid am i allowed to reimburse myself?
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I'm pretty sure you can as long as the account is set up as of 1/1/20. There is no time limit to reimburse yourself once the account is established. Just make sure you keep all your receipts.
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I think so, at least I do 🤷♀️
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Yes!
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I submit all of my expenses as I get them, even though they far exceed the amount of money that I get. Mine is set up so that they send me an electronic transfer as the funds are available, so I can submit a cost of $1000 even though that money isn't there yet, and they'll reimburse me the $400 whatever every month until that $100 is paid back.
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@meganmp: oh interesting thanks! This is our first year doing an hsa, we used to have an fsa and I’m finding out they work very differently!
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@KT326: yes the account is set up as of 1/1 but we don’t get paid until the 15 which is why I was wondering. Good to know there is no time limit. That’s interesting
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Soon you should be getting an HSA card, and it's way easier to use that rather than do reimbursements, just FYI.
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@DesertDreams88: I did get my card and I’m planning to use it whenever possible, i was mostly wondering if an expense exceeds the amount available. With an fsa all of our money was available on the 1st so this is different to only have it available as it’s taken out
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Yes, I always pay with credit card so I get the points, then reimburse myself
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@PurplePumps: ahh another interesting point! Do u need to provide any proof to reimburse or just save receipts incase is audit?
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@gotkimchi: I can't remember, they may all be different. Some may ask for a upload, but id keep a copy of them anyways. I pdf all my receipts and file them away
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@PurplePumps: that is so smart, I never thought of that!
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12 comments