HSA question

[Lisa99]

Sorry if this has been asked and answered but I can't find in a search.

We have about $24k in an HSA account but DH is no longer in the health plan that enabled us to contribute to the plan (he was laid off).

Can we use the $24k to pay medical expenses once we're on the exchange even if the plan we go with is not an "HSA" plan?

The HSA money is with Chase and there is a debit card associated with the HSA account.

 

[pb4uski]

Yes, as long as the expenses qualify as eligible medical expenses.

Not only that, you can also withdraw funds and "reimburse" yourself for any qualifying medical expenses since you started the HSA. Just keep good documentation.

 

[Lisa99]

Thanks, makes me feel better that we aren't going to lose the money or have to go with a high cost HSA eligible plan on the exchange.

 

[Sue J]

Related question...

What constitutes "good documentation?"

2014 was our first year with the HSA. We had substantial expenses paid from regular savings and I reimbursed us from our HSA for a portion. I will reimburse us again for another portion soon.

Is the list from the insurance company showing our billed expenses and our costs good enough? Or do I need individual EOBs or bills from the provider? Do I need proof of how the bill was paid like the check number or charge card statement?? I tend to think I need to keep everything, but what will really be enough if we are ever audited on this?

We are now on year 2 of the HSA. We have a debit card for the HSA but so far haven't used it, we just pay for the small stuff and leave the HSA money invested.

 

[MichaelB]

Related question...

What constitutes "good documentation?"

A copy of the invoice that shows it is an eligible expense, along with a record of the payment.