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Simple HSA Question - Account Transfers
Posted on 7/5/17 at 12:20 pm
Posted on 7/5/17 at 12:20 pm
I'm now on a high deductible plan and have a HSA setup with my Credit Union. Have a monthly transfer scheduled from my checking to the HSA.
The CU allows me to move money back and forth between the accounts and has not provided me with a debit/credit card tied to the HSA account.
Can I use my AMEX for HSA valid medical expenses and then transfer that amount from the HSA savings to the my CU checking to make payment for the AMEX? Or do I need to transfer the money directly from the HSA savings to the AMEX?
The CU allows me to move money back and forth between the accounts and has not provided me with a debit/credit card tied to the HSA account.
Can I use my AMEX for HSA valid medical expenses and then transfer that amount from the HSA savings to the my CU checking to make payment for the AMEX? Or do I need to transfer the money directly from the HSA savings to the AMEX?
5
Posted on 7/5/17 at 12:36 pm to Golfer
you can reimburse "yourself" now or 50 years from now. Whenever you want.
Posted on 7/5/17 at 12:38 pm to Golfer
It's very unusual to not have a debit card/checking account tied to the HSA account. How do they expect you to pay for medical expenses?
Posted on 7/5/17 at 12:49 pm to Golfer
I always pay any med expenses with a rewards credit card then reimburse to checking to pay the cc. I never use the card from the HSA.
Posted on 7/5/17 at 12:50 pm to TigerGrl73
quote:
I always pay any med expenses with a rewards credit card then reimburse to checking to pay the cc. I never use the card from the HSA.
Exactly what I'm looking to do. Didn't know if "double transfers" were allowed. Perfect.
Posted on 7/5/17 at 1:07 pm to Golfer
quote:
an I use my AMEX for HSA valid medical expenses and then transfer that amount from the HSA savings to the my CU checking to make payment for the AMEX? Or do I need to transfer the money directly from the HSA savings to the AMEX?
This should be fine. Just make sure you have your receipts.
Posted on 7/5/17 at 6:36 pm to Golfer
Yep - keep good records my HSA was audited a couple years ago due to a reporting error from my bank - I had to prove each dollar went to an eligible medical expense as outlined in my companies benefit summary.
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