HSA record keeping?

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Morik
Posts: 1344
Joined: Tue Nov 25, 2014 11:26 am

HSA record keeping?

Post by Morik »

So I am saving my receipts and bills and plan to use the HSA in 20-30+ years.

A co-worjer mentioned that most cc receipts will fade by then and that he is scanning all his.

This would be a huge pain; does anyone else do this? Do you just file them and forget about it?
I was planning to total up the values at the end of each year, but just keep the physical receipts... Should I also take the time to scan them?
555
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Re: HSA record keeping?

Post by 555 »

Many threads on this.
Topic Author
Morik
Posts: 1344
Joined: Tue Nov 25, 2014 11:26 am

Re: HSA record keeping?

Post by Morik »

I tried searching but wasn't able to find a thread that discussed long term receipt viability...
jebmke
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Location: Delmarva Peninsula

Re: HSA record keeping?

Post by jebmke »

I used to save receipt but for changed my mind and now every year I cash them in. I didn't want this mess hanging over me when I become feeble or hanging over my spouse if I am beyond feeble.

I did find some receipts faded -- especially register type receipts which are thermally printed - those fade away completely over time.

The main thing we used CC for was for pharmacy. But there is a better solution. Most pharmacies will print you an annual statement -- I get mine from CVS online. That summarizes all your pharmacy out of pocket costs. Many physicians offices will give you an annual statement if you ask them.
Don't trust me, look it up. https://www.irs.gov/forms-instructions-and-publications
furwut
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Re: HSA record keeping?

Post by furwut »

Morik wrote:So I am saving my receipts and bills and plan to use the HSA in 20-30+ years.
Keep the physical receipts if you like but I would certainly scan them as well.
I used to save receipt but for changed my mind and now every year I cash them in. I didn't want this mess hanging over me when I become feeble or hanging over my spouse if I am beyond feeble.
This may be the wisest approach. Not that I've been doing it though!
mistike
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Joined: Wed Jan 21, 2015 2:25 pm

Re: HSA record keeping?

Post by mistike »

I started scanning mine and sending them directly from the scanner to Evernote. Now I scan them on the big printer at work that sends me an email with the scans attached as a PDF file.

It's easy to scan if you have a good scanner that can automatically save the image (or PDF) in a preset directory on your computer.
letsgobobby
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Re: HSA record keeping?

Post by letsgobobby »

I am thinking of converting to the spend it now approach. The loss is tax free gains, but tax efficient taxable investing isn't bad and the added 0.5% annual drag certainly ain't worth the hassle. What gives me pause is the potential for a tax free ten bagger thirty or fifty years hence.
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Aptenodytes
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Re: HSA record keeping?

Post by Aptenodytes »

Many receipts will fade completely within a few years.

It isn't just hsa receipts you need to scan. Any warranties that require receipts need to be scanned or photographed too.
BogleMe
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Re: HSA record keeping?

Post by BogleMe »

I am in my 30's and plan to use the HSA to pay for medical expenses in older age -and for now I pay for medical expenses out of pocket. I keep zero receipts right now, though would a very large one...there will be plenty of big ones later in life that will dwarf my dinky current expenses. One should probably have a sizable taxable portfolio before having this posture.
Last edited by BogleMe on Sat Jun 06, 2015 4:46 pm, edited 2 times in total.
BogleMe
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Re: HSA record keeping?

Post by BogleMe »

Morik wrote:I tried searching but wasn't able to find a thread that discussed long term receipt viability...
All it takes is this: go to google,type in "bogleheads hsa receipts" ; done.
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