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HSA - do you save receipts?

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  • #31
    Originally posted by Lithium View Post
    I’ve been saving receipts for almost 7 years. Just added up the totals for fun - looks like I have a hair under $2k of expenses accounted for.
    Lucky you, single and kid free and presumably healthy.

    Since 2013 we have $45k in eligible expenses, excluding travel costs which mostly aren't worth tracking, Though when I do I notice they add up. $6k per year for eligible expenses doesn't even seem like much. Dental/root canals, vision/glasses/contacts, prescriptions and doctor visits and so on.

    Our HSA is in the $80-$100k range and that's 100% international stocks, which have done lousy during that time period.

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    • #32
      Originally posted by FIREshrink View Post

      Lucky you, single and kid free and presumably healthy.

      Since 2013 we have $45k in eligible expenses, excluding travel costs which mostly aren't worth tracking, Though when I do I notice they add up. $6k per year for eligible expenses doesn't even seem like much. Dental/root canals, vision/glasses/contacts, prescriptions and doctor visits and so on.

      Our HSA is in the $80-$100k range and that's 100% international stocks, which have done lousy during that time period.
      These days with no dental “insurance” it feels like I spend a lot, even on top of all the Obamacare premiums, but I know it’s still a pittance compared to most of ya’ll. My HSA balance is relatively paltry, obviously lower contributions but not invested well either. For a while during residency I was also paying expenses directly from it. At least now I know better.

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      • #33
        Originally posted by FIREshrink View Post

        Aren't you turning tax free gains into long term capital gains?
        Only if you have enough expenses to cover pulling it all out. The way I see it, if I have $1k in expense, I can pull that 1k out now or later. If I allow that 1k to become 2k, I’ll either have 1k tax free and 1k in taxable income, or 2k in taxable with 1k as basis and 1k in LTCG. Yes, there will be tax drag, but this should be minimal as my taxable is all indexed equity.

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        • #34
          Yes, save.
          Receipts go in a folder.
          Plan to use for healthcare expenses, but Fireshrink nailed it with possible early spending strategy.
          Lithium, count your blessings.
          Pysibal, hard to know what the cost of healthcare will be. This is one spot where I don't mind oversaving.
          I have almost 150 in the HSA; I hope when I hit Medicare age to have 600 in there. I will not be one of those poor souls worrying about whether they are being admitted "obs" vs "inpatient"...nor am I going to fret about a private room in a SNF....
          If my kid has to deal with a punitive taxation for inheriting an HSA, that is the price to pay for not having to worry about dad's healthcare expenses.

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          • #35
            Originally posted by VentAlarm View Post

            Only if you have enough expenses to cover pulling it all out. The way I see it, if I have $1k in expense, I can pull that 1k out now or later. If I allow that 1k to become 2k, I’ll either have 1k tax free and 1k in taxable income, or 2k in taxable with 1k as basis and 1k in LTCG. Yes, there will be tax drag, but this should be minimal as my taxable is all indexed equity.
            I probably need more coffee. If you allow the 1k to grow to 2k, and use it all for healthcare expense, there is zero tax.

            Obviously, this assumes the rest of the portfolio/plan is in good working order.

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            • #36
              Originally posted by G View Post

              I probably need more coffee. If you allow the 1k to grow to 2k, and use it all for healthcare expense, there is zero tax.

              Obviously, this assumes the rest of the portfolio/plan is in good working order.
              True. This assumes that I will have enough healthcare expenses to pull it all out. Hopefully 30+ years of maxing an HSA will be more than I need for healthcare.

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              • #37
                Originally posted by VentAlarm View Post

                Only if you have enough expenses to cover pulling it all out. The way I see it, if I have $1k in expense, I can pull that 1k out now or later. If I allow that 1k to become 2k, I’ll either have 1k tax free and 1k in taxable income, or 2k in taxable with 1k as basis and 1k in LTCG. Yes, there will be tax drag, but this should be minimal as my taxable is all indexed equity.
                I men, clearly the intent and plan of receipt saving is to use on eligible expenses. I don't plan to pay any taxes on my HSA money.

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                • #38
                  Originally posted by FIREshrink View Post

                  I men, clearly the intent and plan of receipt saving is to use on eligible expenses. I don't plan to pay any taxes on my HSA money.
                  At 8%, if I work until 65, I’d be well over $1MM and I should be eligible for subsidized healthcare (work at a university). I can’t imagine I will have that amount of eligible expenses.

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                  • #39
                    I use this new thing called a file cabinet. It has things called "hanging folders" that can store the paper receipts. Its an amazing invention. What will they think of next?!

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                    • #40
                      Originally posted by endo4jc View Post
                      I scan receipts into a PDF using TurboScan app. Send to my gmail. Download a copy to a folder on my computer. Have backups on external hard drives. It’s very simple and takes little time once the system is set up. I don’t like keeping paper receipts that can be lost.
                      So, do you then trash the physical receipts?

                      I keep procrastinating about scanning in all my receipts. I've just been using the receipts-in-hanging-folder method.

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                      • #41
                        Originally posted by parachute View Post

                        So, do you then trash the physical receipts?

                        I keep procrastinating about scanning in all my receipts. I've just been using the receipts-in-hanging-folder method.
                        Yes, I shred receipts after scanning them. Figure that the receipts may not be legible after several years, and it certainly takes up space to keep the physical receipt.

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                        • #42
                          Originally posted by xraygoggles View Post
                          Yep - I take a picture with my phone scan app, then send myself the email, which gets archived in an HSA folder on gmail.
                          Exactly what I do as well.

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                          • #43
                            I scan them into a google drive folder and name each file with the receipt amount, where it's from, and the date (eg 20.22_CVS_12.27.21)

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                            • #44
                              Originally posted by Ushdadude View Post
                              I scan them into a google drive folder and name each file with the receipt amount, where it's from, and the date (eg 20.22_CVS_12.27.21)
                              An additional step to consider would be to have a spreadsheet with the info from your file name. I recall a recent post where IRS wanted documentation regarding HSA distribution and spreadsheet info was sufficient. That or print out a few hundred receipts.

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                              • #45
                                Will a year end statement of deductibles paid be sufficient as a receipt to keep for future tax free withdrawals?

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