HSA bank problems - possible to transfer stored receipts?

[19thHole]

Our group has been using HSA bank for over 5 years now. Many of us have been investing the funds and storing receipts with HSA bank for future payout. HSA bank just replaced their mobile app with another version that basically acts as a link to their website. This is highly dysfunctional on a cell phone and now uploading receipts is a tremendous chore.

Question 1 - has anyone found a way to transfer previously stored receipts from prior years from HSA bank to another platform such as Fidelity or Lively?

We knew the fees at Fidelity and Lively were lower than what we were paying at HSA bank, but the inertia of a switch was always too much...until now the HSA bank mobile app has become useless.

Question 2 - what is the current consensus on the best HSA platform for those wishing to invest their funds and electronically save receipts for years to cash in at some future time?

Thank you in advance.

[GasFIRE]

I think it’s better to personally save the receipts yourself. If the IRS ever requests documentation it’s your responsibility not the HSAs to provide them. I recall an old thread of someone whose employer switched HSAs and lost access to their saved receipts. If you’re already taking a picture of the receipt, save it or email it to yourself so you’ll always have access.

Regarding Q1 I would make copies of the receipts and save them yourself regardless of whether or not you move your HSA to Lively or Fidelity.

[jfoxcpacfp]

Agree with GasFIRE - there are many apps that make it easy to keep copies of your records and I would prefer to have control. Of course, mine are all tossed in a drawer in my desk😂. Fido is my provider of choice, mostly b/c I am familiar with their platform and have not taken the time to get to know Lively.

[Tim]

“Of course, mine are all tossed in a drawer in my desk😂.”
Hope the drawer is labeled.
Just a note, receipts and invoices deteriorate legibility over time. Best to have an electronic backup.

[jfoxcpacfp]

“Of course, mine are all tossed in a drawer in my desk😂.”
Hope the drawer is labeled.
Just a note, receipts and invoices deteriorate legibility over time. Best to have an electronic backup.

Agreed. That’s one of those “someday” tasks. I’ll probably just close it all out in the next few years, but you make a very valid point. At the same time, this is way down on the list of “things to worry about regarding IRS audits”

[Tim]

Agreed. That’s one of those “someday” tasks. I’ll probably just close it all out in the next few years, but you make a very valid point. At the same time, this is way down on the list of “things to worry about regarding IRS audits”

Not directed at any individual. The problem is the quality of preprinted forms is fairly durable. But the quality of printing devices is terrible, staple a (would you like a receipt) credit card printout and you might not even be able to see who you paid or how much. I am not worried so much about the IRS, as getting the funds out or even knowing how much was spent for what,
Boxes and drawers are filled with assets and trash. The second concern is if someone else has to figure it out, very few clues if you can’t help. Just a drawer or box with stuff.

[jfoxcpacfp]

Not directed at any individual. The problem is the quality of preprinted forms is fairly durable. But the quality of printing devices is terrible, staple a (would you like a receipt) credit card printout and you might not even be able to see who you paid or how much. I am not worried so much about the IRS, as getting the funds out or even knowing how much was spent for what,
Boxes and drawers are filled with assets and trash. The second concern is if someone else has to figure it out, very few clues if you can’t help. Just a drawer or box with stuff.

LOL, not something I would recommend to a client. But I’m not about to take the time to clean it up - maybe just stick it all in a manila envelope and label. I’m trying to clean out that office, anyway, with move to Nashville.

[Tim]

LOL, not something I would recommend to a client. But I’m not about to take the time to clean it up - maybe just stick it all in a manila envelope and label. I’m trying to clean out that office, anyway, with move to Nashville.

Envelopes works miracles! Can I get an Amen.
Over sensitive here. I had to sort through multiple boxes of receipts and unopened letters from banks, tax authorities and tons of receipts.
The only thing organized was collectible Teddy Bears
“Certificates of Authenticity”. Very impressive but it went to trash.

Updates about the disaster and move?

[jfoxcpacfp]

Envelopes works miracles! Can I get an Amen.
Over sensitive here. I had to sort through multiple boxes of receipts and unopened letters from banks, tax authorities and tons of receipts.
The only thing organized was collectible Teddy Bears
“Certificates of Authenticity”. Very impressive but it went to trash.

Updates about the disaster and move?

Such is the unappreciated work of the executor and trustee. Move is finally…moving along. One of the most difficult (emotional) parts is how much the team members (including Ludonna’s fur baby) miss having Lottie in the office every day🐶. I’m just the person filling space, she’s the personality. (I had to put Beau to sleep in December, inoperable bone cancer, really hard blow and still not quite recovered.)

As for the disaster, time will tell. Half of Mayfield still looks like a war zone, but much neater now that they have razed the courthouse and almost all of the downtown area. Massive job in search of a good leader.

[jacoavlu]

Our group has been using HSA bank for over 5 years now. Many of us have been investing the funds and storing receipts with HSA bank for future payout. HSA bank just replaced their mobile app with another version that basically acts as a link to their website. This is highly dysfunctional on a cell phone and now uploading receipts is a tremendous chore.

Question 1 - has anyone found a way to transfer previously stored receipts from prior years from HSA bank to another platform such as Fidelity or Lively?

We knew the fees at Fidelity and Lively were lower than what we were paying at HSA bank, but the inertia of a switch was always too much...until now the HSA bank mobile app has become useless.

Question 2 - what is the current consensus on the best HSA platform for those wishing to invest their funds and electronically save receipts for years to cash in at some future time?

Thank you in advance.

re question 2 fidelity plus big tech cloud drive of your choice.

[Tim]

Google maps of the Mayfield courthouse is out of date but shows the devastation. Going to be a tough recovery for a 10k population town.

[jfoxcpacfp]

Google maps of the Mayfield courthouse is out of date but shows the devastation. Going to be a tough recovery for a 10k population town.

This “then and now” showing pictures of 12/11/21 and “now” (12/10/22) is pretty eye-opening. You’re right - we’ve got a long way to go.

[Hoopoe]

Question for those who save receipts (I have started to as well). It seems like inflation would eat into the value of these receipts if they are pulled out to redeem money tax free in 30 years, or is the thought that at that point some tax free money is better than nothing and the rest can be spent on healthcare?

[GasFIRE]

Question for those who save receipts (I have started to as well). It seems like inflation would eat into the value of these receipts if they are pulled out to redeem money tax free in 30 years, or is the thought that at that point some tax free money is better than nothing and the rest can be spent on healthcare?

You have to pay the bills regardless, so your choices are to pay it out of taxable funds and keep saving in your HSA or pay it from your HSA and increase your available taxable savings. I prefer the former.

[jfoxcpacfp]

Question for those who save receipts (I have started to as well). It seems like inflation would eat into the value of these receipts if they are pulled out to redeem money tax free in 30 years, or is the thought that at that point some tax free money is better than nothing and the rest can be spent on healthcare?

For most people, the HSA savings and tax-free growth will be dwarfed by the medical expenses, in retirement if not before. I don’t understand passing up potential tax-free growth. Remember that spouse can inherit and treat as his/her own.