Can you reimburse yourself from your hsa account

View Perks dashboard or enroll now. All products are HSA eligible. Just landed! New arrivals from top brands to surprisingly eligible favorites. Shop New Arrivals. Shop Optical. Paying for expenses directly with your HSA funds is often a convenient option, and there are several different payment methods available, depending on personal preference:.

There may be times when you find the need to pay for an expense out-of-pocket and then reimburse yourself for the associated cost at a later date. For example, you might have to undergo an expensive procedure and not have enough money in your account at the time to cover it.

Or you might just be facing multiple expenses in a short period of time. Reach your savings goal Track your accumulated reimbursable expenses online until you reach the desired amount. Cash in Use the HealthEquity member portal or mobile app to submit a reimbursement for the accumulated qualified medical expenses and receive a tax-free payment for the amount of out-of-pocket expenses you paid.

Login Open Account. Refer to IRS Publication for a more complete list of qualified medical expenses. Yes, you may use funds from your HSA to pay qualified medical expenses for you, your spouse or a tax dependent free from federal income tax and state income tax for most states.

This is one of the great advantages of HSAs. You are required to confirm that your distributions are for qualified medical expenses.

It is your responsibility to keep all documents such as receipts that show how you used your HSA, including any distributions used for non-qualified transactions and self-report distributions on your annual tax return.

Distributions from your HSA that are used exclusively to pay for qualified medical expenses for you, your spouse or tax dependents are excludable from your gross income.

Your HSA funds can be used for qualified medical expenses and will remain free from federal income tax and state income tax for most states even if you are not currently eligible to contribute to your HSA.

Most dental and vision care expenses are qualified expenses. For example, glasses, contacts and braces are qualified expenses; cosmetic procedures, e. Distributions used exclusively to pay for qualified medical expenses, even those incurred under a non-HDHP, continue to be free of federal income tax and state income tax for most states.

You can receive tax-free distributions from your HSA for qualified medical expenses you incur after you establish your HSA. Your HSA must be established before qualified medical expenses are incurred to receive distributions free from federal income tax and state income tax for most states. Just like a checking account, you can only access funds that are available in your account. However, as additional funds are deposited to your account, you can reimburse yourself for qualified medical expenses paid out of pocket, so long as those expenses occur after the date of the establishment of your HSA.

Yes, provided the services are qualified medical expenses, the distribution would be free from federal income tax and state income tax for most states. So remember these three rules:. So you lose all that tax advantage an HSA otherwise provides. You earn money totally tax-free just by letting it sit there, just like an IRA or k.

No matter how you do it, paying yourself back is like receiving a tax-free gift for the amount of the out-of-pocket expenses you paid. You want to maximize your savings for emergencies.