Can I Withdraw Reimbursement from HSA for Medical Expenses Paid Last Year?

If you've paid for eligible medical expenses out of pocket last year, you may wonder if you can reimburse those expenses from your HSA. The answer is yes, you can withdraw reimbursement from your HSA for medical expenses paid in previous years, as long as the expenses were incurred after you opened your HSA. However, there are a few things to consider when doing so.

It's important to keep in mind the following guidelines:

• The medical expenses must be qualified expenses according to the IRS guidelines.
• The expenses must have been incurred after you established your HSA.
• You must have kept the receipts and documentation of the expenses.
• Make sure you have enough funds in your HSA to cover the reimbursement.

When requesting reimbursement for medical expenses paid in the previous year, you will need to submit a claim form to your HSA provider along with the receipts and documentation of the expenses. Once the claim is approved, you can receive the reimbursement.

Remember, HSAs offer a tax-advantaged way to save for qualified medical expenses, so it's beneficial to utilize this feature and reimburse yourself for eligible expenses incurred in previous years.

Have you ever settled an eligible medical bill from last year and wished you could get that money back? Good news! You can withdraw reimbursement from your HSA for qualified medical expenses incurred after you opened your account.