How Long Do You Keep HSA Statements? - Understanding the Duration of HSA Document Retention

Keeping track of your HSA statements is an important aspect of managing your health savings account. But how long should you keep these documents?

The IRS does not specify a specific timeframe for how long you should retain your HSA statements, but it is generally recommended to keep them for at least three to seven years. This is to ensure that you have the necessary records in case of an audit or if you need to reference them for any reason.

As you accumulate HSA statements over the years, you may wonder what to do with older documents. Here are some tips on managing your HSA statements:

• Organize your statements by year to make them easier to locate when needed.
• Consider scanning your paper statements and storing them electronically for convenience.
• Shred any outdated statements to protect your personal information.

Managing your HSA statements efficiently is key to optimizing your health savings account. While the IRS doesn’t provide a mandatory timeline for retention, health experts often recommend a period of at least three to seven years for keeping these crucial records.