How Long Do You Keep Receipts for HSA Accounts?

Keeping receipts for your HSA (Health Savings Account) is essential for proper record-keeping and tax purposes. But, how long should you actually hold on to them?

Generally, you should keep receipts for your HSA accounts for at least 3-7 years. This timeframe allows you to have easy access to them in case of any IRS audits or verification needs.

Here are some key points to consider when it comes to keeping receipts for your HSA accounts:

• Keep receipts for eligible medical expenses paid with your HSA funds.
• Store both physical copies and digital scans of your receipts for easy retrieval.
• Consider using a dedicated folder or online storage system to organize and keep track of your receipts.

When it comes to your HSA (Health Savings Account), holding on to your receipts is more than just good practice; it's a necessity. But the question remains: how long do you need to keep them? The consensus is that maintaining your receipts for a duration of 3-7 years is prudent. This timeframe safeguards you against potential IRS inquiries regarding your eligible medical expenses.