Is it Okay to Pay 2017 Medical Bills from HSA Account in January 2018?

Many people wonder if it is okay to pay 2017 medical bills from their 2017 HSA account in January 2018. The good news is that in most cases, this is perfectly fine. Health Savings Accounts (HSAs) have unique rules that allow for some flexibility when it comes to using the funds. Here's what you need to know:

When it comes to HSA accounts, the key date to keep in mind is the date the medical expense was incurred, not when it was paid. Here are some important points to consider:

• As long as the medical expenses were incurred in 2017, you can use your 2017 HSA funds to pay for them in January 2018.
• You don't have to pay your 2017 medical bills in the same calendar year; you have the flexibility to pay them in the following year.
• However, make sure to keep good records of your expenses and payments to avoid any confusion or issues with the IRS.

In summary, it is okay to pay 2017 medical bills from your 2017 HSA account in January 2018 as long as the expenses were incurred in the previous year. Just remember to keep track of your payments and maintain accurate records.

Absolutely, it's allowable to utilize your 2017 HSA funds to cover 2017 medical bills even if you do so in January 2018, since the timing of the expense is what counts, not when you pay it.