Who maintains the records to determine whether HSA distributions are used for qualified medical expenses?
You are responsible for maintaining sufficient records of your HSA expenses. Be sure to keep every receipt and statement. The best way to get organized is to use physical file folders or digital folders to save all items. Your HSA statements will be helpful for tracking contributions and expenses made with an HSA debit card, or via bill pay or a check. However, you may also want to maintain a separate spreadsheet to keep track of any out-of-pocket medical expenses as well. This will provide you with the option to reimburse yourself at a later date. Be sure to capture the date, product or service purchased, store or provider, and dollar amount. And don’t forget to save the receipt!