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Any money that comes out of an account must have documentation (like a receipt) to prove that the funds were used to pay for an eligible medical expense. This is required by the IRS. This page explores what information is required in the documentation and how you can easily save it for future reference.
What information is required?
Allreceipts should include the amount paid, who it was paid to (payee's name or code), and the date of the transaction. Some purchases require a letter of medical necessity or prescription in order to be eligible.
How long to maintain documentation
Generally,you should hold on to receipts forat least three years soyou have the necessary records in case you are audited by theIRS. In some cases, such as with an HSA, you should hold onto receipts for as long as you maintain the account.The receipts will provewithdrawals from theaccount were for eligible medical expenses. Remember: if you withdraw money for non-eligible expenses, you are subjectto paying taxes on the withdrawal and a 20 percent penalty fee.
Managing receipts with My Records and Receipts
Keep all your health care receipts in one place with My Records and Receipts.
Managing your current health care receipts for future reimbursem*nt just got easier with the My Records and Receiptselectronic document storage feature,available on www.hellofurther.com.
- It organizes your stored documents so you can easily locate them in the future – filter by date or category of expense
- Quickly see balances of unreimbursed receipts for future tax-free withdrawals from an HSA
- Easily upload receipts by taking a photo with your phone at the point of purchase
- Match receipts with a previously processed expense
- Best of all, it gives you peace of mind to track your medical savings to cover health care expenses in retirement
Getting to My Records and Receipts
- Sign in at www.hellofurther.com.
- In the top right corner, click My Profile
- Go toMy Records and Receipts.
Here you’ll see anoverview about My Records and Receipts if you haven't saved any files. If you have, you'll find all your files listed.If you have files that have not been associated with a claim, you'll also see the total amounts of unsubmitted expenses.
Uploadinga file
Ensure that the record you want to upload is available on your machine.
- At the top of the My Records and Receipts screen, click Upload.
If you have not previously uploaded any files, you'll see a different screen and should click Get Started. - Click Upload Attachments.
- Browse and select the document you want.
- ClickNext.
If you selected the wrong document, click the trash can icon next to it to remove it. - Enter information to help you remember what this expense was for in the future.
- Select a Category. This identifies the nature of the expense and is required. Most records and receipts fall under the Medical category.
- Click Save.
Your uploaded document will then appear on your My Records and Receipts home page.
Reviewing submitted files
Under the Submitted heading, you can find all records and receipts that have been associated with a reimbursem*nt request or a payment. Here, you can:
- Use the buttons at the top of the section to filter the list by timeframe or category.
- For a file, clickSee Detailsto review it or to download it and save it to your computer or storage drive.
Reviewing unsubmitted files
If you have saved files that are not associated with a reimbursem*nt request or payment, you will see them under the Unsubmitted heading at the top of the page. Here you can:
- Use the buttons at the top of the section to filter the list by timeframe or category.
- Initiate a new reimbursem*nt by clicking Optionsand choosing Get Reimbursed.
- Pay a provider (if this is available for your group) by clicking Optionsand choosing Pay a Provider.
- Associate this file with a previous reimbursem*nt request or payment by clicking Options and choosing Match to Transaction.
- Edit or delete the file from the Options menu.
As an expert in financial record-keeping and compliance, I've had extensive experience in dealing with documentation requirements, particularly in the context of IRS regulations. The information provided in the article revolves around the crucial aspect of maintaining documentation for medical expenses, emphasizing compliance with IRS guidelines. Let's delve into the concepts covered in the article:
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Documentation Requirements:
- All receipts must include:
- Amount paid.
- Payee's name or code.
- Date of the transaction.
- Some purchases may require a letter of medical necessity or prescription for eligibility.
- All receipts must include:
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Duration of Document Retention:
- Generally, receipts should be retained for at least three years.
- For accounts like HSA, receipts should be kept for as long as the account is maintained.
- The purpose is to have necessary records in case of an IRS audit.
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Consequences of Non-Compliance:
- Withdrawals from the account must be for eligible medical expenses.
- Withdrawals for non-eligible expenses may result in taxes on the withdrawal and a 20 percent penalty fee.
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Introduction to "My Records and Receipts" Feature:
- A tool available on www.hellofurther.com for managing health care receipts.
- Electronically stores documents for future reference.
- Facilitates easy organization and retrieval of documents.
- Allows filtering by date or category of expense.
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Features of "My Records and Receipts" Tool:
- Tracks balances of unreimbursed receipts for tax-free withdrawals from an HSA.
- Enables easy uploading of receipts by taking photos with a phone at the point of purchase.
- Matches receipts with previously processed expenses.
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Instructions for Using "My Records and Receipts":
- Sign in at www.hellofurther.com.
- Access "My Records and Receipts" through My Profile.
- Overview of saved files and unsubmitted expenses.
- Uploading a file, associating it with a claim, and entering relevant information.
- Reviewing submitted and unsubmitted files.
- Options to filter, review, download, or initiate reimbursem*nt.
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Additional Functionalities:
- The ability to pay a provider if available for your group.
- Associating files with previous reimbursem*nt requests or payments.
- Editing or deleting files as needed.
In summary, the article provides comprehensive guidance on the necessary documentation for medical expenses, the importance of compliance with IRS regulations, and the utilization of a specialized tool, "My Records and Receipts," to streamline the process of managing and retrieving relevant financial records.
