HSA Expense Dashboard automates tracking of eligible HSA purchases for easy, accurate tax preparation and management of saving and spending activity
NEW YORK, July 13, 2022 /PRNewswire-PRWeb/ -- Health savings accounts (HSAs) allow more than 32 million Americans to save on current medical expenses and invest for future health needs – and with inflation on the rise and healthcare costs increasing, individuals and families need all the help they can get to protect their hard-earned dollars. Health-E Commerce, parent brand to HSAstore.com, the first and leading online marketplace that exclusively sells HSA-eligible products, has released a new online tool that helps HSA users review and track spending of their tax-free healthcare dollars and electronically record receipts for tax and accounting accuracy.
"The unique triple tax advantage of an HSA gives consumers the flexibility to maximize their health spending now, and in the future. However, the responsibility for tracking spending, storing copies of receipts, and ensuring that all purchases are HSA eligible, falls on the account holder. Not only is this a daunting task, but account holders are often not aware of this requirement," said Itamar Romanini, vice president and general manager of HSAstore.com. "The HSA Expense Dashboard is like an easy button for consumers, simplifying day-to-day account management and preparing them for the annual tax season."
Unlike Flexible Spending Accounts (FSA), which allow users to set aside pre-tax income to pay for eligible healthcare expenses within a designated plan year, HSA funds rollover from year to year, even into retirement. This means account holders can request reimbursement for purchases years after making them, which can quickly complicate record keeping. The new HSA Expense Dashboard addresses these concerns and automates HSA record keeping by giving users one-stop access to purchases made at HSAstore.com. In the future, the expense dashboard will support tracking of all HSA expenses. Specific capabilities available immediately include the ability to:
- Track payment method (HSA funds or out of pocket).
- Track reimbursement status (eligible for reimbursement, or already reimbursed from HSA).
- Filter expenses to easily identify expenses that are applicable to a given tax year.
- Easily view the total of expenses that are eligible for reimbursement, allowing users to "bank" receipts for later reimbursement so their HSA funds can grow tax free.
"Nobody wants to get audited, but in the event that this does happen, the HSA Expense Dashboard gives consumers peace of mind that they will have the necessary documentation to prove eligibility of purchases they make at HSAstore.com," said Romanini. "HSAs are a valuable tool for financial management, and our goal at Health-E Commerce is to simplify these accounts so consumers can maximize them to protect their health and their healthcare dollars."
To learn more about HSAs and experience the new HSA Expense Dashboard, visit HSAstore.com.
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About Health-E Commerce
Health-E Commerce is the parent brand to FSA Store, HSA Store and WellDeservedHealth, a family of online marketplaces that serve the 70+ million consumers enrolled in pre-tax health and wellness accounts. The company also created Caring Mill, a popular private-label line of health products that benefits Children's Health Fund and enables customers to make a donation with each purchase. Since 2010, the Health-E Commerce brands have led the direct-to-consumer e-commerce market for exclusively pre-tax health and wellness benefits. Health-E Commerce plays an essential role in expanding product eligibility for important new categories within the list of eligible medical expenses.
Media Contact
Barbara Tabor, Health-E Commerce, 651-230-9192, [email protected]
SOURCE Health-E Commerce
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