Now available on Google Play and the Apple App Store, HSA Store's ExpenseTracker app allows consumers to connect preferred retailers to their HSA and scan receipts to simplify tracking of HSA-eligible purchases for account maximization and tax preparation
DALLAS, Jan. 16, 2025 /PRNewswire-PRWeb/ -- HSA Store, the first and leading online store dedicated to selling only products and services that are eligible with a health savings account (HSA), announced today that it has launched a new mobile app to help the nearly 38 million HSA users save time and money by easily tracking their HSA spending either online or in retail locations. The HSA ExpenseTracker app is free and available for download in the Apple App Store and on Google Play.
"The HSA ExpenseTracker app makes it easy for individuals and families to track where, when, and how they purchase HSA-eligible products – whether they are shopping online at HSA Store, at their local drugstore or other online retailers. They can even connect other online accounts to the app to streamline HSA tracking across platforms," said Itamar Romanini, vice president and general manager of HSA Store. "Tracking expenses is important because HSAs are tax-advantaged accounts and individual account holders are responsible for proving eligibility, in the event they are ever audited by the IRS."
The HSA ExpenseTracker allows individuals to:
- Find HSA-eligible expenses in their shopping history and easily reimburse themselves at any time. Users can even reimburse themselves from past HSA plan years.
- Uncover surprising eligible expenses in their healthcare and shopping activity.
- Connect accounts from favorite retailers into one app to check for eligible purchases.
- Scan and upload physical receipts for eligible expenses.
- Scan items and add expenses at point of purchase in stores.
- Determine additional contribution opportunities based on potential missed expenses.
- Access tools and educational resources to learn how to use their HSA and get reimbursed.
- Get notified about upcoming sales on their favorite purchases.
- Generate HSA spending reports for tax purposes.
- Get answers to common HSA questions.
- Use the searchable eligibility list at HSAstore.com.
"Our app automates the process of finding eligible expenses that have already been paid for – usually with out-of-pocket funds – regardless of how the account holder paid for the items," said Romanini. "This makes recordkeeping easy and allows the individual to reimburse themselves now or in the future, while helping them determine if they should be contributing more to their account in the coming years, which also increases their tax savings."
What is an HSA?
An HSA is a tax advantaged account that allows individuals and families to set aside pre-tax income to pay for qualified medical expenses. Enrolling in and contributing to an HSA reduces an account holder's taxable income and allows them to save for healthcare costs now, or in retirement. HSA funds always belong to the account holder, and unused funds roll over from year to year and never expire. An individual or family can enroll in an HSA if they are also enrolled in a qualified high-deductible health plan.
HSA Store, which is part of the Health-E Commerce® family of brands, offers more than 2,500 eligible products and a comprehensive, searchable eligibility list to eliminate the guesswork of spending HSA funds. A leader in consumer education, HSA Store also features tools to help account holders understand how an HSA can fit their lifestyle and financial planning needs, how much they can save in taxes with an HSA, the potential future value of their HSA savings, and how to maximize their 401(k) with an HSA.
About Health-E Commerce
Health-E Commerce is the parent brand to FSA Store and HSA Store, online stores 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 through which a portion of every purchase is donated to the Children's Health Fund. 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, HSA Store, 651-230-9192, [email protected], HSAstore.com
SOURCE HSA Store
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