HSA: Record Keeping Tips January, 2011

Make sure you're prepared if ever audited. If you pull funds out of your Health Savings Account, it needs to be for qualified health care expenses. No one is looking over your shoulder, at least not when you use that money. But if you are audited, the IRS will want to see backup documents.

How do you make sure you're keeping adequate records? We'll walk you through our easy method of record keeping!

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• Two folders is the magic number (pending and paid)
• To "pending" or to "paid"
• Clear out the clutter
• Time is not an issue
• The penalty box