HSA Inquiry: Is an Insurance EOB Enough for Reimbursement?
I’m in the process of organizing my eligible HSA expenses for possible future reimbursements. I have several expensive prescription medication purchases, but I’m missing the receipts for them. I do have the insurance Explanation of Benefits (EOB) from my claims history, which outlines the amounts I paid. Would this EOB suffice as documentation for reimbursement purposes?
I realize it’s largely based on the honor system unless I face an audit, but I want to ensure I compile all the necessary documentation.
Yes, an Explanation of Benefits (EOB) can be considered sufficient documentation for HSA reimbursement purposes, especially since it provides details on the service, including the amount you paid for the prescription drugs. Generally, the EOB shows the date of service, the provider, and the amount you incurred, which aligns with the requirement to demonstrate that the expense was qualified and paid for using your HSA funds.
However, keep in mind that some HSA administrators may have specific requirements. It’s a good idea to double-check with your HSA provider to ensure they accept EOBs as proof of eligible expenses. Additionally, it might be helpful to keep a note of this information for your records in case of an audit. You might also want to track down any other supporting documentation you can find, like prescription records or bank statements, to have a more comprehensive proof of your expenses.