HSA: Can I Use Insurance EOB for Reimbursement Documentation?
I’m in the process of organizing my past eligible HSA purchases for possible future reimbursements. I made some significant prescription drug purchases but unfortunately don’t have the receipts for them. However, I do have the Explanation of Benefits (EOB) from my insurer, which indicates the amounts I paid. Would this EOB be adequate documentation to support reimbursement for these expenses?
While I realize it’s mainly based on the honor system unless audited, I want to ensure I have everything properly documented.
Yes, an Explanation of Benefits (EOB) from your insurance can generally serve as sufficient documentation for HSA reimbursement, especially if it clearly indicates the amount you paid for the eligible medical expense. The EOB should detail the service, date, provider, and the amount you were responsible for after insurance coverage, which is helpful in verifying your expenses.
However, it’s important to ensure that the EOB clearly specifies that the expense is eligible under IRS guidelines for HSA distributions. While the IRS allows HSAs to be used for a wide range of qualified medical expenses, having comprehensive documentation is always a good practice.
To further strengthen your case, you might consider printing the EOB, highlighting the relevant details, and keeping a summary of your eligible medical expenses in case of an audit. Additionally, if you still have questions about specific requirements, consulting your HSA plan administrator or a tax professional can provide personalized guidance.