HSA: Is an Insurance EOB Enough for Reimbursement?
I’m in the process of organizing my past eligible HSA purchases for possible future reimbursement. While I have made some significant prescription drug purchases, I’m missing the actual receipts. However, I do have the insurer’s Explanation of Benefits (EOB) from my claims history, which shows the amount I paid. Can I use this EOB as adequate documentation for reimbursement?
I know that it’s generally based on the honor system unless I’m audited, but I want to ensure I have all the proper documentation ready.
Yes, an Explanation of Benefits (EOB) from your insurance can generally be considered sufficient documentation for HSA reimbursement, as it typically provides details about the service, the amount billed, the amount your insurance paid, and what you paid out-of-pocket. However, to avoid any potential issues, here are a few tips:
Check with Your HSA Custodian: Different HSA providers might have specific requirements for documentation, so it’s a good idea to check with them to see if they accept EOBs.
Include Additional Information: If the EOB doesn’t specify that the expenses were for eligible medical purchases, you might want to include other documentation, if available. For example, a record of the prescription or a note from your pharmacy could be helpful.
Keep Everything Organized: Maintain a copy of the EOB along with any other supporting documents in case you need them during an audit or for your records.
Document Your Intent: If possible, keep a log or note explaining that these expenses were for qualified medical expenses, as this could strengthen your case if ever questioned.
Overall, while the EOB may suffice for reimbursement, having a complete and organized record of your expenses can provide peace of mind.