HSA: Can an Insurance EOB Serve as Adequate Documentation for Reimbursement?
I’m in the process of organizing my past qualified HSA purchases in case I need to request reimbursements in the future. I’ve made several high-cost prescription drug purchases, but unfortunately, I don’t have the original receipts. However, I do have the insurer’s Explanation of Benefits (EOB) from my claim history, which outlines the amount I paid. Would this EOB be considered sufficient documentation for reimbursing these expenses?
I realize that it operates on an honor system unless there’s an audit, but I want to ensure I have all the requisite documentation in order.
While an Explanation of Benefits (EOB) can provide helpful details about your prescription costs, it may not be considered sufficient documentation for HSA reimbursement on its own. Typically, the IRS requires that you have a receipt or proof of payment that clearly outlines the expense, including the date of service, the provider, and the amount paid.
To strengthen your documentation, you could try to obtain a receipt from the pharmacy or the provider that details the specific transaction, including what was purchased. If that’s not possible, you might consider pairing the EOB with any other documentation you do have, such as bank statements showing the withdrawal or payment for the prescription.
Ultimately, while you may not face immediate issues with an audit, having comprehensive documentation can provide peace of mind and support your claims should questions arise in the future. If in doubt, consulting with a tax professional or your HSA administrator can give you more personalized guidance based on your specific situation.