Definitely Not A Cop said:

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That's pretty awesome. It's also going to allow up to $1000 / year / family in gym memberships.

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At the moment, can HSA money be used to pay for gym memberships? I was unaware of this if it exists and my gym charges $193/mo for the 2 of us.

Not yet, the big beautiful bill act has to pass the Senate first then get signed by Trump.

permabull said:

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You also have until 6 months after your death to claim a medical expense you incurred from any time after you were eligible for an HSA until you die.

I have had an HSA for 10 or so years never made a claim against it. It is worth just over 100k, 100% invested and I have about 18k in eligible expense receipts I can use if I ever needed to take out some tax free money.

Also most of it went in payroll tax free as well on top of the other tax advantages. If you are spending your HSA money as it goes in you aren't fully maxing it out.

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I've had an HSA for about 15 years. I originally used my HSA debit card for medical expenses and didn't invest it since I guess I thought it was small potatoes. I figured out about 8 years ago that I need to only use my credit card and started investing the funds. I now have 90k in my HSA but probably would have 150k or so if I would have done this from day 1.

How do you track your medical expense receipts? My HSA provider account (Inspira) keeps records of my medical expenses since 2015 but I also know I will have significant medical expenses in retirement that I won't have any problems applying my HSA balance.

I have a google sheets budget file. In it I have a tab where I keep track of all medical expenses: what it was for, where/doctor, how much, HSA eligibility, and if we were reimbursed or not. I file the receipts in our google drive and link them.

I also email them to myself and save in a specific folder.

Just need to hope google doesn't get rid of those options in the next 30+ years….

I make a pdf of the EOB and the bill, and then once paid I'll add the receipt as well to the pdf.
Then I file them in a 'paid' folder once I pay it, and then move it to a reimbursed folder if/when I withdraw against it. I'll write in big red letters on the first page of EOB 'reimbursed on mm/dd/yy'

One of the best home office investments you can make is a high speed scanner like Fujitsu makes. Has built in software that lets you scan different types of documents straight into pre-arranged folders as pdfs.

You can rename and move around from there as needed.

I have the Fujitsu ScanSnap IX 1800.

Fidelity let's you upload documentation and store it.

I only track larger medical bills for payment later (>$500 or so). I don't think smaller incidental like prescriptions or annual lab tests are worth my time tracking.

I am keeping pretty good records, but I'll probably just start reimbursing myself from Medicare premiums in a few decades once i am getting ssa-1099s showing the premiums paid. It will be hard for the IRS to argue against that.

So what happens if you are over the income limit does anything change?

harge57 said:

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So what happens if you are over the income limit does anything change?

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What income limit?

The one mentioned in the OP that is in the proposed bill.

According to AI in the current bill nothing would change for me. Hopefully they remove the income limit.

harge57 said:

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The one mentioned in the OP that is in the proposed bill.

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Ah. The way I read is the increases are phased out. So you would still just have the standard HSA single or family limit.

Boooo, Senate nixed the proposed increase for HSA

https://www.shrm.org/topics-tools/senate-finance-committee-cuts-massive-hsa-changes-from-tax-bill-

Oh well. Most of my income's spoken for anyway. I doubt I could spare another ~$8k for my HSA account. Maybe when my home is paid off in a couple years.

I'll get roasted for saying this but it looks like this was always a way to reduce revenue to disability, social security and Medicare. Very suspicious it would have only worked for payroll deductions and people below the cap i.e. the extra money only comes from sources subject to that tax.

permabull said:

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I'll get roasted for saying this but it looks like this was always a way to reduce revenue to disability, social security and Medicare. Very suspicious it would have only worked for payroll deductions and people below the cap i.e. the extra money only comes from sources subject to that tax.

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Seems to me that everything about this bill has been theater.