It's important to understand the guidelines around what expenses can be reimbursed through your Health Spending Account (HSA) or Wellness Spending Account (WSA). One key aspect to be aware of is that prepayments for services or items that have not yet been received or attended are not eligible for reimbursement. Here’s why and how this rule works.
Why Prepayments Are Not Eligible
Our reimbursement system is designed to cover actual out-of-pocket expenses for services or items that have already been provided. This ensures that:
Validity: The expenses are legitimate
Compliance: We maintain compliance with your employers intention for the plan
Fairness: Funds are reimbursed once the service has been rendered, so that the services cannot be cancelled when they've already been reimbursed by your employer
What Constitutes a Prepayment?
A prepayment refers to any payment made in advance for services or items that you have not yet received or attended. Examples include:
Paying for a series of fitness classes before they have been taken.
Prepaying for a medical procedure that has not yet occurred.
Paying upfront for a wellness retreat that will happen in the future.
What Expenses Are Eligible?
To ensure your expenses are eligible for reimbursement, make sure:
The Service Date has Elapsed: Only submit claims for services that you have already attended, where the service date has elapsed. For example, if you attend a physiotherapy session, you can submit the receipt after the session.
The Item Has Been Received: If you purchase a medical device or wellness product, ensure you have the item in your possession before submitting the claim.
Required Documentation
To support your claim and demonstrate that the expense is not a prepayment, provide:
Receipts: Detailed receipts showing the date of purchase or service, the amount paid, and the service provider or store.
Proof of Payment: Documentation showing that you paid out of pocket. This can be a credit card statement, a bank statement, or a receipt indicating the method of payment.
Need Assistance?
If you have any questions or need further support with understanding eligible expenses, don’t hesitate to reach out to us via live chat or email at support@getmyhsa.com. We’re here to help make the process as seamless as possible.