You aren’t required to seek reimbursement for your medical expenses right away. In fact, you can reimburse yourself at any time, even years later. Your money stays in your HSA. And unlike an FSA, there's no "use it or lose it" rule.
Step 1: Pay out of Pocket
If you can afford it, it may make sense to pay for medical expenses out of pocket. This way, you'll have all of your HSA funds available to help pay for any unexpected expenses like car repairs, legal fees, replacing home appliances, etc.
By leaving your money in your HSA, you'll build up your balance. Over time, you'll earn interest on that balance, and you’ll still have those funds available if a large or unexpected expense comes up. Just make sure to keep your receipts, prescriptions, and other documentation of these expenses.
Step 2: Upload Documentation
Upload any records and receipts for the expense to the E-Vault section of your online account at www.SelectAccount.com.
Step 3: Get Reimbursed
Follow the process below to get reimbursed.
- Sign into your account at www.SelectAccount.com.
- Click on Claims.
- Choose Submit a claim.
- Attach any additional documentation from E-Vault after you have submitted the reimbursement request.