More Cash Back from Your HSA/FSA

A HSA (Health Savings Account) or FSA (Flexible Spending Account) is a type of savings account that lets you set aside money for health care expenses. The money you contribute is tax-deductible, and the money you withdraw is tax-free as long as it's used for qualified medical expenses.

Your employer may offer one or both of these accounts as a benefit, or you can sign up for one as an individual and make tax-free contributions.

HSA Details:
The maximum HSA contribution for 2023 is $3,850 for self-only and $7,750 for families. Your HSA contributions can be invested and the gains on invested funds are tax free.

There is no limit to the amount you can withdraw within one year from your HSA as long as the funds were spent on qualified medical expenses. With proper documentation, you can take a reimbursement for all qualified expenses since you initially opened your HSA account.

For example, if you opened your HSA in 2018, you can use HSAMax to identify all the qualified medical expenses you've purchased from retailers over the last 5 years and take a deduction for all those purchases.


FSA Details:
The maximum FSA contribution for 2023 is $3,050 that comes as a salary deferral contribution for an individual employee.

FSA funds that are not spent within the plan year can include a two-and-a-half-month grace period to spend down remaining FSA funds, if employees are enrolled in FSAs that have adopted the grace period option.

Health FSAs have an additional option of allowing participants to carry over up to $610 of unused funds at the end of the plan year, and still contribute up to the maximum in the next plan year. Health FSA plans can elect either the carryover or grace period option but not both.

Qualified medical expenses are health care costs that are recognized by the IRS as eligible for reimbursement from an HSA/FSA account. Most people only use their HSA funds for doctor visits and prescriptions and don't know there's over 25,000 over-the-counter products which are also considered qualified medical expenses.

Furthermore, if you have a Letter of Medical Necessity to treat or prevent specific health conditions there are many additional categories of products which your HSA funds can be used for.

1. Connect your retailer accounts to HSAMax to import your transactions the same way that TurboTax imports transactions from your bank.
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2. Our systems scan your retail purchases and identify the items which are HSA/FSA eligible based on IRS guidelines.

3. You can download a certified report that is like a receipt across all the stores you connected. It  shows the products purchased, store location, price paid and a total amount.

4. We guide you through the steps to review the report, file a claim with your HSA provider and get cash back.

The amount of savings depends on how much you spend on eligible items and how much you contribute to your HSA/FSA account. Based on our data, we found that the average household has $650 of HSA eligible retail purchases and many households have up to $5,000 of unclaimed expenses.

It's free to see how much you could save with HSAMax so sign up now to have your retail purchases analyzed and see how much cash back you're eligible for.

It's free to use HSAMax to analyze your retail purchases and see how much reimbursement you're eligible for. If you want to download the certified report to claim your reimbursement you can choose from one of the options outlined on the pricing page.

After checkout, your HSAMax certified report will be delivered to you within one business day. Every report is reviewed by a human reimbursement expert before it's delivered to you.

You'll need to review the report and file it with your HSA/FSA provider. In many cases you can transfer funds to your personal checking account the same day. Some providers need to manually approve your expenses which is generally done within 3-5 days.

You can use any payment method to purchase the items from a retailer as long as the transaction is available to access on your retailers online account. This usually means using a loyalty card, entering your phone number or having your credit card linked to your retailer account.

You can also use HSAMax to scan receipts and those can be analyzed from any retailer across the USA.

We have never had a case where a provider has denied a reimbursement that originated from a HSAMax certified report.

However if for any reason you are not satisfied with our service, we have a 100% money back guarantee and will refund the full purchase price up to 30 days after the initial purchase.