How to pay for medical expenses from HSA

Question

I'm thinking about self directing my HSA...How are ya'll paying for qualifying medical expenses out of your HSA?  It seems like I'll need to request a check at a 10 dollar fee (just like an SDIRA), if I want to pay for a prescription.  Seems cumbersome..any ideas?

Account Closed · Answer

thanks Steven... Do you know of any self directed custodians who offer a card?  My current custodian does not..

Account Closed · Answer

If I hold my HSA at a traditional custodian, I've heard I can get a debit card.  But I'm planning on self directing it at the custodian where I self direct my IRA.  Would like to do small loans, option properties, etc.  Not sure if those custodians offer a debit/credit card??

Steven Hamilton II · Answer

Account Closed ,

You certainly can do that; however, you would have to the account set up with such a card. You would have to make sure that you are not using the card for any unqualified purchases.

Paul B. · Answer

I fund the HSA and then use the related "credit card" to pay expenses (it's actually a debit card, but there's no PIN, so I was told to use it as a credit card and sign). Or, I can pay for the expenses myself and then just get a reimbursement by requesting a transfer from the HSA to my checking account.

This is through Bank of America. The monthly service charge is $4.50, but that's it.

Glenn Gray · Answer

Shouldn't your HSA custodian provide you with a check card to pay expenses? Mine is administered by Chase bank.