Health Savings Accounts (HSAs) are pre-tax accounts that will follow you even after you terminate employment. As the account holder, it is your responsibility to manage the account and remain in compliance with IRS regulations.
Is documentation required?
Sometimes. You do not need to submit any documentation to VitaFlex to substantiate your medical expenses and make a distribution from your HSA. Vita Flex does not ask for or retain any supporting documentation for HSA claims.
However, you will want to retain documentation for all expenses you make from your HSA. It is your responsibility as the account holder to make sure that only eligible expenses are distributed from your account. This will help streamline things for you in the event of a tax audit by the IRS.
How are withdrawals made?
Funds can be withdrawn from an HSA by debit card or by making a direct transfer of funds from your HSA account to your personal bank account.
When using the debit card, no further action needed. You will be able to see the transaction through your online portal in a few business days. Even though it is “easy” to withdraw money this way, it is important to retain your documentation for any debit card expenses from your HSA.
Below are instructions to make a transfer from your HSA account to your personal bank account:
Log in to the Vita Flex consumer portal at www.vitaflex.net
Select the "Make HSA Transaction" tab.
Follow the prompts on the HSA Withdrawal
If you have a bank account on file, a direct deposit of the funds will occur in 2-4 business days. If you do not have bank account information on file, a check will be mailed to you within 2-4 business days.