HSA Frequently Asked Questions (FAQ)

F. Recordkeeping

1. What kind of records do I need to keep?

You must keep records sufficient to show that:

  • The distributions were exclusively to pay or reimburse qualified health expenses,
  • The qualified health expenses had not been previously paid or reimbursed from another source, and
  • The health expenses had not been taken as an itemized deduction in any year.

Do not send these records with your tax return.  Keep them with your tax records.

2. What kind of records can I use in case I get audited?

You can use the following type of records:

  • Hard-copy receipts from healthcare providers (bills from the doctor’s office or hospital, receipts from the pharmacy, etc.)
  • Bank statements from your HSA account
  • Claims information from your Anthem.com or Sydney Health app account.
  • Claims information or Explanation of Benefit statements from your insurance provider

3. How long should I save receipts?

Save your receipts for at least three years. The IRS will generally not look back further than three years due to a Statute of Limitations beyond that point. Keep in mind, if the IRS suspects fraud, they will disregard the Statute of Limitations and look back as far as they think is necessary.

4. What if my health expenses are more than my HSA balance?

You will have to pay the difference between your expenses and your HSA balance out of pocket. Check your balance online prior to withdrawing funds to avoid insufficient funds fees. As additional funds are deposited into your HSA, you can reimburse yourself for those prior expenses.

5. What are my options if I withdraw my money from my HSA in error?

You can return the money to your account if there is clear and convincing evidence that the withdrawal was a mistake. There are two options for repaying the funds:

Option 1
Make an online contribution through your WEX account.

  • Log into to your online WEX account at https://www.benefit-info.com/iu/
  • Click on the Contribute to HSA button, and follow the steps
  • Email WEX Customer Service at and request for the contribution to be marked as a “Mistaken Distribution”. You will need to provide your name, 10-digit UID#, and the refund contribution you submitted.

Option 2
Complete the HSA Contribution Form and check the box for Mistaken Distribution. Mail the completed form and a check made payable to WEX Inc. to:

c/o HSA
P.O. Box 2905
Fargo, ND  58108-2905

This money must be repaid by April 15th of the year following the error.

6. Do I have to keep receipts showing what I withdrew from my account?

Yes, you should keep your receipts. If you are audited by the IRS, you will need to justify your expenditures.

7. Do I need to file claims with an HSA?

No. You pay for qualified expenses using your IU Benefit Card. If you use another form of payment (e.g., cash or a personal check), you can reimburse yourself by transferring the funds online. If requested by the IRS, you must be able to show that the withdrawals were made exclusively for eligible health expenses.

8. Who keeps track of my deductible?

Anthem tracks your deductible. You can review your progress towards your deductible using Explanation of Benefits (EOB) statements mailed to your home, or by logging in to your Anthem.com or Sydney Health app account. Once you meet your annual deductible, you must provide proof to WEX. After they receive this information, funds in your Healthcare FSA (if you have one) can then be used for medical and prescription expenses that are incurred from that date forward.

9. How can I keep track of my account balance?

You can track your HSA activity online at www.benefit-info.com/iu/. Information on how to access this site will be made available in the welcome packet sent to you after enrollment in the plan. You can check your account balance, view transaction activity, download account statements, and reimburse yourself for out-of-pocket expenses. You can also set up alerts to notify you when certain activities occur. Alternatively, you can contact WEX Customer Service at 1-800-284-8412 or at .

It is your responsibility to review your account on a periodic basis. Contact WEX Customer Service immediately if you notice any discrepancies or errors.

10. What happens if I lose my IU Benefit Card?

Call WEX Customer Service immediately at 800-284-8412. Replacement cards will be issued at no cost.
You may also report your cards as lost or stolen through your online WEX account.

  • Log into to your online WEX account at https://www.benefit-info.com/iu/
  • Under the Tools & Support tab, click on “Report Card Lost or Stolen”
  • Under the Debit Cards section, click on “Report Lost/Stolen”, and follow the steps

11. What happens if I incur bank fees (e.g. insufficient funds fee, check fee, etc.)?

Amounts withdrawn from an HSA for administration and account maintenance are not treated as a taxable distribution and will not be included in the HSA owner’s gross income. WEX will report amounts withdrawn for these purposes on Form 5498-SA in the fair market value (FMV) of the HSA at the end of the taxable year.

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