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Does Quicken Support HSA Credit Cards?

OK, when we looked for our prescription expenses, I realized we were missing almost 100% of the data. This occurred because, before I retired, I put aside money into a Health Savings Account.

I have a Visa card which is "loaded" with the funds from the HSA account, like a cash card, and it can be used to pay for medical expenses. The bulk of the funds are in a linked "Investment account" with a higher return and I make an occasional electronic transfer to the cash account which is linked to the card itself.

Is this possible to set up in Quicken? I can easily set up the Investment account and manually record the transfers to the card but wondering if there is a way to set up the cash card as a credit card and note the starting cash balance and let Quicken tell me when it's time to transfer funds, and keep accurate track of my medical out of pocket expenses? I see a Line of Credit as an account type but not sure if this would work?

Best Answers

Answers

  • Moskose
    Moskose Member ✭✭
    Thanks for the quick reply! I'll go with setting this up as a Credit Card account since it is linked to the HSA credit card. I am not sure if the HSA Bank site supports downloading but there are usually only 8-12 transactions per month so manual entry would work fine. The card has a running cash balance so I'm guessing that I establish this as the opening balance when I set up the HSA card?

    Late last night, I created a test account w/o an opening balance. Can I manually add an Adjustment transaction to establish the balance or, if not, it's not too hard to delete the test account and start over.

    I did set up the Investment account as an Investment account so I can transfer funds from there to the HSA card.
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited September 2020
    " The card has a running cash balance so I'm guessing that I establish this as the opening balance when I set up the HSA card?"
    Just to get started in the process, that's probably the way to go.  I'd give that opening balance a back date of when you first started using the card for medical expenses.  If you're able to re-create some of your spending history you can enter those transactions with the proper transaction date, and then change the dollar amount of that opening balance to keep your current balance correct.

    "Can I manually add an Adjustment transaction to establish the balance..."
    Yes.  Simply pick a date for the opening balance, enter the dollar amount and, in the "Category" box use the HSA Account itself (with the square brackets [ ] )as the offset. 

This discussion has been closed.