Medical Spending Transactions

mjm4200
mjm4200 Member ✭✭
Is there a way that a medical spending account can be added to Quicken, I keep up with my medical bills and prescriptions that I pay with a medical card. I have an amount that is allotted at the beginning of the year and any bill or prescription that I pay comes out and there is a specific amount that is deducted from my paycheck every two weeks that is applied to the total amount that is giving at the beginning of the year; ie. if I am given 2600.00 at the beginning of the year then I have 100.00 deducted from my paycheck. If Quicken can do something like this as an account then the user can know what is left to use for the year.

Thank you for the consideration toward this idea if you think it is a good idea.

Thanks for the wonderful product

Mike Metzler
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  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    edited November 2020
    One way to implement the functionality you've described is to create a spending account and a receiving account.  Annually, enter a transfer from the receiving account to the spending account.  Enter a deduction in the paycheck that transfers funds to the receiving account.  Using your example, $2600 would be transferred to the spending account from the receiving account at the beginning of the year and $100 would be transferred into the receiving account with each paycheck.  As you enter your medical expenses in the spending account, you're able to see how much is left for the year.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    Is this a Flexible Spending Account (FSA) or Health Savings Account (HSA)? If so you should be able to set it up as a Banking or Asset type account in Quicken. You would show a transfer into the account from each paycheck and record the expenses as they occur.
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  • mjm4200
    mjm4200 Member ✭✭
    Sherlock, I like this idea you mentioned, how would be the best way to set this up? I think this would work well for me and what I am looking to accomplish, just not exactly sure how to set it up. Any help with this would be appreciated.

    Thanks in advance mike
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    edited November 2020
    mjm4200 said:
    Sherlock, I like this idea you mentioned, how would be the best way to set this up? I think this would work well for me and what I am looking to accomplish, just not exactly sure how to set it up. Any help with this would be appreciated.

    Thanks in advance mike
    First, always save  backup before making any significant changes to a Quicken file: press Ctrl + B

    The best way to set this up depends on where you're starting from.  Assuming the medical savings account doesn't export transactions to Quicken, I suggest using a Checking type of account for the spending account: select Tools > Add Account..., Offlline Account, Checking, ... 

    My preference for the receiving account is to use an Asset account type to separate the receiving account from the spending accounts but a Checking or Savings account set with an Asset intent will work just as well: open the register, press Ctrl + Shift + E,  select the Display Options tab, Asset in the Account intent pull-down menu, and OK

    If the medical savings account deduction is pre-tax, the spending and receiving accounts should be set to tax deferred: open the register, press Ctrl + Shift + E, choose Yes for Tax Deferred, and select OK

    In the paycheck reminder, you select Add Pre-Tax Deduction > Other Pre-Tax Deduction (or Add After-Tax Deduction > Other After-Tax Deduction) and select the [receiving account] in the Category pull-down menu.

    To perform the annual transfer, open the receiving account, press Ctrl + Shift + T, ...

    You may set up a reminder for the annual transfer: right-click on the transfer, select Add reminder, ...

  • mjm4200
    mjm4200 Member ✭✭
    Thank you for the help, this will be very useful for me to keep up with the medical expenses.
    Much appreciated