How to set up Health Savings Accounts and Flexible Spending Accounts

What is the best way to setup these types of accounts such that transactions are automatically imported into my Quicken account like other bank and credit card accounts? Both are essentially cash accounts whose balance depletes as funds are used to reimburse qualified medical expenses. In my case, the balances are added via payroll deduction, and I have a credit card associated with both that are used to make payments for qualified medical expenses. I have online user credentials for both. The Flexible Spending Account is a "use it or lose it" account that depletes to $0 annually, while the Health Savings Account essentially functions the same way, but is essentially an IRA where unused funds accrue and earn interest, can be invested, etc. Thank you.

Answers

  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
    edited November 2021
    What is critical for doing what you want is to understand that the Financial Institutions (FIs) that these accounts are set up with actually support Quicken.
    If the FI(s) support Quicken then you might be able to set them up in Quicken for downloads.  I say "might" because not all FIs support Quicken for every type of account.  It is possible that your FI(s) might support other investment and/or spending accounts but they still might not support FSA and/or HSA accounts.
    If the FI(s) in question does not support Quicken or does not support it for these types of accounts then your only option is to manually set up and manage the accounts in Quicken.
    Perhaps the first thing to do is to identify the FI(s) the FSA and HSA accounts are set up with.  If you do not know who that is you should be able to find it on the cards you have been provided.
    Once that is identified, you can try "Add Account" to see if the FI(s) support Quicken.  If it does support Quicken for these types of accounts, then Quicken will download the account data and will set up new accounts in Quicken for them.  (If you already have manual accounts set up in Quicken for these accounts, then during the account set up process be sure to link the downloads to these manual accounts instead of letting Quicken set them up as new accounts.)
    (QW Premier Subscription: R39.23 on Windows 10)
  • UserDavidC
    UserDavidC Member ✭✭✭
    What is the name of the company that handles these accounts?

    It is my understanding that most companies handling HSA and FSA do not allow automatic download of their data. As such, you will need to do so manually.


    Quicken user since 1995.
    Current subscription user.
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