- April 27, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Using a Credit Card with Amazon Rewards
I have a credit card that offers me 5% cash back on Amazon purchases, which I can redeem as points towards future Amazon transactions. Recently, I placed a $40 order on Amazon, with $20 of the items being eligible for reimbursement through my Health Savings Account (HSA). Interestingly, I used $30 worth of the reward points to pay for a portion of the order.
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You can use HSA for the entirety of the QME despite the credit card rewards.
If you can apply the points as a statement credit at the same rate of return, that’s a better deal than applying it as a discount on the purchase, because then you lose out on rewards from the purchase.
The IRS doesn’t really care how the medical expense was initially paid when it comes to its eligibility for HSA reimbursement. You could pay by cash bills, regular charge to a card, paid from a points balance, or maybe even giving a doctor a bunch of chickens in trade. The US dollar charge of the expense just has to line up with the amount coming out of the HSA. So you get to claim a $20 reimbursement from your HSA for the eligible part of that order, and you’ll be within the rules.
The one exception I’m aware of is that you’re not allowed to use HSA money for an expense where you got some other type of medical reimbursement (for either the full or partial amount). Like getting a refund from your insurance plan after they processed the claim, you made payment from an FSA, etc. I would not think credit card reward points would fall under that categorization, so you’d be fine.
For $10 of scheme-approved purchases. But there’s no claim/bill/receipt submission process with or for “HSA.”
YES. thats what is recommende
– put money in HSA
– invest your HSA
– pay medical bill with a good cashback card/cash discount
– Save the bills until retirement
– pull out from you HSA with the old bills tax free to help with your retirement