How do I add a Health Savings Account (HSA)?

I have an HSA set up by my employer to pay medical expenses that are not covered by insurance. I don't know how to add that account in Quicken. It's sort of a savings account and sort of a checking account, and it is tax free. How does this work?

Answer

6 people found this helpful

Don't have one personally right now (but trying to help someone at work who does)  here's my suggestion (this is what i'm doing as an experiment):

1. Set up HSA as a brokerage account (as I understand HSA's, -depending on plan administrator - you can buy mutual funds etc with the cash balance) 
2. Go to account details for your HSA select the option "show cash in a checking account" ( this will create a linked checking account to pay medical expenses from)  and I think "tax-deferred".
3. Update your paycheck by adding a pre-tax deduction for the amount of your contribution and in the category field specify the name of your newly set-up HSA cash account as a transfer.
4. If your employer matches any part of your contribution, set up an income reminder to automatically deposit that amount into your HSA cash account on the same schedule as your paycheck.

I don' t know if this covers all the provisions of an HSA and would welcome any feedback - but this looks like this works on the surface.   
 Please let me know if you find this works for you or have any suggestions/problems.  
     
 
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