How do HSA accounts differ from one another?

[mishek01]

I think I need to start an HSA account, since my work only offers an FSA account, which is where you lose all your money at the end of the year if you don't use it. I know nothing about HSA account except a little bit of what I read online. Here are some of my concerns:

1) Are all HSA accounts exactly the same or is this something that I need to shop around for to get on a good program?
2) If I switch jobs, and have an insurance plan where I no longer qualify for an HSA account contributions, then can I still use the money I already have in an HSA account?
3) Is there anything else I should know, or any person I should meet with in order to find out more about the HSA accounts?

Update:
I am in a HDHP, so I do qualify to open one, at least as far as I understand it.

[johnny847]

You can only open an HSA if you a HDHP (high deductible health plan). If you don't have a HDHP you're SOL.

Figure out if you have a HDHP before delving into the details of an HSA.

[mishek01]

You can only open an HSA if you a HDHP (high deductible health plan). If you don't have a HDHP you're SOL.

Figure out if you have a HDHP before delving into the details of an HSA.

Thank you for pointing that out. That is one of the things that I found out right away, so I am good there. I added that to my post as an update.

[robartsd]

1) Are all HSA accounts exactly the same or is this something that I need to shop around for to get on a good program?

Fees and investment options will be different, so do shop around. Most here would recommend using your HSA as an extra retirement account, so investment options are a big deal. Although you can use the money to pay for current medical expenses, you don't have to. You can reimburse yourself for your documented medical expenses from the HSA a long time after you incurred the expense. This can be a source of tax free money in early retirement. If you have money in the account when you reach standard retirement age, you can withdraw money for whatever you like and treat the money as ordinary income (just like a tIRA).

2) If I switch jobs, and have an insurance plan where I no longer qualify for an HSA account contributions, then can I still use the money I already have in an HSA account?

You can only contribute to a HSA when you are on a HDHP, but you can use existing funds in the HSA for medical expenses at any time regardless of medical plans.

[Jack]

1) Are all HSA accounts exactly the same or is this something that I need to shop around for to get on a good program?

No, they're not the same. Like any bank account or brokerage, different companies will have different terms. Check for things like fee schedules, minimum account balances before you're eligible to invest, investment choices, etc.

Also note that if your employer opens the account for you and direct-deposits your contribution into it you can avoid FICA taxes, but if you open your own account elsewhere and transfer funds from your checking account after you've already been paid then you don't avoid them. However, if the account your employer picks is terrible, you can let them direct-deposit and then transfer the funds to your preferred account elsewhere afterwards.

2) If I switch jobs, and have an insurance plan where I no longer qualify for an HSA account contributions, then can I still use the money I already have in an HSA account?

Yes.

3) Is there anything else I should know, or any person I should meet with in order to find out more about the HSA accounts?

You're not allowed to contribute to an HSA and an FSA at in the same tax year. If you are availing yourself of your FSA now, you'll have to wait until 2017 to switch.

[Dezrah]

I don’t mean to harp on this, but are you absolutely sure you’re on an HDHP?  It’s not enough to have a “deductible that is high;” there are also a myriad of other conditions, like HDHPs do not pay for prescriptions until the deductible is met, there is a proscribed out-of-pocket maximum, etc.  Look for specific phrases like “this plan is HSA eligible”. 

I ask this again because it is unusual for an employer to offer an HDHP with a FSA and not an HSA.  You should also check to see if your FSA is a general medical or limited use plan.  A limited FSA plan is for things that aren’t typically covered by medical insurance, like dental, vision, or dependent care.  If you know the FSA is a limited plan, then you could in fact contribute to an HSA as well.

See  https://thefinancebuff.com/hsa-and-fsa-same-year.html

Now assuming all of this checks out, shopping for an HSA is basically like shopping for a bank.  Here are some general questions you might ask.  Prioritize based on what is most important to you.

Are you FDIC insured?  (This is a must for the non-investment portion IMO.)
What is the regular interest rate in the checking account?
What are the monthly fees?
What are your other fees?
Is there a minimum holding amount that would allow me to waive fees?
Do you link directly to an investment house?
What investments are available to me?
What are the monthly investment fees and minimums?
Do you have a local branch?  (I don’t think this is typical but maybe that’s important to you.)
Do you offer useful, complimentary features, like 24 hour customer support, record uploading, how-to guides, etc?