Author Topic: What is the best Health Savings Account (HSA)?  (Read 9986 times)

rjack

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What is the best Health Savings Account (HSA)?
« on: May 20, 2012, 12:08:46 PM »
I know many of you have High Deductible Health Insurance plans with HSA accounts.

What do you recommend as a good HSA account? I'm mostly looking for low/no fees for opening, maintaining, and using the account. I would like to also find something that pays a fair interest rate.

Thanks!
Roger

fiveoh

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Re: What is the best Health Savings Account (HSA)?
« Reply #1 on: May 21, 2012, 07:38:40 AM »
I use hsabank.com

I've only had it for a few months so I can't really comment too much.  They do have fees but all are avoidable by carrying a certain balance in your account and getting paperless statements.  They also allow you to invest in stocks/mutual funds.   

TheDude

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Re: What is the best Health Savings Account (HSA)?
« Reply #2 on: May 21, 2012, 09:55:35 AM »
I currently use Alliant Credit Union. I started when their rates were 3% but they have since gone down to 1.5%. I do all my checking there so its convenient. They have really good customer service and at least competitive rates.

Another good options is Adirondack Trust Company. Although they do have fees for opening and monthly they pay 3% Not as easy to  deal with as Allaint but double the rate. A good option if you have enough in your HSA to make the fees and the different rate.

Here is a pretty good list of accounts http://www.fatwallet.com/forums/finance/542257/.

rjack

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Re: What is the best Health Savings Account (HSA)?
« Reply #3 on: May 21, 2012, 10:14:04 AM »
Here is a pretty good list of accounts http://www.fatwallet.com/forums/finance/542257/.

That is a great list. Many thanks!
Roger

DrFunk

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Re: What is the best Health Savings Account (HSA)?
« Reply #4 on: Today at 12:02:16 PM »
I am going to sign up for my employer HDHP and HSA. My employer funds $1100 into my HSA automatically (their HSA provider is HealthEquity, http://healthequity.com/ed/hsalearn).

At HealthEquity I have to keep the first $2000 in their cash/savings account that pays 0.05% APY. I am definitely going to open this to get the contribution, but I am thinking of opening a different HSA account through another provider.  I'm hoping to get a few recommendations.
I can invest at HealthEquity with these options (http://healthequity.com/ed/resources/docs/HSA_invest.pdf), but I get charged some serious fees ($0.33 per $1000 per month) if I want to invest in the Vanguard funds. I don't see any other fees associated with the HealthEquity account.

Wants in the second HSA account
- immediately invest the funds I deposit
- low/no costs/fees for low balance (until I build it up)
- broad investment opportunities (low fee again)

Some options I've come across are HSAbank.com or http://www.hsaadministrators.info/ (direct link from Vanguard - so you know it HAS to be SHOULD be legit!)

At HSAbank they charge a $2.50 monthly fee if you have less than $5000. There is also a $3.00 a month 'investment' fee, not sure if this is if you choose to have your direct deposit automatically invested (this is also waived if you have > $5000). Investing is through TDAmeritrade. Not sure what other fees there are for trading through TD platform.

HSA administrators charge an annual $45 fee (never waived). They also have a quarterly mutual fund custodial fee ($0.80 per $1000, with a max of $16) on top of the fund management fee (standard Vanguard fee).

Here is a link from Bogleheads talking about the different options. http://www.bogleheads.org/forum/viewtopic.php?t=33831
But they don't go into all the fees associated.

Any personal experience with HealthEquity, HSAbank, or HSA administrators is greatly appreciated.

DrFunk