So now that I am 26 and on my own health insurance plan, I picked a high deductible HSA.
Let's ignore for a moment that my premiums are going up by $30/month next year, AND the deductible is going up by $1,500 at the same time.
I think my HSA sucks. I don't know that it's any worse than anywhere else, and I don't know if I can switch it or how.
Here's the long story:
I have an HSA through Benefit Wallet (the default of my health plan: it was already set up for me). Here are the fees:
- Interest Rate: 0.050% - is this to me? or from me?
- APY: 0.050% - same as above?
- Monthly service charge for balance under $1,000: $3.5
- Paper statement: $1.25 per statement. No idea how to opt out of paper statements
- Want to invest? That's going to be $2.90/month to use their investment platform
I've got a pending deposit of $1,000 to avoid the $3.50 fee (though it's been 2 weeks and they still haven't processed it yet), but besides that I have nothing in it yet.
So questions.
Is it usual for an HSA to charge you to invest? If so, $2.90/month "reasonable", i.e.: I'm not going to get a better deal anywhere else?
If it's not usual, can I switch my HSA now that I have it open? If so: (1) to what service and (2) how?
Edited to add: Haha, apparently it's HSA day on the MMM forums.