Author Topic: Recommendations for HSA?  (Read 1110 times)

tweezers

  • Stubble
  • **
  • Posts: 187
Recommendations for HSA?
« on: June 17, 2016, 12:37:15 PM »
My company is switching to a high deductible health care plan and partially funding a HSA.  We have to use their bank for this component, but can set up our contributions (which we will max out) with a bank/provider of our choosing.  I know very little about these, and would appreciate recommendations on the best place to open an account.  Thanks!

Mother Fussbudget

  • Pencil Stache
  • ****
  • Posts: 828
  • Age: 57
  • Location: Indianapolis, IN
Re: Recommendations for HSA?
« Reply #1 on: June 17, 2016, 12:41:21 PM »
HSAbank is one that's widely used, and recommended.  With HSAbank, you can create a TD-Ameritrade account for the investment portion of your HSA fund. 

The HSA I have with them imposes a $3/month fee for cash balances below $3K, so I keep $3,003 at HSAbank, and transfer all amounts over $3K (i.e. the monthly paycheck deposits) to the Ameritrade account.

boarder42

  • Walrus Stache
  • *******
  • Posts: 7849
Re: Recommendations for HSA?
« Reply #2 on: June 17, 2016, 01:04:36 PM »
you shoulld really look into if you can do payroll deduct with whoever your company chooses ... as long as they arent awful you should go with them for your contributions b/c you will bypass FICA in addition to the taxes this way.

mozar

  • Magnum Stache
  • ******
  • Posts: 2885
Re: Recommendations for HSA?
« Reply #3 on: June 17, 2016, 01:52:10 PM »
My company uses benefit wallet and they are awful so I will send a check to health equity.

MDM

  • Walrus Stache
  • *******
  • Posts: 9287
Re: Recommendations for HSA?
« Reply #4 on: June 17, 2016, 09:21:49 PM »
You might be able to get the employer contribution and use a better provider.  See below.

HSA Providers: http://forum.mrmoneymustache.com/taxes/good-hsa-providers/

One way to deal with a poor employer's choice for an HSA provider: http://thefinancebuff.com/how-to-rollover-an-hsa-on-your-own-and-avoid-trustee-transfer-fee.html

Generic HSA article: http://www.madfientist.com/ultimate-retirement-account/