The Money Mustache Community
Learning, Sharing, and Teaching => Investor Alley => Topic started by: AndrewS on August 14, 2014, 03:48:27 PM
-
I need to do some more reading up on HSA's. I was wondering how they work as I've noticed many people saying they "dump" some money into them. I was also looking for any recommendation for online companies to use for personal investing, such as Vanguard. Thanks and much appreciated!
Better to start now than never. I've got a lot of learning to do.
-
My wife's HSA is at http://hsaadministrators.info/. The website has a section dedicated to HSA education that can give you a lot of good information.
Here's what we are doing with our HSA:
-Investing in 3 Vanguard Admiral Shares index funds for an asset allocation of 90% stocks and 10% bonds
-Pay for all qualified medical expenses out of pocket and save/scan our receipts for future reimbursement (most likely reimbursement in retirement 20+ years from now)
-Basically using this for another retirement account that will help us save big on medical expenses in retirement
HSA Administrators charges an annual fee of $45.
-
I was also looking for any recommendation for online companies to use for personal investing, such as Vanguard. Thanks and much appreciated!
Better to start now than never. I've got a lot of learning to do.
As far as personal investment websites, I invest at Betterment (https://www.betterment.com/). Betterment allows you to start investing with as little as $10. A lot of people use and recommend Vanguard, but Vanguard requires at least $1,000 to get started.
-
Andrew S,
Here is my favorite article on choosing an HSA provider.
http://whitecoatinvestor.com/choosing-an-hsa-provider/
I use HSA bank and am happy with them.
-
The article posted above is a very good one indeed. I, too, use HSA Bank for my HSA and find them to be fine. One may also consider Eli Lilly Credit Union which has a setup almost identical to HSA Bank (both use TD Ameritrade for the investments - hence free Vanguard ETFs) but with a different set of fees.
Here's the Boglehead's wiki on HSAs: http://www.bogleheads.org/wiki/Health_savings_account