Health Savings Account

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bcboy57
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Health Savings Account

Post by bcboy57 »

Do any people here have a Health Savings Account ? If so, who administers it ?

I was reading about this today in this month's Kiplinger Magazine and it looks something that may be appropriate for my situation.....
AnesBH
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Joined: Sat Dec 29, 2012 8:15 am

Re: Health Savings Account

Post by AnesBH »

I believe most who are eligible on the board probably have one- mine is through HSA Bank. There's a good discussion on the wiki site.
davebarnes
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Joined: Wed Jan 02, 2008 6:06 pm
Location: Berkeley, Denver, Colorado USA

Re: Health Savings Account

Post by davebarnes »

bcboy57 wrote:Do any people here have a Health Savings Account ? If so, who administers it ?
1. Are you under 65 years of age living in the USA?
2. Are you relatively healthy?
If yes, then you should be be doing the HSA/RSA route.

P.S. You really don't care who administers it as no one is paying any interest. Mine is some bank owned by United Health Care (as far as I can determine).
A nerd living in Denver
umfundi
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Re: Health Savings Account

Post by umfundi »

bcboy57 wrote:Do any people here have a Health Savings Account ? If so, who administers it ?

I was reading about this today in this month's Kiplinger Magazine and it looks something that may be appropriate for my situation.....
Yes. Bank of America.

It offers a range of investments, including a couple from Vanguard.

My previous employer (General Motors) pays all the fees.

Keith
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Mill
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Location: Arkansas

Re: Health Savings Account

Post by Mill »

Mine is administered by Chase. Anything less than $2000 must be kept in cash. (I have only recently started it, and have $625 in there) After $2000, they allow for investments in managed funds with high ER's. Kind of sucks in that aspect, but I plan to draw it down on an annual basis anyway, so the cash works for me.
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FrugalInvestor
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Re: Health Savings Account

Post by FrugalInvestor »

I am an early retiree. I purchase an individual health policy that is HSA eligible and have an HSA account with HSA bank. The HSA Bank account allows me to invest through Ameritrade. I keep a minimum amount in HSA bank to avoid fees and invest the excess in Vanguard funds through Ameritrade.
Have a plan, stay the course and simplify. Then ignore the noise!
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RyeWhiskey
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Re: Health Savings Account

Post by RyeWhiskey »

I'm 26 and in good health. I use HSA Bank as they have an attached investment account with TD Ameritrade which offers a good swath of commission-free ETFs (including almost all the Vanguard ETFs). So I use my HSA contributions as part of my retirement portfolio as it's federally tax-free space. The only downside is that they charge you a total of $66/year if you don't have cash sitting in their money market account. Still, it's well worth it in the long run.
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gameplan
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Joined: Mon Feb 18, 2013 5:19 pm

Re: Health Savings Account

Post by gameplan »

My HSA is with Health Equity. No fee with $1,500 min balance. Amounts over $2,000 can be invested in over half dozen or so fund families including Vanguard.
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grabiner
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Re: Health Savings Account

Post by grabiner »

My HSA is through HSA Bank. I have had it for six years, and for the last two years, have had enough to make a brokerage account worthwhile. I have just one ETF in the brokerage account, RZV, bought in a single purchase; I'll buy more when I have enough cash to buy another 100 shares.
Wiki David Grabiner
HouseStark
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Location: Minneapolis, MN

Re: Health Savings Account

Post by HouseStark »

My HSA provider is Select Account. Amounts under $3000 must be kept in the basic account earning miniscule interest, but with no account fee. Amounts over $3000 can optionally be transferred to an investment account with about a dozen name-brand mutual funds. The investment account has a fee of $1.50/mo, plus there are the usual fund expense ratios. I'm satisfied with the account and the online interface works well for transactions such as requesting direct deposit reimbursements, for transfers to the investment account and for portfolio reallocation. I'd recommend them as an HSA provider, with the caveat that I haven't shopped around to make comparisons since my employer chose it and makes contributions on my behalf.

I've hit a balance of $11,000 not from a deliberate decision to accumulate funds there, but simply because I haven't had the medical expenses to draw upon it very much.
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dianna
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Re: Health Savings Account

Post by dianna »

Mill wrote:Mine is administered by Chase. Anything less than $2000 must be kept in cash. (I have only recently started it, and have $625 in there) After $2000, they allow for investments in managed funds with high ER's. Kind of sucks in that aspect, but I plan to draw it down on an annual basis anyway, so the cash works for me.
Hello,
Our HSA is through Chase, although we've been in it for enough years to have a low minimum balance. Most of our holdings are in 2 funds; one being more stock index and the other being more bond index; both low-ERs. Imagine that!

I find the Chase site a little bit cumbersome to navigate but the ER's are good and the overall plan is low maintenance.
bzcat
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Joined: Sat Jun 04, 2011 10:31 am

Re: Health Savings Account

Post by bzcat »

Mine is with my main credit union, NCSECU.

No fees, and they pay interest.

When the balance grows a bit, I'll start doing annual transfers to Vanguard HSA
wander
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Re: Health Savings Account

Post by wander »

FrugalInvestor wrote:I keep a minimum amount in HSA bank to avoid fees and invest the excess in Vanguard funds through Ameritrade.
I don't remember ever paid fee to HSABank for low balance.
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zebrafish
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Re: Health Savings Account

Post by zebrafish »

davebarnes wrote:
bcboy57 wrote:Do any people here have a Health Savings Account ? If so, who administers it ?
1. Are you under 65 years of age living in the USA?
2. Are you relatively healthy?
If yes, then you should be be doing the HSA/RSA route.
Don't you also need a high-deductable insurance plan, also?
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