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One More HSA Question

Posted: Thu Jan 03, 2008 2:33 pm
by madcow
My employer contributes to my HSA acc't, $2000 / year, deposited at the
investment house selected by the insurance plan administration.

My Question : Instead of re-directing my employer's contribution to a
different HSA banking option, may I contribute (up to
the HSA annual limit) with personal dollars, deposited
at an HSA banking option of my choice, different from
the one selected by my employer's plan ??

Posted: Thu Jan 03, 2008 3:05 pm
by wlpotts
***Copied from a PM for everyone to share.***

I'm not an advisor or CPA, but I believe you can contribute your taxed dollars up to the limit. That limit depends upon whether you are contributing for a family or an individual.

Please note that after the employer makes a contribution to your account to whoever they by default have selected, the monies are yours to transfer, rollover, or to use for your qualified expenses. I save mine!

You may have multiple HSA banking/investment accounts, but to me it seems a bit cumbersome. Especially when some institutions will offer economies of scale on your balances. (larger balances dismisses or reduces investment fees per acount. Miniumum balances may incurr less yield or service charges) Each institution has different sets of criteria.

I hope this helps.

Respectfully,

Warren P.