Experiences with Eli Lilly Credit Union for HSA?
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Experiences with Eli Lilly Credit Union for HSA?
I currently have an HSA through the HSA Bank, the bulk of which is invested in Vanguard ETFs through their TD Ameritrade brokerage option. However I have seen mention of Eli Lilly Credit Union as an alternative that has lower fees, higher interest rates, and provides the same no-fee access to TD Ameritrade ETFs. At the same time there is a thread on the Finance Buff web site where some people have had difficulty opening an account with that credit union from out of state (they are in Indiana).
Just wondering if anyone else has had experience with using Eli Lilly for their HSA? And whether it is worth the time and effort to switch from HSA Bank. I use basically use my HSA as a stealth IRA and emergency fund so I'm just looking for low fee providers that have index fund investment options. I don't do it through my employer so I'm not restricted in who I choose.
Just wondering if anyone else has had experience with using Eli Lilly for their HSA? And whether it is worth the time and effort to switch from HSA Bank. I use basically use my HSA as a stealth IRA and emergency fund so I'm just looking for low fee providers that have index fund investment options. I don't do it through my employer so I'm not restricted in who I choose.
Re: Experiences with Eli Lilly Credit Union for HSA?
Not everyone had difficulty. The ID verification system can require additional steps for some people similar to how you get SSSS on your boarding pass when you fly. I opened my account just fine. Right now the money is on its way to TDA. I will have a complete walk-through sometime next week when everything is done. Then you can decide whether it's worth the effort to switch.texasdiver wrote:At the same time there is a thread on the Finance Buff web site where some people have had difficulty opening an account with that credit union from out of state (they are in Indiana).
EDIT: walk-through posted here: Setting Up HSA at Eli Lilly Federal Credit Union
Last edited by tfb on Sun Mar 09, 2014 3:21 pm, edited 1 time in total.
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Re: Experiences with Eli Lilly Credit Union for HSA?
Looking forward to your report tfb.tfb wrote:Not everyone had difficulty. The ID verification system can require additional steps for some people similar to how you get SSSS on your boarding pass when you fly. I opened my account just fine. Right now the money is on its way to TDA. I will have a complete walk-through sometime next week when everything is done. Then you can decide whether it's worth the effort to switch.texasdiver wrote:At the same time there is a thread on the Finance Buff web site where some people have had difficulty opening an account with that credit union from out of state (they are in Indiana).
Have a plan, stay the course and simplify. Then ignore the noise!
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Re: Experiences with Eli Lilly Credit Union for HSA?
I recently switched from OptumBank and am very happy. Did everything online, other than mailing a check and form to rollover, and it went smoothly. Received an email from one of their reps, asked a question about setting up TD Ameritrade on the account, and received a prompt, helpful response. Much better than Optum -- no low-balance fees and 1% vs. 0.25% interest.texasdiver wrote:Just wondering if anyone else has had experience with using Eli Lilly for their HSA?
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Re: Experiences with Eli Lilly Credit Union for HSA?
I would also be interested to learn more about the longer term history of rates at Eli Lilly.
I changed once only to have the better rate be a 'teaser' which was reduced fairly quickly.
I changed once only to have the better rate be a 'teaser' which was reduced fairly quickly.
Have a plan, stay the course and simplify. Then ignore the noise!
Re: Experiences with Eli Lilly Credit Union for HSA?
I too just opened an HSA account at ELI Lilly. The identity verification controls did seem a bit more careful than other banks, but the account was otherwise easy to open online. Once my account was open, I was able to set up a TD Ameritrade account--which offers no-fee Vanguard EFTs. This is certainly the best deal I could find for an HSA if you have long term investment as a goal. So far, I am very happy with this no-fee account. (Heck, they even let me use a credit card to make my initial HSA deposit, which gave me 2% free money.
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Re: Experiences with Eli Lilly Credit Union for HSA?
I recently opened an HSA with Eli Lilly Federal Credit Union (ELFCU). My goal is to invest all of my HSA funds with TD Ameritrade. For this reason, I do not care if their interest rate is stable or a teaser rate. I have two local credit unions that offer (and have offered for a while) 2% on their HSA accounts, if I was merely interested in a non investment interest rate.
I can tell that ELFCU's ecommerce setup is not as good as some of the 'bigger' banks. Their HSA transfer form is also not as 'clear' as other banks. Are they acceptable, yes. Are they anything to write home about, no. Below is my experience so far.
- I applied online for a joint member's savings account for my wife and I. I totally missed that the application for the HSA is in a separate area on their website.
- A signature sheet was requested to be mailed in during the initial application.
- A couple of days go by and I receive an email requesting driver's licenses and a piece of mail to be faxed or emailed to them for both joint applicants. I sent the requested information to them.
- A couple of days go by and an email is received saying the account is approved giving me our account number and member number.
- I was unable to setup online ebanking access due to an ecommerce glitch. I used the website's 'live chat' feature to get the glitch squared away.
- I had to separately apply for the HSA account due to my initial oversight. I got the approval email for this account a couple days later.
- I have turned in the HSA transfer form and the funds are on their way to ELFCU from my other HSA Trustee.
I had a couple questions while filling out the HSA transfer form, ELFCU's 'live chat' feature has been great! I have spoken to a couple different reps using it, and they have all been knowledge and a big help. I am very happy with the process so far. Any minor inconveniences will be worth it in the long run as long as they do not start charging HSA account fees.
I can tell that ELFCU's ecommerce setup is not as good as some of the 'bigger' banks. Their HSA transfer form is also not as 'clear' as other banks. Are they acceptable, yes. Are they anything to write home about, no. Below is my experience so far.
- I applied online for a joint member's savings account for my wife and I. I totally missed that the application for the HSA is in a separate area on their website.
- A signature sheet was requested to be mailed in during the initial application.
- A couple of days go by and I receive an email requesting driver's licenses and a piece of mail to be faxed or emailed to them for both joint applicants. I sent the requested information to them.
- A couple of days go by and an email is received saying the account is approved giving me our account number and member number.
- I was unable to setup online ebanking access due to an ecommerce glitch. I used the website's 'live chat' feature to get the glitch squared away.
- I had to separately apply for the HSA account due to my initial oversight. I got the approval email for this account a couple days later.
- I have turned in the HSA transfer form and the funds are on their way to ELFCU from my other HSA Trustee.
I had a couple questions while filling out the HSA transfer form, ELFCU's 'live chat' feature has been great! I have spoken to a couple different reps using it, and they have all been knowledge and a big help. I am very happy with the process so far. Any minor inconveniences will be worth it in the long run as long as they do not start charging HSA account fees.
Re: Experiences with Eli Lilly Credit Union for HSA?
I opened up an HSA account at ELFCU late last year after I separated from my job but hadn't yet fully funded my HSA for the year. I'm not from Indiana. I opened and funded the account from my credit card (~$625). I needed no additional verification. I then filled out the transfer funds form. As superman9379 said, their transfer funds form isn't the clearest but after opening my account, I had two different ELFCU people email and call me asking if I had any questions. So I emailed back one of them with my questions about the form and they told me what I needed to fill out (and what values they were looking for).
I finally got my funds rolled over after about 30 days. No idea where the delay was (or even if there was one, not sure how long this process should really take). But when I finally got my rollover funds in, I was able to open up the TD Ameritrade account and invest the funds w/o issue.
The one thing I am interested in is seeing whether I am charged an account maintenance fee. The fee schedule at TD says there's a $12.50/qtr fee. There's no mention of the fee being waived for any reason. I'll be pretty upset if I am charged the fee.
I finally got my funds rolled over after about 30 days. No idea where the delay was (or even if there was one, not sure how long this process should really take). But when I finally got my rollover funds in, I was able to open up the TD Ameritrade account and invest the funds w/o issue.
The one thing I am interested in is seeing whether I am charged an account maintenance fee. The fee schedule at TD says there's a $12.50/qtr fee. There's no mention of the fee being waived for any reason. I'll be pretty upset if I am charged the fee.
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Re: Experiences with Eli Lilly Credit Union for HSA?
According to the discussion at http://www.early-retirement.org/forums/ ... ost1404790 , there will not be any TD fees.jaj2276 wrote:I opened up an HSA account at ELFCU late last year after I separated from my job but hadn't yet fully funded my HSA for the year. I'm not from Indiana. I opened and funded the account from my credit card (~$625). I needed no additional verification. I then filled out the transfer funds form. As superman9379 said, their transfer funds form isn't the clearest but after opening my account, I had two different ELFCU people email and call me asking if I had any questions. So I emailed back one of them with my questions about the form and they told me what I needed to fill out (and what values they were looking for).
I finally got my funds rolled over after about 30 days. No idea where the delay was (or even if there was one, not sure how long this process should really take). But when I finally got my rollover funds in, I was able to open up the TD Ameritrade account and invest the funds w/o issue.
The one thing I am interested in is seeing whether I am charged an account maintenance fee. The fee schedule at TD says there's a $12.50/qtr fee. There's no mention of the fee being waived for any reason. I'll be pretty upset if I am charged the fee.
Re: Experiences with Eli Lilly Credit Union for HSA?
Beammeup, was it the investment options and/or interest earned that caused you to switch ?beammeupscotty wrote:I recently switched from OptumBank and am very happy. Did everything online, other than mailing a check and form to rollover, and it went smoothly. Received an email from one of their reps, asked a question about setting up TD Ameritrade on the account, and received a prompt, helpful response. Much better than Optum -- no low-balance fees and 1% vs. 0.25% interest.texasdiver wrote:Just wondering if anyone else has had experience with using Eli Lilly for their HSA?
We have an account at Optum and their $3.00/month does not seem excessive to me. It's part of a package offered as part of employment so we can't move it, but that will change soon at retirement.
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Re: Experiences with Eli Lilly Credit Union for HSA?
Well, it sounds like Eli Lilly is a viable option.
Guess I will attempt to open a new HSA with them for this year's contribution and if all goes smooth I'll put in a transfer request to move the existing funds in HSA Bank over to Eli Lilly.
Guess I will attempt to open a new HSA with them for this year's contribution and if all goes smooth I'll put in a transfer request to move the existing funds in HSA Bank over to Eli Lilly.
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Re: Experiences with Eli Lilly Credit Union for HSA?
Applied on 2/9. Received Welcome e-mail 2/12. Other than having to contact them to attach HSA to online portal today, everything went smoothly. Now to fund the account...
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Re: Experiences with Eli Lilly Credit Union for HSA?
Primarily to avoid the $3 monthly fee for a non-investment balance under $5,000 (comes out to over 4% cost on balance of $2,500), but the interest rate is much better as well. I had the Vanguard investment option with Optum.Hexdump wrote:Beammeup, was it the investment options and/or interest earned that caused you to switch ?beammeupscotty wrote:I recently switched from OptumBank and am very happy. Did everything online, other than mailing a check and form to rollover, and it went smoothly. Received an email from one of their reps, asked a question about setting up TD Ameritrade on the account, and received a prompt, helpful response. Much better than Optum -- no low-balance fees and 1% vs. 0.25% interest.texasdiver wrote:Just wondering if anyone else has had experience with using Eli Lilly for their HSA?
We have an account at Optum and their $3.00/month does not seem excessive to me. It's part of a package offered as part of employment so we can't move it, but that will change soon at retirement.
Last edited by beammeupscotty on Sat Feb 15, 2014 1:15 pm, edited 1 time in total.
Re: Experiences with Eli Lilly Credit Union for HSA?
An HSA with Eli Lilly Federal Credit Union looks great but take a look at the other savings rates. How long can the HSA rate last?
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Re: Experiences with Eli Lilly Credit Union for HSA?
I did not switch to Eli Lilly Federal Credit Union for their interest rate. I switched to them due to no account fees while allowing me to invest with TD Ameritrade.rec7 wrote:An HSA with Eli Lilly Federal Credit Union looks great but take a look at the other savings rates. How long can the HSA rate last?
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Re: Experiences with Eli Lilly Credit Union for HSA?
I am interested in applying as well.
My question:
1) I have a HSA with my current employer. Can I transfer a portion of it to Eli?
2) The site says I have to have at least $2500 in the account before I can open an investment account. Does that mean I can invest anything over above $2500 (for example, if I have $3000, then I can only invest $500) or can I invest the whole amount?
3) What kind of investment options do they offer?
My question:
1) I have a HSA with my current employer. Can I transfer a portion of it to Eli?
2) The site says I have to have at least $2500 in the account before I can open an investment account. Does that mean I can invest anything over above $2500 (for example, if I have $3000, then I can only invest $500) or can I invest the whole amount?
3) What kind of investment options do they offer?
Re: Experiences with Eli Lilly Credit Union for HSA?
I am in the process of switching from an HSA account managed by Chase to ELFCU. The account opening process has been smooth so far and I have not been required to provide any additional verification information beyond what was required for the initial application.
ELFCU is currently assisting to rollover my HSA monies. I have found the customer service to be excellent so far.
ELFCU is currently assisting to rollover my HSA monies. I have found the customer service to be excellent so far.
Re: Experiences with Eli Lilly Credit Union for HSA?
I can answer your last two questions. Once you reach 2500 of the full amount can be invested. I put in 3000 and was a able to invest the full amount.
TD Ameritrade rate is a full service brokerage so the investment options are near limitless. The attraction to me was that they offer no commission Vanguard EFTs They also offer Vanguard mutual funds but for a fee. EFTs are the way to go. You should be able to see what they offer by going to the TD Ameritrade wrbsite.
TD Ameritrade rate is a full service brokerage so the investment options are near limitless. The attraction to me was that they offer no commission Vanguard EFTs They also offer Vanguard mutual funds but for a fee. EFTs are the way to go. You should be able to see what they offer by going to the TD Ameritrade wrbsite.
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Re: Experiences with Eli Lilly Credit Union for HSA?
azb wrote:I can answer your last two questions. Once you reach 2500 of the full amount can be invested. I put in 3000 and was a able to invest the full amount.
TD Ameritrade rate is a full service brokerage so the investment options are near limitless. The attraction to me was that they offer no commission Vanguard EFTs They also offer Vanguard mutual funds but for a fee. EFTs are the way to go. You should be able to see what they offer by going to the TD Ameritrade wrbsite.
Ok, thanks for your help.
I just want to know about transferring a portion of it. The HSA I have is through my current employer that makes employer contributions quarterly so I would be doing transfers periodically if it is allowed.
So only the VG ETFs are free? Do they give you the option for individual stocks too and other MFs?
Re: Experiences with Eli Lilly Credit Union for HSA?
They have other commission free options but I didn't pay much attention since I was focused on the Vanguard EFTS Yes, you can buy stocks and bonds and the commissions seem reasonable.
Re: Experiences with Eli Lilly Credit Union for HSA?
You can do unlimited number of transfers but the outgoing custodian often charges a transfer-out fee to the tune of $20-30 per transfer. You can do a rollover yourself but only once per rolling one-year period.psykopath515 wrote:I just want to know about transferring a portion of it. The HSA I have is through my current employer that makes employer contributions quarterly so I would be doing transfers periodically if it is allowed.
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Re: Experiences with Eli Lilly Credit Union for HSA?
Thanks, but I am currently enrolled with my employer's HSA. Wouldn't doing a rollover constitute closing the account?tfb wrote:You can do unlimited number of transfers but the outgoing custodian often charges a transfer-out fee to the tune of $20-30 per transfer. You can do a rollover yourself but only once per rolling one-year period.psykopath515 wrote:I just want to know about transferring a portion of it. The HSA I have is through my current employer that makes employer contributions quarterly so I would be doing transfers periodically if it is allowed.
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Re: Experiences with Eli Lilly Credit Union for HSA?
You don't have to rollover the entire balance.psykopath515 wrote:Thanks, but I am currently enrolled with my employer's HSA. Wouldn't doing a rollover constitute closing the account?
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Re: Experiences with Eli Lilly Credit Union for HSA?
So where transfers often you incur a custodian fee, are you saying rollovers do not? I feel like either way, they need to cut a check to the new HSA.
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Re: Experiences with Eli Lilly Credit Union for HSA?
Correct.psykopath515 wrote:So where transfers often you incur a custodian fee, are you saying rollovers do not?
http://thefinancebuff.com/how-to-rollov ... r-fee.html
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Re: Experiences with Eli Lilly Credit Union for HSA?
Full 2013 contribution was posted on 2/18 via online check to attached savings account. Transferred full amount into HSA and it was posted today. I was allowed to enroll in TD ameritrade after having $2500 minimum and that should take another 2-3 days for that to arrive in the investing account. In all, I'd say it takes about 7-10 days (didn't try to do anything on the weekend) to get everything in the account up and running.MississippiSkip wrote:Applied on 2/9. Received Welcome e-mail 2/12. Other than having to contact them to attach HSA to online portal today, everything went smoothly. Now to fund the account...
HSA Debit card also arrived today 2/19.
--skip
Re: Experiences with Eli Lilly Credit Union for HSA?
We have a Chase HSA through my employer with no index funds. I need to keep it so contributions are made pre-FICA taxes, which can only be done as payroll deductions. But thanks to The Finance Buff and threads like this one, I'm going to open a second HSA at ELFCU, and do a rollover once a year into ELFCU, where I can invest in index funds via TD Ameritrade. My Chase HSA will stay open, because contributions will keep going in automatically every two weeks from my paycheck.
Sounds like a lot of one-time paperwork to set up, but if I can go from actively managed funds with ERs as high as 1.32% to VG funds at .20% or lower, it'll be worth it.
Sounds like a lot of one-time paperwork to set up, but if I can go from actively managed funds with ERs as high as 1.32% to VG funds at .20% or lower, it'll be worth it.
Re: Experiences with Eli Lilly Credit Union for HSA?
I was turned down!
They were nice during the sign up process but once I was rejected they treated me like I had leprosy. I jumped through every hoop they requested which seemed to revolve around identification. My drivers licence doesn't match my current address but it's been like that for over 10 years and haven't had any difficulty opening my other online accounts. The police here don't even care!
The worst part: They wouldn't explain the reasoning I was rejected other than I had to physically visit their closest branch (2000 miles away from me) and go from there. Ridiculous!
I currently have an HSA with Alliant and simply wanted to roll it over based upon positive feedback. I'm happy with Alliant but desired some addtional options to invest.
I guess they don't like making money.
Any thoughts on why I was rejected? I'm more curious now.
They were nice during the sign up process but once I was rejected they treated me like I had leprosy. I jumped through every hoop they requested which seemed to revolve around identification. My drivers licence doesn't match my current address but it's been like that for over 10 years and haven't had any difficulty opening my other online accounts. The police here don't even care!
The worst part: They wouldn't explain the reasoning I was rejected other than I had to physically visit their closest branch (2000 miles away from me) and go from there. Ridiculous!
I currently have an HSA with Alliant and simply wanted to roll it over based upon positive feedback. I'm happy with Alliant but desired some addtional options to invest.
I guess they don't like making money.
Any thoughts on why I was rejected? I'm more curious now.
Re: Experiences with Eli Lilly Credit Union for HSA?
ELFCU uses your credit report to verify who you are. Before signing up, I would get your free credit report. Then use what is on your credit report to signup for the account. If your current address does not match what your credit report says, you will need to correct it. Identity theft is too big of a problem for banks to allow you to use a different address than what their records says it should be.
Re: Experiences with Eli Lilly Credit Union for HSA?
Can anyone else confirm that they will allow a full years of contribution to be funded by a credit card?azb wrote: So far, I am very happy with this no-fee account. (Heck, they even let me use a credit card to make my initial HSA deposit, which gave me 2% free money.
Re: Experiences with Eli Lilly Credit Union for HSA?
Surely this can be easily remedied - correct your DL address and let them know you've done so.Cancun wrote:I was turned down!
They were nice during the sign up process but once I was rejected they treated me like I had leprosy. I jumped through every hoop they requested which seemed to revolve around identification. My drivers licence doesn't match my current address but it's been like that for over 10 years and haven't had any difficulty opening my other online accounts. The police here don't even care!
The worst part: They wouldn't explain the reasoning I was rejected other than I had to physically visit their closest branch (2000 miles away from me) and go from there. Ridiculous!
I currently have an HSA with Alliant and simply wanted to roll it over based upon positive feedback. I'm happy with Alliant but desired some addtional options to invest.
I guess they don't like making money.
Any thoughts on why I was rejected? I'm more curious now.
- Porcupine
Re: Experiences with Eli Lilly Credit Union for HSA?
I was able to do a 2013 contribution of $3000 by crdit card (and no fee). I don't know if there are any limits--but there certainly was no disclosure of any.SobeCane wrote:Can anyone else confirm that they will allow a full years of contribution to be funded by a credit card?azb wrote: So far, I am very happy with this no-fee account. (Heck, they even let me use a credit card to make my initial HSA deposit, which gave me 2% free money.
Re: Experiences with Eli Lilly Credit Union for HSA?
AZB- what type of credit card was it? I have heard that Citi cards code it as a cash advance.
Re: Experiences with Eli Lilly Credit Union for HSA?
SobeCane: I just sent you a DM. I did not use a Citi card.SobeCane wrote:AZB- what type of credit card was it? I have heard that Citi cards code it as a cash advance.
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Re: Experiences with Eli Lilly Credit Union for HSA?
Correct me anyone if I am wrong, but having your employer make contributions for you to an HSA pre-tax will avoid the 7.65% FICA tax. Then you can rollover to ELFCU for free. Maybe you don't have the option of employer direct contributions, but if you do, you'd be better off doing that than contributing with taxed money and getting 2 or 3% cash back on a credit card.SobeCane wrote:Can anyone else confirm that they will allow a full years of contribution to be funded by a credit card?azb wrote: So far, I am very happy with this no-fee account. (Heck, they even let me use a credit card to make my initial HSA deposit, which gave me 2% free money.
Re: Experiences with Eli Lilly Credit Union for HSA?
This may vary, depending on whether or not contributions are made as part of a cafeteria plan or not as I partially - maybe - understand it. My contributions to my HSA do not affect OASDI or HI withholding amounts at all, so for me it is easier to just send ELFCU the remaining money for the year from my checking account and be done with it.
Diomaiuti
Diomaiuti
Re: Experiences with Eli Lilly Credit Union for HSA?
You are correct that for a W-2 employee, having an employer make contributions as a payroll deduction will reduce both FICA and Medicare taxes. For those of us who pay self-employment tax (such as K-1 employees), this is not the case.bogleherik wrote:Correct me anyone if I am wrong, but having your employer make contributions for you to an HSA pre-tax will avoid the 7.65% FICA tax. Then you can rollover to ELFCU for free. Maybe you don't have the option of employer direct contributions, but if you do, you'd be better off doing that than contributing with taxed money and getting 2 or 3% cash back on a credit card.SobeCane wrote:Can anyone else confirm that they will allow a full years of contribution to be funded by a credit card?azb wrote: So far, I am very happy with this no-fee account. (Heck, they even let me use a credit card to make my initial HSA deposit, which gave me 2% free money.
Re: Experiences with Eli Lilly Credit Union for HSA?
jaj2276, can one still fund the HSA without a job? I wasn't aware of that. Or did you get another high deductible insurance plan?
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Re: Experiences with Eli Lilly Credit Union for HSA?
Yes, you can purchase an HSA qualified insurance plan and fund an HSA without being employed. For early retirees this can be a great way to create tax free space in their portfolio (providing the money is spent on qualifying medical expenses) while reducing tax.aha wrote:jaj2276, can one still fund the HSA without a job? I wasn't aware of that. Or did you get another high deductible insurance plan?
Have a plan, stay the course and simplify. Then ignore the noise!
Re: Experiences with Eli Lilly Credit Union for HSA?
In my case, I elected to continue my HSA plan via Cobra so I could contribute the full amount. As someone already answered, you dont need to be employed to contribute to an HSA, just covered by a HDHP.
Re: Experiences with Eli Lilly Credit Union for HSA?
Then what if you get a new job that doesn't offer HDHP? Will the last month rule make it not eligible?
Re: Experiences with Eli Lilly Credit Union for HSA?
The last month rule gives you an extra way to qualify for the full year. It doesn't veto your eligibility in the previous months. When you stop having HDHP your contribution is pro-rated by month. That's all.aha wrote:Then what if you get a new job that doesn't offer HDHP? Will the last month rule make it not eligible?
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Re: Experiences with Eli Lilly Credit Union for HSA?
It's the previous year that needs to be pro-rated, right? Say, contributed full in 2013 based on having HDHP on Dec 31, 2014. Then got new job in 2014 which doesn't offer HDHP. So need to pro-rate 2013?
Or contributed full in 2012 based on having HDHP on Dec 31, 2013. Laid off in 2013. Does one need to file 1040X for 2012?
Or contributed full in 2012 based on having HDHP on Dec 31, 2013. Laid off in 2013. Does one need to file 1040X for 2012?
Re: Experiences with Eli Lilly Credit Union for HSA?
Okay, great discussion on this thread. I am also with HSA Bank, and not thrilled with the expenses. Monthly fee if balance below $5000. I was late to the HSA party and may leave mine with HSA bank as I have now over $5000. However, I started an over 55 catchup HSA for my wife, $1000 per year (she is covered by my employer sponsored HDHP), last year, contributed 2013 and 2014 so $2000 total in HSA bank. Her account will be getting hit with monthly fees for 3 more years in an account getting nearly 0% interest. Makes no sense other than it is sheltered money.
So, is there any rule that her catchup HSA account needs to be with the same plan as mine? Or can I roll it over to Eli Lilly and avoid the fees?
So, is there any rule that her catchup HSA account needs to be with the same plan as mine? Or can I roll it over to Eli Lilly and avoid the fees?
Re: Experiences with Eli Lilly Credit Union for HSA?
I believe I just saw that ELFCU now charges $24 (!!!) to transfer money from their HSA Bank Account to the TD Ameritrade account. From the page/tab on which one requests to Transfer Money:
--- [snip] ---
Elfcu will now assess a $24.00 fee for all outgoing wire transfers. Please be aware of this fee as you request wire transfers in the future. Thank you for choosing Elfcu.
--- [/snip] ---
This is quite absurd (no way does an actual wire xfer *COST* them $24). I hope I'm interpreting this statement incorrectly and that the fee only applies to xfers between Elfcu and another institution not affiliated with your HSA account.
--- [snip] ---
Elfcu will now assess a $24.00 fee for all outgoing wire transfers. Please be aware of this fee as you request wire transfers in the future. Thank you for choosing Elfcu.
--- [/snip] ---
This is quite absurd (no way does an actual wire xfer *COST* them $24). I hope I'm interpreting this statement incorrectly and that the fee only applies to xfers between Elfcu and another institution not affiliated with your HSA account.
Re: Experiences with Eli Lilly Credit Union for HSA?
There isn't.wormtail wrote:So, is there any rule that her catchup HSA account needs to be with the same plan as mine?
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Re: Experiences with Eli Lilly Credit Union for HSA?
Here's the notice in Your Message Center on the Home tab:jaj2276 wrote:I believe I just saw that ELFCU now charges $24 (!!!) to transfer money from their HSA Bank Account to the TD Ameritrade account.
$24 for funding once a year and transferring once a year still beats $66 fee by HSA Bank. I'm going to write to them and ask them to consider doing the transfers by ACH.Effective April 15th, Elfcu will be assessing a $24.00 wire transfer fee for all OUTGOING Wires being debited from HSA Accounts. Wire transfers are generally requested to transfer HSA funds for investment with TD Ameritrade. To correctly fund the wire, you must leave enough funds in the HSA account to cover the $24.00 wire fee. If funds are insufficient to cover the fee, the wire will be rejected and returned by the Special Accounts Department.
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Re: Experiences with Eli Lilly Credit Union for HSA?
Sure except I contribute monthly and now I'm going to have to have a full year's worth of contributions sitting in their bank account before I can invest it (earning them money and removing a year's worth of investment returns from me).tfb wrote:$24 for funding once a year and transferring once a year still beats $66 fee by HSA Bank. I'm going to write to them and ask them to consider doing the transfers by ACH.
This just feels like a terrible bait-and-switch on ELFCU's part. Advertise about a no(low)-fee HSA with a great investment option and then institute an outrageous transfer fee once they realize that most people are moving all their money out of the cash option (how ELFCU would make money) and into the investment option (where ELFCU makes no money). Don't get me wrong, I don't begrudge ELFCU for needing/wanting to make money (else why offer the account), but they should have charged something for the account (which makes sense since offering any type of account incurs costs) instead of for a "transfer fee."
I would much rather pay a yearly $24 account maintenance with free xfers than a free account with $24 xfer fees.
Re: Experiences with Eli Lilly Credit Union for HSA?
That's within your control. Switch to funding once a year -- problem solved. $24 for a wire transfer isn't that out of line, if for whatever reason they must do a wire transfer instead of ACH. Ally Bank for instance charges $20 for each outgoing domestic wire transfer. So does PenFed. You wouldn't normally do a wire transfer if you just want to transfer $300.jaj2276 wrote:Sure except I contribute monthly and now I'm going to have to have a full year's worth of contributions sitting in their bank account before I can invest it (earning them money and removing a year's worth of investment returns from me).tfb wrote:$24 for funding once a year and transferring once a year still beats $66 fee by HSA Bank. I'm going to write to them and ask them to consider doing the transfers by ACH.
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Re: Experiences with Eli Lilly Credit Union for HSA?
This is ludicrous. I'm strongly considering closing my account.
Is there a balance at which all fees are waived for HSA Bank/HSA Administrators?
Is there a balance at which all fees are waived for HSA Bank/HSA Administrators?