[Fidelity Health Savings Account Mega-Thread]

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ryman554
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by ryman554 » Tue Nov 20, 2018 12:04 pm

chazas wrote:
Mon Nov 19, 2018 5:50 pm
Jazzysoon wrote:
Mon Nov 19, 2018 3:00 pm
chazas wrote:
Mon Nov 19, 2018 11:48 am
EDIT: Fidelity rep said to print the form outside the wizard and check the brokerage transfer option. We'll see.

***

I'm trying to transfer an HSA account currently at my BCBS provider, Acclaris, to a new individual Fidelity account. When I fill in the Acclaris information on the transfer screens, including my account number, Fidelity doesn' t give me a drop-down option for an in-kind transfer only a cash transfer. The preprinted form only has that box checked.

I could initiate a trustee-to-trustee transfer from Acclaris, but would prefer to do it via Fidelity. Has anyone else had this problem?
I had the same issue with Optum hsa bank, and received same advice from Fidelity Cust service. Dropped off form at local branch this am, will see how it goes....
I'm dropping mine off tomorrow. Fingers crossed.
There is nothing to worry about. I have dropped mine off at the Fido office many times and the paperwork goes through brilliantly.

Sometimes your other HSA screws up the paperwork (reading comprehension problems on their end) and has no interest in doing things fast, but the print and give to Fido method works well.

Spirit Rider
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by Spirit Rider » Tue Nov 20, 2018 1:03 pm

b0B wrote:
Tue Nov 20, 2018 11:15 am
SuzBanyan wrote:
Tue Nov 20, 2018 11:07 am
I opened an HSA with Fidelity on 11/15 and mailed a check for my current year “catch-up” contribution. I used the online .pdf form for depositing a check and checked the box for “current year contribution for ... HSA”. There is also an option to check a box for “60 day rollover” I will use in the future for the once every 12 months indirect rollover.
It was deposited today.
What will you do for the HSA you are rolling over from? They also need to code it correctly.
It will be coded correctly. An indirect rollover is simply a distribution followed by a rollover contribution. Any withdrawal is coded the same by a current custodian. The custodian does not care whether it is a qualified distribution, non-qualified distribution or rollover contribution. They will code it the same. It is only the contribution that must be correctly coded by the new custodian as a rollover.
Last edited by Spirit Rider on Tue Nov 20, 2018 1:04 pm, edited 1 time in total.

exigent
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by exigent » Tue Nov 20, 2018 1:04 pm

danaht wrote:
Sun Nov 18, 2018 5:15 pm
Note: I am in your situation with my employer. My employer uses Optum HSA. I am not going to close this account - because I would miss the $650 that my employer gives me for choosing to have a high deductible health care plan. I also want my contributions to go through payroll so they are not subject to FICA taxes. I did some research - and I believe Optum might only charge the $20 partial transfer fee if Optum initiates the transfer. So, I'll initiate a one time transfer with Fidelity pulling from Optum- and see what happens. (hopefully no fees are charged - and I can plan to do this once every quarter). I only need to keep $500 in my Optum plan to avoid the monthly fees. $500 in idle cash is better than $5000 - which is what Optum requires for the fee-free investment option for my company.
I'm in the same situation as you wrt matching funds flowing into Optum, so I will need to keep that open and do partial transfers. I would like to avoid fees, but I'd also prefer not to be limited to the once every 12 months indirect rollover. I called and they said that there would be a $25 fee for a direct transfer of that sort, even if I didn't close the account -- but there was also some confusion on their end about what is possible so I'm not sure if I got good info or not.

I would be very interested in hearing about your experience with this.

To add to the confusion, there are two versions of Optum out there. There are "pure" Optum accounts, and accounts that came over from US Bank, which is what I have. It the same basic Optum interface, but the url starts with "mycdh" (so it's mycdh.optum.com) and the investment platform that's still tied to those accounts is atrocious.

How do you login, danaht? Is it via Optum.com, or do you got to the mycdh variant? Please also update re: fees if/when you learn more...

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FrugalProfessor
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by FrugalProfessor » Tue Nov 20, 2018 1:07 pm

I'm a little late to the party here. Here's what I surmise:

Fidelity now offers a HSA that charges $48/year in administrative fees (unless your employer pays those fees).

I pay Saturna $14.95 to execute 1 $7k purchase per year and $1*4 for quarterly VTI reinvestments for a total management fee of $19.95/year.

$19.95 < $48, so sticking with Saturna is looking better for me? Is my understanding correct?

If I intended to use the HSA for healthcare (rather than a stealth IRA), I can see the merits of switching to Fidelity despite the slightly higher administrative costs. It's my impression that Saturna is not really well equipped to handle admin/distribution side of things. And I also acknowledge that making an annual phone call to Seattle to fund the HSA is a bit antiquated (but not a big deal at all).
I blog. Taxes are the lowest hanging source of alpha. I eat tax alpha for breakfast.

schildi
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by schildi » Tue Nov 20, 2018 1:10 pm

FrugalProfessor wrote:
Tue Nov 20, 2018 1:07 pm

I pay Saturna $14.95 to execute 1 $7k purchase per year and $1*4 for quarterly VTI reinvestments for a total management fee of $19.95/year.

$19.95 < $48, so sticking with Saturna is looking better for me? Is my understanding correct?
I don't think there is a fee for the Fidelity HSA, so it should be $19.95 > 0.
But $19.95 annually isn't all that much money, if you see absolutely no other advantages of switching.
That is for you to decide.

mervinj7
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by mervinj7 » Tue Nov 20, 2018 2:55 pm

FrugalProfessor wrote:
Tue Nov 20, 2018 1:07 pm
I'm a little late to the party here. Here's what I surmise:

Fidelity now offers a HSA that charges $48/year in administrative fees (unless your employer pays those fees).
No fees for Fidelity retail HSAs. $48/year is for employer sponsored plans.
https://thefinancebuff.com/best-hsa-pro ... money.html

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FrugalProfessor
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by FrugalProfessor » Tue Nov 20, 2018 3:23 pm

schildi wrote:
Tue Nov 20, 2018 1:10 pm
I don't think there is a fee for the Fidelity HSA, so it should be $19.95 > 0.
But $19.95 annually isn't all that much money, if you see absolutely no other advantages of switching.
That is for you to decide.
mervinj7 wrote:
Tue Nov 20, 2018 2:55 pm
No fees for Fidelity retail HSAs. $48/year is for employer sponsored plans.
https://thefinancebuff.com/best-hsa-pro ... money.html
Thank you both for the clarification.

I just dropped my transfer-of-assets form off in the mail. $0 < $19.95 (we'll see if I'm nailed with the $75 Saturna closure fee), but the real reason is to simplify my life by consolidating from multiple brokerages. With Fidelity handling my 401k at work and playing cutthroat with index fund expenses, I'm considering going all-in on Fidelity going forward.
I blog. Taxes are the lowest hanging source of alpha. I eat tax alpha for breakfast.

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by athan » Tue Nov 20, 2018 3:35 pm

beebog wrote:
Tue Nov 20, 2018 12:00 pm
csj403 wrote:
Tue Nov 20, 2018 4:33 am
I have existing HSA with Benefit Wallet. I’ve heard some pretty scary stories concerning closing out accounts there. Wondering what is the best procedure to do so. Has anybody successfully transferred and closed out account from Benefit Wallet to Fidelity?
I also have an existing HSA with BenefitWallet and am curious about the scary stories. I have not contributed for 2018 yet, so I figured I would use Fidelity for that.

On the BenefitWallet side, so far I've just tried to move my stock and bond index funds into a money market with SaveDaily and then I was going to transfer it back to BenefitWallet and close the SaveDaily part of it. Once that is all squared away I was going to attempt to move it to Fidelity.

It is slow going though. My stock and bond sales still haven't posted from over the weekend.

I imagine I am going to have to get on the phone to actually close the accounts at both SaveDaily and BenefitWallet because I can't find anything online. I'm really not looking forward to it. :annoyed
I emailed BenefitWallet, and they wrote back that a Trustee-Trustee transfer will cost $25. I am not sure if this is accurate, but plan to transfer to Fidelity early next year. Please let us know how your transfer goes. Overall I am happy with BenefitWallet, and $2.90/month is not too terrible, but still more than $0/month.

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by jhfenton » Tue Nov 20, 2018 3:39 pm

FrugalProfessor wrote:
Tue Nov 20, 2018 3:23 pm
I just dropped my transfer-of-assets form off in the mail. $0 < $19.95 (we'll see if I'm nailed with the $75 Saturna closure fee), but the real reason is to simplify my life by consolidating from multiple brokerages. With Fidelity handling my 401k at work and playing cutthroat with index fund expenses, I'm considering going all-in on Fidelity going forward.
The consolidation is a bonus for me too, with my current 401(k) at Fidelity. I'm looking forward to FPDAX (Fidelity Emerging Markets Index Fund) at 8 bp.

My in-kind transfer is in progress from Lively+TD Ameritrade to Fidelity. I will have to do a second transfer of cash from Lively in a couple of weeks. I already had about ~$1,500 en route from my employer-sponsored HSA to Lively (bad timing).

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jhfenton
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by jhfenton » Tue Nov 20, 2018 3:45 pm

athan wrote:
Tue Nov 20, 2018 3:35 pm
I emailed BenefitWallet, and they wrote back that a Trustee-Trustee transfer will cost $25. I am not sure if this is accurate, but plan to transfer to Fidelity early next year. Please let us know how your transfer goes. Overall I am happy with BenefitWallet, and $2.90/month is not too terrible, but still more than $0/month.
Fidelity has told a couple of us that they will reimburse $50 transfer fees if they are ultimately charged by TD Ameritrade.

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by veggivet » Tue Nov 20, 2018 4:00 pm

Make that three...they'll also cover any account closure fee that HSA Bank may impose.
If you watch your pennies, your dollars will take care of themselves.

Boglemeister
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by Boglemeister » Tue Nov 20, 2018 4:35 pm

For those transferring from Saturna with Vanguard admiral shares to this new Fidelity option, what is the fastest way to accomplish this? I was told by Fidelity that an in-kind transfer of VTSAX is not possible. I don’t want to lose $500 in market value while waiting for cash to transfer to save $25/yr in fees

mx711yam
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by mx711yam » Tue Nov 20, 2018 4:53 pm

Boglemeister wrote:
Tue Nov 20, 2018 4:35 pm
For those transferring from Saturna with Vanguard admiral shares to this new Fidelity option, what is the fastest way to accomplish this? I was told by Fidelity that an in-kind transfer of VTSAX is not possible. I don’t want to lose $500 in market value while waiting for cash to transfer to save $25/yr in fees
Very interested to hear this answer as well.

schildi
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by schildi » Tue Nov 20, 2018 9:48 pm

So ... I liquidated all my ETFs in the TDAmeritrade account, and initiated a transfer of the cash to the Elements CU HSA.

Then I drove to the local Fidelity office today to submit the trustee-to-trustee transfer form from Elements, as well as another rollover contribution from my workplace HSA.

This is where the screw up happened. When I checked my account online later, I saw that the guy at the Fidelity office had deposited the rollover into my Trad IRA account. :annoyed
OMG. Really? I immediately checked the deposit slip, and the check (had made copies of both). Both show the correct HSA account number. Yes, I had even noted the account number on the check in the "payable to" line.
After a 45 minute call to Fidelity, they have not been able to fix their mistake yet. I was given an estimate of 1-2 business days.

So be aware - even a trip to the investment center is not necessarily bullet proof. Maybe I should have mailed everything? The guy on the phone was puzzled too - he was able to pull up the check with the account number on it, and "HSA solutions" was printed on the check as well (as it came directly out of my workplace HSA).
Be aware ..... :annoyed :annoyed
I can tell you --- I have taken very detailed notes with names, times, screen shots and what happened. Just in case I will ever to explain this to the IRS. :annoyed :annoyed :annoyed

At least one thing worked in my favor so far --- the stock market has gone down since the sale of my positions. :wink:

exigent
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by exigent » Tue Nov 20, 2018 10:00 pm

jhfenton wrote:
Tue Nov 20, 2018 3:45 pm
athan wrote:
Tue Nov 20, 2018 3:35 pm
I emailed BenefitWallet, and they wrote back that a Trustee-Trustee transfer will cost $25. I am not sure if this is accurate, but plan to transfer to Fidelity early next year. Please let us know how your transfer goes. Overall I am happy with BenefitWallet, and $2.90/month is not too terrible, but still more than $0/month.
Fidelity has told a couple of us that they will reimburse $50 transfer fees if they are ultimately charged by TD Ameritrade.
Will they (somehow) reimburse it within the HSA? Losing the dollars is part of the problem. Losing dollars inside your HSA just makes it worse. If they reimburse me outside the HSA, that helps. But it’s not as good as getting back that space inside the HSA.

Also: any idea if this is just for an initial transfer? What about for transfers gong forward? I need to keep my employer account open and receiving funds for matching purposes. I will periodically sweep the money over to Fidelity, but it would be nice to do dir3ct transfer vs. indirect rollovers due to the once a year limitation for indirect rollovers.
Last edited by exigent on Tue Nov 20, 2018 10:05 pm, edited 1 time in total.

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jhfenton
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by jhfenton » Tue Nov 20, 2018 10:04 pm

exigent wrote:
Tue Nov 20, 2018 10:00 pm
jhfenton wrote:
Tue Nov 20, 2018 3:45 pm
athan wrote:
Tue Nov 20, 2018 3:35 pm
I emailed BenefitWallet, and they wrote back that a Trustee-Trustee transfer will cost $25. I am not sure if this is accurate, but plan to transfer to Fidelity early next year. Please let us know how your transfer goes. Overall I am happy with BenefitWallet, and $2.90/month is not too terrible, but still more than $0/month.
Fidelity has told a couple of us that they will reimburse $50 transfer fees if they are ultimately charged by TD Ameritrade.
Will they (somehow) reimburse it within the HSA? Losing the dollars is part of the problem. Losing dollars inside your HSA just makes it worse. If they reimburse me outside the HSA, that helps. But it’s not as good as getting back that space inside the HSA.
Yes. They will reimburse it inside the HSA. The Fidelity rep was great, and we discussed all the specifics. She said that after the transfer I can call and give them my permission to reimburse the fee. She said that it sounds funny, but they are required to get the customer's permission to credit the fee.

exigent
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by exigent » Tue Nov 20, 2018 10:25 pm

jhfenton wrote:
Tue Nov 20, 2018 10:04 pm
exigent wrote:
Tue Nov 20, 2018 10:00 pm
jhfenton wrote:
Tue Nov 20, 2018 3:45 pm
athan wrote:
Tue Nov 20, 2018 3:35 pm
I emailed BenefitWallet, and they wrote back that a Trustee-Trustee transfer will cost $25. I am not sure if this is accurate, but plan to transfer to Fidelity early next year. Please let us know how your transfer goes. Overall I am happy with BenefitWallet, and $2.90/month is not too terrible, but still more than $0/month.
Fidelity has told a couple of us that they will reimburse $50 transfer fees if they are ultimately charged by TD Ameritrade.
Will they (somehow) reimburse it within the HSA? Losing the dollars is part of the problem. Losing dollars inside your HSA just makes it worse. If they reimburse me outside the HSA, that helps. But it’s not as good as getting back that space inside the HSA.
Yes. They will reimburse it inside the HSA. The Fidelity rep was great, and we discussed all the specifics. She said that after the transfer I can call and give them my permission to reimburse the fee. She said that it sounds funny, but they are required to get the customer's permission to credit the fee.
That’s awesome! One time thing, or can they do it for periodic transfers? Like sweeping money from my employer account every six months or so? Or even annually?

danaht
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by danaht » Tue Nov 20, 2018 10:37 pm

exigent wrote:
Tue Nov 20, 2018 1:04 pm
danaht wrote:
Sun Nov 18, 2018 5:15 pm
Note: I am in your situation with my employer. My employer uses Optum HSA. I am not going to close this account - because I would miss the $650 that my employer gives me for choosing to have a high deductible health care plan. I also want my contributions to go through payroll so they are not subject to FICA taxes. I did some research - and I believe Optum might only charge the $20 partial transfer fee if Optum initiates the transfer. So, I'll initiate a one time transfer with Fidelity pulling from Optum- and see what happens. (hopefully no fees are charged - and I can plan to do this once every quarter). I only need to keep $500 in my Optum plan to avoid the monthly fees. $500 in idle cash is better than $5000 - which is what Optum requires for the fee-free investment option for my company.
I'm in the same situation as you wrt matching funds flowing into Optum, so I will need to keep that open and do partial transfers. I would like to avoid fees, but I'd also prefer not to be limited to the once every 12 months indirect rollover. I called and they said that there would be a $25 fee for a direct transfer of that sort, even if I didn't close the account -- but there was also some confusion on their end about what is possible so I'm not sure if I got good info or not.

I would be very interested in hearing about your experience with this.

To add to the confusion, there are two versions of Optum out there. There are "pure" Optum accounts, and accounts that came over from US Bank, which is what I have. It the same basic Optum interface, but the url starts with "mycdh" (so it's mycdh.optum.com) and the investment platform that's still tied to those accounts is atrocious.

How do you login, danaht? Is it via Optum.com, or do you got to the mycdh variant? Please also update re: fees if/when you learn more...
exigent - I login through https://login.optumbank.com. After speaking with a Optum customer service rep - he said that Optum would most likely charge the $20 fee for the transfer.

Based on this information - I'll either:
1) Do an indirect rollover once every year (or)
2) Just keep all the newly contributed money in Optum, and change the account type + start investing with their S&P 500 fund once I reach $5000.

note: If I choose #2 - and when I retire in ~ 10 years - I'll just liquidate the Optum account and reinvest it in the Fidelity HSA. Fortunately, I am not in CA or another state that treats a HSA as a taxable account - so I will have no issues with capital gains. The difference in holding $5000 (staying invested with Optum) and holding an average of $2000 for the indirect rollover is not really that significant. Optum's S&P 500 fund also has a reasonable expense ratio.

For now - I'm just going to transfer my HSA Bank/ TD Ameritrade account to Fidelity.

danaht
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by danaht » Tue Nov 20, 2018 10:46 pm

jhfenton wrote:
Tue Nov 20, 2018 10:04 pm
exigent wrote:
Tue Nov 20, 2018 10:00 pm
jhfenton wrote:
Tue Nov 20, 2018 3:45 pm
athan wrote:
Tue Nov 20, 2018 3:35 pm
I emailed BenefitWallet, and they wrote back that a Trustee-Trustee transfer will cost $25. I am not sure if this is accurate, but plan to transfer to Fidelity early next year. Please let us know how your transfer goes. Overall I am happy with BenefitWallet, and $2.90/month is not too terrible, but still more than $0/month.
Fidelity has told a couple of us that they will reimburse $50 transfer fees if they are ultimately charged by TD Ameritrade.
Will they (somehow) reimburse it within the HSA? Losing the dollars is part of the problem. Losing dollars inside your HSA just makes it worse. If they reimburse me outside the HSA, that helps. But it’s not as good as getting back that space inside the HSA.
Yes. They will reimburse it inside the HSA. The Fidelity rep was great, and we discussed all the specifics. She said that after the transfer I can call and give them my permission to reimburse the fee. She said that it sounds funny, but they are required to get the customer's permission to credit the fee.
Great news! A lot of people would probably want to make sure that the reimbursement does not add to the contribution limit. Hopefully Fidelity does not treat that as a contribution.

jadedfalcons
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by jadedfalcons » Tue Nov 20, 2018 11:05 pm

mx711yam wrote:
Tue Nov 20, 2018 4:53 pm
Boglemeister wrote:
Tue Nov 20, 2018 4:35 pm
For those transferring from Saturna with Vanguard admiral shares to this new Fidelity option, what is the fastest way to accomplish this? I was told by Fidelity that an in-kind transfer of VTSAX is not possible. I don’t want to lose $500 in market value while waiting for cash to transfer to save $25/yr in fees
Very interested to hear this answer as well.
This is why I'm waiting for the moment. You can buy VTSMX at Fidelity, but now that Vanguard is phasing that one out, one would assume that VTSAX will soon be available at Fidelity. I figure it won't make any difference whether I move my HSA this year or next year, so I'll see what happens.

Spirit Rider
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by Spirit Rider » Tue Nov 20, 2018 11:17 pm

I don't get all the effort to transfer Vanguard funds in-kind to Fidelity. Unless you live in a state (AL, CA or NJ) that taxes capital gains in HSAs. There is no good reason not to sell, transfer cash and buy equivalent Fidelity funds.

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by jhfenton » Wed Nov 21, 2018 8:00 am

Spirit Rider wrote:
Tue Nov 20, 2018 11:17 pm
I don't get all the effort to transfer Vanguard funds in-kind to Fidelity. Unless you live in a state (AL, CA or NJ) that taxes capital gains in HSAs. There is no good reason not to sell, transfer cash and buy equivalent Fidelity funds.
I plan to buy a Fidelity fund once I get to Fidelity, but I'm transferring my two ETFs in-kind because I don't want to be out of the market for however long it takes a check to cross the country. Of course, I would have been better out of the market this week, but that's just the luck of the draw for two days.

Once I get everything to Fidelity, I'm going to sell my two EM ETFs and dump it all in FPADX (Fidelity Emerging Markets Index) at 8 bp.

Of course, if I couldn't transfer in-kind, I could just temporarily move $50K elsewhere from bonds to EM, but for me in-kind is easier.

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by Spirit Rider » Wed Nov 21, 2018 8:26 am

@jhfenton

Your time out of market is an entirely legitimate concern notwithstanding this week's market performance. I would do the same.

However, I wonder if that is the motivation of the majority of those transferring. My post was for those without out-of-market motivation.

motorcyclesarecool
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by motorcyclesarecool » Wed Nov 21, 2018 8:32 am

DP: I opened an HSA with Fido on the 15th and queued up my payroll deductions to go there beginning in 2019.
Yesterday I initiated a trustee-to-trustee partial transfer from TDA (linked to HSABank). Projected completion date is 11/28. Uploaded my most recent TDA statement. All forms completed 100% online. Piece of cake so far.
Understand that choosing an HDHP is very much a "red pill" approach. Most would rather pay higher premiums for a $20 copay per visit. They will think you weird for choosing an HSA.

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by MikeG62 » Wed Nov 21, 2018 9:09 am

jhfenton wrote:
Tue Nov 20, 2018 3:45 pm
athan wrote:
Tue Nov 20, 2018 3:35 pm
I emailed BenefitWallet, and they wrote back that a Trustee-Trustee transfer will cost $25. I am not sure if this is accurate, but plan to transfer to Fidelity early next year. Please let us know how your transfer goes. Overall I am happy with BenefitWallet, and $2.90/month is not too terrible, but still more than $0/month.
Fidelity has told a couple of us that they will reimburse $50 transfer fees if they are ultimately charged by TD Ameritrade.
I called and spoke to a rep at Fido and was told they cannot accept a transfer-in-kind. Funds must be in cash. Others appear to have been told differently. :?

I plan to open a HSA with Fido and transfer the funds from my Lively/TDA account. However, I wonder if eventually they will introduce the $48 annual fee for individual accounts (after drawing lots of new clients into the product). Would be a crappy thing of them to do, but not out of the realm of possibilities I suppose.
Real Knowledge Comes Only From Experience

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jhfenton
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by jhfenton » Wed Nov 21, 2018 9:29 am

MikeG62 wrote:
Wed Nov 21, 2018 9:09 am
jhfenton wrote:
Tue Nov 20, 2018 3:45 pm
athan wrote:
Tue Nov 20, 2018 3:35 pm
I emailed BenefitWallet, and they wrote back that a Trustee-Trustee transfer will cost $25. I am not sure if this is accurate, but plan to transfer to Fidelity early next year. Please let us know how your transfer goes. Overall I am happy with BenefitWallet, and $2.90/month is not too terrible, but still more than $0/month.
Fidelity has told a couple of us that they will reimburse $50 transfer fees if they are ultimately charged by TD Ameritrade.
I called and spoke to a rep at Fido and was told they cannot accept a transfer-in-kind. Funds must be in cash. Others appear to have been told differently. :?

I plan to open a HSA with Fido and transfer the funds from my Lively/TDA account. However, I wonder if eventually they will introduce the $48 annual fee for individual accounts (after drawing lots of new clients into the product). Would be a crappy thing of them to do, but not out of the realm of possibilities I suppose.
The regular reps at Fido have been hit and miss for folks on this thread when it comes to the new HSAs.

You can absolutely transfer in-kind from Lively+TDA, and you can initiate the transfer from fidelity.com without talking to any humans.

1. Open a new Fidelity HSA online.

2a. Either as part of the initial set-up or after logging into your new $0 HSA account, go to Transfer on the main menu.
2b. Selection Transfer From...Another Financial Institution (Transfer Assets)
2c. Click Start a New Transfer
2d. Enter Firm name: Type TD and select TD Ameritrade Inc from the drop-down menu
2e. Enter your TD Ameritrade account number and Select Health Savings Account as the Account Type
2f. Select To: your new Fidelity HSA and Transfer All Account Assets? Yes
2g. Upload a statement from TD Ameritrade
2h. Digitally sign the Fidelity Transfer Form and submit the transfer. Save a copy of the Fidelity transfer form.

3. Email Lively customer service. Send a copy of the Fidelity transfer form and ask them to send a letter of release to TD Ameritrade allowing your TD Ameritrade account to be transferred to Fidelity.

That's the stage I'm at. Everything should be at Fidelity in a few days. I'm still waiting to see if TD Ameritrade charges me a $50 transfer fee. If so, Fidelity said that they will reimburse it. I'll just have to call their transfer folks and ask.

Check checking the Fidelity transfer status every day. If your transfer runs into any problems, the system will pop up an Action Needed box with a phone number to call Fidelity's transfer desk.

I don't expect Fidelity to add any fees to their individual HSAs. It's taken longer than I expected, but it appears that there are enough invested assets in HSAs for firms to start treating them like IRAs. No-fee IRAs have been around since at least the 90's.

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by OnLevel » Wed Nov 21, 2018 10:21 am

exigent wrote:
Sun Nov 18, 2018 11:36 pm


Just a quick update... I got a secure message from Fidelity yesterday saying that they had forwarded the transfer request to the appropriate department and that they’d update on progress in 2-4 days. So it sounds like online submission might have done the trick. Fingers crossed...
Have you heard anything since? I sent my form in by secure message on Sunday, got confirmation that it will be forwarded to Transfer of Assets department on Monday, but the Transfer of Assets status page still says "Paperwork not yet received" as of today.

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by mptfan » Wed Nov 21, 2018 11:07 am

I am transferring my HSA from Health Savings Administrators to Fidelity. I spoke to a rep at Health Savings Administrators yesterday and she said that when they get the transfer request from Fidelity, they will liquidate my investments to cash and transfer the cash to Fidelity.

In a separate conversation with a rep from Fidelity, I was told that Fidelity cannot transfer admiral class shares in Vanguard funds "in kind." (I held a Vanguard fund with admiral shares in my Health Savings Administrators HSA account)
Last edited by mptfan on Wed Nov 21, 2018 11:11 am, edited 2 times in total.

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by FrugalInvestor » Wed Nov 21, 2018 11:09 am

mptfan wrote:
Wed Nov 21, 2018 11:07 am
I am transferring my HSA from Health Savings Administrators to Fidelity. I spoke to a rep at Health Savings Administrators yesterday and she said that when they get the transfer request from Fidelity, they will liquidate my investments to cash and transfer the cash to Fidelity.
Fee amount? Removed from liquidated funds?
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by mptfan » Wed Nov 21, 2018 11:10 am

FrugalInvestor wrote:
Wed Nov 21, 2018 11:09 am
mptfan wrote:
Wed Nov 21, 2018 11:07 am
I am transferring my HSA from Health Savings Administrators to Fidelity. I spoke to a rep at Health Savings Administrators yesterday and she said that when they get the transfer request from Fidelity, they will liquidate my investments to cash and transfer the cash to Fidelity.
Fee amount? Removed from liquidated funds?
She said I would be charged a $25 fee and the fee would be withheld from the liquidated funds.

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by FrugalInvestor » Wed Nov 21, 2018 11:12 am

mptfan wrote:
Wed Nov 21, 2018 11:10 am
FrugalInvestor wrote:
Wed Nov 21, 2018 11:09 am
mptfan wrote:
Wed Nov 21, 2018 11:07 am
I am transferring my HSA from Health Savings Administrators to Fidelity. I spoke to a rep at Health Savings Administrators yesterday and she said that when they get the transfer request from Fidelity, they will liquidate my investments to cash and transfer the cash to Fidelity.
Fee amount? Removed from liquidated funds?
She said I would be charged a $25 fee and the fee would be withheld from the liquidated funds.
Thanks.
What process did you go through with Fidelity to initiate the transfer?
IGNORE the noise! | Our life is frittered away by detail... simplify, simplify. - Henry David Thoreau

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by mptfan » Wed Nov 21, 2018 11:29 am

FrugalInvestor wrote:
Wed Nov 21, 2018 11:12 am
What process did you go through with Fidelity to initiate the transfer?
I opened a new HSA account online through the Fidelity website. Then I followed the procedure to initiate a transfer of assets (they call it a TOA) online, it autopopulated some of my information on a pdf form and I entered other information like the source of the funds and my account number, then I printed out the form and signed. I also printed out the most recent statement from HSA Administrators and I dropped both of them off at my local Fidelity office. (I could have mailed them to Fidelity)
Last edited by mptfan on Wed Nov 21, 2018 11:32 am, edited 1 time in total.

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by FrugalInvestor » Wed Nov 21, 2018 11:31 am

mptfan wrote:
Wed Nov 21, 2018 11:29 am
FrugalInvestor wrote:
Wed Nov 21, 2018 11:12 am
What process did you go through with Fidelity to initiate the transfer?
I opened a new HSA account online through the Fidelity website. Then I followed the procedure to initiate a transfer of assets (they call it a TOA) online, it autopopulated my information on a pdf form that I printed out and signed. I also printed out the most recent statement from HSA Administrators and I dropped both of them off at my local Fidelity office. (I could have mailed them to Fidelity)
Thank you very much for the information.
IGNORE the noise! | Our life is frittered away by detail... simplify, simplify. - Henry David Thoreau

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by jhfenton » Wed Nov 21, 2018 12:12 pm

b0B wrote:
Wed Nov 21, 2018 12:05 pm
I just opened a Fidelity HSA and then went through the process for transfers from HealthEquity (employer HSA) and SelectAccount (non-employer HSA). But then I found out it involves further steps of snail-mailing forms, so that's a no-go. My Fidelity HSA will remain unfunded until they get out of the stone-age.
Yeah, it's odd that they have their system set up for digitally-signing and submitting transfer forms if you're transferring from an ACATS-eligible broker, but require you to print and physically deliver the same form if it's a non-ACATS custodian.

There's no reason they couldn't use a digitally-signed form for non-ACATS custodians. Lively does it that way for cash transfers from other custodians.

Overall, Fidelity is fine. Their systems and customer service are good, but they have odd quirks and limitations. In my experience the same is true for Vanguard and TD Ameritrade. And I assume the same is true of Schwab and anyone else I'd consider doing business with.

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by hoppy08520 » Wed Nov 21, 2018 2:06 pm

beebog wrote:
Tue Nov 20, 2018 12:00 pm
...I also have an existing HSA with BenefitWallet...
csj403 wrote:
Tue Nov 20, 2018 4:33 am
...I have existing HSA with Benefit Wallet. I’ve heard some pretty scary stories concerning closing out accounts there. Wondering what is the best procedure to do so. Has anybody successfully transferred and closed out account from Benefit Wallet to Fidelity?...
cas wrote:
Tue Nov 20, 2018 7:48 am
...If anyone is working on a Benefit Wallet to Fidelity transfer, please share your experiences...
Hello, I had a BenefitWallet HSA that I closed out earlier this year in a "direct rollover" from BenefitWallet to HSA Bank. I wrote up some tips in this post. Obviously rolling into Fidelity will be different from rolling in to HSA Bank, but hopefully this can help.

Tips for closing out BenefitWallet HSA via direct rollover to new HSA

Warning, dealing with BenefitWallet is a pain. Ironically, I'm going to have to deal with BenefitWallet again because my new employer uses BenefitWallet :annoyed

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by cas » Wed Nov 21, 2018 2:33 pm

hoppy08520 wrote:
Wed Nov 21, 2018 2:06 pm
Hello, I had a BenefitWallet HSA that I closed out earlier this year in a "direct rollover" from BenefitWallet to HSA Bank. I wrote up some tips in this post. Obviously rolling into Fidelity will be different from rolling in to HSA Bank, but hopefully this can help.

Tips for closing out BenefitWallet HSA via direct rollover to new HSA
Thanks. Very helpful. Especially the head's up that the investment platform doesn't want to transfer more than a certain amount back to the checking account. I've done small sales/transfers before (once a year to keep the state escheatment laws from triggering) without encountering any restrictions, but sounds like I should be prepared for some angst if I want to liquidate the entire balance.

(I was already thinking that it would be worth it to pay the $25 to do the trustee-to-trustee transfer (as opposed to the 60 day rollover) so that Fidelity (rather than me) would get the pleasure of dealing with BenefitWallet. Especially if Fidelity might reimburse me the $25 anyway.)

Incidentally, Morningstar just published a new version of their review of big HSA vendors. One of the new things they discussed in this year's version is lack of transparency (for most (or maybe it was all) of the big HSA vendors, not just BenefitWallet): most of the HSA vendor websites lack information that Morningstar considered basic and necessary, plus Morningstar had a policy of calling customer support several times to see if the information from different customer reps would match. (And it did not match for too many of the HSA vendors.) So I laughed (ruefully) when I got to that part of your post about your experiences with BenefitWallet.

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by mptfan » Wed Nov 21, 2018 2:36 pm

I think most of the big HSA vendors are probably in panic mode now that Fidelity is offering free HSA accounts.

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by indexfundfan » Wed Nov 21, 2018 3:12 pm

mptfan wrote:
Wed Nov 21, 2018 2:36 pm
I think most of the big HSA vendors are probably in panic mode now that Fidelity is offering free HSA accounts.
+1

The big HSA vendors are not competitive with their individual HSA offerings. But because Fidelity is still charging fees for corporate accounts, they might not feel the need to change.

I wonder what is the size of the individual HSA market compared to the corporate market.
My signature has been deleted.

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by cookymonster » Wed Nov 21, 2018 3:59 pm

I called Fidelity today to ask if they would reimburse Saturna's $75 transfer fee. The CSR told me no this time around. Anyone have better luck?

For now, I am moving a small amount out of Saturna via distribution/rollover of an NTF but I've kept the FXNAX portion at Saturna (which would cost $25 to sell).

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by hoppy08520 » Wed Nov 21, 2018 4:08 pm

Hello, great thread, thank you to all who have contributed. Sorry if this is a dumb question, but can someone answer a question about how to transfer my HSA Bank HSA into Fidelity?

My main question is that in my HSA Bank accounts, I currently have $2,000 in my cash account (myCigna) and a much larger amount in the linked TD Ameritrade investment account, some in Vanguard VT ETF, some in a SPDR bond fund, and some in cash that I haven't invested yet. I want to do a transfer to Fidelity (not a rollover) for convenience and because I have already done a rollover earlier this year so I would need to wait for the one-rollover-per-1- month window.

I opened my new Fidelity individual HSA and want to begin the transfer. Before doing this, should I first liquidate the TDA holdings and transfer the TDA funds back into the "savings account" of the HSA? Or can I leave my TDA funds as they are? If I leave the TDA funds as they are, will they transfer in-kind into Fidelity in the same holdings and same share amounts?

Or do I execute two separate transfers, one from HSA Bank (Cigna) for the $2,000, and a second for TDA?

Thank you so much!

Also, I don't know if this got posted yet, but the Finance Buff updated his HSA page since the Fidelity announcement:

Best HSA Provider for Investing HSA Money - The Finance Buff

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by danaht » Wed Nov 21, 2018 4:31 pm

hoppy08520 wrote:
Wed Nov 21, 2018 4:08 pm
Hello, great thread, thank you to all who have contributed. Sorry if this is a dumb question, but can someone answer a question about how to transfer my HSA Bank HSA into Fidelity?

My main question is that in my HSA Bank accounts, I currently have $2,000 in my cash account (myCigna) and a much larger amount in the linked TD Ameritrade investment account, some in Vanguard VT ETF, some in a SPDR bond fund, and some in cash that I haven't invested yet. I want to do a transfer to Fidelity (not a rollover) for convenience and because I have already done a rollover earlier this year so I would need to wait for the one-rollover-per-1- month window.

I opened my new Fidelity individual HSA and want to begin the transfer. Before doing this, should I first liquidate the TDA holdings and transfer the TDA funds back into the "savings account" of the HSA? Or can I leave my TDA funds as they are? If I leave the TDA funds as they are, will they transfer in-kind into Fidelity in the same holdings and same share amounts?

Or do I execute two separate transfers, one from HSA Bank (Cigna) for the $2,000, and a second for TDA?

Thank you so much!

Also, I don't know if this got posted yet, but the Finance Buff updated his HSA page since the Fidelity announcement:

Best HSA Provider for Investing HSA Money - The Finance Buff
It's been posted many times - but basically most people are trying to move all the money from HSA Bank to TD Ameritrade and then use the Fidelity online transfer tool to transfer all the assets + cash from TD Ameritrade.
I am waiting for the first people to complete the process to hopefully answer the following:
1) Did TD Ameritrade charge a transfer fee / also was it reimbursed by Fidelity
2) Did TD Ameritrade require a transfer consent notice from HSA Bank? (appears that Lively is requiring one for these TD Ameritrade to Fidelity transfers)

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by hoppy08520 » Wed Nov 21, 2018 4:42 pm

danaht wrote:
Wed Nov 21, 2018 4:31 pm
hoppy08520 wrote:
Wed Nov 21, 2018 4:08 pm
Hello, great thread, thank you to all who have contributed. Sorry if this is a dumb question, but can someone answer a question about how to transfer my HSA Bank HSA into Fidelity?

My main question is that in my HSA Bank accounts, I currently have $2,000 in my cash account (myCigna) and a much larger amount in the linked TD Ameritrade investment account, some in Vanguard VT ETF, some in a SPDR bond fund, and some in cash that I haven't invested yet. I want to do a transfer to Fidelity (not a rollover) for convenience and because I have already done a rollover earlier this year so I would need to wait for the one-rollover-per-1- month window.

I opened my new Fidelity individual HSA and want to begin the transfer. Before doing this, should I first liquidate the TDA holdings and transfer the TDA funds back into the "savings account" of the HSA? Or can I leave my TDA funds as they are? If I leave the TDA funds as they are, will they transfer in-kind into Fidelity in the same holdings and same share amounts?

Or do I execute two separate transfers, one from HSA Bank (Cigna) for the $2,000, and a second for TDA?

Thank you so much!

Also, I don't know if this got posted yet, but the Finance Buff updated his HSA page since the Fidelity announcement:

Best HSA Provider for Investing HSA Money - The Finance Buff
It's been posted many times - but basically most people are trying to move all the money from HSA Bank to TD Ameritrade and then use the Fidelity online transfer tool to transfer all the assets + cash from TD Ameritrade.
I am waiting for the first people to complete the process to hopefully answer the following:
1) Did TD Ameritrade charge a transfer fee / also was it reimbursed by Fidelity
2) Did TD Ameritrade require a transfer consent notice from HSA Bank? (appears that Lively is requiring one for these TD Ameritrade to Fidelity transfers)
Thanks, sorry for not reading this thread closely enough. I appreciate the help.

My HSA Bank requires me to leave $2,000 in the "savings account" but I do have the balance in my linked TDA investment account. I just did the online transfer, from Fidelity, from the TDA account to Fidelity, and it was fairly easy. All I needed to do was give Fidelity my TDA account ID and upload a PDF of the most recent TDA statement. Hopefully that will work..

Once the TDA --> Fidelity transfer goes through, I'll move on to my HSA Bank account for the remaining $2,000. I suspect I'll need to do a separate transfer for the other $2,000 in the HSA Bank savings account. I'll post back once this all works out.

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by veggivet » Wed Nov 21, 2018 4:45 pm

I'm one that is in the process of transferring from HSA Bank to TDA. First, I moved my idle cash from HSA Bank to TDA, and then initiated transfer of all assets from TDA to Fidelity 'in kind'. After a little confusion on the TDA side regarding the need for a 'letter of instruction', (which turned out not to be necessary) assets are listed on the Fidelity side, but not credited to the new HSA account yet. Regarding fees, Fidelity will reimburse any fees incurred with the transfer. From what I understand, those will total $75, $50 from TDA and $25 from HSA. Hope this information helps...
Last edited by veggivet on Wed Nov 21, 2018 7:43 pm, edited 1 time in total.
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by boglebrain » Wed Nov 21, 2018 4:55 pm

jhfenton wrote:
Wed Nov 21, 2018 9:29 am

2f. Select To: your new Fidelity HSA and Transfer All Account Assets? Yes
2g. Upload a statement from TD Ameritrade
2h. Digitally sign the Fidelity Transfer Form and submit the transfer. Save a copy of the Fidelity transfer form.
I am logged in and trying the do the online transfer form for the HSA account. I don't see the option "Transfer All Account Assets." I only see full cash, partial cash, and then some options related to CDs. I'm on the phone with them now and they did confirm they can accept securities and I'm trying to figure out how to do that transfer now.

1) Do you think there are different interfaces depending on the type/level of Fidelity account I might have that explains why I don't see the "transfer all account assets"?

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by dachshunddad » Wed Nov 21, 2018 5:18 pm

anna_indiana wrote:
Sat Nov 17, 2018 2:26 pm
dachshunddad wrote:
Sat Nov 17, 2018 1:41 pm
Thanks to everyone for letting the community know this info. I'm going to switch to Fidelity this week.

Does anyone know of a way around the health equity $25 closing fee?

:sharebeer
I spoke with Health Equity a few days ago. I'm not positive this will work, but my understanding from our conversation is that I can withdraw all of my balance besides $25, with the intention of doing an indirect rollover on my own to Fidelity. (I guess they won't let us just pull the full amount out.) Then I'll use the remaining $25 in the Health Equity account to pay for a medical expense. When the balance is 0, they should close it without assessing another fee.

I spoke to healthequity. They said the fee is for them closing the account and sending to Fidelity. However, if you have fidelity send them a transfer notice and liquidate the account to them you can call after it is $0 balance and they will close it for free. The steps would be, sell investments to cash, next fill out fidelity transfer forms. when account is liquidated, call them and they close it for free. that was my understanding at least. good luck

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by wildungar2000 » Wed Nov 21, 2018 5:21 pm

cookymonster wrote:
Wed Nov 21, 2018 3:59 pm
I called Fidelity today to ask if they would reimburse Saturna's $75 transfer fee. The CSR told me no this time around. Anyone have better luck?

For now, I am moving a small amount out of Saturna via distribution/rollover of an NTF but I've kept the FXNAX portion at Saturna (which would cost $25 to sell).
I have Saturna as well, but I am 100% in the VTI etf. If I have to eat the $75 fee, I calculate the break-even point for me is at ~3 years, so I think I'll just pull the trigger.

I pay $18.95 in fees to purchase VTI once per year and also to do the dividend reinvestment. And then the 4 basis points with VTI vs. the 0 at Fidelity (FZROX) is about $5 per year for me based on my balance. So that is roughly $25 per year in fees that would be $0 with Fidelity. I also have other holdings at Fidelity, so that it would be an added bonus to have more assets under 1 roof.

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by jhfenton » Wed Nov 21, 2018 5:43 pm

cookymonster wrote:
Wed Nov 21, 2018 3:59 pm
I called Fidelity today to ask if they would reimburse Saturna's $75 transfer fee. The CSR told me no this time around. Anyone have better luck?

For now, I am moving a small amount out of Saturna via distribution/rollover of an NTF but I've kept the FXNAX portion at Saturna (which would cost $25 to sell).
The transfer of assets people told me directly that they would reimburse a $50 transfer fee from TD Ameritrade.

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by Thrifty Femme » Wed Nov 21, 2018 5:55 pm

dachshunddad wrote:
Wed Nov 21, 2018 5:18 pm
anna_indiana wrote:
Sat Nov 17, 2018 2:26 pm
dachshunddad wrote:
Sat Nov 17, 2018 1:41 pm
Thanks to everyone for letting the community know this info. I'm going to switch to Fidelity this week.

Does anyone know of a way around the health equity $25 closing fee?

:sharebeer
I spoke with Health Equity a few days ago. I'm not positive this will work, but my understanding from our conversation is that I can withdraw all of my balance besides $25, with the intention of doing an indirect rollover on my own to Fidelity. (I guess they won't let us just pull the full amount out.) Then I'll use the remaining $25 in the Health Equity account to pay for a medical expense. When the balance is 0, they should close it without assessing another fee.

I spoke to healthequity. They said the fee is for them closing the account and sending to Fidelity. However, if you have fidelity send them a transfer notice and liquidate the account to them you can call after it is $0 balance and they will close it for free. The steps would be, sell investments to cash, next fill out fidelity transfer forms. when account is liquidated, call them and they close it for free. that was my understanding at least. good luck
The problem with this is that HealthEquity does not honor transfer notices for accounts with an inactive employer. I had to close the account for them to transfer the money. I will try your method again. Hopefully I will have better results this go round.

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by cookymonster » Wed Nov 21, 2018 6:36 pm

wildungar2000 wrote:
Wed Nov 21, 2018 5:21 pm
cookymonster wrote:
Wed Nov 21, 2018 3:59 pm
I called Fidelity today to ask if they would reimburse Saturna's $75 transfer fee. The CSR told me no this time around. Anyone have better luck?

For now, I am moving a small amount out of Saturna via distribution/rollover of an NTF but I've kept the FXNAX portion at Saturna (which would cost $25 to sell).
I have Saturna as well, but I am 100% in the VTI etf. If I have to eat the $75 fee, I calculate the break-even point for me is at ~3 years, so I think I'll just pull the trigger.

I pay $18.95 in fees to purchase VTI once per year and also to do the dividend reinvestment. And then the 4 basis points with VTI vs. the 0 at Fidelity (FZROX) is about $5 per year for me based on my balance. So that is roughly $25 per year in fees that would be $0 with Fidelity. I also have other holdings at Fidelity, so that it would be an added bonus to have more assets under 1 roof.
My Saturna account is mostly FXNAX anyway. Doesn't really cost me anything to leave that there. Had a small amount in an NTF, PREIX, most of which I am taking out via distribution/rollover. I left 0.01 shares in place so I could trade it once a year and not get hit with the inactivity fee.

I can live with the inconvenience of logging into a dead account, since it won't cost me anything. I hope there will be a cheaper way of getting the money out sooner or later.

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by dachshunddad » Wed Nov 21, 2018 7:19 pm

Thrifty Femme wrote:
Wed Nov 21, 2018 5:55 pm
dachshunddad wrote:
Wed Nov 21, 2018 5:18 pm
anna_indiana wrote:
Sat Nov 17, 2018 2:26 pm
dachshunddad wrote:
Sat Nov 17, 2018 1:41 pm
Thanks to everyone for letting the community know this info. I'm going to switch to Fidelity this week.

Does anyone know of a way around the health equity $25 closing fee?

:sharebeer
I spoke with Health Equity a few days ago. I'm not positive this will work, but my understanding from our conversation is that I can withdraw all of my balance besides $25, with the intention of doing an indirect rollover on my own to Fidelity. (I guess they won't let us just pull the full amount out.) Then I'll use the remaining $25 in the Health Equity account to pay for a medical expense. When the balance is 0, they should close it without assessing another fee.

I spoke to healthequity. They said the fee is for them closing the account and sending to Fidelity. However, if you have fidelity send them a transfer notice and liquidate the account to them you can call after it is $0 balance and they will close it for free. The steps would be, sell investments to cash, next fill out fidelity transfer forms. when account is liquidated, call them and they close it for free. that was my understanding at least. good luck
The problem with this is that HealthEquity does not honor transfer notices for accounts with an inactive employer. I had to close the account for them to transfer the money. I will try your method again. Hopefully I will have better results this go round.
Let me know if it is successful. I haven't had a chance to actually execute it yet. thanks and good luck

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