Need to make an emergency HSA contribution..help!

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Topic Author
DoubleClick
Posts: 378
Joined: Mon Oct 18, 2010 1:12 am

Need to make an emergency HSA contribution..help!

Post by DoubleClick » Sun Apr 14, 2019 7:18 pm

(Posting for a friend)

So it turns out I'm close to the healthcare premium assistance subsidy cliff and need to make an HSA contribution to reduce my MAGI. What is the most foolproof way to open a new HSA account and make a contribution before the Apr 15 deadline, effectively today or tomorrow?

Thank you very much in advance.

Makefile
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Joined: Fri Apr 22, 2016 11:03 pm

Re: Need to make an emergency HSA contribution..help!

Post by Makefile » Sun Apr 14, 2019 7:23 pm

Perhaps you can open one first thing in the morning at a brick-and-mortar bank? My experience has been that small community/regional banks are less likely to charge a monthly fee for having an HSA. There are online options; if they can truly process everything immediately that would work, but if you don't want to take a chance, find a bank or credit union where you can open in person.

Topic Author
DoubleClick
Posts: 378
Joined: Mon Oct 18, 2010 1:12 am

Re: Need to make an emergency HSA contribution..help!

Post by DoubleClick » Sun Apr 14, 2019 7:28 pm

Thank you, and that's a good point. However, I'm concerned that I won't be able to open one for 2018 due to silly things (eg: "it's too late, our systems won't support it" or, "oops, we contributed to your 2019 instead, and it's too late to fix the error"), and it'll be too late in the day tomorrow to open one online.

I'd prefer to open one online where I can receive confirmation that everything was done correctly. If that's not an option, I'll consider local credit unions.

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Nate79
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Location: Delaware

Re: Need to make an emergency HSA contribution..help!

Post by Nate79 » Sun Apr 14, 2019 8:42 pm

Just to be sure are they absolutely certain they qualify for an HSA?

Topic Author
DoubleClick
Posts: 378
Joined: Mon Oct 18, 2010 1:12 am

Re: Need to make an emergency HSA contribution..help!

Post by DoubleClick » Sun Apr 14, 2019 8:49 pm

Yes, they qualify.

Topic Author
DoubleClick
Posts: 378
Joined: Mon Oct 18, 2010 1:12 am

Re: Need to make an emergency HSA contribution..help!

Post by DoubleClick » Mon Apr 15, 2019 12:05 pm

Makefile wrote:
Sun Apr 14, 2019 7:23 pm
Perhaps you can open one first thing in the morning at a brick-and-mortar bank? My experience has been that small community/regional banks are less likely to charge a monthly fee for having an HSA. There are online options; if they can truly process everything immediately that would work, but if you don't want to take a chance, find a bank or credit union where you can open in person.
Update: Fidelity lets you open an online HSA in under 15mins. As luck would have it, I'm unable to fund it with my checking account with Schwab since they don't support that particular one for some reason. However, they will accept a check that is postmarked by today.

I think that's a good option, but since we get only one shot at it, to minimize risk (customer service was wrong about this, deposit form or check filled incorrectly etc.), I'm going to look into opening one locally as you suggested. Found a local credit union that might work.

Thanks again for this recommendation.

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