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Best HSA administrator?
Old 10-07-2014, 06:20 PM   #1
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Best HSA administrator?

HSAs have been around a while, but you'd never know it. It's not easy to compare administrator plans (the hsasearch.com site appears to not be working at the moment). I welcome the day when it will be as easy as selecting an IRA administrator and competition pushes fees down.

I've been informed by my former employer that, since I've retired, my HSA is now being held by ConnectYourCare. I'm told it charges $66 a year but there are no extra fees for transferring money into available investment options (including Vanguard funds). The Vanguard fund I have money in has a 0.22% expense ratio, 0.08% bit higher than Admiral shares. I have to keep a $1,000 balance in the savings account portion.

Currently, which HSA administrator provides the best deal? Ideally, I'd like to be able to continue to invest in Vanguard funds through my HSA.
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Old 10-07-2014, 06:33 PM   #2
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Interesting question. I knew one of the principles at Canopy Financial. He was convicted of embezzling $93,000,000+ from HSA holders.

You also need to look at the stability of the company, not just the best deal cost wise.

In answer to your question: I do not know...
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Old 10-07-2014, 06:58 PM   #3
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I've got HSAAdministrators.com; just moved my money from my previous employer's plan (Optum) and getting dinged $20 for the transfer. Annual fee is $45 and they have Vanguard Funds. So far so good; transfer went well and Customer Service was helpful in getting it done.
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Old 10-07-2014, 07:22 PM   #4
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Originally Posted by athena53 View Post
I've got HSAAdministrators.com; just moved my money from my previous employer's plan (Optum) and getting dinged $20 for the transfer. Annual fee is $45 and they have Vanguard Funds. So far so good; transfer went well and Customer Service was helpful in getting it done.
And I see on their site that they provide Admiral expense ratios for some of those funds. That's good. But it looks like they also charge a quarterly "custodial fee" of $0.80 per $1,000 invested. Something to factor in. Not sure if they also charge a transfer fee when you shift money from the savings account to a mutual fund.
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Old 10-07-2014, 09:08 PM   #5
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I use HSABank and pay no fees because I keep $5,000 in the savings account and put the rest at TDAmeritrade and get free trades on many Vanguard ETFs.

I have not withdrawn any money from the HSA, which I suppose would be one of criteria for an HSA administrator: How quick and good are they with paying claims, providing tax forms, etc?
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Old 10-07-2014, 10:02 PM   #6
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I use HSABank and pay no fees because I keep $5,000 in the savings account and put the rest at TDAmeritrade and get free trades on many Vanguard ETFs.
I also use HSABank, but I keep the savings account at $65 at the start of each year and just grin and bear it when they ding me the $5+ each month. If you invest that $5,000 into almost any Vanguard fund (or other equity investment), it just needs to yield about 1.1% for it to break even. Surely, you can find an investment that would have a total return over time of more than 1.1%/year?
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Old 10-07-2014, 10:14 PM   #7
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I have not withdrawn any money from the HSA, which I suppose would be one of criteria for an HSA administrator: How quick and good are they with paying claims, providing tax forms, etc?
They don't pay claims, you withdraw money from your HSA account and pay your medical bills (or reimburse yourself). They will send the IRS information on how much you withdrew from your account at year end and you deal with the IRS with the paperwork to support your withdrawal when you file your tax return. I've only withdrawn money once, made the request online and had a check within three days.
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Old 10-08-2014, 10:11 PM   #8
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A previous thread had some lists of providers and features and fees.

I plan to go with Saturna (tomorrow). They have a fund I already own (AMAGX, active and 1.09% ER but M* silver rated and a different style) and no fees if I invest in their funds. I'll trim my fund holding outside the HSA in order to keep the AA the same. That's an easy choice for me, as long as I continue to like the fund.
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