HSA advice?

[GravitySucks]

Is there anyway to start an HSA after retirement? I spoke with my Fido rep and my credit union and they both said an HSA had to be sponsored by an employer. Have others resolved this issue outside of being employed?

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[Pleeplus]

Yes you can contribute to an HSA after retirement AS LONG AS you are participating in a high deductible health plan and you are not covered by Medicare.

 

[thefinancebuff]

Is there anyway to start an HSA after retirement? I spoke with my Fido rep and my credit union and they both said an HSA had to be sponsored by an employer. Have others resolved this issue outside of being employed?

You can open one yourself without an employer. Maybe not at Fidelity or your credit union because they don't offer the product to individuals, but elsewhere. You still need an HSA-compatible high-deductible health plan and have only that as your coverage and nothing else.

 

[mpeirce]

When I signed up for high deductible health plan with Anthem a few years ago, they automatically set up an HSA for me with their "partner" bank.

I was not working when I set this all up and it had nothing to do with any employer. Of course, it's possible thing has changed in the last couple of years, there was this little law that was passed since then....

 

[GravitySucks]

Thanks for the responses. I still have a partially subsidized insurance plan from my old job with no high deductible option , so I guess I don't qualify.

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[audreyh1]

Is there anyway to start an HSA after retirement? I spoke with my Fido rep and my credit union and they both said an HSA had to be sponsored by an employer. Have others resolved this issue outside of being employed?

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That's incorrect. The FIDELITY HSA accounts are only available through an employer, but there are several companies providing HSAs to an individual, and all that is required is an HSA eligible insurance policy.

Take a look HSA Bank or HSA Administrators. Chase and Wells Fargo offer HSA accounts as well. There are more options.

We just opened two accounts with HSA Administators mostly because we wanted to invest in Vanguard funds.

Oops - right - sounds like your insurance does not qualify.

 

[BrianB]

We had to move our HSA fund after DW's departure from the cube farm. I found lots of places that would take an HSA account (not Fido unfortunately), but fees are typically $50 to $100 / yr.

I hate fees!

We ended up at Wells Fargo - setup was easy, they facilitated the direct transfer, and the $4.35 / month fee is credited back every month the balance is $5000 or more - essentially fee-free if you keep the balance up.

They currently pay 0.5% interest on HSA's. They offer options to put the money into investments, but we're more interested in quick access if we need it in an emergency so I can't comment on the fees or choices available.

They provide 1 (or 2 for couples) debit card(s) with VISA logo. We've had no problem using these at pharmacies or clinics.

All in all it's working well. If we ever get to the point of having less than $5k in the account we'll look for a new option.