Where to open a Health Savings Account and another question

[lem1955]

I use Elements Financial Credit union with a TD Ameritrade investment option. There's no monthly or annual fee on my $3,200 balance in the Elements HSA savings account. And it earns interest. The fee to invest my $17,400 in the Ameritrade account - using a Vanguard mutual fund was $25. I no longer contribute to the account. The plan is for it to grow now.

 

[teej1985]

I believe Saturna has the lowest fees. TheFinanceBuff has a post on it.

 

[bada bing]

Reading this thread motivated me to check my HSA. It has always been my forgotten account. I don't track it with my other accounts because the web interface is wonky and I'm lazy. I've contributed and continue to the cap for the last 4 years, that's when the HSA/HDHP was rolled out at my evil mega-corp. My plan is through Aetna and PayFlex is what the HSA is called. I'm guessing it is a captive branch of Aetna ? I don't see it listed in any of the HSA provider comparison web sites. I would guess a lot of evil mega-corps might use a similar plan because Aetna is pretty big in mega-corp employer insurance. I think my evil mega-corp self-insures and Aetna provides paper chasing, but I think that is also a common evil mega-corp arrangement.

The plan investment choices don't look too bad to me. Not a full brokerage account access, but there are some usable choices. My account has been set to sweep 65% VFIAX 35% DODIX. I had a resolution from back when I started the account to look for a better account provider, but I don't think it warrants it after looking. I pay no fees as long as I take electronic statements and don't bounce a check, Everything above $1000 is swept into investments. Not bad, but like I said their web page sure is wonky.

Anyone see anything comment worthy, good or bad ?


Managers Intermediate Duration Government MGIDX Bond Fund
Dodge & Cox Income DODIX Bond Fund
Metropolitan West Total Return Bond MWTRX Bond Fund
Vanguard Long-Term Bond Index VBLTX Bond Fund
American Funds 2020 TRGT Retire RRCTX Large Blend
American Funds 2025 TRGT Retire RFDTX Large Blend
American Funds 2030 TRGT Retire RFETX Large Blend
American Funds 2035 TRGT Retire RFFTX Large Blend
American Funds 2040 TRGT Retire RFGTX Large Blend
Vanguard LIfeStrategy Conservative Grow Investor VSCGX Large Blend
Vanguard LifeStrategy Moderate Growth Investor VSMGX Large Blend
Vanguard Dividend Appreciation Index Investor VDAIX Large Blend
Vanguard Developed Markets Index Fund VTMGX Large Blend
Vanguard Emerging Markets Stock Index Fund VEMAX Large Blend
Vanguard 500 Index Fund Admiral Shares VFIAX Large Blend
Davis NY Venture NYVTX Large Cap
Victory Diversified Stock SRVEX Large Cap
JPMorgan Large Cap Growth SEEGX Large Cap
Dodge & Cox International Stock Fund DODFX Large Cap
Thornburg International Value TGVIX Large Cap
American Funds 2045 TRGT Retire RFHTX Large Growth
American Funds 2050 TRGT Retire RFITX Large Growth
American Funds 2055 TRGT Retire RFKTX Large Growth
Schwab Fundamental US Large Co. Index Fund SFLNX Large Value
Parnassus Mid Cap Fund PARMX Mid-Cap Blend
Artisan Small Cap ARTSX Small and Mid-Cap Stock Fund
Oppenheimer Main Street Small & Mid Cap OPMSX Small and Mid-Cap Stock Fund
American Century Mid Cap Value ACMVX Small and Mid-Cap Stock Fund
Vanguard Small Cap Index Fund VSMAX Small Blend

 

[walkinwood]

Imho, there is more to an HSA provider than fees and investment opportunities.

I use Health Savings Administrators, which have a reasonable fee structure and great investment vehicles from Vanguard. However, their web site, their statements and service in general sucks. I'm staying with them for now, but you should also look into these other operational aspects.

 

[easysurfer]

Imho, there is more to an HSA provider than fees and investment opportunities.

I use Health Savings Administrators, which have a reasonable fee structure and great investment vehicles from Vanguard. However, their web site, their statements and service in general sucks. I'm staying with them for now, but you should also look into these other operational aspects.

+1

Yep. Pretty much sums up my experience with Health Savings Administrators. My analogy of them is kind of like a restaurant with really good food. The service might suck but the food very satisfying at a reasonable price.

I just sent in my January HSA contribution to them. By check through the post office to avoid their website .

 

[harley]

So, who can have an HSA? Is it something tied to getting insurance under the ACA? Or can anyone start one? I've got my insurance through my previous employer, but with between getting older and traveling a bit we seem to accumulate a small but significant amount of medical out of pocket expenses. An HSA might be useful, but I don't really know anything about them.

 

[walkinwood]

An HSA can be used with a high-deductible health insurance policy that is "HSA qualified".
https://www.healthinsurancecolorado.net/you-have-hsa-qualified-health-plan-to-set-up-hsa/

 

[Islandtraveler]

I opened my HSA with SelectAccount after researching it thoroughly. There are no fees associated with my account and they offer various options according to your own situation. They have an optional program called WalletDoc which is a very useful advocacy program for $18.00 a year. I opened this HSA to reduce my MAGI for the purposes of an ACA subsidy. It looks like that will represent about 8-9K savings on my premium. I can fund it to the maximum of $7,750 for this year and use the funds for any medical expense including dental and optical. The investment option of the program is meaningless to me at this point as I do not have the need for additional deferred investments. I love the flexibility that it offers to control costs but I needed to change insurance companies. Not many policies are HSA compliant and you must use a high deductible plan. I see the HSA program playing an important part of the long term fix of the healthcare problem.