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Old 02-08-2016, 10:30 AM   #61
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I guess that depends on how much you have in your HSA and whether you expect equities to beat a 2% hurdle rate of return. The $45 fee annual fee constitutes less than 5bp of our HSA assets.

Meanwhile, at the age of 44 I might have another 40 years of tax-free growth in this account that I presume I'll be able to withdraw 100% tax free. I'm gunning for the fences with this money.
Might make sense to go for it if you are young but I am almost 62 and there is little time for that small pot of money to grow.
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Old 02-08-2016, 11:07 AM   #62
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Originally Posted by Gone4Good View Post
I guess that depends on how much you have in your HSA and whether you expect equities to beat a 2% hurdle rate of return. The $45 fee annual fee constitutes less than 5bp of our HSA assets.

Meanwhile, at the age of 44 I might have another 40 years of tax-free growth in this account that I presume I'll be able to withdraw 100% tax free. I'm gunning for the fences with this money.
+1
I use HSA Bank and stay 100% equities (TDA linked account) even though I am a bit older at 59. I expect (hope) I have lots of years left for the pot to grow.
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Old 02-08-2016, 11:40 AM   #63
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Their website is so not user friendly!

I sat on the phone 15 minutes Friday then gave up, and just now spent over 30 minutes on hold - no answer...gave up. How can they stay in business with this kind of customer service?

I finally figured out how to make all of my future contributions go to Wellington (which fortunately I had opened prior to it being closed). However I don't see any way to make an online contribution directly from my bank. Is there a way to do this?

I think I am just going to fill out the contribution form I downloaded and snail mail it in.
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Old 02-08-2016, 12:05 PM   #64
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I got the same info from a customer service rep via email.
She said the new administrator is holding off on sending the forms
because they wait for those potential late contributions (2016 for 2015 tax year).


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That's just not right. They are supposed to send forms out in January, then follow up with an updated one for the late contributors.

Otherwise - they are going to force everyone to delay filing! So I can't file my taxes by the April 15 deadline and am forced to file an extension just because they don't send me the form on time. Even though I already know I'm not making any more contributions and we have contributed the max for 2015?

I think they will get an earful about this if they really delay everyone's form until May. That would be a reason to change administrator.
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Old 02-08-2016, 12:11 PM   #65
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Their website is so not user friendly!

I sat on the phone 15 minutes Friday then gave up, and just now spent over 30 minutes on hold - no answer...gave up. How can they stay in business with this kind of customer service?

I finally figured out how to make all of my future contributions go to Wellington (which fortunately I had opened prior to it being closed). However I don't see any way to make an online contribution directly from my bank. Is there a way to do this?

I think I am just going to fill out the contribution form I downloaded and snail mail it in.
Yes you can - you can schedule a one time event, or a recurring event like if you want to make automatic monthly contributions.

Once you log in, click on "My Profile". Then you will see several options. You can add banking information under "Banking Information". Then under "Scheduled Events" you can "Add Contribution Event" - and you can select whether to make it recurring or a one time event. The rest should be self-explanatory - just make sure you chose the right contribution year.
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Old 02-08-2016, 12:14 PM   #66
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I've been able to more or less reconcile my accounts by viewing the transaction history that's under the profile tab.

But they haven't sent out any more statements since the one that covered August (I think). Where is our Q4 2015 "statement"?

And what about the IRS contribution form for the HSA for 2015? We already got ours from HSA Bank, but not from the new custodian yet. Their web site says the forms will be available in May 2015 - but that can't be right - that should only be for people who make last minute contributions in 2016 for 2015.
Correction - that "transaction history" is under the "investing" tab.

And it's pretty complete - I have been able to figure out what the transactions are for even though they aren't clearly described.
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Old 02-08-2016, 01:10 PM   #67
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Yes you can - you can schedule a one time event, or a recurring event like if you want to make automatic monthly contributions.

Once you log in, click on "My Profile". Then you will see several options. You can add banking information under "Banking Information". Then under "Scheduled Events" you can "Add Contribution Event" - and you can select whether to make it recurring or a one time event. The rest should be self-explanatory - just make sure you chose the right contribution year.

Oh geez I see that now! Thank you so much! They need to pay you for doing their customer service work for them!

That is so NOT intuitive. They need a "make a contribution" link directly visible somewhere on the main page. It should not be nested underneath your profile information, IMO.

Thanks again!!!!
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Old 02-08-2016, 01:31 PM   #68
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Otherwise - they are going to force everyone to delay filing! So I can't file my taxes by the April 15 deadline and am forced to file an extension just because they don't send me the form on time. Even though I already know I'm not making any more contributions and we have contributed the max for 2015?
Why delay filing? If you know what you contributed (the max) why not just file your returns with the right information? The IRS will get the documents they need eventually.

HSA sent the wrong info to the IRS once for me. I got a notice from the IRS asking for back taxes . . . two years later. I forwarded the IRS the corrected form and all was well. And that's with HSA sending the wrong info, not just late info.

I'm planning to just file my taxes whether I hear from HSA or not. Damn the torpedoes. Full steam ahead!
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Old 02-08-2016, 02:14 PM   #69
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Why delay filing? If you know what you contributed (the max) why not just file your returns with the right information? The IRS will get the documents they need eventually.

HSA sent the wrong info to the IRS once for me. I got a notice from the IRS asking for back taxes . . . two years later. I forwarded the IRS the corrected form and all was well. And that's with HSA sending the wrong info, not just late info.

I'm planning to just file my taxes whether I hear from HSA or not. Damn the torpedoes. Full steam ahead!
I didn't know if I could file without having received the form.
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Old 02-08-2016, 02:15 PM   #70
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Oh geez I see that now! Thank you so much! They need to pay you for doing their customer service work for them!

That is so NOT intuitive. They need a "make a contribution" link directly visible somewhere on the main page. It should not be nested underneath your profile information, IMO.

Thanks again!!!!
Yes - the website is horrible, as are their "statements".
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Old 02-08-2016, 02:28 PM   #71
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I didn't know if I could file without having received the form.
Well, don't take tax advice from me.

But I'm pretty sure you don't need to file the HSA form with your taxes so you shouldn't need to be in possession of the form to file your taxes. As long as what you file is accurate and you can back up your claims with documentation, I don't see any reason to delay.

There are other times when you might not know how to file - like with certain dividends from REITs or MLPs that take forever to receive. In those instances you probably want to delay because you want to file your return correctly and need the information. But because I know the right number for my HSA deduction, I don't think I need to wait for HSA Admin to get on the stick and confirm what I already know with 100% certainty.

If after I file I learn that they fouled it up this year and reported a bad number, then I'll have to get them to make it right. But that's true whether I file now or wait. Either way my tax obligation is exactly same.
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Old 02-08-2016, 02:39 PM   #72
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Yes - the website is horrible, as are their "statements".
Everything about them is awful, except compared to the competition.

But I can't be too hard on them because they're crappy system actually saved me $ this year.

I had scheduled an "event" to make 100% of my 2016 contribution early in January. Well nothing ever happened. After a week of not getting a response from HSA, I deleted the original contribution "event" and tried again.

The second time everything seemed to go through on the HSA website. It showed the contribution and even bought shares in the appropriate fund. Except the money never got withdrawn from my checking account.

Turns out, somehow the wiring instructions got fouled up. So they reversed the trade.

I finally got it to go through correctly the third time. In the time it took to get this all sorted, the market was down about 7%. So I ended up buying cheaper shares than if they had done it the first time. It's all good.

Except.

When they reversed the second failed trade, the website shows it as a "distribution." I'm half convinced I'm going to get a tax form next years saying that I withdrew nearly $7k from the HSA.

Emails to them have gotten no response.
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Old 02-08-2016, 03:04 PM   #73
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Comparing to before the custodian change. I found the HSA Administrators statements clear and timely - much better than now. Got the IRS forms in a timely fashion too - but I guess those were coming from HSA Bank.
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Old 02-08-2016, 04:30 PM   #74
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A few years ago I got a Bank of America Benefits Solutions HSA through my then-insurer, Aetna.
I find that website, claims process, everything, VERY easy to use.

I opened an account with HSA Administrators because I wanted to try out the competition and bag some Wellington, but I am thinking I'll take this year's contribution back to B of A. They do have a few VG funds, last I checked.


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Old 02-08-2016, 05:53 PM   #75
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Everything about them is awful, except compared to the competition.
What competition have you compared them to? My HSA account is set up with Wells Fargo and don't have any complaints.
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Old 02-08-2016, 09:29 PM   #76
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What competition have you compared them to? My HSA account is set up with Wells Fargo and don't have any complaints.
Fair enough. But for me Wells Fargo's investment options are inferior. Their basic index fund has a net expense ratio of .25% that may go up to .40% this September versus HSA Admin's Vanguard Admiral S&P 500 Index with expenses of just .05%.
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Old 02-09-2016, 04:20 PM   #77
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Yes - the website is horrible, as are their "statements".
I just got an email saying my scheduled event will process in a couple of days.

But...because they goofed up in Jan for whatever reason didn't process my schedule events, I have already cancelled scheduled contributions and resorted back to snail mail contributions.

These folks can't even get a cancelled event right.

I'll be interesting to see in a few days of the phantom scheduled event processes or not .
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Old 02-09-2016, 09:11 PM   #78
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Fair enough. But for me Wells Fargo's investment options are inferior. Their basic index fund has a net expense ratio of .25% that may go up to .40% this September versus HSA Admin's Vanguard Admiral S&P 500 Index with expenses of just .05%.
I agree the investment options aren't quite as good but WF does waive the monthly account fee if the balance is over $5K.
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Old 02-09-2016, 09:13 PM   #79
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I was quite happy with the HSA Administrators reporting and statements and IRS forms until they switched custodians. Now it seems they can't get their act together. They obviously weren't prepared for this switch.
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Old 02-09-2016, 09:19 PM   #80
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I was quite happy with the HSA Administrators reporting and statements and IRS forms until they switched custodians. Now it seems they can't get their act together. They obviously weren't prepared for this switch.
I'm not happy either.

But I did a quick back of the envelope calculation to see what kind of cost I'd incur by switching to something like HSA Bank & TD Ameritrade. The $5K dead money in cash requirement there really adds up over time.

So for now, I'm staying put and hoping (really against hope) that some new competition will enter this likely dying account category and force improvements or at least offer a better alternative.
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