Health Savings Administrators' New Custodian

[explanade]

Finally another statement, this for July to September.

They took out $5.56 in fees for the period.

But YTD fees are $56.75!

What happened to $45 per year?

 

[Sue J]

The $45 is an annual fee. The other is a quarterly fee based on the size of your account. I don't have much in there so mine was just $1.71.

What kind of a financial institution doesn't tell you the date and amount of a transaction? This is the clumsiest bank I've ever dealt with.

 

[explanade]

Well my balance is under $10k. Only been contributing 2 years.

So if YTD is $56, looks like the whole year will be like $75 or so.

I haven't done any withdrawals or any kind of transactions other than making the annual contributions.

Fees seem high.

 

[jarts98]

Fees seem high.

This is why I left HSAdministrators a year or so ago. At HSA Bank with a TD Ameritrade investment account holding Vanguard ETF's. Less expensive and easier to work with (IMO).

 

[explanade]

Do you have access to Admiral shares at TD Ameritrade?

Wonder how the expense ratios compare to ETFs.

Does Ameritrade charge commissions on buying ETFs?

 

[jarts98]

Do you have access to Admiral shares at TD Ameritrade?

Wonder how the expense ratios compare to ETFs.

Does Ameritrade charge commissions on buying ETFs?

TD Ameritrade uses ETF's, not mutual funds (thus no Admiral shares). But they are the same ETF's as you'd buy from Vanguard, so the expenses are the same.

Commission free trades for many ETF's, including many Vanguard ETF's. I do leave $5k in HSA Bank to avoid all of their fees, but I count that as a part of my bond allocation in the HSA. You can leave less and pay a small fee.....still smaller than the fees at HSA Administrators.

 

[explanade]

Anyone having problems accessing the web site?

I only log in once a month or so, to see if there's been any deductions for maintenance or DRIP.

Every damn time, it rejects my password so I reset it to the one I set up the login with.

Well last month and now this month, resetting doesn't send me an email with the reset link.

So I had to call in and have them manually reset the password.

Now I can't log in and can't reset so I'll have to wait until Monday.

I don't know what their IT problem is.

 

[MichaelB]

Saw your post, tried to log in to my HSA Bank account *the custorian of HSA Administrators?) , could not, got this message:

Evolution1 1CloudThis website is undergoing system enhancements and is temporarily unavailable. Please try back later.

I recall having difficulties logging in outside of banking hours (but this may be a false memory). Anyway, I would not call their online systems "robust". More like "bare bones".

 

[rodi]

You made me look. I was able to log on... but I always go to this website
https://hsaa.ipx-sys.com/Login.aspx

It never seems to work if I go to the HealthSavings.com website... so I've saved off the link (above) that seems to get me directly to the logon screen.

 

[explanade]

You made me look. I was able to log on... but I always go to this website
https://hsaa.ipx-sys.com/Login.aspx

It never seems to work if I go to the HealthSavings.com website... so I've saved off the link (above) that seems to get me directly to the logon screen.

Yeah I've saved that link too.

It doesn't like my password.

Every month I've been resetting it to the one I wanted and I finally log on, check for statements and so on, log off, then try logging back on.

It works.

But then I don't log on again for about a month and always run into problems.

 

[easysurfer]

Yeah I've saved that link too.

It doesn't like my password.

Every month I've been resetting it to the one I wanted and I finally log on, check for statements and so on, log off, then try logging back on.

It works.

But then I don't log on again for about a month and always run into problems.

I've resorted to the old fashioned method of mailing paper checks for contributions and receiving paper statements.

The only time I really log in is when requesting a withdrawal every year.

Figure, the less I log in, the less chance of encountering problems .

In the past, I've run into log in problems like getting locked out. To avoid, by trial and error, I make sure to not use a pop-up blocker and don't ask their site to remember my computer. I have to enter my challenge answer each time.

Otherwise, I'd run into problems and need a password reset.

 

[easysurfer]

...

In the past, I've run into log in problems like getting locked out. To avoid, by trial and error, I make sure to not use a pop-up blocker and don't ask their site to remember my computer. I have to enter my challenge answer each time.

Otherwise, I'd run into problems and need a password reset.

To clarify, I meant to say that I turn off my pop-up blocker for the HSA Admin site.

But use of other sites, I have the pop-up blocker on. Otherwise, I'd be bombarded with pop-ups

 

[Yarnstormer]

So...sounds like healthsavings website is frustrating to work with? Suggested alternatives? I honestly just need the account to keep my magi down - and will probably save the money for medicare expenses.
I went to southstate bank locally and they don't have any investment options for their has accounts!! That seems very wrong but the gal there seemed to think that was the deal. I'm not parking thousands in cd's for the next 10 years.

 

[audreyh1]

So...sounds like healthsavings website is frustrating to work with? Suggested alternatives? I honestly just need the account to keep my magi down - and will probably save the money for medicare expenses.
I went to southstate bank locally and they don't have any investment options for their has accounts!! That seems very wrong but the gal there seemed to think that was the deal. I'm not parking thousands in cd's for the next 10 years.

It's pretty quirky and I don't like their statements as they don't include transactions that I can reconcile, but I get thing figured out well enough.

 

[pb4uski]

Basically, Health Savings Administrators website sucks. I wish there was a better alternative

 

[easysurfer]

Basically, Health Savings Administrators website sucks. I wish there was a better alternative

I stay away from their website except signing on just to make a withdrawal.

Other stuff like contributions and statements, I do via snail mail. Less of a headache.

 

[travelover]

Basically, Health Savings Administrators website sucks. I wish there was a better alternative

Me, too. I tried to contribute my last ever contribution yesterday (on Medicare now) and the site was down.

 

[easysurfer]

Remember the saying that went something like "I only read the magazine for the articles"?

In this case, I use HSA Administrators as my HSA custodian not for their website design and functionality .

 

[Gotadimple]

Basically, Health Savings Administrators website sucks. I wish there was a better alternative

Are you all sticking with the because of the investment link to Vangard Funds? Just curious - they have annual maintenance fee which is huge. Why not change?

This web site has a list of HSAs and their fees. Scroll down to the table.
https://20somethingfinance.com/best-hsa-account/

First one on the list is HSA Bank - no fee if you maintain $5000 in the HSA. They link to TD Ameritrade where you can buy Vangard ETFs commission fee or select other products with a commission.

Is the HSA Bank website as slick as Fidelity? No, but it is highly functional and there is a connection to customer service via email, or telephone. I like 'em.

- Rita

 

[travelover]

Are you all sticking with the because of the investment link to Vangard Funds? Just curious - they have annual maintenance fee which is huge. Why not change?..........- Rita

Thanks for this. I think I'll change to HSA Bank. It appears that HSA Administrators gouges you on the way out, but I'm tired of them.

 

[pb4uski]

Are you all sticking with the because of the investment link to Vangard Funds? Just curious - they have annual maintenance fee which is huge. Why not change?...

I'm part of a grandfathered program where the $45 admin fee is waived. I only pay the 25 bps fee (6.25 bps quarterly).

 

[explanade]

Wanted to relate my attempt to transfer my HSA assets from this company.

I submitted a transfer request to another institution where I opened a second HSA account. It's been two months.

The new institution says they're not getting any response from HSA. I've called HSA several times in the past month. Each time they say to email, then to fax, then to mail..

Fidelity says they've sent it multiple times, each time to these different means of communications.

HSA says every time that there is no such request against my account.

I've asked them for the name of a responsible party or department or a supervisor and they've refused every time.

So either my new institution or HSA is lying about whether these transfer requests were sent.

Meanwhile, HSA is merrily imposing custodian fees and various other fees every few months.

Today I called and submitted a query at their web site, again it's a canned response, email here, fax to this number, etc.

I have to believe HSA is stonewalling for whatever reason.

I asked about selling all my funds and sending the check so that I can rollover it myself. Says it would take at least 3 weeks.

Has anyone dealt with HSA asset transfers, whether from this institution or another?

If two months is typical, then it's one thing. But HSA is denying they've gotten any requests and my other institution is stuck because they've sent it multiple times and they can't do anything else.

 

[audreyh1]

They are tough to deal with. I think it took us almost 2 months. I had to call them near the end. The check still took a while to arrive at Fidelity.

We had to sell all our funds before initiating the transfer from Fidelity.

 

[explanade]

You initiated the sales of the funds or they did once they got the transfer request?

 

[travelover]

Wanted to relate my attempt to transfer my HSA assets from this company.........

Wow, I'd be pizzed. As a minimum, I think I'd complain to ever regulates them - maybe the AG's office, too.