HSA accounts

[explanade]

OK I'm in the course of setting up my 2015 contribution by ACH. They have to make trial deposits to establish the ACH link.

But Anthem Blue Cross has been sending me mailings to establish an HSA account with BenefitWallet.com, where they use the Bank of New York Mellon.

These documents make it sound like I have to use this setup for my HSA if I use the Anthem Blue Cross policy.

I'm assuming this is not the case, that as long as I have an HSA eligible policy, I can go with any HSA account provider?

This is probably my carrier trying to nudge me towards a partner with whom they have some special arrangement?

 

[Accidental Retiree]

OK I'm in the course of setting up my 2015 contribution by ACH. They have to make trial deposits to establish the ACH link.

But Anthem Blue Cross has been sending me mailings to establish an HSA account with BenefitWallet.com, where they use the Bank of New York Mellon.

These documents make it sound like I have to use this setup for my HSA if I use the Anthem Blue Cross policy.

I'm assuming this is not the case, that as long as I have an HSA eligible policy, I can go with any HSA account provider?

This is probably my carrier trying to nudge me towards a partner with whom they have some special arrangement?

I don't know about any special arrangement, but I got the same stuff last year when I enrolled with Anthem and ignored it, using my older, already established HSA.

 

[travelover]

...........
This is probably my carrier trying to nudge me towards a partner with whom they have some special arrangement?

When I was w*rking, my employer paid my HSA fees and sent us to a specific HSA provider, but once I retired (and continued on with the same health insurance) the now ex-employer did not pay the HSA fee, so I switched to a different provider. The new one was actually much better and did not constantly nanny me. I keep my own receipts and just get a yearly statement from them.

 

[imoldernu]

An alternate plan:

 

[MichaelB]

I'm assuming this is not the case, that as long as I have an HSA eligible policy, I can go with any HSA account provider?

This is probably my carrier trying to nudge me towards a partner with whom they have some special arrangement?

This. You are free to set up your HSA account with anyone offering that service.

 

[explanade]

OK my transfer to the bank and then the purchase of the VG shares are complete.

When I log into HSA Administrators, I can see the balances.

However, I don't see the number of shares or the actual fund symbols?

Or a way to download the data into Quicken or some other kind of export data to keep running totals?

I'm assuming they'll just reinvest dividends and cap distributions?

 

[audreyh1]

OK my transfer to the bank and then the purchase of the VG shares are complete.

When I log into HSA Administrators, I can see the balances.

However, I don't see the number of shares or the actual fund symbols?

Or a way to download the data into Quicken or some other kind of export data to keep running totals?

I'm assuming they'll just reinvest dividends and cap distributions?

You can easily look up the fund symbols online from the fund names, then you'll be able to download them into Quicken. I do that, no problem.

You might have to wait until you get your first monthly or quarterly statement to see the number of shares, etc. You will eventually see it.

Yes - dividends are automatically reinvested.

 

[explanade]

Are you actually downloading the data or just manually entering the fund symbols and number of shares?

I didn't see any way to export data. Web site is pretty bare bones.

Wary about them in light of the Anthem hack.

 

[audreyh1]

Are you actually downloading the data or just manually entering the fund symbols and number of shares?

I didn't see any way to export data. Web site is pretty bare bones.

Wary about them in light of the Anthem hack.

When I talked about downloading, I was actually referring to downloading the Quicken quotes for the fund prices.

Yes, I manually enter the transactions, but then Quicken can update the mutual fund price.

I haven't found any way to get a QFX file from HSA Administrators either.

 

[explanade]

OK, that's what I thought you meant, updating prices.

 

[Theseus]

Hello, I am looking at retiring early and going with a HSA and a HDHP (high-deductible health plan), but I have never purchased my own insurance has always been provide by the employer.

Are you able to pay for the insurance with funds from the HSA or just the uncovered medical expenses?

If you were to continue employer coverage with COBRA, yes; otherwise pretty much a no.

From IRS Publication 969, regarding distributions from an HSA:

Insurance premiums. You cannot treat insurance premiums as qualified medical expenses unless the premiums are for:

1. Long-term care insurance.
2. Health care continuation coverage (such as coverage under COBRA).
3. Health care coverage while receiving unemployment compensation under federal or state law.
4. Medicare and other health care coverage if you were 65 or older (other than premiums for a Medicare supplemental policy, such as Medigap).

 

[sengsational]

...but I have never purchased my own insurance has always been provide by the employer.

Welcome to the forum. You might consider putting an item in the Hi, I am... - Early Retirement & Financial Independence Community forum.

As you are new to buying your own insurance and are interested in HDHP, make sure you don't get burned by the "family deductible" scam. That's where you are lead to believe that if one person hits the, say, $6,000 deductible, insurance will kick-in, but really if you buy a policy that qualifies as an HDHP, the law lets them honor a famliy deductible of (probably) $12,000. So they simply ignore the individual deductible if there is more than one person on the policy. The solution is simple: buy two identical policies with one person per policy. I found that the pricing was exactly the same (two people on one policy, or two people on two policies).

 

[explanade]

OK, logged into my HSA Administrators account, see some dividends but also see fees for each of the VG accounts.

For 3 funds, they total $3-4.

Are these in addition to the $45 fee that HSA Administrators charge or could that be VG which is assessing these fees?

Dividends total about $20-21 since my 2015 contribution in early February.

In addition I see this disclaimer:

"You are currently set up to receive Vanguard reimbursements via paper check. There is a $10 per check processing fee. To receive your funds via electronic transfer, complete this form."

Is this only in reference to redeeming shares?

However, I set up an ACH link in order to fund the contribution in the first place. So I need to set up another ACH link to get any disbursements?

The HSA Bank and HSA Administrators accounts set up is very confusing.

 

[audreyh1]

Yes the withdrawals from the vanguard funds are in addition to the $45 annual fee.

I think you need to either set up an ACH transfer to do a disbursement or use the ATM card.

 

[explanade]

But you first would sell shares, move them to the HSA Bank account, then ACH transfers or use the Debit card?

Or does the Debit card draw directly from the HSA Administrators accounts?

 

[easysurfer]

.... The HSA Bank and HSA Administrators accounts set up is very confusing.

The process with HSA Administrators was confusing already before having HSA Bank as the custodian.

Can anyone say there are too many accounts?

I choose not to use a debit card and just pay my health costs with my credit card. Then when time to reimburse myself, I do have that set up as an ACH transaction to my checking.