HSA Administrators Calling it Quits on March

[easysurfer]

I got a "get out of jail free letter" from HSA Administrators .

In short, HSA Administrators is calling it quits on March 2, 2022.

As a result I have two choices. 1) do nothing and the account will automatically get transferred over to HealthEquity as new HSA Custodian or 2) work on getting transferred to a different custodian

[MichaelB]

Fidelity has HSA accounts with no additional fees.

[audreyh1]

These guys sure were a pain!

After all the transfers and we thought everything had closed and confirmed over the phone, we start getting annual statements for 0.21 remaining in each account.

So I call - what to do. Our only option was to forfeit the pennies to make it all go away - oh well. We'd already paid the $25 account closing fee a couple years prior, so I guess it was really $25.21.

Never so glad as to get away from them. After the switch away from HSA Bank, statements were really screwed up and fees hard to understand.

Switched to Fidelity HSA shortly after that became an option to retail customers. It's been great and really, no fees!

[JoeWras]

Quote:

Originally Posted by easysurfer I got a "get out of jail free letter" from HSA Administrators . In short, HSA Administrators is calling it quits on March 2, 2022. As a result I have two choices. 1) do nothing and the account will automatically get transferred over to HealthEquity as new HSA Custodian or 2) work on getting transferred to a different custodian

Go to Fidelity. Don't let it roll to HealthEquity. I transferred from HealthEquity to Fidelity and I'm much happier.

[Jerry1]

Quote:

Originally Posted by JoeWras Go to Fidelity. Don't let it roll to HealthEquity. I transferred from HealthEquity to Fidelity and I'm much happier.

I did the same.

[Sue J]

Quote:

Originally Posted by audreyh1 These guys sure were a pain! After all the transfers and we thought everything had closed and confirmed over the phone, we start getting annual statements for 0.21 remaining in each account.

Ha! I thought I was the only one. Mine has $.28 left after I had everything transferred to Fidelity. I think I'll just let them figure out what to do with it. They already paid the postage to send me a statement about my remaining $.28.

I was so glad to leave them. The fees were high and the website was AWFUL!

Fidelity has been wonderful and no fees.

[easysurfer]

Quote:

Originally Posted by JoeWras Go to Fidelity. Don't let it roll to HealthEquity. I transferred from HealthEquity to Fidelity and I'm much happier.

Think I may let it roll to HealthEquity for the time being. If not happy, then move to Fidelity later on.

Mainly, I don't trust HSA Admin in making the switch to Fidelity. Keep HSA away from the picture initially.

The "get out of jail free" letter already says if choosing another custodian, then have to a form sent to a PO Box of HSA admin. Also, may take 4-6 weeks.

[JoeWras]

Quote:

Originally Posted by easysurfer Think I may let it roll to HealthEquity for the time being. If not happy, then move to Fidelity later on. Mainly, I don't trust HSA Admin in making the switch to Fidelity. Keep HSA away from the picture initially. The "get out of jail free" letter already says if choosing another custodian, then have to a form sent to a PO Box of HSA admin. Also, may take 4-6 weeks.

Ah, good point.

On the good news front from Health Equity, they did the transfer to Fidelity perfectly. It was a little slow, but perfect. Part of the slowness was apparently waiting for month end to capture those cents that get posted.

What I didn't like about H.E. was the clunky website and fees to use the "brokerage". My Megacorp paid those fees when I was employed. After retirement, they started to bite.

Your plan sounds reasonable.

[rodi]

I got our letters also. (Hubby and mine). Like EasySurfer I think I'll let it roll to HealthEquity then make the rollover to Fidelity.

[ownyourfuture]

Good Riddance

[easysurfer]

Update ....

I got out of jail of HSA Administrators as the HSA got switched over to HealthEquity.

But now at HealthEquity, feels like I'm at a halfway house.

The feeling is like HealthEquity tries to micromanage. I still have some money that haven't reimbursed myself from last years qualified medical expenses. But at HealthEquity, to request a reimbursement, I'd have to make expense entries (reminds me of the old FSA days). I didn't like HSA Admin, but at least their reimbursement was as easy as "how much?" then get reimbursed...none of the having to input expenses.

Begs the question now ... with Fidelity's HSA, in the reimbursement process micromanaged too or is it pretty much "how much" (with none of the input the expense dance?

[single2019]

Quote:

Originally Posted by Sue J Ha! I thought I was the only one. Mine has $.28 left after I had everything transferred to Fidelity. I think I'll just let them figure out what to do with it. They already paid the postage to send me a statement about my remaining $.28. I was so glad to leave them. The fees were high and the website was AWFUL! Fidelity has been wonderful and no fees.

For Fidelity HSA, you just transfer the money out of HSA to your brokerage. No additional information needed.

[BrianB]

It's very easy at Fidelity. They have no expense record tracking so you will have to set up your own system.

Reimbursements to yourself can be by direct transfer or what we do: Write a check from the HSA to me (Fido gives free books of checks), photo-deposit it in our spending account, then keep a copy of the check with the reimbursed invoices in the tax file for that year.

If you do switch you should be sure to keep downloads or printouts of the records from your previous HSA administrator. You probably will never need to prove your payments but after you have switched admins you will likely be locked out of their records system.

BrianB

[Montecfo]

^^^A good practice in any case I'd say.

[easysurfer]

Thanks for the responses. From what I'm gathering, opening a Fidelity HSA is very easy online, then at HealthEquity I can do a push transfer (watched a youtube video describing a push vs pull transfer) to Fidelity HSA online. No sending paper documents required. However, I do need to have everything in a cash balance before doing a push request. At least that's my understanding.

[easysurfer]

I'm happy to say that I opened up a new HSA Account online with Fidelity. Opened but as of this moment, has a zero balance.

I opened entering that I didn't have an account with them, but during the process, Fidelity recalled a previous log in name. This was back from megacorp when I moved my megacorp 401K to my Vanguard IRA.

Now I wait. I say, I wait because switching HSA's is bringing out the dirty market timer in me. I pride myself saying I'm not a market timer, but it's hard to pull the trigger seeing the market getting hammered recently with all the war stuff.

I have to put current HSA balance to cash before requesting a move.

[easysurfer]

I just submitted my very first contribution to my Fidelity HSA .

For the time being, I have two active HSAs. Fidelity and HealthEquity. Once the balance on the HealthEquity bounces back a bit from the market dive, I'm going to transfer over to Fidelity .

[FindingForward]

Smart move to get away from HealthEquity. A 5 second google search will reveal legions of upset customers - the reviews & ratings are abysmal. Ever since my employer switched, it's been pure aggravation. If anyone is considering HE or has another option, RUN! Here's the fun you'll miss:

Their FSA reimbursement process is a nightmare. I had a small, legit medical supply expense I submit several times/yr and never had questions or issues under the last administrator.

First time under HE rejected as "not eligible". I sat on hold forever, had to call twice after 30 days to follow up, as they never responded to my appeals, (which is a violation of their own rules stating they are required to respond within 30 days.) In the end, I had to bother my doctor's office for a letter of authorization, all to get my own FSA money back on this $11 OTC item recommended by my doctor. I did get the darn reimbursement. But oh...the insanity.

Their health incentive prepaid MC card is a joke. Earned spendable funds via my insurance (wellness/preventive awards), but now it's automatically loaded to a prepaid card HE issues - and it's useless.

The card's been rejected by national retailers/drug store type chains on legit FSA items I've tried to buy. HE's site states it's "not accepted by all merchants" (More like no merchants, other than doctors' offices). Perhaps it's intentional - if I don't redeem the funds in time, it benefits HE. Hmm.

I can only imagine how they must screw up HSA contributions. If my employer switches from HSA Bank on that, I. Am. Gone.

[easysurfer]

Quote:

Originally Posted by FindingForward Smart move to get away from HealthEquity - a 5 second google search will reveal the legions of upset customers - the reviews and ratings are abysmal. Ever since my employer switched, it's been pure aggravation. If anyone is considering HE or has another option, RUN! Here's the fun you'll miss: Their FSA reimbursement process is a nightmare - and thousands of my fellow Google hounds agree. I had a legit medical expense submitted several times per year under the last administrator with zero question or issues. First time under HE, it was rejected. I sat on hold forever, had to call twice after 30 days to follow up, as they never responded to my appeals, (which is a violation of their own rules stating they are required to respond within 30 days.) In the end, I had to bother my doctor's office for a letter of authorization, all to get my own FSA money back on this $11 OTC item recommended by my doctor. I did get the reimbursement in the end. But oh...the insanity. Their health incentive prepaid MC card is a joke. Earned some spendable funds via my insurance (wellness/preventive incentive awards), but now it's automatically loaded to a prepaid card HE issues - and it's useless. The card's been rejected by national retailers/drug store type chains on legit FSA items I've tried to purchase. Their website states it's "not accepted by all merchants" (More like no merchants, other than doctors' offices). Perhaps it's intentional - if I don't redeem the funds in time, it benefits HE. Hmm.

I came over to HealthEquity from HSA Administrators. Pick your poison, I guess.

I thought about being lazy and perhaps using HealthEquity when I saw how nit-picking the process is of reimbursing HSA qualified expenses. That was a deal breaker. Thus the migration to Fidelity HSA.

Didn't dawn on me til today, that I can go ahead and start contributing to Fidelity to get the ball rolling before jumping from HealthEquity.

[FindingForward]

trust me, you've dodged a bullet. HE isn't the full name: it's HE double hockey sticks