Need a new HSA Administrator

[moguls]

Anyone willing to make a recommendation on an HSA Administrator?

We've been using Wells Fargo and are ready to move on. We've not been pleased with them, and their expenses are very high. Our local BC/BS recommends Health Equity, but I know nothing about them.

Any comments/thoughts are appreciated.

 

[MichaelB]

A couple of options mentioned here in the past are HSA Administrators Health Savings Account - HSA Administrators and HSA Bank (which I use) Navigate to a Health Savings Account - Accountholders - HSA Bank
A search of past threads should turn up other recommendations.

 

[pb4uski]

We were with HealthEquity but are in the process of changing to HSA Bank.

HealthEquity was my former employer's administrator and we stayed with them but I have found the investment options lacking so am switching to HSA Bank which have access to Vanguard funds.

Other than the investment options through HealthEquity, which I think were a function of my former employer and not HealthEquity, we would be staying as HealthEquity's service was fine.

 

[lovingAZ]

I agree with the great service that HealthEquity provides. I was my former employer's administrator and moved the company to HealthEquity 7 years ago. Love their website, easy to use, dynamic and their phone customer service is fantastic.

 

[travelover]

I use Patelco. It is $2 a month. You do the record keeping, they provide the year end statements.

 

[MooreBonds]

A HSA Bank Navigate to a Health Savings Account - Accountholders - HSA Bank

+2 My HSA is with HSA Bank, but only because AFAIK, they are the only ones that offer a true investment account link (@ TD Ameritrade), where you can buy almost anything that a retirement account will let you buy. Total monthly fees for this setup are about $5.25 (?), but definitely worth it given the totally tax-free savings the HSA provides.

 

[kramer]

+2 My HSA is with HSA Bank, but only because AFAIK, they are the only ones that offer a true investment account link (@ TD Ameritrade), where you can buy almost anything that a retirement account will let you buy. Total monthly fees for this setup are about $5.25 (?), but definitely worth it given the totally tax-free savings the HSA provides.

+3. It really does work well at $5.50 per month. I just keep enough in the HSABank account to pay the fees and the rest is in the TDAmeritradeRetirement brokerage account. Moving money between them is very easy. Also, TDAmeritradeRetirement has a deal where trading in most Vanguard ETFs is free if you hold the ETF for 30 days or more.

After you have the brokerage account set up, you need to explore the menus while logged into your brokerage account and press a button to actually opt in to the free ETF trading thing -- until you do that it something like $9.95 per trade. I just assumed it was the default but it is not, surprisingly.

 

[travelover]

The Patelco HSA has a broad range of investments for an additional $7 a month. I use a Vanguard fund.

 

[Felix Mulier]

A couple of options mentioned here in the past are HSA Administrators Health Savings Account - HSA Administrators and HSA Bank.

I set up our HSA with HSA Administrators about a year ago. I have trouble recommending them. This is my opinion based only on my experience - YMMV.

They switched administrator banks from Fulton Bank to HSA Bank and it was the most frustrating experience (from a customer service perspective) that I have ever had (and that's saying something). My account(s) got all messed up in the transition and it was a nightmare to untangle. Their communications to account holders were confusing, at times outright incorrect, and had to be explained in additional communications.

HSA Administrators is (or at least was at the time) a very small outfit, which is not a bad thing in itself, but there were literally only a couple of people who knew seemed to know what they were doing. Their website is, IMHO, very difficult to use, not intuitive. I'm mollified for now, but intend to look elsewhere when HSA moves up higher on my list of priorities.

 

[MichaelB]

I set up our HSA with HSA Administrators about a year ago. I have trouble recommending them. This is my opinion based only on my experience - YMMV.

They switched administrator banks from Fulton Bank to HSA Bank and it was the most frustrating experience (from a customer service perspective) that I have ever had (and that's saying something). My account(s) got all messed up in the transition and it was a nightmare to untangle. Their communications to account holders were confusing, at times outright incorrect, and had to be explained in additional communications.

HSA Administrators is (or at least was at the time) a very small outfit, which is not a bad thing in itself, but there were literally only a couple of people who knew seemed to know what they were doing. Their website is, IMHO, very difficult to use, not intuitive. I'm mollified for now, but intend to look elsewhere when HSA moves up higher on my list of priorities.

No problem. HSA Bank was not my first choice either. Before them, from '06 - '09, I used Shawnee / Canopy. That ended when the Canopy execs we found out to have stolen all the deposits. They are in jail now (at least the ones that are still alive), and someday we may get our money back. FDIC does not cover theft.

 

[easysurfer]

I set up our HSA with HSA Administrators about a year ago. I have trouble recommending them. This is my opinion based only on my experience - YMMV.

They switched administrator banks from Fulton Bank to HSA Bank and it was the most frustrating experience (from a customer service perspective) that I have ever had (and that's saying something). My account(s) got all messed up in the transition and it was a nightmare to untangle. Their communications to account holders were confusing, at times outright incorrect, and had to be explained in additional communications.

HSA Administrators is (or at least was at the time) a very small outfit, which is not a bad thing in itself, but there were literally only a couple of people who knew seemed to know what they were doing. Their website is, IMHO, very difficult to use, not intuitive. I'm mollified for now, but intend to look elsewhere when HSA moves up higher on my list of priorities.

+1 about HSA Administrators transition from Fulton Bank to HSA Bank being confusing.

I stick with them because of the first dollar investing in Vanguard Funds. I set up but don't even access the HSA Bank account as I just do my contributions by paper mail, and do my reimbursement requests using the old HSA Administrator account number. The only real impact for me is I make my check out to HSA Bank instead of Fulton Bank and use the new contribution form instead of the old contribution slips.