Reasonable HSA fee? cheaper options?

[explanade]

I just opened an account with Optum as well. Vanguard Admiral MFs are available. Fees are on the low side for an HSA.

Dang, can you transfer HSA assets from one institution to another?

Or open a second HSA account and start future cannula contributions there?

 

[MBSC]

Dang, can you transfer HSA assets from one institution to another?

Yes.
https://crewconnect.vanguard.com/to...ness/medical/hsa_faq_transfers_rollovers.html

Can HSA balances be transferred to another administrator?

Yes. There are two ways to move money from one HSA to another:

• Transfer. This option directs the existing HSA custodian to send the HSA balance (or a portion of the balance) to another HSA custodian. You can have multiple transfers during the year and not be subject to any taxes.
• Rollover. With this option, the HSA money is sent from the current custodian to you. In turn, you send the money to the new custodian. To avoid any tax consequences, you must complete the rollover within 60 days and report it to the IRS. You are permitted one rollover per year.

Or open a second HSA account and start future cannula contributions there?

Yes, as long as your total contributions to both accounts do not exceed the annual maximum contribution. It's like having multiple IRA accounts.

 

[BooBoo]

Since we will be retiring this month, HR informed us that we are now responsible for our HSA fee ($3.95 per month at UMB bank).

We have about 20k there, treating it like a Roth (pay all our medical out of pocket).

So that is about 0.25% per year fee. Reasonable or is it possible to get cheaper?

I have about 25K at UMB and have retired and pay no fees ? May be a perk from Mega Corp ? I like their on-line tools.

 

[easysurfer]

I use HSA Administrators, but am very frustrated by their web site. It is SLOW and so very unintuitive.

Just got an email that HSA Administrators is in the process of switching to a new custodian again. Of course, that means here we go again .

 

[zinger1457]

My HSA account is with Wells Fargo, they waive the monthly fee ($4.25) as long as your HSA account balance is over $5K.

 

[audreyh1]

Just got an email that HSA Administrators is in the process of switching to a new custodian again. Of course, that means here we go again .

Same here. Don't know what to do yet.....

 

[explanade]

I just opened an account with Optum as well. Vanguard Admiral MFs are available. Fees are on the low side for an HSA.

I'm only seeing these funds, which appear not to be Admiral class:

Health Savings Account (HSA) Mutual Funds - OptumBank.com

Also, is there a list of fees somewhere?

 

[explanade]

OK, they just have a different set of Admiral Share funds than HSA Administrators. Both HSA Administrations and Optum Bank have Wellington but then different types of Admiral funds as well as funds from other institutions.

Optum doesn't have an international fund it appears.

Here is their fee schedule:

HSA Fees - OptumBank.com

So $3 a month if you keep less than $5000 in a bank account. Your investment balance does NOT count towards that balance threshold.

So in effect, if you just contribute and maintain HSAs there, it's $36 a year vs. $45 at HSA Administrators.

I don't know if the various withdraw options are cheaper at one institution or another. Seems like they charge for ACH and checks and $2.50 for ATM transactions. Seems like it would add up, though I would do minimal withdrawals for awhile.

I thought about moving my HSA before the HSA Administrators changing their website again in September but since I've paid my annual fees, I might as well wait, instead of transferring now and paying Optum $3 a month. I don't see the point in maintaining a separate $5000 bank account in addition to an HSA with Optum to avoid the maintenance fee.

 

[teejayevans]

Optum does have Global Equity fund (VHGEX)


Sent from my iPad using Early Retirement Forum

 

[523HRR]

I'm only seeing these funds, which appear not to be Admiral class:

Health Savings Account (HSA) Mutual Funds - OptumBank.com

All of the Vanguard funds on this list for Optimum are Admiral Class except for VHGEX.