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  • HSA recommendations

    Hi everyone,

    I have everything with TD Ameritrade, but I don't see anywhere to open a HSA account with them.

    Do you guys have any recommendations on a no-commission and no-fee HSA broker?

    Thanks in advance!

  • #2
    Fidelity

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    • #3
      Lively will link with TD Ameritrade, I believe.

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      • #4
        Lively is one of the lowest fee HSA providers and uses TDAmeritrade as a brokerage.

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        • #5
          Do you have access to an HSA through work - if so use theirs and save on payroll taxes.

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          • #6
            Originally posted by wa2106 View Post
            Do you have access to an HSA through work - if so use theirs and save on payroll taxes.
            Unfortunately only a HFA.

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            • #7
              Originally posted by BruinBones View Post
              Lively is one of the lowest fee HSA providers and uses TDAmeritrade as a brokerage.
              They say no fees on their website, an I missing something? Is there a hidden fee somewhere? Do they charge commission to buy/sell?

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              • #8
                What is an HFA?

                Did you mean HRA or is it similar to an HRA. If you are covered by a general purpose employer sponsored/funded medical reimbursement account. You are ineligible to make HSA contributions.

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                • #9
                  Originally posted by spiritrider View Post
                  What is an HFA?

                  Did you mean HRA or is it similar to an HRA. If you are covered by a general purpose employer sponsored/funded medical reimbursement account. You are ineligible to make HSA contributions.
                  Health Flexible Account

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                  • #10
                    If this is a general purpose health flexible spending account (FSA) and you are enrolled, you are not eligible to contribute to an HSA.

                    Not to mention, you never indicated if you had an HSA qualifying HDHP in the first place. If you are being offered a general purpose FSA it is almost certain you do not have an HDHP.

                    You must have an HDHP and no other coverage such as your own or a spouses general purpose FSA to be eligible to contribute to an HSA. Only a limited purpose and/or post-deductible FSA would not interfer with HSA contributions.

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                    • #11
                      Originally posted by Indest View Post

                      They say no fees on their website, an I missing something? Is there a hidden fee somewhere? Do they charge commission to buy/sell?
                      It is true that Lively (and Fidelity) has/have no HSA fees. There is a small fee to maintain the TDAmeritrade brokerage account that Lively uses.

                      See Jim's review: <www.whitecoatinvestor.com/fidelity-vs-lively-hsa-review/>

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                      • #12
                        Originally posted by spiritrider View Post
                        If this is a general purpose health flexible spending account (FSA) and you are enrolled, you are not eligible to contribute to an HSA.

                        Not to mention, you never indicated if you had an HSA qualifying HDHP in the first place. If you are being offered a general purpose FSA it is almost certain you do not have an HDHP.

                        You must have an HDHP and no other coverage such as your own or a spouses general purpose FSA to be eligible to contribute to an HSA. Only a limited purpose and/or post-deductible FSA would not interfer with HSA contributions.
                        My insurance has high deductibles, qualifies for HSA, and I never enrolled into the Health Flexible Account

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                        • #13
                          I believe Charles Schwab is merging with (buying) TD Ameritrade if you want to keep it all under one roof. I'm a Fidelity guy myself.

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                          • #14
                            Originally posted by Indest View Post
                            My insurance has high deductibles, qualifies for HSA, and I never enrolled into the Health Flexible Account
                            Not trying to be argumentative. It is just that we have seen many cases of people thinking they have an HSA qualifying HDHP, when they do not.

                            A deductible higher than the HSA minimum deductible (2020 = $1400 self / $2800 family) is not sufficient to be considered an HSA qualifying HDHP. A health insurance plan must also have a maximum out-of-pocket (OOP) (2020 = $6900 self / $13,800 family) and it can not provide any 1st (first) dollar coverage other that preventive services.

                            The two most common ways a high deductible health insurance plan fails to be an HSA qualifying HDHP is by:
                            • Paying 1st dollar coverage via a co-pay, co-insurance or full payment without regard to the deductible for any coverage including just prescriptions.
                            • A family plan embedded individual deductible < the HSA family deductible.
                            As I said before, the mere availability of a general purpose medical FSA is an almost certain indication the health insurance plan is not an HDHP. If the plan was truly an HSA qualifying HDHP, only a limited purpose FSA restricted to dental and vision reimbursement would be available for enrollment. Two other strong indicators are if the health insurance plan does not explicitly state HSA in its title and the employer does not provide for HSA contributions by salary reduction.

                            An HDHP is always a high deductible health plan. A high deductible health plan is not necessarily an HDHP. HDHP is a qualification and not just an acronym.

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                            • #15
                              Originally posted by spiritrider View Post
                              Not trying to be argumentative. It is just that we have seen many cases of people thinking they have an HSA qualifying HDHP, when they do not.

                              A deductible higher than the HSA minimum deductible (2020 = $1400 self / $2800 family) is not sufficient to be considered an HSA qualifying HDHP. A health insurance plan must also have a maximum out-of-pocket (OOP) (2020 = $6900 self / $13,800 family) and it can not provide any 1st (first) dollar coverage other that preventive services.

                              The two most common ways a high deductible health insurance plan fails to be an HSA qualifying HDHP is by:
                              • Paying 1st dollar coverage via a co-pay, co-insurance or full payment without regard to the deductible for any coverage including just prescriptions.
                              • A family plan embedded individual deductible < the HSA family deductible.
                              As I said before, the mere availability of a general purpose medical FSA is an almost certain indication the health insurance plan is not an HDHP. If the plan was truly an HSA qualifying HDHP, only a limited purpose FSA restricted to dental and vision reimbursement would be available for enrollment. Two other strong indicators are if the health insurance plan does not explicitly state HSA in its title and the employer does not provide for HSA contributions by salary reduction.

                              An HDHP is always a high deductible health plan. A high deductible health plan is not necessarily an HDHP. HDHP is a qualification and not just an acronym.
                              I have the following... May you please elaborate on the following:
                              • Paying 1st dollar coverage via a co-pay, co-insurance or full payment without regard to the deductible for any coverage including just prescriptions.
                              Attached below is a copy of my plan. Do i qualify?
                              Attached Files
                              Last edited by Indest; 12-08-2020, 04:42 PM.

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