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  • HSA Bank

    Was thinking about signing up with HSA Bank as recommended by WCI for its low fees. However, it seems there are so many different HSAs out there to choose from. Can anyone share their experiences using HSA Bank? Any other HSAs which might be better?

  • #2
    I use Optum and am happy with it but I've heard good things about HSA Bank, too. You can compare providers here.
    Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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    • #3
      Glad to hear you like Optum. Wells Fargo just dumped me to them but it's too early to tell; your endorsement helps.

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      • #4
        We recommend HSA Bank for all of our clients and have accounts their ourselves...we have had nothing but good experiences with them.  This month, our blog article was "Open Enrollment Season is Here:  Time to Give Your Benefits a Check-up!"  You can find the whole article here (http://www.pauleyfinancial.com/open-enrollment-season-is-here-time-to-give-your-benefits-a-check-up), but the section on HSA is as follows:

         

        Determine if your plan is eligible for a Health Savings Account (HSA)

        A health savings account (HSA) is a savings vehicle established to set aside funds tax free to pay for health care expenses. HSAs may be established by any qualified individual covered by a high-deductible health plan (HDHP). Contribution limits for single coverage for 2017 is $3,400 and for family coverage is $6,750. A catch-up contribution of $1,000 is also allowed for those 55 and older.

        The main differences between the FSA and HSA are the contributions in an HSA are not use-or-lose. You may continue to own money in the HSA even if you change health plans or terminate employment. The contribution limits are higher in an HSA, but they are only available to members enrolled in a high-deductible health plan.

        Below are a few other helpful insights about health savings accounts that may be of interest:

        • HSA accounts can be used to pay medicare premiums if you are 65 or older.

        • HSA accounts can be used to pay for long term care insurance premiums (amount is limited and should be confirmed).

        • Funds can be withdrawn from an HSA at any time after age 65 and are only subject to ordinary income tax (there is no penalty);

        • You can continue to contribute to an HSA as long as you are not on medicare (even if you are over 65).

        • Health Savings accounts can be used to pay expenses for up to a year after one’s passing. After that, funds are passed per your designated beneficiaries or they become a part of your estate (this raises the importance of making beneficiary designations).

        • You can transfer IRA dollars into your HSA (one-time). You may not transfer HSA dollars into an IRA

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        • #5
          New HSA user this year. Next year (2017) my employer is changing custodians. I'd like to not have countless small accounts with funds in them. if my company will not contribute to a custodian other than the one they sponser (whose investments are terrible, btw) should I make periodic, large sum, transfers from my sponsored account to an outside HSA bank so as to continue getting my employer's contribution and not get nickel and dimed with frequent transfer fees?

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          • #6




            New HSA user this year. Next year (2017) my employer is changing custodians. I’d like to not have countless small accounts with funds in them. if my company will not contribute to a custodian other than the one they sponser (whose investments are terrible, btw) should I make periodic, large sum, transfers from my sponsored account to an outside HSA bank so as to continue getting my employer’s contribution and not get nickel and dimed with frequent transfer fees?
            Click to expand...


            This is what I do. Our company's HSA is just a checking account at a local bank; but that's where the corporate contribution goes. I opened my own HSA Bank account and transfer funds once per year. It's really easy after you do it the first time, just a one page form faxed to HSA Bank and they will handle moving the money for you.

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