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Only one choice for HSA provider?

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  • Only one choice for HSA provider?

    I am a new attending after training and have been appreciative of the WCI and forum for valuable help. I recall a post by WCI saying that HSA providers can be freely chosen. However, HR / payroll at my hospital insists that I can only pick the HSA provider that the hospital is affiliated with (Health Equity). I have talked to multiple staff and they all say the same thing. Is this something I should try to fight or should I just go with hospital policy?

    BTW I haven't looked into Health Equity much other than a brief search of the forums here (with mixed opinions about Health Equity), but it sounds like it wouldn't be terrible if they were my only option

  • #2
    I don't think you'll have much choice in the matter.  Just use the HSA they offer.  When I did my research, I found that Health Equity was certainly one of the more established, trusted providers.  They also offer some low cost Vanguard funds.  http://www.livefreemd.com/health-savings-account/

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    • #3
      Health Equity is our HSA provider where I work.  For us, they offer Vanguard institutional funds to invest.  I was able to roll over a prior HSA account into this plan without too much difficulty.

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      • #4
        I don't see any reason that you couldn't make your personal HSA contributions to the provider you choose. This would mean setting up the account and making contributions on your own. These contributions, of course, would be accounted for you on your income tax return separately and not on your W2.

        The reason for the pushback from your employer is that they do not want to send employee HSA contributions to multiple providers and have to account for them all - you can imagine what a nightmare that would be! So, you're locked into Health Equity for your employer contributions but not your own.

         
        Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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