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How to choose an HSA

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  • How to choose an HSA

    I will be opening an HSA for the first time in 2022 and am currently trying to choose who to go through. I have read several articles online about different HSA providers but am wondering if anyone has good advice. I would like to use Vanguard funds just because my personal brokerage account is with them and it is familiar, but it is not a make or break if I use another investing platform (i.e. Fidelity). I have seen HealthSavingsAdministrators and HealthEquity as recommended for Vanguard investments, but both have downsides of maintenance fees etc.

    Does anyone have solid advice or good experiences with certain HSA providers they can share?

  • #2
    Lively or Fidelity are the typical recommendations. Lower cost and low or no cash balance requirement. Our clients have been happy with Fido.
    Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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    • #3
      Originally posted by jfoxcpacfp View Post
      Lively or Fidelity are the typical recommendations. Lower cost and low or no cash balance requirement. Our clients have been happy with Fido.
      does vanguard do HSAs? I have all my accts at vanguard. is it worth opening up one at fidelity so I can transfer my employer's HSA funds to a fidelity one? do most ppl transfer out of their employer's HSA to a large commercial one?

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      • #4
        Originally posted by GastroMastro View Post

        does vanguard do HSAs? I have all my accts at vanguard. is it worth opening up one at fidelity so I can transfer my employer's HSA funds to a fidelity one? do most ppl transfer out of their employer's HSA to a large commercial one?
        I infer you are employed, not trying to set up HSA plan for business.

        Some do transfer out of employer option. For me would depend on fees and investment options whether worth the hassle. My impression most employers will continue contributing to default HSA and then you can transfer funds periodically

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        • #5
          Vanguard itself does not offer retail HSA accounts. Several HSA custodians offer Vanguard funds, but Vanguard funds for tax advantaged accounts are not really the best anymore. As pointed out be jfoxcpacfp, Fidelity brokerage access at Fidelity's HSA or TD Ameritrade brokerage account at Lively's HSA are far better options than any HSA custodian offering Vanguard funds.

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