How to Find Best HSA Provider – Health Savings Account

How to Find Best HSA Provider: Health Savings Account (HSA) is an essential investment for everyone. When you get an HSA Account, it provides you double benefits. First one is related to medical expenses and the second one is tax advantage. Health Savings Account is your best companion during your (and your family’s) health problems in future.

Family Health is always the first priority. Human Health is so uncertain nowadays that a health issue can happen anytime. You need to have an HSA Account which you can use for paying the medical expenses. Many banks and investment companies offer Health Savings Accounts, but not all HSA are same. You have to find the Best HSA Provider to invest your money in a Suitable HSA Account.

What is HSA Account?

An HSA is a Health Savings Account provided by a Bank or an Investment Company. The HSA Account is useful to pay medical expenses when an health issue arises with you or your family member.

Types of HSA Account

HSA Providers have developed two basic types of Health Savings Accounts i.e. Spending HSA Account and Investing HSA Account. Both these types are designed to meet your one of the needs.

01. Spending HSA Account: Suppose one of your family member is suffering from a health issue and s/he needs continuous treatment & medicines. In such circumstances, you should get a Spending HSA Account.

02. Investing HSA Account: When your family health is great at present. But you want to save for any health problem that may arise in future. So it is recommended to apply for an Investing HSA Account.

HSA Offered by Your Employer

Most Employers provide 401K Plan and HSA Account to their Employees. If you are working with a company, you may have an HSA Account given by your Employer. But it does not mean you have to continue with that HSA Account. You can choose your desired Health Savings Account which pays you more interest and give maximum benefits.

Can I have more than One HSA Accounts?

Most companies don’t allow the customer to carry more than one Health Savings Accounts at a time. But there are a few organizations which have some exceptional HSA Account Offers. You can invest your money with such HSA Providers to have more than one HSA Accounts. So the answer to your question is: Yes, you can have more than one HSA Account. But there is one condition that your total investment in HSA must not exceed the annual limit.

For example: The Annual Limit for HSA is $7000 and you have an HSA Account of $3300. In this case, you are allowed to invest $3700 in other HSA Account subject to the terms & conditions of your existing HSA Account. That is why, it’s important to read all term and conditions at the time of opening a Health Savings Account (HSA).

How to Find Best HSA Provider

There are two types of Health Savings Accounts i.e. Spending HSA and Investing HSA. Now the next step is to find out an HSA Provider that offers a convenient HSA Plan for you. In order to find the Best HSA Provider, you have to check several HSA Account Offers in detail. You should finally choose the HSA Provider that gives you everything you want in your HSA Account.

Best HSA Provider List

Here we provide some best HSA provider list as follows:

HSA Provider Name HSA Account Features
HSA Authority Minimum Balance:

Monthly Fee:

HealthEquity Minimum Balance: Zero

Monthly Fee: $3.95/-

Debit Card: Yes

HSA Bank Minimum Balance: Zero

Monthly Fee: $2.50/-

Debit Card: Yes

Optum Bank Minimum Balance: Zero

Monthly Fee: $2.75/-

Debit Card: Yes

UMB Healthcare Services Minimum Balance: Zero

Monthly Fee: $2.50/-

Debit Card: Yes

Fidelity Investments Minimum Balance: Zero

Fee: $48/- per Year

Debit Card: Yes

HealthSavings Administrators Minimum Balance: Zero

Monthly Fee: $3.75/-

Debit Card: Yes

Bank of America Minimum Balance: $1000/-

Monthly Fee: $2.50/-

Debit Card: Yes

What to Consider while choosing an HSA Provider

Here we provide some important points for both types of HSA Accounts, it will help you find your suitable HSA Account Provider.

Monthly Fee:

Most HSA Providers tell you everything about the HSA Account Plan. You should check the monthly fee amount before you decide to invest in any Health Savings Account. If the Fee is higher then choose another HSA Provider with no-fee or low monthly fee.

Minimum Balance in HSA Account

You open HSA Account either Spending HSA or Investing HSA. You must know the minimum balance rule set by respective HSA Provider. Because you have to pay charges if you fail to maintain the required minimum balance in your HSA Account. You can also choose an HSA Account with no minimum balance rule.

Easy to Operate and Debit Card

The HSA Provider should provide an easy to operate HSA Account. You should verify the account operating rules and check if the company provides a Debit Card. Because the Debit Card will allow you to withdraw money from your HSA Account at anytime from anywhere in the country.

Investment Limit and Withdrawal Limit

You should ask about the Investment Limit to concerned HSA Provider. Because you can invest the amount per month as mentioned in your chosen HSA Plan. Moreover, some HSA Accounts have restrictions on withdrawals. So we recommend you to consider both the investment limit and withdrawal limit at the time of choosing an HSA Provider.

Interest Rate

Every HSA Provider pays some interest on the money you are investing in your HSA Account. You should go through several HSA Providers’ Plans/Offers to find out the HSA Account with Great Interest Earning and Less Fee & Low Minimum Balance.

Health Cover

You open an HSA Account with a purpose. The purpose is to cover your family’s healthcare and medical expenses in future. But you should not forget to read the health criteria provided in your HSA Account Portfolio. You should check & verify that your HSA Plan covers almost all healthcare and medical expenses that you may face in upcoming years.

Thus, you can now choose the Best HSA Provider to invest your valuable money in a Health Savings Account.

Updated: March 13, 2019 — 7:55 am

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