HSA account - where to open? | TigerDroppings.com

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rmc
LSU Fan
Zachary, LA
Member since Sep 2004
22559 posts

HSA account - where to open?



Is my understanding correct that an HSA account doesn't have to be strictly a savings account, that it can have equities in it? If so, does anyone have suggestions on where to open it at?






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Zilla
LSU Fan
Friendswood, TX
Member since Jul 2005
9986 posts

re: HSA account - where to open?


I've never heard of that...usually your health plan provider has a dedicated bank setup ....let me know if you find out otherwise...that would be good to know





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bovine1
LSU Fan
Walnut Ridge,AR via Tallulah,LA
Member since Dec 2004
800 posts

re: HSA account - where to open?


HSA Bank. You have a savings account with them to clear your transactions. The rest you can set up with a TDAmeritrade account linked to them. They also give you a debit card to use for your transactions. I've been with them for years and no probs..





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tigeryat
LSU Fan
God's Country
Member since Oct 2005
2554 posts

re: HSA account - where to open?


ditto HSA Bank

You can also link your personal bank accounts to transfer money to and from.






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rmc
LSU Fan
Zachary, LA
Member since Sep 2004
22559 posts

re: HSA account - where to open?


quote:

I've never heard of that...usually your health plan provider has a dedicated bank setup ....let me know if you find out otherwise...that would be good to know


Just so you know, some banks provide an investment option. Usually limited to a group of mutual funds. I am researching all my options and will post my findings in this thread just in case anyone else finds it useful.

I know the guys above alluded to it, but I am in the process of setting this all up now. Going to contribute my $6,150.00 to my account before 4-15-11 and hopefully another $6,250.00 sometime before 4-15-12. With the tax deduction I am almost covering 80% of my yearly premium. My deductible is retarded, but it works for my families situation.






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Layabout
UNO Fan
Baton Rouge
Member since Jul 2011
6892 posts

re: HSA account - where to open?


A little bit off topic, but does anyone know of a way to open an HSA after the fact? I had a lot of unexpected medical expenses this year that I've already paid with after-tax money. Is it too late to set this up?





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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
30154 posts

re: HSA account - where to open?


quote:

Is it too late to set this up?


I'm not 100% certain but my guess is that it is too late, because you can't withdraw penalty-free unless it is for a "qualified" expense. Paying yourself back after the fact so far as I know is not on the list of qualified expenses, that would just be a withdrawal to yourself which will raise all kinds of red flags.






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Zilla
LSU Fan
Friendswood, TX
Member since Jul 2005
9986 posts

re: HSA account - where to open?


not true, you most def can pay yourself back .... I do it every year... nice xmas bonus...just save your receipts...it's between you and IRS after the fact. I'm just not sure about he lump sum contributions though....as long as you were on a HDHP I bet it's cool though...





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