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HSA Bank - Investment Options
Posted on 6/4/21 at 9:49 am
Posted on 6/4/21 at 9:49 am
I have an HSA with HSA Bank through my employer. In the near future it'll have the minimum to start investing those funds. My yearly deductible is about $6000 (thanks Obama) so I'll have to do a little calculus on how much cash I want to keep in my HSA as well as how much I can (or want to) absorb from my general savings and emergency fund. Once I've got that amount figured out and socked away I'm going to use everything beyond that in the HSA to invest with.
My two options are with TD Ameritrade or Devenir. Has anyone used either option before via HSA bank and can you offer any advice? I'm leaning TD Ameritrade because I'm more familiar with them and their platform but obviously I'm not going to be day trading or anything with this. I just want to be able to consistently contribute and use the market to help grow my HSA.
Basically any advice on this front would be much appreciated.
ETA: Anything that allows me to trade in dollars vs. shares would be preferable as well. Seeing as I'll be using this for healthcare expenses being able to match more precisely to the expense would be ideal. Also obviously having a monthly contribution all going towards a mutual fund or ETF each cycle is ideal. I don't want to have to buy funds irregularly.
My two options are with TD Ameritrade or Devenir. Has anyone used either option before via HSA bank and can you offer any advice? I'm leaning TD Ameritrade because I'm more familiar with them and their platform but obviously I'm not going to be day trading or anything with this. I just want to be able to consistently contribute and use the market to help grow my HSA.
Basically any advice on this front would be much appreciated.
ETA: Anything that allows me to trade in dollars vs. shares would be preferable as well. Seeing as I'll be using this for healthcare expenses being able to match more precisely to the expense would be ideal. Also obviously having a monthly contribution all going towards a mutual fund or ETF each cycle is ideal. I don't want to have to buy funds irregularly.
This post was edited on 6/4/21 at 9:55 am
4
Posted on 6/4/21 at 9:50 am to jlovel7
I use TDA through HSABank. I keep my deductible in cash and invest the rest in SP500
Posted on 6/4/21 at 10:15 am to jimbeam
quote:
use TDA through HSABank. I keep my deductible in cash and invest the rest in SP500
If you can swing it, it’s not a bad idea to use after tax funds to pay for the deductible as well. You can always make the claim against the HSA in a pinch, but the triple tax savings, particularly in retirement, are obviously awesome.
Posted on 6/4/21 at 10:17 am to slackster
Oh I do, I’m just conservative in many ways. 
Posted on 6/4/21 at 10:25 am to jlovel7
Personally I would use Devenir given your situation. You can set HSA Bank to autosweep anything over a certain dollar amount into your investment account. You just choose what mutual fund allocation you want, similar to a 401k, and it will do the rest. Devenir offers Vanguard funds among others.
I haven't used it yet but I'm pretty sure with TD Ameritrade you will have to initiate the buy order yourself. Especially if you're buying ETFs.
I haven't used it yet but I'm pretty sure with TD Ameritrade you will have to initiate the buy order yourself. Especially if you're buying ETFs.
Posted on 6/4/21 at 10:26 am to jimbeam
quote:
Oh I do, I’m just conservative in many ways.
Nice.
Posted on 6/4/21 at 10:28 am to slackster
quote:
If you can swing it, it’s not a bad idea to use after tax funds to pay for the deductible as well. You can always make the claim against the HSA in a pinch, but the triple tax savings, particularly in retirement, are obviously awesome
This is my third year contributing to my HSA. I keep 2k in the cash account with a 5k OOP max. I've never used any of the money. The smart thing is to probably put as much as I can in the investment account as I could pay the 5k with cash if I had to
Posted on 6/4/21 at 10:37 am to Mingo Was His NameO
quote:
This is my third year contributing to my HSA. I keep 2k in the cash account with a 5k OOP max. I've never used any of the money. The smart thing is to probably put as much as I can in the investment account as I could pay the 5k with cash if I had to
My HSA forces us to keep I believe $1k in cash. I could use another provider I suppose but it’s not that big of a deal. Otherwise the rest is invested.
Posted on 6/4/21 at 11:51 am to jlovel7
My HSA is with UMB. I have a choice of about 40 mutual funds/index funds as investment options. Kind of sucks.
I would want TD Ameritrade. Ability to buy stocks is the reason. I would love that option.
I would want TD Ameritrade. Ability to buy stocks is the reason. I would love that option.
Posted on 6/4/21 at 12:13 pm to jlovel7
HSA is one of the best retirement vehicles. Look up HSA hacks. If you can swing it, open up a separate CC for all of your HSA related purchases. Keep a spreadsheet and receipts for all of these purchases, scan them to the cloud on your phone. Pay that CC off with your regular bank acct, NOT THE HSA DOLLARS. You can reimburse your regular bank account, AT ANY TIME, with your HSA acct. up to the amount that you have recorded in your spreadsheet, tax free. What this allows you to do is let that money grow unhindered, gaining interest, without reducing the amount of money that you are earning interest on. There are probably some youtube videos that explain it better than I. Good Luck!!
ETA: To answer your question though, I have HSA Bank and Devenir, Autosweep after $1000 and goes straight into a Vanguard acct. I can't attest to the TD Amer.
ETA: To answer your question though, I have HSA Bank and Devenir, Autosweep after $1000 and goes straight into a Vanguard acct. I can't attest to the TD Amer.
This post was edited on 6/4/21 at 12:19 pm
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