Retired and I am tired of paying the Heath Equity HSA monthly fees, it is not clear what I am getting for the money. My Stock broker does not charge fees for having an account, or holding Stock, how come the Intel picked HSA gets away with it?
The question is, has anybody moved their HSA account to another Administrator, and if so who and how painful was it.
Information only please, no opinionated rants :--)
Sounds like you retired before the last wave (6/24/16) if you're being charged. HSA was free while an employee, and still free to those of us who retired in June of 2017 (I ERPed). However, it will only be free while you're still under Intel's umbrella. I believe this is 12/31/18 which is when our COBRA expires. But I could be wrong since the last 6 months of COBRA is paid for out of SERMA so it might actually only be free until the end of June 2018.
While I haven't moved my money out yet, I most certainly will before I start getting charged a fee. I don't pay fees. lol First Tech is where I'll be opening my account for 1%. Sure, if you have enough money you can open an account at various other banks/credit unions for potentially higher interest... BUT you'll then be in the stock market so while it may go up more than the 1% that First Tech pays.... it can also go down when the market/fund tanks.
My wife and I both use Saturna Capital as HSA administrators. After a lot of research they met our needs of zero maintenance fees and low-fee investments provided that we limit our # transactions each year. Since we use the HSA as an investment vehicle to save for retirement a simple buy-and-hold allows us to avoid fees. Best of all, as my wife is eligible to make the $1000 annual catch-up contributions but our family uses my HDHP/HSA we were able to open a Saturna HSA just for her catch-ups and not have to carry a cash-available HSA balance anywhere.
It was tough to find an HSA administrator even though you would imagine perhaps millions of investors would have the same goal. HDHPs are common and the HSA is the best saving plan for retirement anywhere. In many ways better than a 401(k), though of course use them too. Pre-tax or deductible unearned income contributions, no RMDs, use for anything after age 65, withdraw at any time <65 tax-free and no penalties based on historical need (so, claim $xxx in 2017 based on medical expenses incurred at any time in the past). They are magical. Unless you are down to your last penny I don't see why anyone would ever not fully fund them and leave all the contributions there in a tax-free shelter. Better to spend $100 of general funds for a medical expense than take $100 out of a tax-free investment which you can never re-contribute.
https://www.hsasearch.com/compare/
If you are in oregon 1sttech bank does not charge fee, move to them
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