Best Places to Open a Health Savings Account (HSA)

Are you confused about where to open an HSA or health savings account? It can be a daunting task, especially if you’re self-employed or transitioning from one employer to another.

For most people, an HSA is offered through their employer, who opens the account as part of their benefits package. However, if you fall into the self-employed category or have an old HSA from a previous employer, you’ll need to open your own HSA account at a provider of your choice.

Setting up an HSA is relatively simple – you just need to open an account with an HSA provider. Once you provide your personal information, such as your name, social security number, and address, you’ll have your account ready to go.

If you’re rolling over an old HSA, you can do this online or contact customer service at your new provider for assistance. Funding your HSA is also straightforward, especially if you have a qualifying health insurance plan as a self-employed individual.

The benefits of an HSA are numerous, with the account being known as “triple tax-free” when used correctly. This means you can deposit money before taxes, watch it grow tax-free, and withdraw it tax-free for qualifying expenses. Additionally, your HSA is an investment account, allowing for higher growth potential compared to a traditional savings account.

So, if you’re looking to open an HSA, make sure to choose a provider that offers no monthly fees and ample investment options. Fidelity and Lively are consistently ranked as top HSA account providers.