Saving for later is good, especially when it goes about saving money on your health savings accounts or HSA. Keeping your HSA well-funded makes you feel more confident about your future. So, let’s take a look at some practical tips to help you shop around for the best health savings accounts company.
HSA money accessibility
There are several criteria you may use to find the right HSA company. One of them is your money accessibility. Once you place the money in your health savings accounts, you want to retain access to that money and be able to easily manage and use it. Some companies provide easy access to your money by giving you check books or debit cards. This way you can pay for drugs and other medical service related expenses in an easy way. Other companies do not offer you such conveniences. This means you have to fill out some papers to get access to your money. It can be a pretty irritating thing to do, especially when you deal with health problems.
HSA company size
There are both small and large size financial companies, which provide customers with Health savings accounts and services. Each of these options has certain benefits to offer. If you deal with a large bank, you can easily get in contact with their staff in one of the branches they have in different parts of the country. On the other hand, smaller companies may provide you with better customer service and with more attention.
HSA company fees
Always get the list of all the fees you’d have to cover with any particular health savings accounts company. You do not want to be unpleasantly surprised later on with some hidden fees to cover.
HSA saving vs. HSA investment
Most Health savings accounts companies open only saving accounts for their clients. This means your money just stays there earning you nothing. However, there are other companies that turn your HSA into investment. Some of them do not charge you a fee for transferring money from health savings accounts into investment ones and back. Others do. This is a good way to make your money work for you. However, you should keep in mind that saving health savings accounts get insured. If you change them into investment accounts, you get robbed of that privilege.
As a rule, no health savings accounts company set any minimal balance for such accounts. So, you can have any amount of money set there. However, some companies reward their clients for keeping large sums on such accounts. Check out your company policy on that account. They may set lower fees for you, if you keep a certain minimal balance on your HSA.
HSA and health insurance
If you couple your health savings accounts by deductible health insurance, you can reduce the tax payments. However, you should aim to get your HSA match the amount of the deductible of your health insurance This would help you to stay protected and well-funded for your health care treatments.
As you may see, these simple tips on health savings accounts can help you to find the best HSA company to work with and to enjoy some of the benefits offered by this type of saving account.
Belinda Mills is health and finance blogger more of her work can be seen on her homepage