Navigating the health insurance landscape can be a daunting task, especially if you’re self-employed or part of the gig economy. But don’t worry, there are millions of Americans just like you who don’t have employer-sponsored health insurance. One of the most powerful tools at your disposal is the Health Savings Account (HSA). But where should you open one?
Let’s take a look at some of the best HSA providers out there. Each one has its own unique strengths, whether it’s low fees or a wide range of investment options.
First up, we have HSA Authority, which is our top pick overall. This is Old National Bank’s own HSA provider. It’s flexible, convenient, and has several advantages that make it stand out from the crowd. There are no monthly maintenance fees or enrollment fees if you create your account online. Plus, you can invest in equities with a minimum balance of $1,000. They also offer a complimentary debit card and checks, full online and mobile banking access with free bill pay and P2P transfers, and competitive interest rates.
Next, we have HealthEquity, which offers the best checking-style HSA. It’s like a full-service checking account, but designed for long-term appreciation. If you’re not keen on investing your health savings in equities, this is a great choice. They also offer a market investment option with roughly two dozen Vanguard mutual funds with tiny expense ratios.
Starship HSA offers a hybrid HSA, which includes both a checking-style account and an investing brokerage account. The checking-style account comes with a debit card and pays you interest if you maintain a balance over $2,000. The investment-style account costs $1 per month for balances under $5,000, and 0.35% annual percentage of your AUM for higher balances.
Fidelity HSA is great for those who want zero maintenance fees. It offers a broad range of investment options in a tax-advantaged package.
For active investors, Lively HSA is a great choice. It uses TD Ameritrade to power its investing platform, giving account holders full control over their investment choices.
Further HSA, formerly known as Select Account, is the best robo-advisor. It uses Charles Schwab to support HSA users looking to invest for the long haul.
When choosing an HSA, consider factors such as ease of access, investment options, minimum balance requirements, ongoing and one-time fees, and interest rates.
Remember, HSAs offer incredible and unique tax benefits and increasing flexibility for account holders. The best HSA administrators make it easy to access funds and pay medical bills, even as you invest for tax-free growth on the brokerage side of your account.
