HSA fund compensation

[newmindfashion]

Anyone have any ideas on HSAs that compensate agents other than First HSA Inc. in PA? I think they're a first class operation that really knows the rules when you ask and actually picks up the phone when you call in! They give agents a $10 one-time fee for applications submitted with the broker's information in the upper right corner of the application. My only concern with them is that their interest rates are pretty average and there's a $15 sign-up fee. There are so many high interest rate HSAs popping up that don't have monthly fees now.

Anyone know of another HSA source that will give us some token compensation that has better than average interest rates on the HSA?

 

[somarco]

I really don't mess with that side of it since there is no money in it, however I believe HSA Bank offers something.

 

[newmindfashion]

I'll take a look at them.

 

[J.R.]

Anyone have any ideas on HSAs that compensate agents other than First HSA Inc. in PA? I think they're a first class operation that really knows the rules when you ask and actually picks up the phone when you call in! They give agents a $10 one-time fee for applications submitted with the broker's information in the upper right corner of the application. My only concern with them is that their interest rates are pretty average and there's a $15 sign-up fee. There are so many high interest rate HSAs popping up that don't have monthly fees now.

What HSA banks with high rates are you referring to? I know that First HSA offers some VERY nice rates, but only for clients who sign up for a few limited plan benefits.

 

[newmindfashion]

Salpro - "I know that First HSA offers some VERY nice rates, but only for clients who sign up for a few limited plan benefits."

I don't think I know what you mean about only those who sign up for a few limited plan benefits. Their web site has a graduated interest rate depending on amount in your HSA. 1-5K has 2.23% int. rate and 5-15K has a 3.45% rate.

Other vendors have much higher interest from dollar 1 such as:

Delta Trust & Bank
http://www.delta-trust.com/business/savings_health.htm
(4.89%, no service fees)

Cattle National Bank & Trust Company
4.86% (4.97% APY) on all balances.

Shawnee Administrative Services, LLC
4.25% minimum with no set up feee and only a $3 mo. fee.



There's probably more than that out there. First HSA's interest is mediocre and there's a $15 fee. However, I do like them because they're a first class HSA custodian. I use them on my own HSA. I willingly pay the fees because they're worth it.

 

[J.R.]

I don't think I know what you mean about only those who sign up for a few limited plan benefits. Their web site has a graduated interest rate depending on amount in your HSA. 1-5K has 2.23% int. rate and 5-15K has a 3.45% rate.

A while back a member of this forum touted a group that offers HSA accounts @ 6.15%. I took the liberty of contacting the folks at 1st HSA to find out the accuracy of the statement and found out that the rate is a promotional rate for this company http://www.quotemehealthinsurance.com/index.asp?Site=QMHI that offers limited plans. I would love to tell more, but the website seems to have a similar look to the other MLM companies out there touting basic hospital plans.

Other vendors have much higher interest from dollar 1 such as:

Delta Trust & Bank
http://www.delta-trust.com/business/savings_health.htm
(4.89%, no service fees)

Cattle National Bank & Trust Company
4.86% (4.97% APY) on all balances.

Shawnee Administrative Services, LLC
4.25% minimum with no set up feee and only a $3 mo. fee.

There's probably more than that out there. First HSA's interest is mediocre and there's a $15 fee. However, I do like them because they're a first class HSA custodian. I use them on my own HSA. I willingly pay the fees because they're worth it.

In what ways are they worth it? I looked over some of the features and I particurlarly like the Prescription/Medical Procedure Pricing tools, although I am curious how they obtain that information and where they gather information. Do you know if they offer a demo?

 

[newmindfashion]

I think they're worth it because they know the rules when I call with a question and they actually pick up the phone and say "First HSA, can I help you." Its unusual for a company to pick up the phone with a live person when you call. I've actually called other HSA custodians with questions and concerns and found that they were wrong on technicalities.

 

[newmindfashion]

However, that being said, it seems like other HSAs offer a better return on contributions which is why I raised the question as to whether there is any agent compensation with anyone else.

 

[somarco]

It appears Health Equity pays something to brokers.

Got a solicitation from them today. Know nothing about them.

 

[newmindfashion]

Bob,
Thanks. I'll check it out.