When to study out HSA options???

[LostDollar]

I assume that there are options for an HSA besides going to a credit union.

a) What asset level does one need to get to with an HSA before it becomes practical to look at something which I assume will be the equivalent of a basic IRA account?

b) Any website or book suggestions for some basic reading about an HSA?

Thank you.
LD

 

[LostDollar]

Can't edit initial post. Wanted to say -- Before it is practical to look at something OTHER than the basic equivalent of an IRA account?

 

[DHK]

https://vsa.fsonline.com/vsap/pdfs/1a2-10-ST.pdf

 

[LostDollar]

Thank you.

Better than I can explain it to my wife (ACA Bronze this year) and gives me "HSA Custodian" search vocabulary.

(and then a quick search adds "Investment Threshold" to that.)

 

[GreenSky]

Call your agent.

Rick

 

[LostDollar]

My agents do not do health insurance and are not HSA Custodians.

 

[scagnt83]

It all depends on how much healthcare you use throughout the year. You have a hdhp, so that means all charges for Care will be out of pocket up to the deductible amount (other than yearly wellness care).

Whatever dollar amount you expect to use over the year, put that mount in an HSA at minimum. That includes RX.

Investment threshold depends on the Custodian. Some require $1k, others are only $100.

HSABank and Vanguard dont have minimum thresholds other than like $100 to open the account. HSABank uses TD if you want access to any investment, then they have another custodian that has a "managed" list of select funds. Vanguard is actually administered through "healthsavings. com" and gives access to a good many funds, including many at admiral share class.

I am doing an HSA this year. I will use one of those two. If you want to be an active investor, go with HSABank/TD. If you want to go passive, use Vanguard. jmo


Arent you on Medicare? Is it just your wife thats on the hdhp? How old is she? If I remember correctly, you cant contribute anymore after you enroll in Medicare. So I dont know that the investment portion would be a big benefit.

 

[LostDollar]

Thank you for the comments.

Yes on Medicare. I have an HDF medigap plan. I have been saving the difference between a plan G cost and a plan HDF cost each month. I was able to pay my HDF costs out of pocket in 2017 and leave my little savings fund alone. I wish I had something like an HSA to be able to put that money in.

Yes on wife. It is my hope that whatever HSA contributions she can make can be more like additional retirement savings for her for the "when I'm gone scenario" rather than needed as current year medical cost cash. Don't know what circumstances life and finances will actually bring to the year.

 

[junkman]

Don't make it complicated. Put 1 or 2 years of out of pocket or whatever level you're comfortable with in a fixed dollar HSA than dump the rest in a mutual fund. Note that the fund has to be at an institution managing it so that it qualifies as being acceptable to legally receive HSA money. I still have one at Optum because they had product available when the law was 1st put into effect. One available choice is Vanguard's S&P 500 indexed and runs ~10% +- depending on what's happening. Only put money you don't need in there. It was negative following the crash in 08 & 09 and following.

 

[GreenSky]

Don't make it complicated.

You do realize to whom you are responding?

Our resident forum troll spends months (years?) deciding which PDP to buy.

Rick