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Comparison Shopping Recommended for Health Savings Accounts
By Krista Williams, Business Relations Specialist, CitizensFirst Credit Union
A few years ago when Health Savings Accounts were new, very few local financial institutions offered them. Most people who qualified for an HSA had to establish an account out of the area, and often paid high fees for set-up, monthly maintenance, and for accessing their funds via debit cards. My how times have changed! Many local financial institutions, both credit unions and banks, now offer HSAs.
Competition for HSA dollars has translated into lower fees and better interest rates for the consumer. A little comparison shopping before opening an HSA can make a big difference between a well funded account and one that gets slowly eaten away by fees. Other points to consider are the rates of return, accessibility of your funds, and knowledge and service level of the financial institution.
Fees: Some local financials no longer charge a monthly maintenance fee or have reduced fees greatly. In addition, some offer additional perks such as free checks, free debit cards, free on-line banking, etc. Be cautious of minimum balance requirements and any “hidden fees.” All of this information, while not always readily available in marketing materials, should be included in any account disclosures. Ask to see the disclosures and to have any and all fees you can expect explained to you up front, including fees for overdrafts, transfers, checks, debit cards, account maintenance, set-up, on-line banking, teller transactions, ATM transactions, etc.
Rates: Rates of return can vary greatly from one institution to another. Some financials will pay you interest on the very first dollar you deposit. Others will increase the rates you receive when you maintain higher balances in your HSA. Look for tiered rates that are above the market average, and check on the rates you are receiving every few months to be sure they are in line with HSA rates at other financials.
Investing some time to see how competitive your HSA provider is in today’s world may save you thousands of dollars in the long run.
Accessibility: Not all financial institutions offer the same amount of accessibility to your funds. Look for what is important to you (and your family, if you have a family plan), and remember to think of the future. Will you have kids in college who will benefit from having their own HSA debit cards to pay for over the counter medication or other health related expenses? Some HSAs offer full accessibility via checks, debit cards, on-line banking and electronic bill payment and ATM access. Remember to ask if there are any fees associated with these features.
Service: Another benefit of local credit unions and banks offering HSAs is the ability to meet with or talk to an HSA Specialist when questions arise. HSAs are still fairly new, and the affiliated rules and regulations are subject to change yearly, as are the amounts an individual or family can contribute on a yearly basis. Look for a financial institution with a staff that will service your needs both when you open the account as well as after. Most account owners appreciate having a knowledgeable and accessible HSA Specialist available to answer questions throughout the year.
Fees, rates, accessibility and service are points that a seasoned HSA owner should consider as well. HSAs are portable financial tools, and should be reviewed on a regular basis. Investing some time to see how competitive your HSA provider is in today’s world may save you thousands of dollars in the long run. Whether you are a “first-timer” or “seasoned HSA veteran” comparison shopping will help ensure that you are getting the most out of your Health Savings Account.
