BLOG
HSA

How to Compare HSA Providers

3 min read

30 sec brief

Healthcare saving takes time, effort, and financial foresight. Saving is always harder than spending. Why take all of that effort and get stuck with HSA features for fees that make your money less valuable? Comparing HSA providers will ensure you find the best HSA provider based on your healthcare spending and investing habits. It will…

Healthcare saving takes time, effort, and financial foresight. Saving is always harder than spending. Why take all of that effort and get stuck with HSA features for fees that make your money less valuable? Comparing HSA providers will ensure you find the best HSA provider based on your healthcare spending and investing habits. It will also ensure you don’t get nickeled and dimed so you keep more of the money you save.

HSA Comparison Considerations

  1. HSA Fees – Did you know the average HSA costs individuals and families over $30/year in fees. These include common HSA fees like debit card transactions fees or extra fees to get monthly statements. That’s right you can get charged to use and review your HSA funds! Seem bogus? Finding low cost or FREE HSA providers is a must to ensure you don’t lose a portion of the money you are saving each month.
  2. HSA Features – Once you have all HSA fees understood, you need to find an HSA provider that has the features you need. This should include basic savings and investing options like FDIC insured accounts, debit cards, investment options (the more the better), online sign-up, and monthly reports. Plus a customer team that can answer any questions you have. Sadly, IRS HSA rules and regulations are about as clear as a foggy morning.
  3. HSA Accessibility – With fees and features out of the way, ensuring you can access your HSA funds when you need them, is next on the list. It might seem like an obvious inclusion. In fact, many legacy HSA providers make it hard to get your money. This often surfaces with month-long delays when you want to transfer funds to a new provider or need to get reimbursed with your HSA funds in a hurry for health expenses you incurred on a personal card or account. You need your money when it is convenient for you. Find an HSA provider who can ensure this modern experience.

Use these evaluation tools to help you find the right HSA for you. It provides the path to a customer-first HSA experience. Don’t overpay for your HSA! Get the HSA features you need. Make sure your money is there for you when you need it most.

Can you find an HSA provider that has low or no fees, modern features, and the accessibility you require? A modern HSA provider, like Lively, will help you plan and save for current and future healthcare costs. You can keep your hard-earned money so you end up with the health savings you need.

If you need more help with health account decisions, check out our blog. We will make you a healthcare benefits expert in no time, without any extra work or effort on your end.

Disclaimer: the content presented in this article are for informational purposes only, and is not, and must not be considered tax, investment, legal, accounting or financial planning advice, nor a recommendation as to a specific course of action. Investors should consult all available information, including fund prospectuses, and consult with appropriate tax, investment, accounting, legal, and accounting professionals, as appropriate, before making any investment or utilizing any financial planning strategy.

About the author

Lively

We are HSA Experts! Lively is a Health Savings Account (HSA) platform for employers and individuals. A 401(k) for healthcare.

Ready to get started?

See Why Lively is the #1 Rated HSA Provider