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Hidden HSA Fees

3 min read

30 sec brief

HSAs are a clear way to save money for your health, both for short-term and long-term expenses. Their triple tax advantages and automated payroll deductions create such an easy and obvious way to save tax-free dollars. Once you set up an HSA you are set to save month after month; money you can use today or save…

HSAs are a clear way to save money for your health, both for short-term and long-term expenses. Their triple tax advantages and automated payroll deductions create such an easy and obvious way to save tax-free dollars. Once you set up an HSA you are set to save month after month; money you can use today or save for retirement.

Common HSA fees can steal money from your health savings. Let us help you understand costs you can watch out for when evaluating your current or future HSA provider.

Common HSA Fees

  • Monthly Maintenance Fees (for individuals) – this is a set fee just for having an account with your HSA provider.
  • Debit Card or ATM Transactions and Check Processing – fees for paying for health related expenses.
  • Copy of statements – both monthly and tax forms so you can properly report and track your HSA usage.
  • Legal – fees often associated with legal processing related to your HSA account.
  • Account Closure – that’s right! If we want to move to a new HSA provider, expect a cost to get out of your “contract.”
  • Debit Card Replacement – lose your card, it’s going to take time and money to get it back.

Other Considerations

  • Investments
    • Minimum Account Balance – often you will find minimum account balance requirements to invest. $1,000/account is typical from our research.
    • Pre-Selected Funds – HSA providers will limit the number of mutual funds for individuals or add fees for non-restricted access. Be aware of the availability before you commit to a new HSA provider.

Investment features don’t take money from your account but limit your ability to increase the long term value of your HSA. It’s surprising that HSA providers with investment capabilities would want to limit your account value, isn’t it?

Please take the time to investigate any hidden or unknown fees your HSA provider charger to ensure they aren’t stealing value from your health account. At Lively, we believe in 100% transparency, including pricing. You won’t get nicked and dimed at Lively. Here are our full pricing details, but to save you some time, Lively is free for individuals.

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.

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