Choosing the Right HSA Administrator for the best Health Savings Account

These days health saving account (HSA) plans are increasingly being offered by employers, but employees that work at companies that do not offer HSA options can speak with a representative at their varying financial institutions. Financial institutions such as banks, credit unions and insurance companies can all be administrators or custodians of HSA plans. As with most things of value in your life, you’re going to be looking for service where you can get the most bang for your buck. Here are some other suggestions to assist you in choosing an administrator for you and/or your family.

10 Reasons to Love a Health Savings Account

With the soaring cost of health care, many consumers are turning to the health savings account (HSA) as a way to combat rising expenses. This financial option is quickly growing in popularity and has the potential to save you a significant amount of money.

Are You Considering an HDHP/HSA?

Enrolling in your employer’s company- sponsored, high-deductible heath plan (HDHP) means lower premiums and the ability to use pretax dollars to pay for out-of- pocket costs. But these perks come at a cost—enrolling in an HDHP also brings a higher deductible and added out-of pocket costs.

Understanding a Health Savings Account (HSA)

Otherwise known as an HSA, a health savings account can be funded with your tax-exempt dollars, by your employer, by a family member or by anyone else on your behalf. Dollars from the account can help pay for eligible medical expenses not covered by an insurance plan, including the deductible, coinsurance, and even health insurance premiums, in some cases.

Frequently Asked Questions about HSA Plan Usage

Health Savings Account Considerations

If you already know what an HSA is, and how it is beneficial for you in general, you’re going to be looking for where you can get the best service from an administrator. If you don’t have a sense of being taken care of at an establishment, then you won’t trust them with your hard earned wages. First and foremost, you want to invest in an organization that is accessible for you and values your business. Institutions that have live call operators who can give you friendly one-on-one assistance, are a great starting criteria. When you first establish your HSA you’ll undoubtedly have a few questions that need answers and you’ll appreciate an easily accessible HSA administrator. You will also want relatively simple contribution options for yourself, and your family members. Institutions with available convenient locations and debit or credit card options included in their services are a plus. Some HSA administrators offer checks with your account as well. HSA plans often have associated fees, so you want an administration that has limited fees or offers fee bundles of some sort. You may also want an HSA administrator that educates you on all that is available to you and your family. Those that provide easily comprehendible and accessible options would be a great help. Security when dealing with any financial situations is a must. Institutions that keep your information totally secure and have trusted access options for your HSA are your best bet. HSA administration institutions must provide you with account statements so that you can properly monitor your account. Those that offer secure online options to review your account are the most convenient by giving you anytime instant access to monitor any changes in your account. Some HSA administrators offer investment opportunities with your account which you may be interested in taking advantage of.

Understand your Choices

There are a plethora of options available to you when choosing an HSA administrator that may turn your head one way or the other. It is always best to do as much research as you can for yourself and it will be helpful to consult people who understand HSA's. Contact us to find out what the best fit is for you and/or your family.

Montgomery & Graham helps you care for your employees without neglecting your bottom line.

First, we help select the right plan for your organization. Then, as the link between your employees and their benefit plan, we administer your plan seamlessly and continuously. Schedule a Consultation to find out how we can help you handle and plan innovative employee benefits.

Montgomery & Graham - We Solve Problems

Let us help you find solutions to the challenges your business faces today and tomorrow. Whether your looking to protect your family, home, auto, or business, at Montgomery & Graham Inc we have got you covered. Our team has worked with businesses of all sizes, and individuals with unique circumstances to provide Washington & Oregon health insurance they can trust.

Schedule a consultation to find out how you can take control of your health insurance cost and offer employee benefit packages that excel in company wellness and employee retention. Understand your options and know about the latest insurance strategies, and save money offering innovative healthcare and risk management solutions. We solve problems at M&G, contact us today!

Contact us for a Quote

Setup a free appointment to find out how you can start saving money using the latest insurance strategies!







Employee Benefits
Property & Casualty
Indivdual Insurance

Get a free Health Plan Benchmark Report

a report showing stats for Out of Pocket Maximum's, Co-Insurance, Deductibles, Office Visit Copay, Emergency Room Copay, and Prescription Drug Deductible measured against your industry

See how your employee benefits compare to your competition, FREE REPORT


M&G Benefits resources offer you the lastest in insurance and health care complaincy. Stay up to date on the need to know news regarding employee benefits.Insurance Industry Briefs

M&G Benefits resources offer you the lastest in insurance and health care complaincy. Stay up to date on the need to know news regarding employee benefits.

Answers to the Most Frequently Asked Employee Benefit Questions

"What is Coinsurance?", "What is an EOB?", "What is a PPO?" Confused about common health insurance benefits terms? These FAQs cover the basics to take the mystery out of coverage terms


Benefit Counseling: The Key to Successful Enrollment

As an employer, you want employees to understand and appreciate the substantial value of their benefits. It is important that employees understand their benefits when they are enrolling to ensure they make the best choice for themselves, their family, their lifestyle and their budget.


Managed Care: Health Insurance Terminology

What is Health maintenance organization (HMO)? Or how about Preferred provider organization (PPO)? This article defines managed care and several other terms related to medical insurance.


Consumer Driven Health Care: Health Insurance Terminology

CDHC plans are becoming increasingly popular and truly put you, the consumer, in the driver’s seat. Feel more confident about controlling your health coverage with the most common CDHC terms defined.


Employee Medical Benefits: Self-Funded vs. Fully Insured

All group medical benefit plans fall into one of two categories: self-funded or fully insured. This article explains the differences between self-funded and fully insured employee medical benefits.


The Advantages of Self-funding

In today’s business climate, managers need benefits solutions as resourceful and cutting-edge as the organizations they run. Employers of all sizes are looking to mold their plans around the requirements of their businesses.


Health Reimbursement Arrangements Overview

Health Reimbursement Arrangements (HRAs) are plans designed to help employers and employees lower health care costs. HRAs are employer-paid health care arrangements that are often paired with high- deductible health plans to lower health care costs.


Health Care Reform: Workplace Wellness Program Incentives

This Brief provides an overview of the different types of workplace wellness programs and the Affordable Care Act’s rules on the incentives or rewards that can be offered under the programs.


Health Care Consumerism —What You Need to Know

Health care costs in the United States continue to rise after a decade of unexpected growth. The purpose of these plans is to educate employees concerning the true costs of medical services and to hold employees more responsible for their medical care purchase decisions.