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.
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.
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.
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.
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.