Investments are not FDIC insured. 5 Key Takeaways on HSA Providers A few of our main findings on HSA providers include: The Best HSAs for Spenders Our rankings for HSAs as spending accounts show that: Still, additional fees, such as those levied on paper statements, account closings, and excess contributions, are mostly avoidable or infrequent and don't affect those providers' High assessments as spending vehicles. The criteria scores are then used in conjunction with their weights to derive a score that reflects our view of an HSA's merits. Employer plans may have different fee schedules. A Relative Strength Rating upgrade for HealthEquity shows improving technical... Get instant access to exclusive stock lists, expert market analysis and powerful tools with 2 months weeks of IBD Digital for only $20! 8 Top Stocks Brighten Investors' Holidays With $38 Billion Gift, Looking For An Earlier Entry In Growth Stocks? The weightings assigned to each criterion remained unchanged since last year: More details about our research and methodology, as well as an overview of industry asset growth and changes in market share at each provider, are available in the full report. Illustrating Fidelity's advantage versus other providers, the chart below shows the total fee that investors pay at each provider for account balances ranging from $5,000 to $50,000. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Terms of Service apply. The HSA Authority and HealthEquity are the next cheapest, offering passive 60/40 portfolios for 0.38% and 0.39% on a $14,000 balance. Search for HSA providers utilizing custom criteria to find the best HSA account provider for your needs. Ownership data provided by Refinitiv and Estimates data provided by FactSet. You'll pay $2.50 per month for an account with a balance of up to $5,000. HSA Overview. We weight each criterion differently based on its importance. IBD editors identified 11 Best HSAs based on account features, customer reviews, benefit consultants' input and Morningstar fund ratings. Choosing an HSA is challenging given the industry's opaque and frequently changing nature, and our evaluations aim to empower investors by helping them choose the best HSA for their situation. 2 Account transaction fees refer to fees for account features such as account opening, funds transfer, debit cards, excess contributions, paper statements, etc. IBD has a new program for students that teaches personal finance and investing. Optum remains the largest HSA, though its market share shrank to about 17% from 21% over that same period. Fees generally remain high and vary significantly across providers, and most continue to impose investment thresholds. Illustrating the advantage that Fidelity, Lively, HealthEquity, and The HSA Authority have relative to other providers, the chart below shows how providers stack up when considering both maintenance fees paid and interest dollars earned at account balances ranging from $0 to $10,000. *Real-time prices by Nasdaq Last Sale. For more research on top HSA providers, download our 2020 report. The criteria scores are then used in conjunction with their weights to derive a score that reflects our view of an HSA's merits. The HSA providers aren't ranked and are listed by total accounts. In our 2020 Health Savings Account Landscape, we rank 11 of the largest or most popular HSAs available to individuals from these two different standpoints: HSAs as a spending account to cover current medical costs, and HSAs as an investment account to save for future medical expenses. To qualify for an HSA (health savings account), your health plan needs to have a minimum … Our modern HSA platform helps you maximize your health care savings! © Copyright 2020 Morningstar, Inc. All rights reserved. 12/01/2020 Weightings can change from one year to the next if there are material changes to any of the three criteria. 0.0/5 (0 … Will it continue? Other exclusions and conditions may apply. However, it charges a flat percentage-based fee instead of dollar-based fees, so its fee advantage erodes once assets surpass $20,000. Read this free infographic and profit all the way! Privacy Policy and Health savings accounts (HSAs) Save for medical expenses, manage your health care spending, and gain potential tax advantages with a health savings account (HSA). They don’t charge monthly maintenance fees or account open or closure fees. Total assets at the four largest HSA providers, which account for more than half of the industry's assets, grew by about 12% during this period and have more than doubled since the start of 2017. Terms and Conditions Privacy Center Disclosures Member User Agreement Corrections Cookies, Our 2019 Rankings of 11 Top HSA Providers. 12/01/2020 Save smart, it’s easy with an OPTUMBank® Health Savings Account or HSA. HealthEquity is the third-best choice. HSA vs. 401(K) Both accounts let you make pre-tax contributions and grow tax-free earnings. format_list_bulleted Detailed Provider Profiles. HSAs … This year, our report also revealed asset-growth trends and changes in market share over the past several years at some of the most prominent HSA providers. Request Info. They … Accountholders at Fidelity, Lively, HealthEquity, and The HSA Authority essentially break even across all account balances. In the first half of 2020, Fidelity's assets grew by $2.2 billion, roughly matching the combined asset growth of the three other largest HSA providers. Take charge of your healthcare spending. But if you decide to … Interest rates: Decreased weighting to 0% from 25%. How We Chose the Best Health Savings Account (HSA) Providers . Fidelity and Lively come out on top. There is an Options Regulatory Fee (from $0.03 to $0.05 per contract,) which applies to both option buy and sell transactions. You can see that: How We Evaluated HSAs Three criteria influence our assessments of HSAs as spending accounts: maintenance fees, interest rates offered, and additional fees. Investing is also free at Lively, and you can invest 100% of your HSA (unlike other providers and most corporate HSA accounts), and you invest at TD Ameritrade. Learn how you can make more money with IBD's investing tools, top-performing stock lists, and educational content. The 2020 Best HSAs logo and accolade are available for licensing through Investor's Business Daily's partner, The YGS Group, at www.IBDlicensing.com or 800-290-5460. Paired with a high-deductible health … And for more insights from our team on the HSA ratings. This commitment to leadership has propelled us to become one of the nation's largest providers of Health Savings Accounts (HSAs) with $7 billio... continue reading. Also highlighted are the Best HSAs in five categories: Investment Options , Investment Quality, Low Fees, Interest Rates and … Get market updates, educational videos, webinars, and stock analysis. Among the HSA providers we evaluated, these are the only HSAs that charge no fees to spenders, avoiding maintenance and additional fees. What is an HSA. Slightly detracting from the appeal of Bank of America and HealthEquity's HSAs is that they require investors to keep $1,000 and $500, respectively, in their checking accounts before investing, creating an opportunity cost for individuals seeking to invest. It works like a regular bank account… HSAs posted healthy growth rates in the first half of 2020 despite market turmoil triggered by the pandemic. Sign up with us today. We score each criterion on a five-point scale of High (5), Above Average (4), Average (3), Below Average (2), and Low (1). format_list_bulleted Detailed Provider Profiles. Assuming the average HSA investment account balance of $14,000, Bank of America has the second-cheapest passive 60/40 portfolio, with a 0.26% fee. At Bank of America and The HSA Authority, fees decline as account balances grow. Search for HSA providers utilizing custom criteria to find the best HSA account provider for your needs. Your health savings account can provide a triple-tax advantage, trim your health care costs and help you save for retirement. Accountholders at Fidelity, Lively, HealthEquity, and The HSA Authority essentially break even across all account balances. 1 $0.00 commission applies to online U.S. equity trades, exchange traded funds (ETFs) and options (+ $ 0.65 per contract fee) in a Fidelity retail account only for Fidelity Brokerage Services LLC retail clients. About HSA Search TM. (Note that these rankings may be different when evaluated for use by employers, where fees are often negotiable based on several factors.) FDIC Insured: Applies only to savings/checking accounts. For HSA spenders, Lively represents the second-best choice. HSA Bank is a low-fee provider of health savings accounts. Health savings accounts provide a way for people with high-deductible insurance plans to plan for out-of-pocket expenses. Health Savings Account (HSA) Providers. Accountholders at the other seven providers incur net costs of … The chart shows: The Best HSAs for Investors Fidelity again represents the best HSA for investing, as it: Conversely, other providers charge higher fees that typically vary depending on the account balance. How It Works API Platforms Brokerage Implementation and Ongoing Support Documentation. Additional Fees: Maintained weighting at 0%. HealthEquity is attractively priced for investors with smaller balances of $10,000 or less. Where to start your search? HSA accounts can be started with banks, brokers, credit unions, and even insurance companies. 100% free health savings accounts for individual and families. It's always waived maintenance fees but has many additional fees. The fee is subject to change. View detailed HSA provider profiles listing key features, … And for more insights from our team on the HSA ratings, sign up for our webinar. But only an HSA lets you take tax-free distributions for qualified medical expenses. Maintenance fees: Increased weighting to 100% from 75%. After age 65 you can use your … Here, we take a closer look at each set of rankings and the factors that contributed to each HSA provider's standing. Authors may own the stocks they discuss. It's Open Enrollment Season. Accountholders at some of the other providers pay hefty fees regardless of account size. The HSA Authority comes in fourth place. #Federally insured by the National Credit Union Administration, MarketSmith's Tools Can Help The Individual Investor, 4 Ways To Boost Retirement Saving By $1,000 (Or More) A Year, Get Free IBD Newsletters: Market Prep | Tech Report | How To Invest. Explore Consumer Driven HSA Group Coverage by UnitedHealthcare. Many HSA providers charge you up to $25 to close your HSA if you’re no longer eligible, though you can generally still use the funds in your account. Refer to the fees and commission schedule for additional detail at https://www.fidelity.com/trading/commissions-margin-rates. Additionally, if you withdraw funds for any … We’ve got 12 big deals on premium IBD products! (Morningstar Direct and Office clients can download the report here.). See Fidelity.com/commissions for details. We found that, as before, Fidelity offers the best all-around HSA for individuals, as it is the only HSA provider that earns a High assessment for both its spending and investment accounts. Investors at Fidelity can buy a passive 60% stock/40% bond portfolio for an all-in cost of 0.02% regardless of account balance. Health Savings Administrators is an HSA provider that does offer a solid choice of investments, including Vanguard funds, but they do charge higher fees than others on this list. Optum, Lively, and HSA Bank are expensive, where investors with a $14,000 balance pay between 0.56% and 0.68% for a passive 60/40 portfolio. 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