Heath Savings Accounts: Nine of the Best Providers

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There is no denying that healthcare is one of the more worrying factors to consider in everyday life in this day and age due to the constant price hikes, which make it difficult for people to know how they will manage should they or a family member be in need of healthcare. 

One effective way to help build on your finances to ensure that you have what you need should the situation arise is a health savings account. But what exactly is a health savings account, and who are some of the best providers? 

We will be looking at this in more detail in this article, as well as going through nine of the best HSA providers so that you know where to go when it comes to opening up a health savings account. Let's get started. 

Also read: 11 Best Personal Finance Books

Table Of Contents

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What is a Health Savings Account?

A Health Savings account- or HSA for short- is an account that is tax-advantaged and created either by or for individuals that are covered by high-deductible health plans. 

These accounts are intended to help those under these plans save up for any qualified medical expenses that might be needed in the future. 

When it comes to contributions made into these accounts, they can be made by either the individual or their employer, though the amount that can be contributed every year has a maximum amount. 

These contributions will be made over time and can be used for a range of medical expenses, which also include dental care, prescription drugs, and vision care as well as medical care. 

Also read: 12 Best Finance Podcasts For Your Savings

 

The Nine Best Health Savings Accounts Providers

Now that we have an idea of what a HSA is, let's have a closer look at some of the best providers.

 

Fidelity has a lot to offer in terms of HSA investments, such as a range of in-house investment options- including bonds, ETFs, mutual funds, and stocks- as well as no fees for account closure or for maintenance. 

As well as these lack of fees, Fidelity also has a quick process when it comes to setting up your account. 

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Run by Old National Bank, HSA Authority is one of the leading providers of HSA accounts. 

One of the best features of HSA Authority is its customer service, which offers opportunities for ongoing education as the team walks you through the entire process from start to finish whilst directing you to a huge library of online resources. 

There are also no minimum balances, no annual fees, and no additional charges when transferring to and from your HSA Authority account. 

 

Straightforward and with zero fees for individuals, Lively is an excellent choice when it comes to a HSA provider. 

Lively also has a quick and easy process when it comes to setting up, as well as a highly rated customer service and the option to set up an initial one time contribution or recurring contributions. 

Employers benefit from Lively, as they will receive a $2.95 charge every month for every employee who signs up. 

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A division of Webster Bank, HSA Bank features various modern features such as a mobile app and an online account as well as no minimum balance (though you do pay a fee for the balances of savings accounts with less than $3000, though this is only around $2.50 a month). 

HSA Bank also allows you to pay out medical expenses directly from the funds in your HSA account via online banking, checks, or with a linked debit card. 

 

When it comes to a HSA that is well suited for employers, Healthy Equity HSA has to be one of the top picks due to the ease of setup, the zero account minimums and fees, and the all-in-one solution that is offered for HRAs, FSAs and health plans for the employer. 

The HSA offered by Bank of America is a well-balanced choice that works seamlessly alongside any other accounts that you might have with Bank of America. 

The huge range of financial services alongside the low fees make for a great choice of an HSA service that is offered in a traditional banking environment. 

Also read: How To Manage Personal Finances

When it comes to investment management, Optum Bank is a great HSA account option as they offer various features and tools via Betterment, a cash management company and an online robo-advisor that can help with investment sweeping, automatic deposits, dividend reinvestments, auto portfolio rebalancing, and receipt storage to help keep investments moving in an automated way. 

 

Much like with Bank of America, the HSA offered by First American Bank is a handy HSA choice when it comes to a traditional bank. 

As well as bonus features such as the free mobile app and online banking, you will also have zero minimum balances and account fees with this choice. 

 

Further HSA is another option with a robo-advisor, this one being the Intelligent Portfolios platform, which is one of the best in the business. 

Further is one of the best choices when it comes to investing for the long haul, offering a range of preselected investment opportunities with a balance of only $1,000. 

The only downside here is that the only way that you will be able to use the Intelligent Portfolios robo-advisor is if you deposit $10,000 into your Further HSA. 

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Final Thoughts

So there you have nine of the best options when it comes to opening up a healthy savings account. 

If you're considering opening up a HSA account, and you fit the criteria (such as if you are enrolled in a high deductible health plan), then have a thorough look at all of our listed options at the links provided to their websites to see which HSA provider would suit you best. 

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Heath Savings Accounts: Nine of the Best Providers
Samantha Clark

A Warrington College of Business graduate, Samantha handles all client relations with our top-tier partners. Read More

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