Your employer might have an agreement with an HSA trustee, and there might be perks if you use that bank or credit union. Always make sure to ask your employer. Many HSAs have fees, just like regular bank accounts. Some charge a flat fee each month, some charge each time you use the account, and some have a combination of fees. You might also pay to open the account, transfer money or get or replace a debit card.
Ask for a list of all fees and if there are any discounts available. Ask how you can deposit money from another bank account, either one time or by setting up regular, automatic deposits. If you want, your employer might arrange to take money out of your paycheck, before you pay taxes on it, and have it automatically go to your HSA. One difference is the amount of unspent money you're allowed to roll over each year.
An HSA allows you to roll over the entire unspent amount. Or your employer may choose to provide a grace period at the end of the year, in which you can use unspent money for up to two and a half months after the plan year ends. Another difference is that the money you put into an HSA is yours and you can take it with you if you switch jobs or retire. You can't take money from an employer-sponsored FSA with you if you change jobs or retire. It can be challenging. Right now it's difficult to get reliable information regarding the cost and quality of treatment options, doctors and hospitals.
Your employer or health plan may offer some web-based tools or a phone number to call for basic information. Public websites that compare hospital prices and state-based price transparency websites also provide information. The hope is that as health savings accounts and other consumer-directed health care options become more widespread, access to information about cost and quality will expand.
If you take money out for nonmedical expenses after you turn 65, you don't have to pay a penalty but you must pay taxes on the money. There is a problem with information submitted for this request.
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