How to Find a Good Health Savings Account

Consider a solo HSA if you don't have an employer-provided option.

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Kimberly Lankford
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in How-to

I’m switching to a high-deductible health insurance policy next year, but my employer doesn’t offer a health savings account. Where can I open an HSA? --J.K., via e-mail

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Since your employer doesn’t offer an HSA, consider HealthSavings Administrators. Contributions to an HSA in 2016 are limited to $3,350, or $6,750 if you have family coverage (plus an extra $1,000 if you’re 55 or older). But if you pay medical bills with other cash, you can keep the money growing for the long term, with 22 Vanguard funds to choose from with no investing minimum. You’ll pay an administrative fee of $45 per year and a small quarterly custodial fee. Check out www.hsasearch.com for other options. Several banks and brokerages offer HSAs.

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Kimberly Lankford
Kimberly Lankford
Contributing Editor, Kiplinger's Personal Finance

As the "Ask Kim" columnist for Kiplinger's Personal Finance, Lankford receives hundreds of personal finance questions from readers every month. She is the author of Rescue Your Financial Life (McGraw-Hill, 2003), The Insurance Maze: How You Can Save Money on Insurance -- and Still Get the Coverage You Need (Kaplan, 2006), Kiplinger's Ask Kim for Money Smart Solutions (Kaplan, 2007) and The Kiplinger/BBB Personal Finance Guide for Military Families. She is frequently featured as a financial expert on television and radio, including NBC's Today Show, CNN, CNBC and National Public Radio.