As long as you have an eligible high-deductible health insurance plan, you can open a health savings account with many banks and brokerage firms.
Caveat: If your employer limits payroll deduction of your HSA contributions to its recommended HSA provider, use that account so that your contributions avoid the 7.65% Social Security and Medicare (FICA) taxes and to ensure you get any company match. Once you’ve taken advantage of those benefits, though, you can transfer your funds to another HSA.
Great Deals on Practically Everything
- Save Big Bucks on Your Phone Plan
- Best Health Savings Accounts for Your Money
- Amazon.com: Deal or No Deal?
- 3 ETFs for Cheap Stocks
- 3 Strategies to Remodel Your Kitchen for Less
- 4 Insurance-Policy Add-ons Worth the Money
- How to Save Big on Furniture and Clothes at Warehouse Sales
Consider these deals for different types of HSA savers:
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
For long-term goals
If you use money outside of the HSA to pay medical bills now, you can build up cash tax-free in your HSA for future medical expenses, such as health care in retirement.
HSA Bank offers a large menu of mutual funds and other investments through TD Ameritrade. The monthly account-maintenance fee of $2.50 is waived if you maintain a balance of $5,000 or more.
For near-term expenses
Credit unions offer the most-competitive rates. For example, Lake Michigan Credit Union, which is open to anyone who donates $5 or more to the West Michigan chapter of the ALS Association, is paying 1.5% — or 2% on savings of $5,000 and up.
For a complete list of rates on HSAs, go to www.hsarates.com.
-
What the Comcast Cable Spinoff Means for InvestorsComcast has announced plans to spin off select cable networks and digital assets into a separate publicly traded company. Here's what you need to know.
-
TJX Stock: Wall Street Stays Bullish After EarningsTJX stock is trading lower Wednesday despite the TJ Maxx owner's beat-and-raise quarter, but analysts aren't worried. Here's why.
-
Five Ways to Save on Vacation Rental PropertiesTravel Use these strategies to pay less for an apartment, condo or house when you travel.
-
How to Avoid Annoying Hotel Fees: Per Person, Parking and MoreTravel Here's how to avoid extra charges and make sure you don't get stuck paying for amenities that you don't use.
-
How to Appeal an Unexpected Medical Billhealth insurance You may receive a bill because your insurance company denied a claim—but that doesn’t mean you have to pay it.
-
Amazon Prime Fees Are Rising. Here’s How to Cancel Your Amazon Prime MembershipAmazon Prime Amazon Prime will soon cost $139 a year, $180 for those who pay monthly. If you’re a subscriber, maybe it’s time to rethink your relationship. Here’s a step-by-step guide to canceling Prime.
-
How to Haggle for Almost AnythingSmart Buying Learning how to haggle is an invaluable skill. These strategies will help you negotiate a better price for just about any product or service.
-
Disability Insurance Can Provide COVID CoverageCoronavirus and Your Money If you are concerned about long-term complications from COVID-19, consider disability insurance coverage.
-
21 Things You Can't Return to Amazon — Either Online or In-StoreDid you know there are things you can't return to Amazon? Before tossing these items into your shopping cart, be sure to read Amazon's return policy first.
-
How to Avoid a Charity Scampersonal finance Scammers never quit, even when you're trying to be altruistic. But you can avoid getting duped if you do your homework.
