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Tired of high premiums? A high deductible plan may work for you.
When coupled with a health savings account, a high deductible plan helps you save premiums and taxes - very cost efficient!

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HSA Administrators

At which financial institution should I maintain my HSA savings account?

Since we've been marketing HSA plans, and MSA plans prior to that (beginning in 1999), this is the single most asked question. The answer is simple: Any financial institution of your choice.

Virtually every financial institution that is IRS-approved to handle IRA accounts is automatically eligible to handle HSA accounts. Ultimately, however, a very small percentage of eligible institutions opt to handle HSA accounts, most likely due to increased reporting required by the IRS for HSA accounts compared to IRAs.

Today, we recommend the same bank we've recommended since 1999: HSA Bank.

HSA Bank is the trade-name for a subsidiary of Webster Bank, NA, a Connecticut-based bank that is one of the nation's top 35 largest commercial banks.

In addition to their financial strength, here are some of the advantages of doing business with HSA Bank:

  • Low fees ($2.25/month, waived with $3,000 balance)
  • Access to a wide variety of investment options (if you are so inclined)
  • Easy access to funds via check or debit card
  • FDIC insurance on deposits up to $250,000 per account

But best of all, the #1 advantage of doing business with HSA Bank is their experience.

From time to time, we have tinkered with recommending other banks, especially when one has a lower fee structure. But in the end, clients often end up being disasstisfied with customer service. That being said, we have never had a client complain to us about the service they received at HSA Bank. So we keep recommending them and are glad to do so.

Their website is chock-full of information on HSA's (they do not "sell" anything so you know the information is neutral). It's a great resource, even if you opt to open your account somewhere else (although we highly recommend not having your account tied to your insurance policy).

Here's a link to their site to surf: Visit HSA Bank (new browser will open)

If you are interested to open an account, here's a link that will provide you with a token discount:

Click here to open an account with HSA Bank (new browser will open)

Disclaimer: We do receive a referral fee from the bank (a very, very small fee). You do not need to be an insurance client of our agency to take advantage of the services available at HSA Bank.