Establishing your health savings account is a two-step process. Once your HSA-compatible insurance policy has been issued, you can set up your health savings account. You are free to choose any insurance company, bank or other financial institution that offers HSAs to manage your account. No insurance company can require you to place the health savings account with them as a condition of insuring you.
The other choice is to establish your account with a bank or financial institution. While there will be fees involved with this approach, the interest rates and investment options will generally be more attractive. Most financial institutions also allow you to open a brokerage account so you can invest in stocks, bonds and mutual funds. Over the years, the value of investing your HSA funds in the market can be substantial although, as with any investment, there is associated risk.
We recommend that you consider HSA Bank for your account. Full details are available on their website:
www.hsabank.com.
Click here to see a short video on HSA Bank and their account options (requires Macromedia Flash Player).
