Learned something cool today! You can open an HSA with any provider of your choice as long as you have an existing HSA.

For years I assumed I had to stay with my old company's crappy HSA. Between fees and minimums it probably cost me thousands. But today I opened a Fidelity account and transferred everything.

Old news for many of you I'm sure, but I was stoked to learn this.

likehelpful
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I’ve always used a Fidelity HSA and done a rollover from my employer provided HSA account each year.

likesmart

Omg I wish I learned this 10 years ago thank you

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Smart move. I only learned this a year or two ago myself. Very helpful.

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What do you guys think of lively’s hsa vs fidelity?

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By opening your own vs using employer's you're subject to fica taxes on that money

Correct that's for new contributions

helpfullike

Oh interesting, I actually had no idea. I've always been pretty happy with the HSAs that my employers have given me, but I've recently moved into a contractor role. Do you know if contractors can open HSAs with any provider as well?

Yes they can. Fidelity is what looked best to me - opened an HSA there in parallel with my former employers offered plan (Inspira - trash) to transfer the account and new contributions over to avoid fees and have better investing options. I’m freelance now and have my own HDHP and still contribute to that fidelity account. Highly recommend

helpful

Yep for sure, get your HSA over to Fidelity after you leave your employer as soon as possible. No fees and you can manage the money yourself. Many employer plans will fee you up the wazoo after you leave the firm if you keep your HSA with them.

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