HSA at fidelity instead of company offered?
Here’s a summary of the main problem and solutions discussed in the conversation:
- Main Problem: The user, t1me2stak, wants to know if they can set up their own Health Savings Account (HSA) at Fidelity rather than through HealthEquity.
- Solution: FidelityCaitlin confirms that t1me2stak can generally open a Fidelity HSA in addition to their employer’s HSA but advises consulting with their employer first.
- Additional Information: Employer contributions will only go into the employer’s plan, and there may be minimum balance requirements to keep the account active.
- Transfer Option: t1me2stak can periodically transfer assets from their employer’s HSA to their personal HSA at Fidelity without needing to close the original account.
If t1me2stak is ready to proceed, they can open an HSA at Fidelity using the provided link.
Here’s the full thread
Hey there! Thanks for stopping by our Discord today.
To be an eligible individual and qualify for a Health Savings Account (HSA) contribution, you must meet the following requirements:
– You are covered under a high-deductible health plan
– You have no other health coverage except what is permitted under Other health coverage in the IRS Publication 969
– You aren’t enrolled in Medicare.
– You can’t be claimed as a dependent
Learn more about HSAs here: https://www.fidelity.com/go/hsa/why-hsa
HSA FAQs: https://www.fidelity.com/go/hsa/faqs
If you have further questions on whether you’re eligible to contribute to an HSA, we recommend speaking with a qualified tax professional, as Fidelity is unable to provide tax advice.
Let us know if you have further questions, we’re always happy to help. 🟢
Thank you! I have confirmed I am eligible. My question has more to do with whether I can set up my own HSA at fidelity rather than HealthEquity and the process to do so.
Hey there, @t1me2stak.
While you can generally open a Fidelity HSA in addition to your employer’s Health Savings Account (HSA), we recommend speaking with your employer. Maintaining an HSA at an external firm may be necessary, as an employer’s HSA contributions will only go into their plan. There could also be required minimum balance thresholds to keep the account active. With that said, you can transfer assets periodically from your employer’s HSA into a personal HSA at Fidelity without closing the existing account.
If you’re ready to proceed you can open an HSA at Fidelity using the link above. 🟢