7 Best HSA Accounts For Employers & Employees In 2023

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7 Best HSA Accounts For Employers & Employees In 2023

Both employers and employees have different preferences when it comes to HSA accounts. Some employees want to choose platforms that do not require a management fee or have a limited deposit amount.

On the other hand, employers can manage different employee health benefits through some of the HSA accounts. So, the parameters determining the best HSA account change depending on the employer’s or the employee’s perspective.

That is why we have created a list of different HSA accounts both employees and employers can benefit from. So, without any delay, keep reading this article for further detail.

Contents

What Is An HSA Account?

Working professionals have a saving account created under HDHPs ( High Deductible Health Plans). This is a tax-advantaged account that allows individuals to save for their qualified medical expenses in this account.

The individual owning the account or the employer can make investments in that account. But, there is only a certain limit one can invest within a year. Individual owners can use this fund to pay for some qualified expenses like vision, dental, or prescription drugs.

1. LIvely

LIvely

If you are looking for the best HSA accounts, you can choose Lively. There are a few reasons worth mentioning, such as – it is easy to set up, and there are zero fees charged for the users. Also, their numbers of investment options are adequate, with customer services applauded by a wide number of customers.

Pros

  • No fees are needed.
  • Investment options in-house.
  • They provide investment guidance.

Cons

  • No auto rebalance of funds
  • Some trades might charge you commission fees.

2. Bank Of America

Bank Of America

Users looking for the best HSA accounts can have a good banking experience alongside having a balanced HSA account. More so, this HSA account works alongside other products and offerings like banking, different financial products, and loans by the bank.

Pros

  • Businesses looking for an established brand to rely on can use it.
  • Multiple investment options
  • There is a mobile app available.

Cons

  • Users have to pay a monthly fee of $2.50.
  • Works exclusively well with other Bank of America accounts.

3. HealthEquity

HealthEquity

When employers are looking for the best HSA accounts, they can choose something like Health Equity. In fact, it is the best HSA account for both employees/individuals and employers. However, there is a little bit of fees involved for a balance that is below $2500. Also, they have a mobile app as well.

Employers can use it for an all-in-one plan for company health benefits, HSA, FSA, and HRAs if business owners are looking for health benefits in one place.

Pros

  • This is an employer-centric platform allowing employers easily manage employee benefits.
  • There are also other supports like FSAs and HRAs.
  • Businesses can use it as their one-stop destination for managing the benefits program.

Cons

  • There is no in-house investment option.
  • Accounts with a balance below the minimum required level have to pay fees.

4. Optum Bank

Optum Bank

This is yet another of the best HSA accounts individuals and businesses can use. There is an annual maintenance fee associated with this platform. However, the investment fees vary. They provide a great investment management tool that it offers via Betterment, which is a robo-advisor and company for cash management.

Pros

  • The financial tools have great features.
  • The investment options here are digitally managed.
  • Your portfolio is balanced automatically.

Cons

  • The varying fees might seem annoying.
  • They also encourage the users to maintain a minimum balance.

5. Fidelity 

Fidelity

Users looking for the best HSA accounts already know about Fidelity. It is one of the best platforms for investing in stocks, bonds, ETFs, and mutual funds. Yes, the investment options are diverse. There are the Fidelity Health Savings Fund and Fidelity Health Savings Index Fund helping users manage their funds well. Also, users will be delighted to know that the platform does not charge any fees, nor do they require any fees for opening an account.

Pros

  • Investors can invest in high-quality low, fidelity mutual funds with ease.
  • They do not require any deposit or management fees.
  • They also provide a debit card to be used for only eligible healthcare-related expenses.

Cons

  • When you invest your HSA money, there is an underlying fund cost.
  • Some FIdelity HSA investment options have high expense ratios of up to 0.96%.

6. HSA Authority

HSA Authority

HSA Authority is one of the bes HSA accounts for families with multiple online wealth management features. Users can delegate financial tasks to their family members using online banking portals. This is the best option for two parents who are overseeing the financial management of their family.

Pros

  • There are superior functions for families. Users have different ways of paying bills online, mobile deposit, text banking, etc.
  • They provide Visa debit cards for medical bills.
  • The fund is easy to open and fund online.

Cons

  • investment oversight requires users to pay $36 in annual fees.
  • There is a varying investment ratio among investments.

7. HSA Bank 

HSA Bank

If you want the account creation and management part for HSA accounts to be easy, then choose HSA Bank. The good part is that you can create an account within less than 10 minutes. Also, you can start saving an amount and fund an account easily online.

Pros

  • No premium balance is required to open an account.
  • Options for investing your funds with Devnir or TD Ameritrade.
  • There are no account management fees associated with this platform. But you need to deposit a minimum of $3000.

Cons

  • $25 is charged in fees for closing your account.
  • The investment fees vary.
  • Users have to pay $2.25 every month for account management.
  • Also, investors

Final words

There are many financial institutions allowing users to create their individual HSA accounts. Some of these HSA accounts are also sponsored by employers who collaboratively fund alongside the employee. Whether you are an individual looking for the best HSA account or an employer, you will find this article helpful. The different HSA platforms mentioned here are among the best for both employees and employers.

Please let us know which option feels right for your needs. Also, if you have questions, you can let us know in the comment section. We will answer them in due time. Thank you for reading.

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Shahnawaz is a passionate and professional Content writer. He loves to read, write, draw and share his knowledge in different niches like Technology, Cryptocurrency, Travel,Social Media, Social Media Marketing, and Healthcare.

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