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Archive for March, 2013


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union health insurance
Do health savings accounts provide any benefit for me ?

I have no earned income. Just passive investment income & dividends of less than $50k per year.

Just got High Deductible Health Insurance. After going years without.

My state does NOT provide any benefit for HSAs.
I meant a tax benefit, I have savings. Is there any reason to have a separate account ?
I meant a tax benefit, I have savings. Is there any reason to have a separate account ?

Probably no benefit to you.

I originally had a Hsa because my employer switched to a High Deductible Health Insurance. And because I was earning income, I had a portion of every paycheck sent directly into the Hsa. And of course, this was pre-tax dollars. Thus, the HSA allowed me to put pre-tax dollars aside, and have a nice nest egg to help with that high deductible Health Plan. So that made sense.

Then my job ended, and I got a letter from the bank administering the HSA, and they said my employer had previously paid the fee to manage my HSA, and now they were going to charge me $15 per month. This was really crazy. I had about $5,000 in my HSA, and earned no interest on that money. And now the bank wants to charge me $15 per month just to hold on to my money?

So I had to transfer all this money to another bank that handles HSA. The problem was, all the banks are charging just to hold the money. It’s like a total scam. I finally found a Credit Union that had no fees, and had the money transferred to them. Then a few months later, that Credit Union sent me a letter to say the HSA accounts were not profitable, and they were no longer handling them. So I had to find another bank to transfer the HSA money to. Again, it was hard to find any bank to hold my money, and not charge me a fee to do so.

I think I need to use up all the HSA money before I reach the age of 65 because I think the account turns into a pumpkin at that time. You need to think twice before you decide to get an HSA account. Watch for hidden fees.

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