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Fidelity HSA, anyone switch yet?

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  • Avatar jbmitt 
    Participant
    Status: Other Professional, Spouse
    Posts: 50
    Joined: 07/14/2017
    Splash Refinancing Bonus

    Yes we did.  We moved both of our accounts from OptumBank to Fidelity.  She already had a Fidelity HSA via her employer and I just opened my account.  Her transfer was delayed because the statement from OptumBank that Fidelity requested and we provided indicated that her HSA was invested.  We got a vague message on the transfer tracker followed by a letter.  Turns out, that despite us moving her HSA to cash they wouldn’t transfer anything.  A firm exchange with Fidelity support fixed everything.  I was pretty annoyed that they wouldn’t bother contacting us by phone or clarifying that we had done what they requested.

    Just a FYI so others don’t have the same problem.  Otherwise we’ve been happy with having everything consolidated at Fidelity.

    #167203 Reply
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 939
    Joined: 02/15/2016

    Does Fidelity offer HSA for employers? My company uses Optum. It has pretty good funds but requires $2k in the savings account.

    #167205 Reply
    Avatar jacoavlu 
    Moderator
    Status: Physician, Small Business Owner
    Posts: 1691
    Joined: 03/01/2018

    ^^ yes

    The Finance Buff's solo 401k contribution spreadsheet: https://goo.gl/6cZKVA

    #167208 Reply
    Liked by jhwkr542
    Avatar jbmitt 
    Participant
    Status: Other Professional, Spouse
    Posts: 50
    Joined: 07/14/2017

    Does Fidelity offer HSA for employers? My company uses Optum. It has pretty good funds but requires $2k in the savings account.

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    Yes.  Until Thursday, that was the only option to have an HSA at Fidelity.

    OptumBank has been one of the bigger players in the HSA industry.  They took over our HSA that Wells Fargo held, and have had other acquisitions.  They aren’t bad, the fees and investment options worked well for me.  I moved everything away from them because our employer sponsored family plan is with Fidelity and it was an opportunity to eliminate an account.  I’m not making contributions to my personal HSA account and it was another opportunity to consolidate everything in one place.

    #167210 Reply
    Liked by GasFIRE, jhwkr542
    Avatar spiritrider 
    Participant
    Status: Small Business Owner
    Posts: 1507
    Joined: 02/01/2016

    Does Fidelity offer HSA for employers? My company uses Optum. It has pretty good funds but requires $2k in the savings account.

    Click to expand…

    Fidelity used to only offer HSA accounts to businesses with 2000 employees. This year they reduced that to 50 employees. I don’t know if this individual offering changes that.

    The new individual account lists a caveat that the fees are not waived for employer plans. The last I knew that was $12/quarter, either paid by the employer or deducted from your HSA account.

    #167227 Reply
    Avatar orthodds 
    Participant
    Status: Dentist
    Posts: 93
    Joined: 11/07/2017

    Spiritrider, who are you? I ask because you always seem to provide the best, most on-point answers on this forum.

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    Just someone with an inquisitive mind, a penchant for research and maybe a little bit OCD about finding the citations in the IRC, CFR and/or IRS guidance. I am just some random anonymous guy on the internet with way too much time on my hands. For clarity, I am not a lawyer, CPA, retirement plan specialist or candlestick maker. So like in medicine, second (especially professional) opinions are a good backup and I am not responsible if you burn your house down making candles.

    I am more like @WCI, @peds, @dmfa, @mpmd, @jacoavlu and others than anything else. I think they all started doing a specific deep dive for their own purposes. Then decided they wanted to more thoroughly understand all tax and tax-advantaged account issues facing them. Then some other member posts a question not involving anything they need for their own use, but they are curious and research the answer for them. At this point they are done.

    I started 50 years ago reading IRS publications, and Form Instructions front to back to help my mom do my dad’s business accounting and taxes. Then the internet exploded and you could read the Internal Revenue Code (IRC) and Code of Federal Regulations (CFR), research IRS Revenue Rules, Notices, Announcements, etc..

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    Now you’re just teasing me.  What is/was your profession?  I’m a little sad it sounds like I can’t hire you to be my financial advisor/accountant/corporate attorney.

    #167230 Reply
    nachos31 nachos31 
    Moderator
    Status: Physician
    Posts: 416
    Joined: 01/12/2016

    My wife and I have individual HSAs with our respective employers. If we wanted, could we transfer both to a single Fidelity HSA? Or would we have to transfer to separate new HSAs?

    #167235 Reply
    Avatar spiritrider 
    Participant
    Status: Small Business Owner
    Posts: 1507
    Joined: 02/01/2016

    HSAs just like IRAs are individual accounts. You must transfer to separate accounts.

    #167238 Reply
    Liked by nachos31
    Avatar G 
    Participant
    Status: Physician, Small Business Owner
    Posts: 1316
    Joined: 01/08/2016

    Does Fidelity offer HSA for employers? My company uses Optum. It has pretty good funds but requires $2k in the savings account.

    Click to expand…

    Fidelity used to only offer HSA accounts to businesses with 2000 employees. This year they reduced that to 50 employees. I don’t know if this individual offering changes that.

    The new individual account lists a caveat that the fees are not waived for employer plans. The last I knew that was $12/quarter, either paid by the employer or deducted from your HSA account.

    Click to expand…

    This was my understanding as well from the Fido rep who presented to us.  70ish employees.  We could not get the fee waived.  Assuming you take that 2k and invest it, you’d come out ahead of the fee.

    #167245 Reply
    DMFA DMFA 
    Moderator
    Status: Physician
    Posts: 2115
    Joined: 06/24/2016

    Gotta try to stay one step ahead of that firm that starts with V.

    "I like money." - Frito Pendejo (Idiocracy)

    [Not a financial professional (yet), lawyer, or employee of The White Coat Investor]

    #167254 Reply
    Avatar IRdoc 
    Participant
    Status: Physician
    Posts: 30
    Joined: 01/10/2016

    has anyone rolled an HSA into a self-directed HSA to make “alternative” investments with such?

    #167263 Reply
    Avatar spiritrider 
    Participant
    Status: Small Business Owner
    Posts: 1507
    Joined: 02/01/2016

    I can’t think of a bigger oxumoron than a self-directed HSA. Why oh why would you want to take that risk with your HSA?

    #167276 Reply
    Avatar IRdoc 
    Participant
    Status: Physician
    Posts: 30
    Joined: 01/10/2016
    Disability Insurance

    I can’t think of a bigger oxumoron than a self-directed HSA. Why oh why would you want to take that risk with your HSA?

    Click to expand…

    The fact that my last 2 consecutive investments over the last 4 years have returned 64% annualized ROI perhaps

    #167279 Reply
    Avatar spiritrider 
    Participant
    Status: Small Business Owner
    Posts: 1507
    Joined: 02/01/2016

    Anecdotal individual results are absolutely no guarantee of future performance. If there was ever a type of account not to take unnecessary risks it is an HSA account.

    Why some physicians who have such high incomes and absolutely no need to take unnecessary risks seem to be drawn to them. Rather than be happy with market returns, some seem more like speculators and gamblers than investors.

    #167299 Reply
    Liked by ginmqi, saildawg
    Avatar G 
    Participant
    Status: Physician, Small Business Owner
    Posts: 1316
    Joined: 01/08/2016

    Anecdotal individual results are absolutely no guarantee of future performance. If there was ever a type of account not to take unnecessary risks it is an HSA account.

    Why some physicians who have such high incomes and absolutely no need to take unnecessary risks seem to be drawn to them. Rather than be happy with market returns, some seem more like speculators and gamblers than investors.

    Click to expand…

    Well, to play devil’s advocate … I can easily cash flow deductibles and don’t plan on touching my HSA til I’m retired, bedbound at home, or incarcerated in an LTAC.  I don’t know if I’m ballsy enough for alternatives, but I’m gambling on 100% equities.  (I obviously lucked out this last decade.)

    The fact that my last 2 consecutive investments over the last 4 years have returned 64% annualized ROI perhaps

    Click to expand…

    Unless IRdoc is telling me I can invest in that Macallan 60 coming up this month at Christie’s….

    #167307 Reply
    Liked by Firefly

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