How to Choose an HSA Administrator

Important Information On Leading HSA Administrators

When setting up an HSA, there are actually two separate parts: your health insurance, and your health savings account.  While most insurance companies partner with a bank or administrator to establish your HSA, we recommend choosing an independent HSA administrator.

Choose an Independent HSA Administrator

Health Savings Account contributions are required by federal law to be held by a qualified trustee or custodian.  The funds can be deposited with any authorized HSA administrator, regardless of which insurance company underwrites the policy.  Each administrator offers different features, and has a different fee schedule, summarized below.

Our recommendation is to set up your HSA with one of the many third party financial institutions offering to administer your Health Savings Account.  There are two main reasons for this:

  1. Insurance rates constantly change, and there is a good chance that at some point you will find it financially beneficial to switch to a different plan with a different insurance company.  Some insurance company-sponsored administrators do not pay interest to account holders who do not also carry the accompanying health insurance, or they may charge additional fees.  You don’t want to have to change your administrator if you decide to change your health insurance.
  2. Independent HSA administrators often provide lower fees and more investment options than those offered by the insurance company.

Visit our Recommended HSA Administrators page to view a list of our top recommendations for third party financial institutions offering HSA Administration.


For information on how to get instant quotes and choose a plan that is qualified to work with a health savings account, please visit our "How To" Guide page.

HSA for America
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Fort Collins, CO 80524
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