The Basics - Qualifying Plans - HSA Contributions - HSA Investments - HSA Distributions

Q: How do I set up my Health Savings Account?

HSA Investments:

- Where can I invest my money?

An extensive list of qualified HSA administrators and trustees is posted on our HSA Administrators page.  Investment options vary by administrator, and include savings accounts, stocks, bonds and mutual funds.

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- Are there any limitations on changing your HSA account from the initial administrator chosen to another administrator in order to take advantage of additional investment options or lower fees?

No, you may change administrators at any time, although some administrators may charge a fee to open or close your account.

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- Are other investment options allowed, such as real estate, limited liability companies, or gold bullion?

Yes.  The IRS places few limitations on the type of investments allowable for HSAs.  Contrary to what most bankers and brokers will tell you, investment vehicles available to you for your HSA funds do include real estate, private notes and mortgages, limited partnerships, and many other options.

Investments NOT permitted include life insurance contracts, collectibles such as art, antiques, metals, gems, stamps, alcoholic beverages, or other tangible property as specified in Section 408(m) of the Tax Code.

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- How can I maximize my tax-free savings and investment return?

Paying for your medical expenses as they occur and reimbursing yourself in later years allows the HSA to grow tax-deferred.  You must retain records of medical expenses not reimbursed so they can be reimbursed in subsequent years, but by using this strategy your account can grow significantly over time.

Making your deposit as early in the year as possible will also help maximize the tax-deferred growth of your funds.

You can use HSA Bank's HSA Future Value Calculator to estimate the growth of your HSA.

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