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Updated 2 months ago on . Most recent reply

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Rene Hosman
  • Rental Property Investor
  • Denver, CO
478
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484
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Have you ever moved your HSA to get better investment options?

Rene Hosman
  • Rental Property Investor
  • Denver, CO
ModeratorPosted

I haven't seen a lot of discussion about this topic which surprises me since I feel like personal finance people talk about HSAs all the time! 

A couple months ago there was a guest on the BP money pod that said something I really liked, "put your risk in your ROTH" and by that he meant that if you're going to invest in something riskier that has the potential to have large returns, put that in your ROTH account because you're only taxed on what goes IN to your ROTH, not what comes out. I am thinking about that in another way, related to my HSA. 

Since HSAs are really limited into what you can put in annually, but they're triple tax savings, I've been really thinking about what I'm invested in within my HSA. My employer uses Optum financial, but the investment options are really limited within that account. I've made a call to see if I can link a Schwab HSBA (health savings brokerage account) because Schwab said it was possible but Optum said they would have to "create a case" for that, whatever that means. Schwab doesn't offer their own HSA account sadly. 

Getting to the point of why I am here - It seems I have the ability to open an HSA at any bank that offers them, then do a rollover from Optum for $20. If I want the bank with the most investment options for my HSA, which bank should I choose? Ideally I'd like the ability to invest in individual stocks of my own choosing (fractional shares is a plus), a diverse option of index funds, and ETFs.

Has anyone found a great banking option to have the most flexibility with your HSA investments?

Finally my closing thought is, is there any downside to moving HSA banks I may not have considered? I understand I likely won't have an HSA debit card like I do now, and that it would be harder to liquidate my investments potentially. I'm paying for medical out of pocket and keeping receipts so that it's really more of a savings account. 

  • Rene Hosman
  • Most Popular Reply

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    Kaaren Hall
    • Financial Advisor
    • Irvine, CA
    58
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    Kaaren Hall
    • Financial Advisor
    • Irvine, CA
    Replied

    Here's a blog I wrote about H.S.A.s invested in alternative assets Financial Independence Retire Early - Achieve FIRE Faster with a Self-Directed HSA- https://udirectira.com/achieve-fire-faster-with-a-self-direc...

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    uDirect IRA Services, LLC
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