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How do you set up an HSA account?

Just setting up my accounts after a subscription purchase yesterday. I'm not sure what type of account to choose for my Health Savings Account.

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Answers

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    edited June 2020
    Hi @ lisamdr,

    A lot of folks setup HSA's as investments, mostly because these accounts are often administered by and held at investment firms and the data can be downloaded.  If your account is held by such a firm, I suggest that you make it an "investment" type account.

    If the account is not held at an investment type firm, or if it is, but downloading is not available (or you don't want to download), then you could also set it up as a "bank account" a "cash account" or an "other asset".

    Let me know f you have any followup questions.

    Frankx


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  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    In providing advice about setting up an HSA, we'd also need to know if ALL contributions come from your paycheck (Pre-Tax) OR if you contribute to the HSA from your checking account or such.
    Q user since DOS version 5
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  • lisamdr
    lisamdr Member ✭✭
    > @NotACPA said:
    > In providing advice about setting up an HSA, we'd also need to know if ALL contributions come from your paycheck (Pre-Tax) OR if you contribute to the HSA from your checking account or such.

    It used to be ALL contributions came from husband's paycheck, however as he will no longer be employed by that employer and is now looking for a new employer, any new contributions will come from our own checking account. The interest gained from this particular HSA is extremely low. This account truly acted like a checking account more than a savings account or investment account because it was nearly always depleted within the year. I don't know how any new employment (or any future self-employment) will affect where the money comes from. In any event, all expenses or disbursements from this account go directly to medical expenses.

    Does that help to clarify?
  • lisamdr
    lisamdr Member ✭✭
    Frankx, thanks for your reply.

    Given what you've suggested, it may be that simply treating it as a savings account would be best. As indicated above, it is not an account that rolls over much from year to year - while it is an HSA, we've always tended to use it more like a Flex Spending account because of our high level of medical bills. I can download the information though because it is held as a savings account at a regular bank.
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