Unable to import account data for HSA account

starr.ryan
starr.ryan Quicken Mac Subscription Member ✭✭
in Download, Add/Update Accounts (Mac)

I'm having issues importing data for my HSA account which is with Optum Financial. The website has a .QFX download which works fine for my dependent care account and Flex spending. When I attempt to import the file for the first time it doesn't give me the option to link it to any investment account. Just to test I set up a dummy savings account and it worked fine. Is there a trick to importing files to investment accounts?

Money in the HSA can be invested so I would like to be able to track this no different than a brokerage account.

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Answers

  • John_in_NC
    John_in_NC Quicken Mac Subscription SuperUser, Mac Beta Beta

    Hi, @starr.ryan

    While I have had a high deductible insurance plan for 10 years, HSAs are just beginning to become more popular. What I have found from personal and others' experiences around here is that transaction download is limited. All of my transactions have to be manually entered, but some plans are beginning to allow Quicken support. It's not a big deal for me as I don't have much activity.

    One thing to note is that with HSA investing is that it is often two separate financial institutions: you have your main one that handles the cash transactions/medical transactions. (That is likely what you were able to QFX download-and from the name your employer uses/debit card.)

    The investment side is often handled by a third party brokerage (which usually does not support Quicken as they are acting behind the scenes)-and they report the balances back to your HSA provider. With the three managers of my HSA (same employer) over the years, they all work the same. Go to one website to see cash HSA transx, and then when you go to view/handle investments, you are actually being redirected to somebody else, sometimes with a similar interface.

    That said, I don't suspect you will be able to represent this with a single account in Quicken: You will have to have one for the cash transactions/transfers in from employer contributions and another for the investment account. Whether or not each support Quicken is HSA dependent. You will have to check out transx download ability on the investment side.

    I hope this info helps. Reach out if you have more questions.

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