![[original_title]](https://rawnews.com/wp-content/uploads/2024/07/1722064218_990_HSA-Bank-eliminating-investment-options-Page-3.gif)
Focus on all normal (i.e. non-personal) investing questions and points, investing information, and concept.
Re: HSA Bank eliminating investment options
I’ve an HSA Checking account with all of my investments at Schwab and switch round $60 to the HSA Checking account each couple of years to pay the $2.50 monthly charge. I’m retired and can by no means be including to my HSA sooner or later. So far as I can inform, the online impact of this modification for me will probably be having to switch the dividends from my Schwab account to the brand new HSA funding choices and pay the 0.1% charge on these (assuming I by no means promote the ETFs in my Schwab account). So, when it comes to charges, this can solely have a small impact (paying 0.1% on a small quantity within the new funding account and having to maintain $1000 within the low curiosity HSA Checking account). The larger ache for somebody like me appears to be having one other account to observe and doubtlessly one other login/password.
Re: HSA Bank eliminating investment options
tj wrote: ↑Thu Jul 25, 2024 6:09 pmseltzer wrote: ↑Mon Jul 22, 2024 4:46 pm
That is hilarious as a result of a number of months in the past my HSA Financial institution funding account was migrated from Constancy to Schwab. Now I can not make investments at Schwab and should make investments with HSA Financial institution.We should wait and see what funds are provided with the “Alternative” possibility:
This feature gives a simplified brokerage expertise with a wide variety of shares, mutual funds, exchange-traded funds (ETFs) and extra. This feature is right for those who’re an skilled investor who could not want steerage from knowledgeable.
Edit: In response to the FAQ one can enroll within the new program by doing the next:
1. Log in to your account.
2. Go to Handle Investments.
3. Start HSA Make investments enrollment course of.Nonetheless I don’t see an possibility to start the enrollment course of.
HSA financial institution by no means used constancy. Are you considering of the td Ameritrade to Schwab conversion?
Sure, my mistake, in my protection each logos are the identical shade of inexperienced lol. After wanting into it, it wasn’t simply an HSA funding transfer however quite Schwab acquired all of TD Ameritrade in 2020. Apparently it took almost 4 years to port all accounts over together with my HSA funding account.
Re: HSA Bank eliminating investment options
I have been confused studying about month-to-month charges on this thread. I’ve by no means had any. After some analysis it seems my insurance coverage pays the month-to-month HSA Financial institution charge on my behalf.
investor4life wrote: ↑Thu Jul 25, 2024 11:02 pm
Has anybody found out what funding choices can be found underneath the “Alternative” possibility? If that’s the case, are you able to publish a abstract?
You should purchase a ton of stuff. I entered a bunch of Vanguard tickers for ETFs and mutual funds they usually had been all out there. You should purchase particular person shares for seemingly no charge, though it’d solely be S&P 500 shares. You should purchase commodities funds, SLV, GLD, and many others.
Stuff you can not purchase so far as I can inform from looking the out there investments: crypto something, leveraged funds, penny shares/thinly traded firms.
Re: HSA Bank eliminating investment options
seltzer wrote: ↑Fri Jul 26, 2024 7:35 amI have been confused studying about month-to-month charges on this thread. I’ve by no means had any. After some analysis it seems my insurance coverage pays the month-to-month HSA Financial institution charge on my behalf.
investor4life wrote: ↑Thu Jul 25, 2024 11:02 pm
Has anybody found out what funding choices can be found underneath the “Alternative” possibility? If that’s the case, are you able to publish a abstract?You should purchase a ton of stuff. I entered a bunch of Vanguard tickers for ETFs and mutual funds they usually had been all out there. You should purchase particular person shares for seemingly no charge, though it’d solely be S&P 500 shares. You should purchase commodities funds, SLV, GLD, and many others.
Stuff you can not purchase so far as I can inform from looking the out there investments: crypto something, leveraged funds, penny shares/thinly traded firms.
Can you purchase SPAXX or SWVXX? Thanks!
Re: HSA Bank eliminating investment options
DBV wrote: ↑Fri Jul 26, 2024 7:40 amseltzer wrote: ↑Fri Jul 26, 2024 7:35 amI have been confused studying about month-to-month charges on this thread. I’ve by no means had any. After some analysis it seems my insurance coverage pays the month-to-month HSA Financial institution charge on my behalf.
investor4life wrote: ↑Thu Jul 25, 2024 11:02 pm
Has anybody found out what funding choices can be found underneath the “Alternative” possibility? If that’s the case, are you able to publish a abstract?You should purchase a ton of stuff. I entered a bunch of Vanguard tickers for ETFs and mutual funds they usually had been all out there. You should purchase particular person shares for seemingly no charge, though it’d solely be S&P 500 shares. You should purchase commodities funds, SLV, GLD, and many others.
Stuff you can not purchase so far as I can inform from looking the out there investments: crypto something, leveraged funds, penny shares/thinly traded firms.
Can you purchase SPAXX or SWVXX? Thanks!
SPAXX sure. SWVXX says “No shares or funds discovered” in order that’s a no.
Re: HSA Bank eliminating investment options
seltzer wrote: ↑Fri Jul 26, 2024 7:35 amI have been confused studying about month-to-month charges on this thread. I’ve by no means had any. After some analysis it seems my insurance coverage pays the month-to-month HSA Financial institution charge on my behalf.
investor4life wrote: ↑Thu Jul 25, 2024 11:02 pm
Has anybody found out what funding choices can be found underneath the “Alternative” possibility? If that’s the case, are you able to publish a abstract?You should purchase a ton of stuff. I entered a bunch of Vanguard tickers for ETFs and mutual funds they usually had been all out there. You should purchase particular person shares for seemingly no charge, though it’d solely be S&P 500 shares. You should purchase commodities funds, SLV, GLD, and many others.
Stuff you can not purchase so far as I can inform from looking the out there investments: crypto something, leveraged funds, penny shares/thinly traded firms.
So do it’s important to pay the ER of the person mutual fund and an additional 0.1% AUM on prime for this “Alternative” possibility?
Thanks.
Re: HSA Bank eliminating investment options
seltzer wrote: ↑Fri Jul 26, 2024 7:46 amDBV wrote: ↑Fri Jul 26, 2024 7:40 amseltzer wrote: ↑Fri Jul 26, 2024 7:35 amI have been confused studying about month-to-month charges on this thread. I’ve by no means had any. After some analysis it seems my insurance coverage pays the month-to-month HSA Financial institution charge on my behalf.
investor4life wrote: ↑Thu Jul 25, 2024 11:02 pm
Has anybody found out what funding choices can be found underneath the “Alternative” possibility? If that’s the case, are you able to publish a abstract?You should purchase a ton of stuff. I entered a bunch of Vanguard tickers for ETFs and mutual funds they usually had been all out there. You should purchase particular person shares for seemingly no charge, though it’d solely be S&P 500 shares. You should purchase commodities funds, SLV, GLD, and many others.
Stuff you can not purchase so far as I can inform from looking the out there investments: crypto something, leveraged funds, penny shares/thinly traded firms.
Can you purchase SPAXX or SWVXX? Thanks!
SPAXX sure. SWVXX says “No shares or funds discovered” in order that’s a no.
Thanks for checking. Not less than a kind of is ready to be bought. Guessing there are most likely some others too. Makes HSA Make investments sound higher at the least. 
Re: HSA Bank eliminating investment options
That is my interpretation, once I signed up for “Alternative” it stated 0.1% annual charge assessed quarterly, although the charge will probably be waived by way of 2024. One may waive the charge by preserving $7,500 of their money steadiness, which can be viable for these with very giant HSAs and/or those that maintain a bigger money buffer for anticipated bills.
- Posts: 8
- Joined: Thu Jan 25, 2024 9:51 am
Re: HSA Bank eliminating investment options
cheapsaver wrote: ↑Fri Jul 26, 2024 1:02 amAstevens2546 wrote: ↑Thu Jul 25, 2024 6:47 amyakk0 wrote: ↑Wed Jul 24, 2024 11:40 pmAstevens2546 wrote: ↑Wed Jul 24, 2024 10:56 amstilllurking wrote: ↑Wed Jul 24, 2024 10:45 am
Has anybody efficiently accomplished an ACAT switch from a Schwab HSBA account to Constancy HSA? I am nonetheless employed by the corporate providing HSA Financial institution/Schwab. I hoped to not be out of the market.I accomplished a switch of my invested funds from Schwab to Constancy per week in the past. Shares and mutual funds transferred in-kind. The whole course of took about 2 weeks. I did an alternate of SWPPX for FXAIX after the funds had been in my constancy account. This gave me a warning message stating a same-day exchanges couldn’t be achieved, and that it will take 2 whole days to course of. Finish of Day 1, SWPPX offered. Finish of Day 2 FXAIX was bought.
My employer contributions (GEHA HDHP Federal plan) nonetheless go into HSA financial institution as money, with my private contributions going on to constancy by way of payroll deduction.
I nonetheless must work out how (and the way usually) to switch employer contributions sooner or later.
Can I simply verify, you initiated the switch from the Constancy facet? Which if I recall appropriately, solely actually wants the account quantity and a replica of an announcement?
I used to be all the time underneath the impression that the funds had to return to HSABank earlier than being transferred out, but when they are often transferred in form from Schwab HSBA to Constancy HSA, that ought to keep away from CA capital beneficial properties.
That’s proper. I initiated the switch from constancy, with out first sending funds again to HSABank. I supplied my account quantity and a PDF assertion.
Additionally, as one poster steered, I used to be not charged the $25 ACATS charge by Schwab.
Did you enter Schwab account quantity and add the schwab assertion quite than HSA financial institution when beginning the switch course of to Constancy? I ponder if this can trigger points with tax reporting like with the 5498 since HSA Financial institution is the account holder at Schwab for my profit. Looks as if HSA Financial institution would have a difficulty with this.
I entered in my Schwab data into the Constancy Switch portal they usually dealt with the remainder. It was a really simple course of. No concept concerning the 5498 to be trustworthy, although HSA Financial institution’s web site now exhibits a zero steadiness the place is used to show the Schwab invested quantity.
Re: HSA Bank eliminating investment options
Sure, hopefully. However consolidating all the things to Constancy additionally helps as an alternative of getting that remaining HSA at Schwab (in my state of affairs).
Re: HSA Bank eliminating investment options
I am going to even be contacting my HR representatives.
-
- Posts: 181
- Joined: Solar Could 19, 2024 12:46 pm
- Location: . . . From Throughout The Corridor!
Re: HSA Bank eliminating investment options
I imply, good effort, however they don’t seem to be going to again down now that they constructed or secured a platform and began their advertising. Possibly they’d relent on the proposed charges for the Alternative Plan, nonetheless, and that will be a win.
- Posts: 2
- Joined: Mon Nov 07, 2022 8:32 am
Re: HSA Bank eliminating investment options
metaldood wrote: ↑Fri Jul 26, 2024 1:35 am
Based mostly on the dialogue right here I opened a Constancy HSA and tried to provoke a switch however Constancy gave an error that the account is restricted. Confused I logged on to Schwab and plainly HSABank w/Schwab doesn’t enable in-kind transfers. I’m in CA so I’m screwed
Is there one thing I’m lacking?
https://hsabank.bynder.com/m/6646bc4d84 … nsumer.pdf
This pdf clearly states must liquidate investments after which switch out of HSA Financial institution?!
For the constancy error, you may must name customer support because the account is being flagged for one thing.
I simply submitted my switch from Schwab to Constancy by way of Constancy and I am going to maintain this thread posted on the way it goes.
Re: HSA Bank eliminating investment options
I opened up a Constancy HSA yesterday and began the switch of the HSA from Schwab.
Thanks.
Re: HSA Bank eliminating investment options
Solely funds greater than $1,000.00 in your HSA money steadiness could also be invested.
1HSA Make investments annual charges are waived for any quarter when your common HSA money steadiness for that quarter is $7,500 or extra.
2Assets underneath administration (AUA) is calculated primarily based on the worth of invested belongings on the finish of every quarter.
Word: HSA Make investments annual charges will probably be waived by way of 2024.
The charges are waived for the remainder of the yr. That provides you time.
I am going to gladly pay you Tuesday for a hamburger in the present day.
Re: HSA Bank eliminating investment options
metaldood wrote: ↑Fri Jul 26, 2024 1:35 am
Based mostly on the dialogue right here I opened a Constancy HSA and tried to provoke a switch however Constancy gave an error that the account is restricted. Confused I logged on to Schwab and plainly HSABank w/Schwab doesn’t enable in-kind transfers. I’m in CA so I’m screwedIs there one thing I’m lacking?
https://hsabank.bynder.com/m/6646bc4d84 … nsumer.pdf
This pdf clearly states must liquidate investments after which switch out of HSA Financial institution?!
I bumped into the identical error message. I known as Constancy and the customer support rep confirmed {that a} restriction had been positioned on the account that I simply opened a couple of minutes earlier. He wasn’t certain why that occurred, put me on maintain for a couple of minutes to speak to the again room, then got here again saying that the restriction had been eliminated and I might go forward and switch funds from Schwab. I initiated the switch of belongings once more and on the prime of the web page, it stated one thing like, “We seen you beforehand initiated a switch, would you like resume?” I did NOT resume the earlier switch, simply proceeded with a brand new switch request and it was submitted. It confirmed an estimated completion date of August 20, however acknowledged that many transfers will probably be accomplished inside per week. The CSR additionally gave me a direct line to the HSA workplace ought to I run into points: 800.544.3716
Re: HSA Bank eliminating investment options
Vastly admire all of the posts and knowledge to date. Discovered about this yesterday so I am glad to see transferring to Constancy must be a fairly seamless possibility. Will work out what to do with the employer contributions as we study extra concerning the ‘new’ make investments platform. I learn a publish elsewhere by somebody who contacted HSA Financial institution that they’d be “grandfathered” in to persevering with use of Schwab, however that appears extra doubtless a misinformed consultant than an precise fact.
Re: HSA Bank eliminating investment options
RJC wrote: ↑Fri Jul 26, 2024 11:01 am
Query for many who have HSA Financial institution/Schwab – how do you cease the automated payroll contributions from HSA Financial institution to Schwab? Is it on the HSA Financial institution facet or on Schwab? Or does it cease mechanically? I do not see the choice in both.I opened up a Constancy HSA yesterday and began the switch of the HSA from Schwab.
Thanks.
On the HSA Financial institution facet. I clicked round till I discovered how one can cease the auto-sweep & recurring transfers.
On the left, click on “Handle Investments”; on the following display click on on the field that claims “Denevir or Schwab”. One would suppose you click on the “Auto-Sweep & Recurring Transfers” on the prime to cease it, but when I recall appropriately that did not work. As an alternative, close to the underside of the Handle Investments web page the place it says “Your Investments at a Look”, it lists your Schwab Well being Financial savings Brokerage Account and on the best there’s a drop-down menu underneath “Handle Your Account”. A kind of selections obtained me to a display that allowed me to cease the auto-sweep (I feel it was “Handle Automated Funding”, however it now says “Set Up Automated Funding” since I ended it).
Re: HSA Bank eliminating investment options
I traded voicemails with my Schwab account consultant in the present day however have not been in a position to join substantively but.
- Posts: 1
- Joined: Fri Jul 26, 2024 8:43 pm
Re: HSA Bank eliminating investment options
For individuals who switch funds from Schwab to Constancy, are these funds out there for reimbursing earlier years’ medical bills? Constancy’s web site says reimbursements are for bills because the yr the account is opened. I’ve by no means reimbursed for any bills but, however have receipts and EOBs for bills from as much as 7 years in the past, so unsure if I’d have the ability to be reimbursed from a brand new Constancy account created in the present day?
Re: HSA Bank eliminating investment options
WildcatMow wrote: ↑Fri Jul 26, 2024 8:52 pm
For individuals who switch funds from Schwab to Constancy, are these funds out there for reimbursing earlier years’ medical bills? Constancy’s web site says reimbursements are for bills because the yr the account is opened. I’ve by no means reimbursed for any bills but, however have receipts and EOBs for bills from as much as 7 years in the past, so unsure if I’d have the ability to be reimbursed from a brand new Constancy account created in the present day?
The reply is in IRS Publication 969
Certified medical bills. Certified medical bills are these bills that will typically qualify for the medical and dental bills deduction. These are defined in Pub. 502, Medical and Dental Bills.
[…]
For HSA functions, bills incurred earlier than you identify your HSA aren’t certified medical bills. State regulation determines when an HSA is established. An HSA that’s funded by quantities rolled over from an Archer MSA or one other HSA is established on the date the prior account was established.
So, to be secure, I suppose you may be sure that there is a roll over from the outdated to the brand new account and maintain data of the rollover and the institution date of the outdated account. (I assume a trustee to trustee switch counts as a rollover, however you may do a 60-day rollover to make certain, since trustee to trustee transfers aren’t reported as rollover contributions on the 5498-SA).
