How to Find the Best Health Saving Account for Me

If you opt for a high deductible health plan, you can save a lot of money on premiums but you do have the risk of higher out-of-pocket costs. If you combine that high deductible health plan with a health savings account, you can self-insure against those higher potential costs and pocket the difference.

Instructions

• 1

  Contact the human resources department at your employer to see if the firm offers a combination high-deductible health plan and health savings account. Many companies encourage their workers to sign up for high-deductible health plans by offering to fund part, or even all, of their health savings accounts.

• 2

  Call the major health insurance providers in your area and ask about HDHP options they have available. If you already have an HDHP through your employer, contact that health plan administrator. Ask if the plan offers an HSA that you can link directly to the high-deductible health plan.

• 3

  Contact the bank where you have your checking or savings account and ask if they offer health savings accounts. Many banks offer health savings accounts to their customers.

• 4

  Check the health savings account options available from the mutual fund companies and brokerage firms where you have your accounts. Request information about those plans, including their administrative costs and investment options.

• 5

  Compare the administrative fees and expenses for each health savings account you are considering. If you shop around, you can find a health savings account with no administrative fees and very low expenses.