To set up an HSA, you should look into HSA providers and ask your bank and health insurance company about your options. Consider the following when choosing an HSA provider::
- Some HSAs have fees, such as opening or closing fees and monthly maintenance fees.
- Putting money into an HSA. The way you add money to an HSA can be different depending on your situation. If you have a Pennie plan, you will need to contribute money that has already been taxed, then claim those contributions as a deduction on your federal tax return.
- Banking options. Banking options, like debit cards and online banking, may differ by HSA provider.
- Interest Rate on Cash Deposits. Like other savings accounts, banks pay different interest rates. Try to find an HSA that pays a higher interest rate on the cash you keep in the account.
- Investment Options. Some HSA providers require you to have a certain amount of money before you can invest. Look for providers that do not have minimums and give you different funds to choose from.