[Christopher]

Contributing through payroll is usually ideal because that’s the only way to avoid fica taxes (if you contribute from anything else, you you’ll get the usual tax deduction but nothing will claw back fica taxes).

If you’re fine with that tax hit, you can contribute elsewhere, but be mindful of the limits especially since your employers contributions will count against the total limit allowed for the year.

[Danielle]

I brought up my dislike of my company’s HSA as they use a small bank that pays hardly any interest and doesn’t allow you to invest.

My CEO listened and got HR to do something on the back end to have my payroll deduction be automatically routed to my fidelity HSA.

He was even willing to help set up the account which is why I’ve loved working for a small nonprofit

[Prasad]

Are you able to see what funds are available through WEX for you to invest in? Hope they provide some low cost index funds.

Payroll deductions will be the easiest.

[Erica]

anything with taxes and government oversight probably is overly complicated!

We like saving the additional 7.65% through payroll, so we mess with the transfer.

It’s really not difficult, but can be delayed a couple weeks.

[Elisa]

you can do what you want but it’s better to go through payroll as it reduces you’re taxable income. Then transfer to your HSA (at Fidelity or whatever) to make your investments.

The benefit of an HSA isis the triple tax savings- tax free to contribute, tax free growth & tax free withdrawals (with a few exceptions of course).

[Author]

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