[Kelly]

Curious about Fidelity’s HSA. The company where I work, is too small to offer one which is a bummer.

Is it really a dream come true that I can put cash into the HSA at Fidelity and actually have it come off my income at the end of the year??

I realize I can call them and ask them as well, but I was wondering about the hive perspective from an actual customer.

TIA!

[Peter]

Yep, it really works like that. I’m self-employed and use Fidelity’s HSA—contributions come off your income at tax time if you itemize properly.

Plus, you can invest it like a mini retirement account.

[Lee]

Make sure your company is offering you a qualified high deductible plan for your health insurance

[Dan]

I believe contributions are tax deductible, so provided you have an eligible insurance plan, you deduct at tax time.

[Taliah]

I have my HSA at Fidelity as I don’t like my co’s. I’ve had no issues including from a tax perspective.

[Elizabeth]

Yes, it is possible, but you need to be absolutely sure that the plan your employer offers is “HSA Eligible”.

Having a high deductible is not enough as there is other criteria to make it eligible.

[Tristan]

An HSA is available if you have high deductible insurance. Contributions are pretax, so yes it lowers your income on your taxes.

It grows tax deferred, and if pulled for qualified expenses it is a tax free withdrawal

[Shawn]

Yes, you can contribute on your own if you have a high deductible plan.

The down side is that it is not payroll tax free, aka you still have to pay FICA.

[Scott]

we use fidelity vs my wifes employers hsa for our contributions
we contribute after tax dollars and get it deducted at tax time
the wifes employer side contributions go into their hsa account and we roll it to fidelity every year or so

the only downside to this is you will be paying fica tax on the hsa money you contribute

however in our case the employers chosen hsa fee schedule is so terrible that it is cheaper to pay the fica tax than the multiple transfer fees and the oportunity cost for having the money not invested for x amount of time…

[Jody]

I contribute to my company’s plan and then quarterly I transfer funds over to my Fidelity HSA.

It was easy to open and move money around.

I thought I was stuck with my company’s HSA and investment options for years before finding out about this – better late than never.

[Raegan]

Hi! I work for a small company that doesn’t offer a group HSA program. Instead, we encourage everyone to open an HSA at their preferred bank and do payroll deductions to contribute to the HSA.

I have found that fidelity can be difficult to enroll into an HSA (I called numerous times and could never get enrolled and couldn’t enroll online).

Instead, I have recommended LivelyHSA as an alternative that allows you to invest your HSA funds as long as you’re enrolled in an HDHP.

Regardless of which HSA you enroll into, it gets written off your income at the end of the year

[Wayne]

HSAs are tied to a HDHP. You can get your own individual one (won’t be cheap)

[Chung]

I have my HSA at fidelity. I’m not sure what you are asking. I make my deposits and then invest them just like I would in a regular brokerage account.

I own my own small business so if you work for someone else, I’m not sure what you would need to do.

[Author]

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