Points to remember while opening Health Saving Account

HSAs or Health saving Accounts are becoming popular day by day. Because of the various benefits provided by these financial accounts more and more people are opening HSAs. These accounts besides covering medical expenses give individual an opportunity to save some money from being taxed.

Whenever an individual plan to open a HSA, the first things that comes in mind is what points to consider while selecting right HSA. Besides banks and insurance companies, there are many other financial institutions which deal in HSAs.


5 key features to be considered while opening HSA

  1. Convenience: in this busy world convenience is the most important factor to be considered. With digitalization, opening and management of HSAs can be done online
  2. Ease of Assessing account: Nowadays, Health Saving Accounts can be accessed by using a debit card and checks. However, there are still some HSA’s which follows old tradition of filling up and form submissions for reimbursements. An individual can select an account as per his/her preference
  3. Fees: Nowadays, there are HSA’s that can be opened for free, it’s the fees that are charged for the services provided which one should consider while opening HSA. Different institutions charge different fees for their services. Fees like: fees for replacing or renewing debit card, fees for transfer of funds to an investment account, fees for insufficient funds or an overdraft. Hence, it is important to compare the fee structure of various institutions and then make the selection.
  4. Security: Security becomes a major concern when dealing with one’s hard-earned money. An individual should make sure that the financial institution which uses highly secure methods to make sure the account holder money remains safe and secure.
  5. Investment Option: There are two kinds of HSAs’: one which is a simple saving account and other which besides being a saving account also give an opportunity to invest HSA funds.

Question arises which HSA have all the above-mentioned features? Try Livelyme. HSA’s provided by them are easy to operate, transparent and hassle-free. To open HSA an individual just have to click on livelyme.com and d the registration.