Did you know you can pick your health savings account (HSA) provider? If you get your health insurance through your employer, they will likely have a preferred “vendor” for this purpose, which will ensure you have payroll deduction for pre-tax contributions to your HSA (and hopefully an employer contribution as well). It’s almost always a decent option for the convenience.
But in case your employer’s default is only focused on the spending side of your HSA and not the investing side, you might want to look for your own provider. Or if you’re shopping for your own health insurance as an individual and you get a qualified high-deductible health plan (HDHP), you’ll likely have to shop for your own HSA provider as well.
This research from Morningstar outlines some of the key criteria they use to evaluate vendors — things like transparency, transaction and investment fees, and other services. You can read through what they say regarding the evaluation on their blog, and you can go over to this BenefitsPro article to see a bit more on their “top 10” list of providers.
The research is a good reminder that, just like your investment and savings options, it can pay to shop around.