mutual fund strategies for investing hsa
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Mutual fund strategies for investing hsa pa statement of financial interest

Mutual fund strategies for investing hsa

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While it is required that you enroll in a qualified high deductible health plan HDHP to open the HSA, the savings from lower premiums can be used to bolster your annual contributions. Depending on your HSA administrator, you may have to meet a minimum balance before being allowed to start investing.

Many HSA administrators offer investing options through their custodial bank; some may also provide materials to help you research investment options and portfolios. Depending on the HSA software, you may even be able to invest through a single sign-on portal. Your strategy should largely depend on your age and the amount of risk you want to take. Generally, the higher the risk, the higher the reward; this could be a good strategy for younger adults who have a long time before retirement.

For those getting close to retirement, a more conservative approach is advisable. If steeped in stock market knowledge, you may find choosing your own stocks, bonds or mutual funds to be a good strategy. The time is right to invest your HSA funds. Interest rates are low and investing can help you really take advantage of tax-free growth. Your future self will thank you for building a more robust healthcare and retirement account, and setting yourself up for financial success.

Why invest now? How do you invest your HSA balance? Maximize your contributions First and foremost, every HSA owner should maximize their annual contributions to the extent they can afford. Minimum threshold for investing Depending on your HSA administrator, you may have to meet a minimum balance before being allowed to start investing.

Talk to your HSA administrator Many HSA administrators offer investing options through their custodial bank; some may also provide materials to help you research investment options and portfolios. HSA investment strategies Your strategy should largely depend on your age and the amount of risk you want to take.

Advisors Company News Employers Participants. The details of an appropriate HSA investment strategy will vary for everyone. Here are four key things to consider:. Consider the value. Before you jump into an HSA investment strategy, it is critical to consider the value this type of account brings to the table. Otherwise, it can be challenging to find the motivation you need to build savings in this unique account. Specifically, your contributions reduce your taxable income, and your money will grow tax-free.

Plus, you can even make tax-free withdrawals if the money is used for a qualified medical expense. Contribute as much as possible. With the tax savings opportunities in mind, it makes sense to prioritize your contributions to an HSA. But how much can you contribute? Of course, you might not have the means to max out your HSA contributions. But it is a good idea to contribute what you can regularly.

If possible, funnel those savings directly into your HSA. Choose an asset allocation that reflects your risk tolerance. An appropriate asset allocation will vary based on your risk tolerance. In many cases, you may decide to put your HSA dollars into a less risky strategy. Reimburse yourself later. An HSA is designed to cover your health care costs. But there is no timeline for your reimbursement requirements.

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There may also be commissions, interest charges, and other expenses related to transactions or holding specific investments, such as mutual funds. See www. That administrative fee may be waived for households established before a certain date and meeting certain asset minimums at Fidelity. Based on information you provide, these professionals invest your money to help you meet your investment goals. Then we'll suggest an investment strategy consisting of Fidelity funds that hold stocks, bonds, and short-term investments.

You can also give us more information about yourself, which allows us to know you better and helps us suggest an investment strategy that may be even more closely aligned to your financial situation. You can select the proposed investment strategy or another strategy that you believe is appropriate for you subject to certain constraints. After that, you open your account online. Once your account is open, you can add money to it.

We'll start by offering you the chance to make an initial deposit, in the same amount you told us you were going to start with when you created your profile. If you told us you were going to make recurring monthly deposits, we'll prompt you to add those next. But don't worry if you want to put those off until later—you can set those up at any time. There are no trading fees, transaction fees, or rebalancing fees.

These funds generally hold domestic stocks, foreign stocks, bonds or short-term investments. Your spouse can also make a catch-up contribution if they're 55 or older, but they'll need to open their own HSA. When you do, we'll sell securities in your account for you. After the money has settled, which can take up to ten business days, we'll send it to you by check, electronic funds transfer EFT , or transfer of funds to another account.

This way you have quick access, through Fidelity BillPay and your debit card, to the money needed to reimburse yourself for out-of-pocket expenses. This form is informational only and does not need to be filed with your taxes. Please refer to our tax information guide for further details. Form T — Fidelity will complete and file this form on your behalf, if necessary. This form only applies to investments in limited partnerships, so most HSA owners should not expect to need or receive one of these.

View your tax forms. Log In Required. Fidelity will send you Form SA in May. You can view your contributions history on your Portfolio Summary page after you log into Fidelity. For , HSA contribution limits are S3, for individual health plans and S7, for family health plans. Please note that if you have an employer-sponsored HSA, any contributions made by your employer will count toward these limits.

If you're married and covered by a family health plan, you and your spouse can both contribute to your HSA. If you do, all of your contributions will count toward the yearly contribution limit for family health plans. Please note: It may take a few weeks for your assets to arrive and be available in your Fidelity HSA.

You may need a separate transfer request for each. Please see our guide to moving money at Fidelity for more information. Anyone can make an after-tax contribution to your Fidelity HSA. Generally, contributions another person makes to your HSA will not be tax-deductible for the contributor, and the IRS's annual contribution limits will still apply. Check with your employer about their HSA contribution policies and capabilities. You can also make after-tax contributions from your paycheck—those contributions are federal income tax-deductible.

If both you and your spouse are 55 years or older during the tax-year, you can both make a catch-up contribution to the HSAs you each own. If you choose to do a one-time IRA contribution, you can effectively use your IRA money to pay for medical expenses, such as a major unexpected expense, without having to pay federal income taxes or penalties on it, as you would if you took an early IRA distribution to pay for that expense.

Your account number can be found on your Account Summary page when you log into Fidelity. The Fidelity routing number is For further information and instructions, see our resource on determining your routing and account numbers. You could choose to pay for your qualified medical expense out-of-pocket and reimburse yourself from your HSA. You also have the option of making an HSA withdrawal using online money movement or by filling out a one-time withdrawal form Log In Required.

Direct-deposit contributions from a linked bank account are usually available in your HSA within a few hours. Please see our guide to moving money with Fidelity for more information. You can choose to cash out your HSA any time, but if you're not using the money to pay for qualified medical expenses, your withdrawal will be subject to taxes and may be subject to penalties.

You can withdraw your HSA money penalty-free any time before or during retirement to pay for qualified medical expenses. If you use it for any other expense before retirement, your withdrawal will be subject to taxes and may be subject to penalty.

If you use your HSA money for any other expense after age 65, you'll just have to pay the taxes, and you won't be penalized. Please see IRS Publication for a complete and up-to-date list of qualified medical expenses.

As long as you incurred your qualified medical expense after you established your HSA, you can reimburse yourself for those expenses using your HSA money any time. Keep all your receipts for your out-of-pocket qualified medical expenses as well as documentation for your claims and your explanations of benefits EOBs. If you use it for something other than qualified medical expenses after age 65, your withdrawal will be subject to taxes but not penalized. Your HSA is always yours, so you can still spend your HSA money on qualified medical expenses with no federal income taxes or penalties in retirement.

You can receive and pay electronic bills for qualified medical expenses from participating doctors and hospitals, pay one-time and automatic bills, review your payment history, reimburse yourself for qualified out-of-pocket expenses, and set up bill reminders. You can pay bills any time, anywhere you have internet access. These are professionally selected funds for HSA investing, all with waived investment minimums and no transaction fees.

There is no minimum balance required to start investing your HSA money. However, certain mutual funds may have minimum investment requirements. All investing involves risk, including risk of loss. You can buy and sell your HSA investments as often as you like.

However, you will be subject to standard commissions and investment-related fees. The money should be available for withdrawal when the trade settles, usually within a few business days. Opening a Fidelity account automatically establishes a core position which is needed for processing cash transactions such as deposits and withdrawals in and out of your account. Think of it like a wallet that you can access for trading, investing, or withdrawals.

A benefit of the core position is that it allows you to earn interest or a yield, depending on which core option you choose. Understanding the differences between your core options can help you make the choice that's right for you. Below are the HSA core options available to you:. Interest rates or yields may vary due to market conditions. View the latest. The option to choose your position appears during account opening; however, you can also change it at any time.

You can order cards for yourself and supplemental cards for your spouse and eligible dependents. Once you've activated your Fidelity HSA debit card or NetBenefits AccessCard, you can use it to pay for qualified medical expenses at eligible health care providers, such as doctors' offices and pharmacies, where Visa debit cards are accepted. Your card can't be used at ATMs or to get cash back on purchases.

There is a daily spending limit on your card. Your card may work for both non-qualified expenses and qualified expenses the same way. However, your debit card may be restricted for use with certain merchants. You can request a card for your spouse or eligible dependents on the Manage debit cards Log In Required page. If your debit card was lost or stolen and you notice unauthorized transactions, please call Fidelity Debit Card Services immediately at If there are no unauthorized transactions, you can access the Manage debit cards Log In Required page, using either the Fidelity Mobile app or online, to request a replacement card for the one you lost.

Contactless, also known as tap-to-pay, uses short-range wireless technology to make secure payments between the card and a contactless-enabled checkout terminal. Just like the trusted security of chip cards, a unique one-time code is created for the purchase to be approved. This makes it extremely difficult to steal or copy your card details for unauthorized use. You are automatically enrolled to receive fraud text alerts through the cell phone on file with your debit card.

You will be notified when a highly suspicious debit card transaction occurs on your account, allowing you to verify the activity. If you recognize the transaction, please confirm that in a reply to the text alert so that you can continue to safely use your card. If you reply that you do not recognize the transaction, your card will be blocked from further use until you call Fidelity Debit Card Services at the number on the back of your debit card.

If you do not reply to the fraud text alert, your debit card may be blocked from further use for your protection, and we will attempt to reach you directly by phone to verify the transaction s. Yes, Fidelity offers a variety of alerts for your security and convenience. Debit card fraud text alerts notify you if we detect highly suspicious activity only on your debit card. Visit Alerts Log In Required to manage debit card transaction, market and account activity alerts or our security overview for Fidelity security alerts.

If you have already given us your current mobile number, you will automatically receive debit card fraud text alerts unless you choose to opt out. Please review your Profile Log In Required to ensure that Fidelity has your current mobile number, and check with your carrier to verify you have text messaging as part of your mobile plan.

To opt out of debit card fraud text alerts, reply Stop to the text alert or call Fidelity Debit Card Services at the number on the back of your card. Even if you choose to opt out of debit card fraud text alerts, you may still be contacted directly by phone if we detect suspicious activity on your card.

If you would like to disable other Fidelity alerts, go to Alerts Log In Required to manage market and account activity alerts, and our Security Center Log In Required to manage Fidelity security alerts. No, email fraud alerts are currently not available. If we detect suspicious activity on your debit card, we will attempt to contact you via text message, directly by phone, or both.

Fidelity debit card fraud text alerts originate only from the sender number If you aren't sure if it's from Fidelity, please call Fidelity Debit Card Services immediately at the number on the back of your card. You could lose money by investing in a money market fund. These plans require you to spend relatively high amounts from your own pocket on deductibles before your health insurance will provide any reimbursement.

High-deductible health plans aren't ideally suited for those with high medical expenses. It's possible that your medical expenses weren't very high when you initially opened your HSA but that those expenses later increased. Do you suspect there's a good chance you will incur significant medical expenses in the near future?

If so, you'll want to make sure you have enough money in cash! Additionally, some HSAs might not offer the investment options you prefer. Others could charge fees that are higher than you'd like. However, common HSA investment options include:. The investment option -- if any -- best suited for you will depend on your goals and risk tolerance.

Each common investment option has pros and cons. Of course, some individuals might determine that the best strategy for their HSA money is to not invest at all. Whether or not to invest HSA funds and how to invest those funds are decisions that only you can make for yourself and your family. Discounted offers are only available to new members. Stock Advisor will renew at the then current list price. Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.

Premium Services. Stock Advisor. View Our Services. Our Purpose:. Latest Stock Picks. Updated: Feb 17, at PM. Author Bio Keith began writing for the Fool in and focuses primarily on healthcare investing topics. His background includes serving in management and consulting for the healthcare technology, health insurance, medical device, and pharmacy benefits management industries.

Follow keithspeights. Image source: Getty Images. HSA Investment Option Pros Cons Mutual funds Diversification across a basket of stocks Automatic dividend reinvestment Little or no investing knowledge required Annual fees Potential sales commission charges Many mutual funds underperform the overall market Exchange-traded funds ETFs Diversification across a basket of stocks or other investments Automatic dividend reinvestment Typically low annual fees Some HSAs allow ETFs to be purchased with no commissions Some ETFs have higher fees Index ETFs won't beat the indexes they attempt to track Stocks Opportunity to outperform the overall market No annual fees Some HSAs allow stocks to be purchased with no commissions More volatile Requires more investing expertise and research time Bonds Can be less risky and less volatile than other investment options Interest rates typically higher than bank savings account rates Typically underperform stocks over the long run Risk of issuers defaulting on interest and principal repayment.

Join Stock Advisor Discounted offers are only available to new members. Stock Advisor launched in February of Retirement Planning. In Retirement. Prev 1 Next.

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Also, if you opt out of online behavioral advertising, you may still see ads when you sign in to your account, for example through Online Banking or MyMerrill Account Access. These ads are based on your specific account relationships with us. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review the Bank of America Online Privacy Notice and our Online Privacy FAQs. HSA Application. Log In. Health and benefit accounts. Home Learn Benefits Experience.

Connect with us. Investing FAQ. If you want to understand more about investing with an HSA, here are answers to some of the most frequently asked questions: Why should I invest the funds in my Health Savings Account? An HSA could be an effective tool to help you accumulate money on a tax-advantaged basis to pay for out-of-pocket medical expenses. When you invest the funds in your HSA, you give your money a chance to grow.

Any investment gains in an HSA aren't taxed, which could give your money potential to accumulate. Investing involves risk, including possible loss of the principal value. When am I eligible to invest in my HSA? You are eligible to use the investment feature of your HSA once your cash account balance has reached the investment threshold 1 you establish.

You may choose between automatic or manual investment options, however you must first enroll in the investment feature to get started. How do I get started investing my HSA? Get started investing by enrolling in the investment feature. To set up the automatic investing feature go to the Investments page on the member website and follow instructions. Funds will begin to automatically transfer between cash and investments once your cash balance reaches the investment threshold you established.

If I invest the money, can I still withdraw it for medical bills? Your funds are available if you need to withdraw for eligible medical expenses. If you need to move any of the funds in your investment account to cash to cover a medical expense, you can simply increase your cash threshold and funds will be automatically transferred. Please allow up to three 3 business days for the cash to be available for use.

What are the mutual fund options and performance for each? You may locate the investment menu and other key investment information in the Education section of the Investments page on the member website. This is where you can find the fund line up , a fact sheet and prospectus for each fund and historical fund performance. Are there fees associated with investing?

Mutual funds do have internal expenses, which can be found in the prospectus available on the investments website. Some mutual funds may also impose a short-term redemption fee on the proceeds of the fund shares that are redeemed within a defined period of their purchase as defined in the prospectus.

What happens if my Cash Account balance falls below my set threshold? If investment funds are available, the system will automatically create an investment SELL transfer. Your mutual funds will be sold, pro-rata a proportionate allocation , based on your fund balances for the amount required to replenish your Cash Account as long as there are no pending HSA transactions.

It may take up to three 3 business days for the funds to be available. Do I pay taxes on the interest I earn on my investments? Investment earnings, including dividends, are not considered taxable income. Distributions from your HSA that are used for qualified health care expenses are tax-free. What is auto-rebalance? Rebalancing does not ensure profit or protect against loss. If I have a debit card purchase above the investment threshold amount, will a portion of my portfolio automatically be sold to cover that expense?

If you do not have enough funds in your Cash Account to cover a debit transaction, the transaction will be declined at the point of sale. You do have the option to increase your threshold if you anticipate a large transaction. Since only the Cash Account can be used for payments, what do I do if I need money before the proceeds from the sale of investments have settled in my Cash Account? You can pay for the medical expense by using another form of payment and then reimburse yourself when the funds are available in your HSA Cash Account.

Settlement of dollars back into the Cash Account may take up to three 3 active trading days. Simply decide how much you would like to transfer into an investment account. If you choose self-directed mutual funds, the asset allocation calculator can help you decide which funds are right for you. If you choose Betterment, you will answer a few questions and betterment will create a customized portfolio to suit your needs and invest your HSA dollars for you.

If an unexpected medical expense comes up it's no problem. You can easily transfer your investment funds back into your HSA to pay for them. It's that easy. Description Goes Here. Horizontal Rule. Investing with an HSA. Close Investing with an HSA Your OptumBank health savings account, or HSA, can be a smart long-term investment vehicle that can play an important role in your overall wealth and retirement strategy.

OptumBank makes investing easy and accessible by offering you two investment opportunities. Your second option is investing with Betterment. Betterment helps take the guesswork out of investing your HSA. Then sign into your account and select the investment option that is best for you.