Can I follow these instructions and still be able to move pretax contributions from HSABank to Fidelity (without taking a distribution)? Also, have any folks with HSABank paid the monthly fee in lieu of keeping the required 1K in cash?ġ. money.html and wonder if I can bypass opening the TDAmeritrade account altogether. Feds have to open our HSA accounts with HSA Bank as the provider, then open an investment account with TDAmeritrade (or Devinir). I will be starting my first HSA as a federal employee next month. I'm interested in assuring my money goes to Fidelity pretax, but if it goes directly from payroll, I assume it will. So when you enter your Fidelity account details into payroll website, how will the US government's insurance company (GEHA) know my HSAbank account details? Perhaps GEHA has my HSAbank account number or I can call to give it to them. I just don't understand how these pieces talk to each other. This means third-party HSAs may not be as tax-advantaged as employer-provided HSAs." Although post-tax contributions are federal income tax-deductible, you will be required to pay FICA taxes. Opening an HSA with a third-party provider, other than your employer, may limit your opportunity to use pre-tax payroll contributions. For feds, what you’ve detailed above is “the answer”.Ĭan anyone who is using this method (payroll contribution deposited to Fidelity HSA instead of HSA Bank) confirm that you are not paying FICA taxes on that amount? What I found from Fidelity's HSA website was ambiguous with the use of "will" and "may": For instance, I have no account minimum fees or monthly fees.įingers crossed this all works out as planned.
You will still have to rollover/transfer your insurer's contribution from HSA Bank to Fidelity.Īlso, you should check your plan details as they relate to HSA Bank. Accordingly, I just input my Fidelity details. I was responsible for physically keying in my HSA payroll contribution information including the amount, routing number and account number via the "myEPP" website. I have not found anything that says that my payroll contribution needs to be deposited in HSA Bank as well.
My HDHP insurer deposits their contribution to HSA Bank. This can be mess! I spent 30 minutes on the phone with GEHA about this as I went on Medicare this December.Ĭurrent Fed. If you go on Medicare, GEHA will stop making HSA contributions for you immediately and place the contributions in a HRA. And I'm planning on do it shortly with the end of my relationship with my GEHA HDHP this year. However, I have transferred my entire employer based HSA to other custodians I did this at the end of my HDHP relationship with Aetna. I've been told that there is no real option for the OPM/plan provider contributions going to another custodian different from the one the plan establishes for you. (Edited, perhaps the following is restricted to retirees, as my HSA contributions weren't deducted from my pension annuity) One can establish any HSA for your own contributions, but OPM and your plan provider dictate the bank custodian for its separate contributions to the HSA for you. Currently, I have two HSA accounts, one with Optum Bank, where I made my family and catch-up contributions, and the other with HsaBank, where GEHA makes the employer-based contributions. At one time, I had 3 different HSAs with 3 different custodians. Retired Fed here who has had HDHP/HSAs with Aetna and GEHA while on active duty status and now in retirement. Thank you for contacting The Human Resource Office.
#MYACCOUNTS HSABANK COM FREE#
Please feel free to contact me if you have any questions.
It is the Employee’s responsibility to follow all IRS Regulations concerning their Health Savings Account, including contributions limits.You can only have one active Health Savings Account.
Please note, there will be a lag time between your actual enrollment in the High Deductible Health Plan and the setting up of your HSA.You can obtain this information from your Plan. If you change your Plan's Routing Transit Number, you may also need to change your Account Number.If you do not have this information, please contact your Plan to obtain this information. Your account must be a personal, non-commercial account. To START or CHANGE, you need your Plan's Routing Transit Number and Account Number.On the main menu, select "Health Savings Account" In response to your inquiry, we are providing the following : I just got this below from HR (which makes me ask: If you open an account at Fidelity and ask PayRoll to deposit there, but hope they deposit the USG contribution to HSAbank, which you later roll over to Fidelity, Do you technically have TWO HSAs?)
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