How to Choose an HSA in 2019: A Comprehensive Guide

Choosing a Health Savings Account (HSA) is an important decision that can have a significant impact on your finances and healthcare. With the rising costs of medical expenses, having an HSA is a smart way to save and invest for future healthcare needs. Here's a comprehensive guide to help you choose the right HSA in 2019:

1. Research Different HSA Providers:

• Compare fees, interest rates, investment options, and customer service.
• Check if the provider offers a debit card for easy access to funds.

2. Understand HSA Eligibility:

• Make sure you are eligible for an HSA based on IRS guidelines.
• Check if your employer offers an HSA or if you need to choose one independently.

3. Consider Your Health Needs:

• Estimate your healthcare expenses for the year to determine how much to contribute to your HSA.
• Think about any planned medical procedures or prescriptions that may impact your healthcare costs.

4. Evaluate Investment Options:

• If you want to grow your HSA funds, look for providers that offer investment options like mutual funds or stocks.
• Consider your risk tolerance and investment goals when choosing investment options.

5. Review Contribution Limits:

• Understand the annual contribution limits set by the IRS for individual and family HSAs.
• Take advantage of catch-up contributions if you are 55 or older.

By following these steps and doing thorough research, you can choose the best HSA for your financial and healthcare needs in 2019.

When selecting a Health Savings Account (HSA), it’s crucial to remember that this decision impacts not just your present but also your future healthcare finances. The key is to ensure that your HSA aligns with your health care needs and long-term financial goals.