This list will rank the best biggest HSA providers in America. People who are covered by the high-deductible health plans (HDHP) might have problems with paying medical expenses. The best way for them to save and collect the money for paying expensive treatments is to open a Health Saving Account.
Individuals or employers can make contributions to the HSA account. All money that you or your employer invest in the HSA, as well as the interest you are getting, are tax deductible. HSA owners also don’t pay taxes for withdrawals, but only if the money is used for paying medical treatments, diagnostics and medications.
The health savings account can only be opened by (or for) an individual, who is covered by the HDHP. This type of account is not available to people on Medicare, or those who depend on their family members’ tax return. For more help with choosing the adequate health insurance policy, check out the Insider Monkey’s list of the 10 largest health insurance companies in America. Choosing the right HSA provider is not an easy task. You should opt for a respectable company that provides favorable conditions. This usually includes low fees and good investment options that make the HSA fund growing.
Before we rated HSA providers according to this criteria, we had to choose the 10 biggest HSA companies in the United States. The main criteria for determining this was a worth of assets these companies are managing. In order to choose what are the best biggest HSA providers in America, we used Investor’s Business Daily and 20 Something Finance. Since the amount of managed assets also largely contributes to the amount of interest you will be able to get, we have also taken this criterion into consideration and awarded each provider with a number of points that is reversely proportional to their ranking. In addition to the points awarded for the asset size, we have also taken into consideration the annual and maintenance fees.
Apart from the size and fees, our list is also offering a realistic look into other important parts of the HSA saving process. Although most providers offer similar investment options, which include mutual funds or self-brokerage, we have used this criterion for giving extra points and comparing companies that provide similar terms when it comes to fees and dividends. Since the Investors platform gave out awards to certain providers for their exceptionally good offer, we have used this data to add more points to the awarded companies. This way we have made our list of best biggest HSA providers in America more diverse and comprehensive.