Public service announcement.
HSA Bank's website includes this statement about their new fees for investing: "Fees may vary if your HSA is through your employer." I have posted a couple times with some hope that federal employees with GEHA health insurance would continue to have preferred pricing at HSA Bank. I contacted HSA Bank by email and phone about the new fees and received the following information.
At present, the stated HSA Invest fees and waiver requirement ($7500 in cash) will apply to nearly all customers and employers. I was told there is one (undisclosed) employer that has custom pricing, but it is not the government/GEHA. It is possible there may be others in the future, but there are currently no specific arrangements for the government/GEHA.
I take it that any serious attempt to negotiate pricing will come from GEHA on behalf of its members. I sent a message to GEHA's customer service about HSA Bank and encouraged their involvement. Of course, "voting with my feet" by moving HSA funds elsewhere is an option, as others are doing. But IMO, GEHA knocking down HSA Bank's fees would be a win by maintaining customers' choices.
HSA Bank's website includes this statement about their new fees for investing: "Fees may vary if your HSA is through your employer." I have posted a couple times with some hope that federal employees with GEHA health insurance would continue to have preferred pricing at HSA Bank. I contacted HSA Bank by email and phone about the new fees and received the following information.
At present, the stated HSA Invest fees and waiver requirement ($7500 in cash) will apply to nearly all customers and employers. I was told there is one (undisclosed) employer that has custom pricing, but it is not the government/GEHA. It is possible there may be others in the future, but there are currently no specific arrangements for the government/GEHA.
I take it that any serious attempt to negotiate pricing will come from GEHA on behalf of its members. I sent a message to GEHA's customer service about HSA Bank and encouraged their involvement. Of course, "voting with my feet" by moving HSA funds elsewhere is an option, as others are doing. But IMO, GEHA knocking down HSA Bank's fees would be a win by maintaining customers' choices.
Statistics: Posted by bene1 — Tue Aug 06, 2024 2:40 pm — Replies 20 — Views 2372