My employer required me to contribute to an HSA every month of last year as part of my healthcare plan. I contributed $200 a month coming out to $2400 total. I only used the account for a few small things like prescriptions and vaccines, all under $20 each so I was very surprised to see my balance on my annual statement was only about $2000. Turns out, they’re charging the account a $10 a month maintenance fee, in addition to a $20 fee for every time the account is charged. An $8 dollar prescription I paid for with the account really cost me $28. A $20 four vaccine actually cost me $40.
I am realizing now that I would have been way better off paying taxes on the $2400 and just putting it into a savings account, which costs me zero dollars in fees.
What are my options here? Am I able to get my cash out of the HSA and put into a different account? At this point I’m afraid to even use the thing because I don’t want to pay $20 every time I swipe the card, but I also don’t want it to just sit and slowly shrink to nothing in a few years from the $110 a year maintenance fees.
Submitted February 13, 2023 at 03:23PM by Heatedblanket1984 https://ift.tt/OthH8oW
