Morningstar reported this week that health savings account providers improved in quality over the last year, with several cutting fees, enhancing the design of their investment menus and lowering investment thresholds.
In its annual report, Morningstar assessed 11 of the most prominent HSAs available to individuals, evaluating their success both as investment accounts to save for future medical expenses, and as spending accounts to cover current medical costs.
The report found room for improvement among the 11 providers. It said fees generally remained high, and many providers required participants to maintain a minimum checking account balance before investing.
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Michael S. Fischer
Michael S. Fischer is a longtime contributing writer for ThinkAdvisor. He previously reported on trade and intellectual property topics for the Economist Intelligence Unit and covered the hedge fund industry for MARHedge and Reuters News Service.
