As health savings accounts have grown in use, now accounting for more than $60 billion in assets, Morningstar decided to take a look at the 11 largest HSA providers as a means of helping investors choose the best one for their needs. According to Morningstar, these rankings "represent the best choices for individuals as opposed to employers, where fees are often negotiable based on a number of factors." The providers were ranked for two separate categories: HSAs as a spending account to cover current medical costs, and HSAs as an investment account to save for future medical expenses. RELATED: 8 health savings account headaches -- and their solutions While HSAs have come a long way, there's still plenty of room for improvement. In fact, says Morningstar, "Only one provider earns positive marks across the board as a spending account, and none meet that standard as an investing account." In addition, there are pervasive issues with transparency, fees vary widely, and investors are usually stuck having to keep money in the checking account before they can invest. READ MORE:
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.