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Why doesn't USAA offer Health Savings Accounts?

Why doesn't USAA offer Health Savings Accounts?

Cleisthenes's avatarCleisthenesRegular Visitor

Just read a nice article by USAA financial planners about HSA's and their benefits, but then I learned that USAA didn't offer them.

 

I am curious why not.

 

It seems like a savings vehicle similar to IRAs and 529 Plans, that would help members save for a good purpose - major medical care.

 

 

Hi, USAA how about offering  HSA plans?

 

And then offer a credit card where members could funnel cash rewards into their  IRAs, 529 plans or HSAs (or all three). That would be great!

 

Well two more items for the wishlist.

 

:-)

 

Re: Why doesn't USAA offer Health Savings Accounts?

WEBSITE GURU's avatarWEBSITE GURUTrusted Contributor

Cleisthenes;

 

1.  A Health Savings Account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a High-Deductible Health Plan (HDHP).

 

2. The management of Health Savings Accounts (HSA's) is complex and has severe tax implications.

 

3. To be eligible to open an HSA, you must have a special type of health insurance called a High-Deductible Health Plan (HDHP).

 

4. Click on the following LINKS for more information:

 

Other banks (Chase, Wells Fargo, etc.) offer HSA's and maybe in the future USAA might consider doing so also.

 

I hope I have helped.

 

Re: Why doesn't USAA offer Health Savings Accounts?

Cleisthenes's avatarCleisthenesRegular Visitor

Hi Website Guru,

 

Thanks for replying to my post.

The links you sent were among the links I was mentioning, and in the first one USAA's staff writer sounded pretty positive (or at least not negative) about HSAs.

 

The fact that HSA have severe Tax consequences seems (to me) no different from IRAs, 529 plans and other tax-advantaged investments. Managing those kinds of complex accounts is what USAA does.

 

Also many Americans (and probably many members) have High Deductible Health plans. They are one of the common ways by which people can lower their monthly HMO premiums. So again it doesn't seem crazy to expect USAA to offer HSAs in their Healthcare Marketplace as another product option

 

I'm very happy with USAA, but I do wish they added a few more products to their lineup.

 

:-)

Re: Why doesn't USAA offer Health Savings Accounts?

WEBSITE GURU's avatarWEBSITE GURUTrusted Contributor

Cleisthenes;

 

I see you feel very strong about the subject of Health Savings Accounts (HSA's).

 

If you have a GREAT SUGGESTION or FEEDBACK then click here to start the process of telling USAA all about it.

 

  • In your case on the "e-mail page" select FEEDBACK then PRODUCT then SUGGESTION then complete form as needed.

Keep those ideas coming.

Re: Why doesn't USAA offer Health Savings Accounts?

Deidre's avatarDeidreOccasional Visitor

I agree.  I have been VERY unhappy with my non-employer-sponsored HSA choices.  I am currently with Key Bank and am being eaten up by fees and have no option to invest these funds.

 

It would seem that this would be no more complex than any of the other tax-advantage accounts with their big-government rules.

 

I love USAA and have been a customer for over 25 years, but I would love y'all even more if I could transfer my HSA into the USAA family of accounts.

Re: Why doesn't USAA offer Health Savings Accounts?

jp2code's avatarjp2codeVisitor

I filled out the [Feedback - Product - Suggestion] form as outlined here.

 

Subject: Health Savings Accounts (HSA's)

 

Message:  

My last employer had an HSA. By maxing out every year, I accumulated a lot of cash.

Now that I am no longer working there, I am "fined" a steep annual maintenance fee for keeping it there.

USAA needs to offer HSA options for people who bank here.

Re: Why doesn't USAA offer Health Savings Accounts?

JSally49's avatarJSally49New Member

I too would appreciate if they would offer a HSA.  I am ready to switch completely to USAA but I will get hit by fee's for my HSA because I would no longer have my Brokerage and standard bank accounts with them.  I've had an HSA for several years now and it isn't that tricky when it comes to taxes?

Re: Why doesn't USAA offer Health Savings Accounts?

jp2code's avatarjp2codeVisitor

@JSally:

 

The USAA employee said above you have to submit that request through their feedback process, and I showed a simple text message anyone could copy and send in to them.

 

Did you do any of that or just post here?

Re: Why doesn't USAA offer Health Savings Accounts?

ralph123's avatarralph123Occasional Visitor

Dear Website Guru:  I have been a USAA member for 39 years.  Please do not make us fill-out a form to put in the "suggest box."  Based on interest in HSAs from numerous loyal USAA members, I suggest that USAA explore the possibilities of offering HSAs to the membership.  Filling out a form.....makes me think I am back in the Army.

Thanks for all you do for us.

Re: Why doesn't USAA offer Health Savings Accounts?

KimSanDiego's avatarKimSanDiegoNew Member

ROBO ANSWER!!!!

Can we get a real person to chime in here instead of some weird algoritm that spits out key words? The question was "why." It's ok to say "I don't know and there isn't anyone here who can answer at this time." So disappointing.

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