Question:

Is it possible to choose your own HSA custodian instead of the one that has been selected by your employer?

by  |  earlier

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and your medical insurance company?

In addition, has anyone heard of the Optum Bank ?

http://www.optumhealthbank.com/

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3 ANSWERS


  1. If your employer is making deposits on your behalf they would probably not let you select a different provider. You could imagine the accounting problems if every employee picked a different HSA custodian. Same goes for the health plan if you pcik a different one you would not be on your employers plan.

    If they are not making deposits there is no reason why you can't pick your own custodian however your health plan probably has some built in features with the HSA provider they offer.


  2. Yes.  However:

    1) If you select your own medical insurance company, then you will have to pay the entire premium.  Your employer pays only for insurance from the company they select.

    2) Your employer does not have to withhold HSA contributions from your paycheck and send them to the custodian you select.  If you want to use another custodian, you may have to stop the payroll withholdings and instead write a check to the custodian for each contribution.

  3. if you use their insurance, you're stuck with their bank.

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