What is an HSA?
An HSA gives individuals the flexibility to manage today’s qualified medical expenses and plan, save, and invest for future health care needs.
- It’s an individual account designed to work together with a high-deductible health plan (HDHP).
- It provides a triple tax advantage—pretax contributions, tax-free qualified withdrawals, and tax-deferred earnings.
- It’s portable for the individual investor.
- There’s no “use it or lose it”—the amounts in an HSA carry over from year to year.
The Premiere Select HSA
The Premiere Select HSA lets you help your individual clients manage today’s health care expenses and plan, save, and invest for current and future health care needs.
It’s an open architecture brokerage account, covered under an FPTC custodial agreement, with access to cash management features.
It’s integrated into the Wealthscape platform for easy user access, and it includes:
- Easy account setup and ongoing management
- Ability to fund and transfer assets
- Trading, reporting, correspondence, and service features
- Cash management features, including a debit card, checkwriting, and billpay
HSA opportunity for advisors include:
- Helps to further diversify your business
- Potentially increases your revenue and assets under management
- Provides more value to your clients, deepens client relationships, and improves client retention
- Supports small-business clients
In 2019, total HSA assets surpassed $66B, $16B of which is considered investable (i.e., not in a checking account) and is growing at a faster rate than total HSA assets.
The HSA benefits for your clients
Triple tax advantage:
- Pretax contributions
- Tax-free qualified withdrawals
- Tax-deferred earnings
It’s the individual investors’ money—and it stays with them:
- Completely portable for individual investors—Even if they move, change employers, or change health plans, their HSA stays with them.
- No “use it or lose it”—The account belongs to the individual and does not need to be used each year.
Flexibility and choice:
- Use it now—Easy access for current qualified medical expenses
- Save and invest for later—Provides the option to invest some or all of their HSA money for potential growth as a way to prepare for health care costs in retirement
The Premiere Select HSA cash management capabilities:
- HSA-specific debit card provided to registered account owner for all accounts
- Checkwriting
- Electronic billpay
Fidelity Has Some Great Reference Materials for You to Utilize, Too!
Health Savings Account Fact Sheet – Rep Use Only
Health Savings Account (HSA): Frequently Asked Questions – Rep Use Only
Health Savings Account Fact Sheet – CLIENT USE!
Questions? We’re here to help! Please give ESI Brokerage Operations a call at 1-800-344-7437
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