Delta HSA investment options
02-24-2021, 09:30 AM
#11
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Originally Posted by tennisguru
There are no fees for a transfer.
$20.00 per outbound transfer or rollover to another HSA custodian
02-24-2021, 10:10 AM
#12
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Originally Posted by PilotWombat
From the Optum Welcome Kit:
Are you saying you're not actually charged then when you transfer funds? I already have a Fidelity HSA, so it's not like I'm ignorant of the options, I just don't want to pay a fee if I have the same or similar investment options with what's available in the company's provided account. So I guess that takes us back to the original question, has anyone used the Betterment option in the Optum HSA, and if so, what's it like?
Are you saying you're not actually charged then when you transfer funds? I already have a Fidelity HSA, so it's not like I'm ignorant of the options, I just don't want to pay a fee if I have the same or similar investment options with what's available in the company's provided account. So I guess that takes us back to the original question, has anyone used the Betterment option in the Optum HSA, and if so, what's it like?
02-24-2021, 10:31 AM
#13
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Originally Posted by tennisguru
All I know is I've done two transfers now and have not been charged for either one. Maybe due to the way the plan is set up either Delta is eating the cost or those fees are waived. Or maybe since each time I've only left about $10 in the account after the transfer there hasn't been enough in there for them to charge me
02-24-2021, 11:05 AM
#14
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Originally Posted by PilotWombat
Usually they take if out of the transfer. So if you transferred $1000, only $980 would find its way to the other administrator.
02-24-2021, 11:11 AM
#16
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Originally Posted by JamesBond
I still don't get the hate. Are you using your HSA like some kind of trading account or something?
02-24-2021, 11:15 AM
#17
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Originally Posted by JamesBond
I still don't get the hate. Are you using your HSA like some kind of trading account or something?
To each his own.
02-24-2021, 12:28 PM
#18
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Originally Posted by tennisguru
It’s an investment. I never use my HSA funds for medical expenses. I just save all the receipts and after 30+ years of growth if I want the money I can then reimburse myself tax free. Or it converts to a regular retirement account at a certain age (59??). Optum is just ok if you like basic index funds, and don’t mind being forced to keep $2000 in cash and not in investments. If you want a broader array of investment options then you'll need to roll it to another administrator. Fidelity just happens to be a pretty easy jump for most of us since our 401ks are already there and your options are pretty much unlimited.
02-24-2021, 04:37 PM
#19
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what’s the purpose of step 2? Why can’t you just transfer money from your investments directly back into the HSA?
Originally Posted by GogglesPisano
Unfortunately no. And it’s a bit of a repetitive pain.
1) Open a Fidelity HSA.
2) Transfer your Optum Investments back into a Money Market fund.
3) Transfer that back into your HSA from Investments.
4) Initiative a “Transfer of Assets” through Fidelity. Make sure it’s a “Transfer of Assets” otherwise it may look like a contribution to the IRS. You will have to send Fidelity a statement from Optum.
5) Make sure you leave a few bucks in the Optum HSA or your entire Delta-provided HSA will shut down.
Another benefit is that you don’t have to leave $2000 in the HSA doing absolutely nothing for you as with Optum (Optum only allows you to invest the balance over $2000.)
The whole process take about 3 weeks. I do it twice a year.
1) Open a Fidelity HSA.
2) Transfer your Optum Investments back into a Money Market fund.
3) Transfer that back into your HSA from Investments.
4) Initiative a “Transfer of Assets” through Fidelity. Make sure it’s a “Transfer of Assets” otherwise it may look like a contribution to the IRS. You will have to send Fidelity a statement from Optum.
5) Make sure you leave a few bucks in the Optum HSA or your entire Delta-provided HSA will shut down.
Another benefit is that you don’t have to leave $2000 in the HSA doing absolutely nothing for you as with Optum (Optum only allows you to invest the balance over $2000.)
The whole process take about 3 weeks. I do it twice a year.
02-24-2021, 04:46 PM
#20
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Originally Posted by TurbineDriver
what’s the purpose of step 2? Why can’t you just transfer money from your investments directly back into the HSA?
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