[USER]

Our local bank & Fidelity offers HSA’s. Do I have to ensure my insurance company somehow approves that or can I simply open up the HSA untethered to an insurance company and simply use it to pay for qualified medical expenses?

In other words, how and what’s the connection with an insurance company and why wouldn’t one allow it?

[Erik]

Anyone can open a HSA wherever they want to. Contributions are allowed if the HDHP meets IRS criteria and the HDHP is held for the necessary timeframe.

[Sean]

Insurance company has nothing to do with it.

If you have a qualifying health insurance plan and no non-qualifying plans, then you can contribute an hsa anywhere you want.

Generally, you’ll want to have the deductions come right out of your paycheck if possible, due to more favorable tax status, and that might mean opening an hsa at the employers preferred location.

If you can choose, Fidelity is the best option though by far.

Have you seen: If you save and do not spend your HSA, how/when do you plan to use those funds?

[Author]

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