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HSA Pricing Comparison

This table assumes a total HSA balance of $14,000 (which is the average HSA investment balance according to the Morningstar 2020 HSA Landscape). If the HSA provider imposed an investment threshold, or minimum cash balance, the amount of the threshold was kept in cash and the rest was invested. If the HSA provider did not impose an investment threshold, all $14,000 was invested.

Data source: Morningstar 2020 HSA Landscape. Calculations assume a 6% annual market return.

Provider NameAnnual Maintenance FeeAnnual Investment Fee ($)Annual Investment Fee (%)Investment Threshold (Minimum Cash Balance)Annual Interest on $2,000 Cash BalanceAnnual Opportunity Cost* (as calculated by HealthSavings)Underlying Fund Fee (Expense Ratio) for Equal-Weighted 60/40 PortfolioEstimated Annual Cost**
HealthSavingsVaries$00.25%$0$1 at most$00.13%$53
FidelityVaries$00%$0$1 at most$00.39%$55
HealthEquityVaries$00.36%$500$1 at most$290.04%$83
HSA AuthorityVaries$360%$0$1 at most$00.36%$86
Bank of AmericaVaries$00%$1,000$1 at most$590.34%$103
LivelyVaries$00.50%$0$1 at most$00.30%$112
BendVaries$360%$1,000$1 at most$590.31%$135
HSA BankVaries$00.30%$1,000$1 at most$590.32%$140
FurtherVaries$180%$1,000$1 at most$590.50%$142
Optum BankVaries$00.36%$2,000$1 at most$1190.33%$202
Fifth ThirdVaries$240.20%$2,000$1 at most$1190.32%$205

Annual Investment Fee is from Exhibit 25 of the Morningstar 2020 HSA Landscape
Investment Thresholds (Minimum Cash Balances) are from Exhibit 33 of the Morningstar 2020 HSA Landscape
Annual Interest on $2,000 Cash Balances are from Exhibit 16 of the Morningstar 2020 HSA Landscape
Underlying Fund Fees (Expense Ratios) for Equal-Weighted 60/40 Portfolios are from Exhibit 31 of the Morningstar 2020 HSA Landscape

*Here is how Annual Opportunity Cost was calculated: ((Investment Threshold x 6%) – Annual Interest on $2,000 Cash Balance).

**Here is how Estimated Annual Cost was calculated: (Annual Investment Fee ($) + (Annual Investment Fee (%) x ($14,000 – Investment Threshold))) + (Annual Opportunity Cost) + (($14,000 – Investment Threshold) x Underlying Fund Fee for Equal-Weighted 60/40 Portfolios). As each HSA provider’s Annual Maintenance Fee can vary, we did not include it when calculating Estimated Annual Cost.

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