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Chronicling my transition from an employer health plan to an individual plan. Thanks #aca
1. It was relatively easy to find a plan that was comparable both in price and coverage to the one my former employer had offered.
2. I could even keep my doctor who I like a lot.
3. As an individual, I could cover as many of my dependents as I wanted, not just "individual + family". This comes in handy with a son at BYU where the student health plan is very reasonably priced.
4. The HSA. Aah. Yes, it& #39;s my money in an account that is mine. Yes, it& #39;s also subject to a monthly maintenance fee.
4a. There are not many financial institutions that sponsor them for rollovers. Not my regular bank, my mortgage lender, or the brokerage that holds my 401-k. In all likelihood, you will need to establish a relationship with a new institution. I chose Fidelity.
4b. I established the account in one day. The rollover is going on two weeks and has still not been completed.
4c. There was a $25 account closing fee.
4d. I& #39;m hopeful that this is the end of the discomfort. But we& #39;ve got one week until my new coverage kicks in, and the old HSA card has already been deactivated.
4e. My rec for transitioning: create the new HSA and fund it without waiting for the rollover. The rollover is just as long a process as for a 401-K.
4f. Update: I contacted the old HSA company since I hadn& #39;t yet seen the check. They said it had been pending a 10-day waiting period. It had been a month, during a pandemic, to be fair. That day, the old account was closed and check got cut.
4g. My HSA debit cards arrived today. I just ordered them last week though. So recommendation: order them as soon as you open the new HSA.
