HSA investments
Health Savings Accounts (HSAs) are one of the most effective consumer savings products available. And one of the fastest growing. In fact, at the end of 2022, there were over 35.5 million HSA accounts with $104 billion in assets (2022 Year-End Devenir HSA Research Report). With flexible withdrawal options and other tax advantages, HSAs have a broad appeal as a smart approach to planning for the future.
But many people miss a golden growth opportunity if they aren’t considering the investment options that are available with their HSA. myHSAinvestments helps manage, protect and grow your health care dollars through an easy-to-use online experience.
Get to know myHSAinvestments
myHSAinvestments is an investment platform available to you through ALEC's partnership with Devenir that allows you to invest a portion of your health care dollars in a grouping of widely recognized mutual funds covering a spectrum of asset classes. The ability to invest in mutual funds gives you the potential to grow your HSA balance and save for future health care expenses.
myHSAinvestments are self-directed investments, but are still considered part of your HSA for tax purposes. This means you choose from the available list of funds in which you wish to invest your HSA dollars. Any earnings from your HSA investments grow tax-free.*
Why you should enroll in myHSAinvestments
myHSAinvestments gives you the ability to invest a portion of your HSA balance in a variety of mutual funds, with the potential to increase your future HSA balance. Members can start their HSA Investment account with $0 or any transfer amount over $100. All future investments must be $1,000 or more. The funds will be transferred from your ALEC HSA Savings account. You can find your HSA share draft account number on your checks. If you don’t have checks and only have a debit card for your HSA account, please contact us at 800.762.9988, ext. 407.
Getting Started
Enrolling at myHSAinvestments.com is easy.
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Visit www.myHSAinvestments.com and complete the short application linking your HSA account to the investment platform. |
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You will need to enter your ALEC HSA share draft account number and ABA routing number as well as a few pieces of identifying information, and select your initial investment elections. |
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Once you enroll, your HSA account number and requested balance information will be verified. |
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When the data has been verified, an ACH transfer will move the money from your HSA to your myHSAinvestments account and invest the money into your initial investment elections. |
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You will receive a confirmation email from myHSAinvestments notifying you when the account has been set up. At this point, you can view your account. |
After completing a few simple questions about your need to access the money in your myHSAinvestments account, a potential allocation mix is provided. This allows you to choose your investment options and the rebalancing timing that meets your individual needs.
When you enroll in myHSAinvestments, you have the tools and power to:
Learn
Use HSA Guided Portfolio, a planning tool that helps you make the most appropriate investments for your objectives and risk tolerance. Think of it as: “We Guide, You Choose.”
Research
Find educational information to help you understand basic investing concepts and strategies.
Invest
Access mutual fund prospectuses and Morningstar® reports to help you understand the strategies and risks associated with each fund, and how the available funds have performed historically.
A simple flat fee
When you activate your myHSAinvestments investment account, you pay a 0.50 percent annual fee invoiced quarterly (0.125 percent per quarter or $1.25 per $1,000 of account value) The quarterly investment account service fee is a minimum of $5.00 based on the value of the assets in your investment account. Standard expense ratios and fees inside the mutual funds may apply based on the funds you choose.
Open an ALEC Health Savings Account today (if you don’t already have one), then register with myHSAinvestments to begin building your healthy future.
