Here are some things to consider when searching for the right HSA.  There are a number of HSA providers and many have different costs and fees associated with their programs.

Set Up Fee

Although you can find a number of HSA providers offering free account set-up, a one time HSA set up fee ranging from $15 to $35 is normal in the industry.

Monthly Fees

Monthly Fees can range from $1 to as high as $10 per month. Some providers charge every month, no matter what your HSA balance is, while others charge depending on your HSA balance and stop charging when your balance reaches $1,000, while some require balances up to $3,000 or higher.

Employers setting up a group for your employees should be on the look out for this. If you are going to fund employee's HSA accounts through a payroll deduction plan, your employees will pay the monthly fees for a long time until they reach the cut off point, which could add up quickly over time.

Ask what you're getting for these fees. Some people may find value in the different services for which some HSA providers charge fees. No two HSAs are going to be used the same, so these are questions only you can answer. There are plenty of providers that do not charge monthly fees: so shop around.

Annual Fees

Some providers have switched to an annual fee, because you only see the fee once a year. Once again, ask what you're getting for these fees. If you find value, these fees could be well worth it.

Closing Fee

This is something to stay away from at all costs. If you are unhappy with the fees or for some other reason you no longer want to have your money with that HSA provider, they should not charge you to move your money. If they had done a good job, you would not be moving your HSA, so why do you have to pay them one last time?

Using Your HSA

If you have a favorite credit card, perhaps one that earns your points or airline miles, pay your qualified health care expenses with that card to receive the miles or points. You can always reimburse yourself from your HSA at a later date, which doesn't even have to be within the same year.

Funding your HSA

With these new enhanced HSA contribution limits for 2007 and beyond, HSAEd.com highly recommends you fully fund your HSA. If you are currently funding an IRA or 401(k), you should consider funding your HSA first, as you can always get access to these funds for you and your dependents for qualified health care expenses while still receiving the tax benefits.

Adapted from a press release by HSAed.com