Investing Your HSA Dollars
Why would you want to invest your HSA dollars? Let’s consider just a few of the benefits of investing:
- Maximize your tax savings
- Earn more on your unused dollars
- Save for health care in retirement
- Take control of your money and your investment activity
- Easy access to your money, when you need it most
myHSAinvestments is a suite of mutual funds available to you that allows you to invest a portion of your health care dollars in a variety 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.
How does the account work?
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 to invest a portion of your HSA dollars. Any earnings from your HSA investments grow tax free.
Do I need to understand investing to use myHSAinvestments?
You do not need to be experienced at investing to use myHSAinvestments. Start by visiting myHSAinvestments.com and selecting the “Learn More” button on the “Home” page, and you will be guided through the set-up process.
How do I enroll in myHSAinvestments?
Enrolling at myHSAinvestments.com is easy.
- Visit www.myHSAinvestments.com and complete the short application linking your HSA account to the investment platform.
- You will need to enter your HSA account number and ABA routing number as well as a few pieces of identifying information, and select your initial investment elections.
- Once you enroll, your HSA account number and requested balance information will be verified.
- When the account 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.
- 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.
What research tools are available to me in myHSAinvestments? Mutual fund prospectuses and Morningstar® reports can be found on the myHSAinvestments website. Under “Planning Tools,” you will find the “HSA Guided Portfolio” to help you select investments that fit your objectives, and a variety of other HSA resources to help you get the most out of your HSA.
What is HSA Guided Portfolio?
HSA Guided Portfolio is 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.”
After completing a few simple questions about your risk tolerance, how you intend to use your HSA investment account, and your need to access the money in your myHSAinvestments account, a potential allocation mix is provided.
This allows you to choose your investment options; select the rebalancing timing that meets your needs; and enroll in the autorebalance option, which automatically rebalances your investment assets on a monthly, quarterly, or yearly cycle.
Frequently Asked Questions
What does it cost to use myHSAinvestments?
What are my mutual fund options?
How do I obtain a prospectus for the available mutual funds?
How often can I make changes to the mutual funds in myHSAinvestments?
How do I pull money from my HSA investments back to my base account to pay a bill?
How often are my balance and activity information in myHSAinvestments updated?
What minimum investments apply?
What commissions or loads apply?
How often should I re-balance my asset allocation in myHSAinvestments?
What is the expense ratio of the mutual funds?
How will I know if the funds I choose are subject to redemption or exchange fees?
What happens to the dividends or interest I earn on my mutual fund investments?
If a new fund is added to the group of available mutual funds within the same asset class, can I invest in both funds?
If I own any of the mutual funds in the myHSAinvestments outside of the myHSAinvestments, will I be eligible for breakpoints?
Is the money I invest in myHSAinvestments FDIC or NCUA insured?
myHSAinvestments is powered by Devenir
Neither Gulf Coast Educators Federal Credit Union, nor Devenir Group, LLC, the third party, can provide investment advice to you on this program. Once you transfer funds from your HSA to myHSAinvestments, these dollars are no longer covered by applicable FDIC or NCUA insurance. We recommend you speak with a licensed investment advisor or consult the prospectus should you have questions about any investment. Carefully weigh the advantages and disadvantages of investing your HSA funds before doing so. Investment products are not federally-insured; may lose value and are not a deposit account. Investment accounts are not obligations of the credit union and are not guaranteed.
Funds should not be considered a deposit of or guaranteed by Gulf Coast Educators FCU, may lose value, and are not NCUA/NCUSIF Insured.