The fees that banks charge never cease to amaze me. For instance with the bank that I use if I use another ATM to check my balance there is a fee. If I use another ATM to withdraw money, not only will I be hit with the fees from that specific ATM I will also be hit with a fee from my own bank for my audacity to use another bank’s ATM. It is crazy, but I think many people have simply accepted this as a part of life and dealt with it. Is it right? No, but what am I going to do about it?

Health Savings Accounts are another story. Many banks have begun charging fees for these accounts. These savings accounts are being hit with monthly and annual fees on top of the standard set up fee. Let’s think about this for a second. Let’s think about this for a second.

• HSAs maintain and grow their balances without a lot of withdrawls
• Banks earn interest on that money
• HSAs need little to no customer service or maintenance

There’s more too, but that’s enough. The fact is banks are LUCKY to have these accounts. They are cash cows for banks and the banks don’t appreciate it. If you currently have an HSA at a bank that is charging you a monthly or annual fee it might be time to consider transferring it. You are being nickle and dimed for an account that was created to help you. Use your HSA to build towards your future, not a banks bottom line.

Here’s some more speculation about what the future holds for Health Savings Accounts under President Obama. Experts seem split as it will all come down to what is considered “meaningful coverage”.

Much will depend on how Obama’s plan for health-care reform pans out, experts say.

Under Obama’s health plan, medium and large employers would be required either to provide a health benefit or pay a fee.

Some industry players say the so-called “play or pay” mandate could lead more employers to offer HSAs-qualified plans as a money-saving option. However, that will depend on the criteria the plans will need to meet to be considered “meaningful coverage,” according to Bakich. (Obama’s camp has yet to define what this means).

The thing is Obama wants everyone with employer based coverage to keep it, so there is no way that those accounts are going away. If other businesses realize what those businesses are saving, the HSA industry should only grow. That’s the idea at least.

There is a thinking that if John McCain wasn’t elected that Health Savings Accounts would be in trouble. This couldn’t be more wrong. If Barack Obama’s plan to force employers to offer health insurance to their employees comes into law, this could mean a huge boom for the HSA market. Why? High Deductible Health Plans are the most affordable plans out there for an employer even if they couple them with employer contributions to the HSA, they can still prove more affordable. Beyond that I don’t think that universal health care will ever pass in this country and as long as that never happens, HSAs will continue to be an excellent option for the consumer.

We’ll have more on this in the upcoming weeks as this is an issue that is not likely to go away.

Regence is the largest health insurer in the Northwest region of the United States has teamed with US Bank, one of the largest banks in the country, to offer debit card services and act as the HSA custodian for their accounts.

“We are proud to partner with an established financial institution and brand like U.S. Bank to offer our members the superior level of quality and financial services they have come to expect from Regence,” said Cary Badger, vice president of Market Development for Regence. “U.S. Bank’s experience, strong brand recognition and flexibility in online servicing capabilities embody our shared philosophy of supporting members in their health care decisions.”

Here’s a blogger who gets it, a Health Savings Account pays you stay in shape. If you are healthy you can save a lot of money.

Two things that I am passionate about are living a healthy lifestyle and building wealth.  They are two components of true prosperity.  This is why I really like the Health Savings Account (HSA).

Would you like to get paid to stay in shape?  If you live a healthy lifestyle, you can use that to your advantage to make some real money.  You can do this with an Health Savings Account (HSA).

What he doesn’t say is pay cash, save your receipts. You can reimburse yourself later without the penalty. Hypothetically you could save up enough receipts to pay for a vacation. Quite the reward for staying healthy.

Many folks have what is called an “emergency fund”, money that is saved and only to be used in the case of an emergency. Anyone who has one of these is the perfect candidate for a Health Savings Account and that’s what TheSouthern has recognized.

While the auto or homeowners savings may not dramatically change your world, the potential savings in health insurance could. Assuming good health, a family of four can reduce its premiums from $600 per month to $300 per month by switching from a traditional $25 co-pay plan to a High Deductible Health Plan (HDHP) requiring a family deductible of $4,000 per year. If your emergency fund is already in place, you could switch immediately and save $3,600 annually on your premiums. And it keeps getting better, because when you place those premium savings in a Health Savings Account (HSA) you could save you another $1,000 in taxes. Remember, the deductible goes toward the first $4000 in medical expenses, but your potential savings is $4200 a year. This is worth getting excited about!

Emergency savings fund. Health Savings Account. It’s all the same. One is just tax free.

Always nice to read stories like this about Health Savings Accounts. As the balances on these accounts grow they become harder and harder to discount. In the first part of this year they’ve grown by nearly 20 percent.

According to Canopy Financial’s Health Savings Account Market Report for the second quarter of 2008, individual and family HSA balances both grew by nearly 20 percent over the last three months.

According to Canopy, as of the end of Q2 ‘08, the average individual HSA balance was $969 and the average family HSA balance was $1,663. As intended by designers of the HSA concept, both younger and older consumers seem to be using their HSAs as long-term investments: individual accounts saw triple as much inflow as outflow, and family accounts showed double the inflow for the outflow.

I tell everyone I know with an HDHP to open their HSA for just this reason. It works as a forced savings account. If you’re healthy with no major problems you can save a lot of money without spending a lot. Three times as much apparently.

Caught this release on Google this morning. Guilford Savings Bank in Connecticut is now offering a complete Health Savings Account program.

Guilford Savings Bank, with $461 million dollars in assets and seven-branch relationship bank, has signed with HSA Clearing Corp to roll out a complete Health Savings Account program.

The Guilford Savings Bank has been serving the financial needs on the Connecticut shoreline for over 130 years. Launching their Health Savings Account program is the next step in their outstanding commitment to their customers.

It’s refreshing to see a bank that has been around for 130 years has added a Health Savings Account program. Even established banks realize these are the way of the future.

What’s the difference between an Health Reimbursement Arrangement and a Health Savings Account? I found this question on CNN Money’s Ask and Answer blog and had to reply.

The main difference between a Health Savings Account and a Health Reimbursement Arrangement is control. With the HSA you are in control of the account while the HRA gives the control to the employer. Any unspent money can be carried over to the next year with an HRA, but cannot be taken with you if you leave the company. This is where an HSA is better as the unspent money remains in a savings account drawing interest and money in the HSA can be used for investing.

The HRA offers a tax advantage to the employer, while the HSA can offer a tax advantage to both the employer and the employee. The HRA gives the employer increased flexibility and control, but overall the HSA plan has more advantages to both the employee and employer.

A company with a high turnover rate can certainly benefit from offering an HRA program, but for companies that like to keep their employees a Health Savings Account is preferable.

2009 is almost upon us so it’s time to get into what the contributions will be for next year. The numbers are adjusted each year for inflation.

For 2009, the maximum can you can contribute to a Health Savings Account is a $3,000 for single coverage and $5,950 for family.