Think about your whole HSA wants in a single place. The place getting a visit tax break, no hidden charges, and automated investing is all achieved for you.
That is all potential by Starship HSA, a beautiful answer for these trying to save and make investments their future well being care prices.
Who Is Starship HSA?
Based in 2017, Starship HSA is the fashionable well being financial savings account for folks trying to spend and save on eligible well being bills, and make investments sooner or later.
With over 130,000+ customers, Starship is giving well being financial savings accounts (HSAs) a superb title–not traditionally a straightforward feat! Since their inception in 2003, HSAs have lengthy been considered complicated and sophisticated, however Starship’s altering that narrative due to their easy, lovely app, stellar buyer help, and ample academic sources.
Right here’s what else it is advisable to learn about Starship.
What Do They Provide?
First, let’s discuss concerning the apparent: what precisely is an HSA?
HSA stands for well being financial savings account. They’re type of like private financial savings accounts, besides that the cash in them is used to pay for eligible healthcare bills.
How does this profit you? Effectively, whenever you use your Starship HSA, you’re reducing your general tax-burden… a suggestion most of us can’t, and shouldn’t refuse. A well being financial savings account is the one triple-tax-advantaged account on the market, and it’s actually made to avoid wasting you cash every time and wherever potential, and guarantee each short- and long-term well being and wealth.
Does Starship Provide an FSA?
Nope! And for fairly a couple of causes.
Probably the most vital distinction between FSAs and HSAs is that FSA cash is use it or lose it, that means when you haven’t used up your whole account’s funds by yr finish, you’re out of luck, and that cash’s gone.
With an HSA, when you don’t use the cash in your account by the top of the yr, no worries–it’ll nonetheless be there come January 1st. In truth, that cash is yours year-over-year. And with Starship, you’ll be able to even go away an employer, or add one other one, and maintain your similar account (and all of the funds in it!). With many different suppliers, a job change would imply a brand new account quantity–even when remaining with the identical supplier–and a request to roll over funds. Not-so with Starship. What’s yours, stays yours, easy as that.
One other vital distinction between HSAs and FSAs is that this: FSAs are employer-owned, whereas HSAs are individually managed. Which means that when you get a special job in the course of the yr, you’re more likely to forfeit no matter hard-earned money you had in your FSA.
And as when you wanted extra the reason why HSAs win over FSAs… HSAs are triple-tax-advantaged, whereas FSAs aren’t.
Together with your HSA, your:
- Contributions to your Starship HSA are tax-free
- Withdrawals on eligible well being bills are tax-free
- HSA funding development is tax-free, too!
One other bonus? Every little thing that your Starship HSA is able to, can all occur from the palm of your hand. I’ve but to see that for any FSA.
Proper from inside the Starship app, you’ll be able to:
- Handle HSA contributions
- Observe HSA financial savings
- Observe HSA spending
- Set a financial savings threshold and put your invested funds on auto-pilot
- Pay your self again for certified well being bills
- Retailer receipts
- Order a Starship Visa® Debit Card to swipe or faucet and pay for eligible bills
The 411 on Starship Investing
I feel that Starship’s investing function is what actually units them aside from different HSA suppliers. Their strategy is straightforward: a completely built-in investing platform constructed proper into the prevailing Starship app.
Enrolling in a Starship Investing Account takes just a few minutes, and all it is advisable to do to get began is the next:
- Reply a couple of questions on your danger tolerance, monetary state of affairs, and investing objectives
- Approve the portfolio instructed to you
- Provoke a switch out of your financial savings
- Begin investing
Starship’s use of robo-investors makes rising your cash tax-free just about hassle-free. As soon as enrolled, you’ll be able to simply monitor your investing efficiency over time, transfer funds, or make adjustments to your investments… sure, all from the Starship app.
After all, there’s at all times the choice to regulate your preferences sooner or later. However for now, you’ll be able to let Starship’s robo-investing know-how do the heavy lifting.
Are There Any Charges?
Starship’s HSA is completely free. The one payment you’ll ever pay with this supplier is for its funding element. And even that payment is extremely low at $1/month.*
You’ll additionally by no means want to fret about being charged for any of the next:
- No month-to-month upkeep charges
- No withdrawal charges
- No minimal stability charges
- No transaction charges (inside the U.S.)
- No debit card charges
- No overdraft charges
- No account opening charges
- No account closing charges
*When you’ve got greater than $5,000 a month in your investing account, you’ll incur an additional .35% payment on investments. To be taught extra about these Starship’s investing agreements, click on right here.
How Do I Open An Account?
Opening a Starship HSA is tremendous easy and can solely take a couple of minutes.
Right here’s get began.
- Obtain the Starship app, obtainable on each the Apple Retailer and Google Play shops
- Create an account
- Join your checking account
- Arrange month-to-month recurring contributions*
*You don’t want to arrange recurring contributions throughout the join course of. In truth, you’ll be able to merely decide to contribute to your HSA when you may have some further funds down the road. However by automating contributions, each saving and investing change into rather a lot simpler.
How Do I Know If I’m Eligible?
Whether or not or not you’re HSA eligible will depend on what kind of insurance coverage you may have. Proper now, as a way to have an HSA, you will need to even be enrolled in a excessive deductible well being plan (HDHP).
For 2021, an HDHP is outlined as a plan with a deductible of a minimum of $1,400 for a person and $2,800 for a household. Yearly out-of-pocket bills (together with deductibles, copayments and coinsurance) can’t be greater than $7,000 for a person or $14,000 for a household. For 2022, particular person and household deductible quantities are the identical, and the out-of-pocket bills will improve by $50 and $100, respectively.
Listed below are some extra necessities you’ll need to bear in mind round enrolling in an HSA:
- You should be a minimum of 18 years outdated.
- You can’t be coated below any well being plan that doesn’t qualify as an HDHP (with restricted exemptions). In different phrases, you probably have a secondary insurance coverage coverage with a low deductible, you is probably not eligible.
- You need to not be enrolled in Medicare.
- You can’t be claimed as a depending on one other individual’s tax return.
Is My Cash Protected?
All Starship accounts are FDIC insured. Starship Spending Accounts (that’s how they often check with your HSA) are insured for $250k. Any invested funds are SIPC-insured for $500k. Starship is a completely licensed funding adviser registered with the Securities and Trade Fee (“SEC”).
Starship HSA vs. Opponents
Starship is the one mobile-first HSA supplier I’ve come throughout, and so they proceed to up the ante with each new product enhancement–which appear to return fairly continuously. Their mobile-first strategy is very useful to these part of the person market, like drivers who are sometimes on the go, and freelancers who could obtain contributions from a couple of employer (this functionality is restricted to Starship!).
You additionally gained’t discover one other HSA that’s as simple to make use of or customer-focused. There are a pair different leaders within the HSA house proper now, like Energetic and Bend HSA, however on prime of being the one mobile-first account of this type, Starship additionally does a powerful job at each buyer schooling and help, one thing I’ve not seen achieved this properly by another supplier. And in an trade as area of interest as this one, help and schooling are crucial. There’s rather a lot to be realized!
You may contact Starship’s Buyer Assist at [email protected], or chat with them proper from inside the app. And so far as schooling is anxious, I particularly like Starship’s intensive weblog and FAQ web page.
- Free app obtainable in each within the App retailer or Google Play
- Might be managed fully within the cell app
- No month-to-month value to your HSA
- No account minimums
- Tremendous low investing payment of $1/mo
- You may maintain when you change jobs, or simply switch from a special HSA
- Your cash is FDIC insured
- Lovely, free Starship Visa® Debit Card
Is It Value It?
Starship affords a mobile-first HSA with easy administration, no hidden charges, and wonderful academic sources that’ll maintain you updated with trade adjustments and reply your burning questions.