Morningstar® released its 2018 rendition of their Health Savings Account Landscape report yesterday, which evaluates 10 HSA providers based on their potential appeal to an individual looking to open an HSA. The report is based off publicly available information as of 9/30/2018, compared to the 2017 version of the report which used 5/30/2017 information.
Morningstar® provides a scored analysis of each HSA product as a spending vehicle and an investment vehicle, aggregating marks to give providers an overall score out of 12. As an investment vehicle, Morningstar® found “The quality of investments across HSA plans remains strong and has improved since last year” while offering suggestions for improvements to investments offered and plan designs.
The ten providers in the report shifted slightly to include Fifth Third Bank in place of Alliant Credit Union1, and generally broadened the scope of the analysis. While we believe the latest report is an improvement, and provides a more robust view of the topics covered compared to the 2017 version, gaps remain (notably the absence of features related to relevant fees) in the effort to provide an apples-to-apples product comparison.
Devenir powers the site HSASearch.com, which lets you sort and compare features, fees, interest rates, and other important details on over 500 HSA providers.
1 Alliant Credit Union’s HSA business transitioned to HealthEquity Q4-2017