Fidelity Investments, headquartered in Boston, is now offering a full-service health savings account (HSA) for financial intermediaries.
An HSA is a tax-advantaged medical savings account that can help investors pay for qualified medical expenses. HSAs offer a triple tax advantage: contributions are tax-deductible; investors can spend their money on qualified medical expenses tax-free; and any growth is tax-free.
Broker-dealers, banks and RIA clients of Fidelity Clearing & Custody Solutions now have access to the multifaceted product, which helps clients better prepare and manage their health-care expenses while allowing advisors to diversify their product offerings through the platform’s more than 10,000 mutual funds, stocks, bonds and ETFs.
The Fidelity HSA, a full-service, open-architecture brokerage account, is fully integrated with Wealthscape, Fidelity’s advisor technology platform. The platform allows advisors to handle all aspects of clients’ HSAs in one place, including professional investment management and operational oversight.
“HSAs give advisors a significant opportunity to deliver value [by] helping clients achieve freedom from worry around caring for themselves and loved ones,” said Ryan Plotner, head of brokerage and banking solutions at Fidelity Institutional.
To be eligible to open or contribute to an HSA, individuals must be covered by a high-deductible health plan and cannot be enrolled in Medicare or be a dependent on another person’s tax return.
To learn more about Fidelity HSAs, visit: www.fidelity.com/hsa.