Introduction to Schwab Health Savings Brokerage Accounts (HSBAs)

Introduction to Schwab Health Savings Brokerage Accounts (HSBAs)

Schwab is integrating with leading HSA providers to offer consumer-direct HSA programs with access to Schwab's Health Savings Brokerage Account (HSBA).

The HSBA is a self-directed brokerage account (SDBA) designed to complement a health savings account. Schwab's HSBA provides access to thousands of additional investment choices and the ability for clients to appoint their investment advisor to manage their assets.

  • Accounts are accessible through Schwab.com and Schwab Advisor Center (SAC).
  • All tax reporting and recordkeeping of assets within an HSA and HSBA are managed by the HSA provider.
  • Contribution and distribution requests are managed through the HSA provider (typically through their customer portal).
  • Money cannot be directly deposited into or distributed out of an HSBA at Schwab. Deposits are directed to the HSA program provider and can be transferred into an HSBA. Withdrawals transfer from an HSBA to an HSA program provider before distribution.
  • HSA providers support scheduled periodic deposits to the HSA until the maximum deferrals are reached or individual deposits can be made. A minimum cash balance must be maintained (typically $1,000-2,000). Money movements are initiated and managed at the HSA provider. Each account holder should contact the HSA provider for funding options and investment option eligibility.
  • The HSA balance can be viewed through the HSA provider's website, and the HSBA portion used for investing is viewable on Schwab.com (web or mobile). If your client has other accounts at Schwab, you can view the HSBA account on Schwab Advisor Center. Your clients can see their HSBA accounts along with their other accounts using their Schwab.com login credential.

How to open a Schwab Health Savings Brokerage account

Resource: Advisor Managed Consumer Direct Fact Sheet
Resource: HSBA Fact Sheet
Resource: HSBA Welcome Brochure
Resource: HSBA Pricing Guide
Form: Schwab Health Savings Brokerage Account (HSBA) Limited Power of Attorney (LPOA) Agreement to Authorize an Investment Advisor