Who Can Administer an HSA?
An HSA must be administered by a qualified HSA trustee or custodian. This includes an insurance company, bank, or a person approved by the IRS (approval may be difficult to obtain). It is important to check the cost of administration or approval and add that cost into the example above to determine the net savings to the parties involved. The Trustee can be different than the company that provides the HDHP, but you should first check with your insurance carrier to determine if they carry HSAs, and the cost of such plans.
