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Is any insurance company a qualified HSA trustee or custodian?

April 26, 2017COMPANY custodian HSA Insurance qualified Trustee

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Is any insurance company a qualified HSA trustee or custodian?

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A-72. Yes. Any insurance company or any bank (including a similar financial institution as defined in section 408(n)) can be an HSA trustee or custodian. In addition, any other person already approved by the IRS to be a trustee or custodian of IRAs or Archer MSAs is automatically approved to be an HSA trustee or custodian. Other persons may request approval to be a trustee or custodian in accordance with the procedures set forth in Treas. Reg. § 1.408-2(e) (relating to IRA nonbank trustees).