Can I Combine a Previous HSA Account with My Current Account?

Many individuals who have had Health Savings Accounts (HSAs) may wonder if they can combine their previous HSA account with their current account. The good news is that it is possible to consolidate your HSA funds for easier management and potentially lower fees. Here's what you need to know:

When it comes to combining HSA accounts, there are a few factors to consider:

• Eligibility: You can only combine HSA accounts if you are eligible to contribute to an HSA. This means you must be enrolled in a high deductible health plan (HDHP) and not be covered by another health plan that is not an HDHP.
• Transfer vs. Rollover: Depending on your situation, you may have the option to either transfer funds directly from one HSA to another or do a rollover by withdrawing the funds yourself and depositing them into the new HSA within 60 days.
• IRS Rules: It's important to follow IRS rules when combining HSA funds to avoid any tax implications. Make sure to consult with a tax professional if you have any questions.

By consolidating your HSA accounts, you can keep track of your funds more easily and potentially save on administrative fees. However, be sure to compare fees and features of both accounts before making a decision.

Did you know you can easily combine your previous Health Savings Account (HSA) with your current one? This is not only a convenient way to manage your funds but can also help you minimize fees. Let's break down what you need to know about this process.