Can I transfer money from ex-employer HSA bank to new-employer HSA bank?

When changing jobs, one of the common concerns is what happens to the funds in your Health Savings Account (HSA) from your ex-employer. The good news is that you can transfer money from your ex-employer's HSA bank to your new-employer's HSA bank. This process ensures that you maintain control over your HSA funds and continue using them for qualified medical expenses.

Transferring HSA funds between employers involves a few simple steps to ensure a smooth transition:

• Contact your current HSA provider to initiate the transfer process.
• Provide the necessary details of your new employer's HSA provider to facilitate the transfer.
• Ensure that the transfer is completed directly between the two HSA providers to avoid any tax implications.
• Once the transfer is complete, you can continue using your HSA funds for eligible medical expenses as usual.

Remember that HSA funds are portable and belong to you, regardless of your employment status. By transferring funds between HSA accounts, you can seamlessly continue saving for healthcare costs and enjoying the tax benefits that come with an HSA.

If you're changing jobs, it's understandable to be concerned about what happens to your Health Savings Account (HSA) from your previous employer. Fortunately, transferring funds from your ex-employer's HSA bank to your new-employer's HSA bank is not only possible but also a straightforward process. Keeping your HSA funds allows you to continue paying for qualified medical expenses without interruption.