Can You Carry Over HSA Money to a New Account?

Many individuals who have a Health Savings Account (HSA) often wonder whether they can carry over their remaining funds to a new account. The good news is that HSAs offer great flexibility in terms of your funds, and the ability to carry over money to a new account is one of the key benefits.

When it comes to transferring your HSA funds to a new account, here's what you need to know:

• You own the money in your HSA, and it stays with you even if you change jobs or health plans.
• You can roll over the balance in your HSA from year to year, with no expiration date on the funds.
• If you switch to a new HSA provider, you can transfer the funds directly to the new account without tax consequences or penalties.

Therefore, the answer to the question is yes, you can carry over HSA money to a new account, making it a convenient and portable option for managing your healthcare expenses.

Absolutely! Health Savings Accounts (HSAs) are designed to empower you to manage your health expenses flexibly. Not only can you carry over any unused funds to a new account, but you also retain complete ownership of your money regardless of employment changes.