Can You Transfer Money from Connect Your Care HSA to a New HSA?

Are you considering changing your HSA provider and wondering if you can transfer money from your Connect Your Care HSA to a new HSA? The good news is that you typically have the flexibility to transfer funds between HSAs without incurring taxes or penalties. Here’s what you need to know about transferring money from your Connect Your Care HSA to a new HSA:

1. Direct Transfer: You can directly roll over funds from your Connect Your Care HSA to a new HSA. This entails transferring the funds electronically from one HSA to another without withdrawing the money yourself.

2. Trustee-to-Trustee Transfer: This method involves moving the funds directly between the trustees of the two HSAs. It’s important to ensure that the transfer is made from one trustee to another to avoid incurring taxes.

3. No Limit on Transfers: There is no limit on the number of times you can transfer money from one HSA to another. You have the flexibility to switch providers or consolidate your HSA funds as needed.

In summary, transferring money from your Connect Your Care HSA to a new HSA is a straightforward process that can be done without tax consequences. Be sure to follow the proper transfer procedures to ensure a seamless transition of your HSA funds.

If you're looking to switch from your Connect Your Care HSA to a new provider, you're in luck! Transferring your funds is generally a smooth process, allowing you to make the best choice for your health savings needs without tax burdens.