Do HSA Accounts Rollover Between Companies?

Are you contemplating switching jobs and wondering what will happen to your Health Savings Account (HSA) balance? The good news is that HSA accounts do not have to be left behind when changing employers. HSAs offer flexibility and portability, enabling account holders to retain their funds and continue benefiting from tax advantages even if they switch companies.

Here's what you need to know about HSA rollovers between companies:

• When changing jobs, you have several options for your HSA balance:
• Keep the HSA with your current provider
• Transfer the funds to a new HSA provider
• Roll over the balance into an Individual Retirement Account (IRA)
• HSAs are owned by the account holder, allowing them to maintain control over the funds
• Rolled-over funds do not count towards annual contribution limits
• Ensure a direct transfer to avoid tax implications
• Review any potential fees or requirements associated with the transfer
• Consult with a financial advisor for personalized advice

By understanding your options and the benefits of HSA rollovers, you can make informed decisions when transitioning between employers. Take advantage of the portability of HSAs to continue growing your healthcare savings effortlessly.

When you're thinking about switching to a new job, your Health Savings Account (HSA) can come along for the ride! HSAs are fantastic because they don't just disappear when you leave an employer. Instead, they provide you with flexibility and portability, allowing you to carry your HSA balance forward and maintain those valuable tax advantages.