How to Roll Over HSA Funds to a New HSA - Simple Steps and Guidelines

When you are considering changing your Health Savings Account (HSA) provider or switching jobs, you may need to roll over your HSA funds to a new HSA. This process can seem daunting at first, but it is actually quite simple when you know the steps to take. Here are some guidelines to help you smoothly transfer your HSA funds:

1. Contact your current HSA provider: Reach out to your current HSA provider to initiate the rollover process. They will provide you with the necessary forms and instructions to transfer your funds.
2. Choose a new HSA provider: Research and select a new HSA provider that meets your needs and preferences. Make sure they offer the investment options and account features you desire.
3. Complete the rollover forms: Fill out the required paperwork from both your current and new HSA providers. This typically includes an HSA transfer request form.
4. Transfer the funds: Once the paperwork is complete, your current HSA provider will transfer the funds directly to your new HSA provider. This should be done as a trustee-to-trustee transfer to avoid any tax implications.
5. Review your new HSA: Once the transfer is complete, review your new HSA account to ensure that all funds were successfully rolled over. You can now start using your new HSA for qualified medical expenses.

By following these simple steps and guidelines, you can easily roll over your HSA funds to a new HSA without any hassle. Remember that it is important to complete the rollover correctly to avoid any tax penalties or issues. If you have any questions or need assistance, don't hesitate to reach out to your HSA providers for guidance.

Transferring your Health Savings Account (HSA) funds to a new provider doesn’t have to be a stressful experience. By following these straightforward steps, you can ensure a seamless transition.

1. To kick things off, contact your current HSA provider. They will guide you through the initial steps and supply you with the necessary paperwork.
2. Next, it's essential to select a new HSA provider that aligns with your financial goals. Take your time to compare different options regarding fees, services, and investment opportunities.
3. After you’ve made your choice, complete all required forms from both HSA providers. Double-check your details to ensure everything is accurate.
4. The actual transfer of funds should be initiated once the paperwork is all set. Make sure it is done through a trustee-to-trustee transfer; this will help you sidestep any tax consequences.
5. Finally, keep an eye on your new account. Once the funds have landed, take a moment to review your new HSA and ensure everything reflects correctly before you start using it for your medical expenses.