What to Do If You Have an HSA from a Prior Employer

If you have a Health Savings Account (HSA) from a previous employer, there are several options available to you to manage your account effectively. Here are some steps you can take:

1. Understand Your HSA: Before making any decisions, make sure you fully understand the terms and conditions of your HSA, including any fees, investment options, and balances.

2. Decide on the Best Course of Action: Depending on your situation, you can choose one of the following options:

• Keep the HSA: You can keep your HSA with your previous employer and continue using it for eligible medical expenses.
• Transfer to a New HSA: You have the option to transfer the funds from your previous employer's HSA to a new HSA with your current employer or a different financial institution.
• Roll Over to an IRA: Another option is to roll over the funds from your HSA to an Individual Retirement Account (IRA) to continue saving for retirement.
• Close the Account: If none of the above options work for you, you can choose to close the account and withdraw the funds, keeping in mind any tax implications.

3. Take Note of Deadlines: Be aware of any deadlines or restrictions associated with moving or using your HSA funds to avoid penalties.

4. Seek Professional Advice: If you are unsure about the best course of action for your HSA, consider consulting a financial advisor or tax professional for guidance.

5. Stay Informed: Stay updated on any changes in HSA regulations and policies to make informed decisions regarding your HSA.

If you have a Health Savings Account (HSA) from a previous employer, it's important to know your options to manage your funds effectively. Understanding your HSA's terms can help you make informed decisions.