What to Do with Your Previous Employer HSA: A Helpful Guide

If you have a Health Savings Account (HSA) from a previous employer, you may be wondering what your options are for managing it. Here are some steps you can take to make the most of your HSA:

1. Understand your HSA: Take some time to review the details of your HSA, including any fees, investment options, and balance.

2. Decide on your next steps: Depending on your situation, you have a few options for what to do with your HSA:

• Keep it with your previous employer
• Transfer it to a new HSA provider
• Roll it over into an Individual HSA

3. Keep it with your previous employer: If you're happy with the investment options and fees associated with your current HSA, you can choose to leave it where it is.

4. Transfer it to a new HSA provider: If you're looking for better investment options or lower fees, you can transfer your HSA to a new provider that better meets your needs.

5. Roll it over into an Individual HSA: If you no longer have an HSA through an employer, you can roll your previous employer HSA into an Individual HSA to continue enjoying tax advantages and saving for medical expenses.

6. Keep track of contributions and withdrawals: Make sure to keep records of any contributions and withdrawals you make from your HSA for tax purposes.

7. Seek professional advice: If you're unsure about what to do with your previous employer HSA, consider consulting with a financial advisor to help you make the best decision for your financial situation.

If you've recently switched jobs, managing your Health Savings Account (HSA) from a previous employer can feel overwhelming, but it doesn't have to be! Start by reviewing the details of your HSA – it's crucial to understand any associated fees, investment choices, and your current balance.

1. Understand Your HSA: Familiarize yourself with your account's specifics including fees, investment selections, and current balance to make informed decisions moving forward.

2. Explore Your Options: You typically have several paths you can take with your HSA, including:

• Keeping it with your previous employer
• Transferring it to a new HSA provider
• Rolling it over into an Individual HSA

3. Keeping it with Your Previous Employer: This can be a great option if you're satisfied with the fees and investment options still available to you.

4. Transferring Your HSA: If you're looking for more favorable options, don't hesitate to transfer your funds to a new provider who may provide better benefits.

5. Rolling Over into an Individual HSA: If you don't have an HSA from your current employer, consider rolling over the previous HSA into an Individual HSA to maintain those tax advantages for medical expenses.

6. Track Contributions and Withdrawals: Maintain a detailed record of any money you add or take out from your HSA for tax reporting and personal tracking.

7. Get Professional Help: If navigating this process seems daunting, reaching out to a financial advisor could provide personalized insight tailored to your situation.