What Happens When I Move My HSA Account?

When you decide to move your HSA account, there are several important things to consider. Transferring your HSA involves a few steps to ensure a smooth transition:

• Choose a new HSA provider: Research and select a new HSA provider that meets your needs.
• Initiate the transfer: Contact your current HSA provider to start the transfer process.
• Complete transfer forms: Fill out the necessary forms provided by both your current and new HSA providers.
• Transfer funds: Your HSA funds will be transferred electronically to your new account.
• Close your old account: Once the transfer is complete, close your old HSA account to avoid any fees or penalties.

When you move your HSA account, the funds remain tax-free as long as they are used for qualified medical expenses. It's essential to ensure a seamless transfer to avoid any complications.

Deciding to transfer your HSA (Health Savings Account) can feel overwhelming, but it doesn't have to be. The first step is to choose a new HSA provider that aligns with your financial goals and offers competitive fees. Research different options to find one that fits your needs.