Q. I have a HSA account at my previous employer, it has a high monthly fee, can I transfer it out? Also, my current employer does not offer HSA but my spouse's employer does. Can I consolidate the two accounts?
A. Yes, you can transfer or rollover your previous HSA account to a new institution, such as a bank or a brokerage house.
For example, Wells Fargo' HSA account charges no monthly fee and you can trade a wide range of mutual funds.
You can also open a self-directed HSA account at TD Ameritrade, then fund it through your previous HSA money. In this way, you can even trade stocks.
Transfer means your previous HSA provider sends you a check and the new HSA provider, and Rollover means your previous HSA provider sends you a check, and you deposit it at your new HSA provider.
Unfortunately a HSA account is individually owned, you cannot combine two different people's HSA accounts into one, unless one of the two dies.
A. Yes, you can transfer or rollover your previous HSA account to a new institution, such as a bank or a brokerage house.
For example, Wells Fargo' HSA account charges no monthly fee and you can trade a wide range of mutual funds.
You can also open a self-directed HSA account at TD Ameritrade, then fund it through your previous HSA money. In this way, you can even trade stocks.
Transfer means your previous HSA provider sends you a check and the new HSA provider, and Rollover means your previous HSA provider sends you a check, and you deposit it at your new HSA provider.
Unfortunately a HSA account is individually owned, you cannot combine two different people's HSA accounts into one, unless one of the two dies.
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