Can I open additional HSA account apart from employer HSA?

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stn2007
Posts: 1
Joined: Sun Jan 21, 2018 10:01 pm

Can I open additional HSA account apart from employer HSA?

Post by stn2007 » Sun Jan 21, 2018 10:15 pm

I know that one can have multiple HSA account situations, especially due to the prior job.

Currently, I have HSA account with the current employer (due to HDHP plan). But I do not like the investment options they have. Can I open my own HSA account with another brokerage/trustee (which has better investment options) and transfer money periodically (say quarterly) from employer HSA to this another HSA? Note that contributions will be going into employer HSA throughout the year (every paycheck).

Spirit Rider
Posts: 7040
Joined: Fri Mar 02, 2007 2:39 pm

Re: Can I open additional HSA account apart from employer HSA?

Post by Spirit Rider » Sun Jan 21, 2018 11:38 pm

Yes you can open any number of HSA accounts you want.

You can transfer from an employer plan to a previous employer plan or any other plan you have. However, most plans charge a fee (typically $25) for each trustee -> trustee transfer.

You can do one no cost indirect rollover every one year period.

clemrick
Posts: 50
Joined: Wed Sep 09, 2009 8:46 pm

Re: Can I open additional HSA account apart from employer HSA?

Post by clemrick » Mon Jan 22, 2018 9:45 am

Just remember that the contribution limit is PER PERSON, not per account, if you intend to contribute directly to the second account and not just do director transfers.

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