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Moving money between HSA administrators

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  • Moving money between HSA administrators

    I have an HSA from my employer with a match but no its a checking account only, no investing options.  If I move my account to another administrator and close the employer account, I lose the match. I've recently opened an individual account at HSA Bank and I want to move portions of the HSA money over intermittently in order to invest. Can I simply write a check or do an electronic transfer or will that violate some IRS rule? I haven't been able to find a reason that this wouldn't work if I save all of my receipts, but I would love some feedback from the group.

    Thanks!!!

  • #2
    You would need to fill out a transfer/rollover form, similar to what you would do for an IRA. If you write a check, it would be reported as a distribution from the original HSA and counted as a contribution to the new account, which you do not want to do.
    Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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