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Multiple Individual HSA Accounts?

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  • Multiple Individual HSA Accounts?

    My spouse will receive a contribution annually from her employer to an HSA account at BMO Harris (her only option) which functions as a checking account with no investment options.  Do I have any options to open an additional HSA account in her name or mine at a location of our choosing to have the option to transfer the money and contribute more to invest it?  I'm struggling to find information on this. Thanks for your time.

  • #2
    An HSA eligible individual can have as many HSA accounts as they choose. Only employee contributions by payroll deduction are exempt from FICA.

    You are generally better off making the contributions by payroll deduction to the employer's designated HSA account. Then use your one rollover per one year period to rollover to the HSA of choice.

    HSA accounts are Individual accounts. You can not rollover any amount from her HSA to yours. If you are not an eligible individual, you can not even the account.