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How do I move my HSA funds?

Moving your funds to HSA Central is easy. Whether you currently have a HDHP or had one in the past, and our expert team is here to answer any questions you have. Call (833) 232-4676 to speak to one of our HSA experts. Our goal is to make it seamless and rewarding. Cue the sigh of relief.

  1. Enroll in a Health Savings Account with HSA Central.
  2. Fill out the Direct Transfer Request Form.
  3. We’ll review the form and process your information.
  4. Your funds will be transferred by check from your current account to HSA Central.
  5. Your funds will be deposited and ready to start working for you.

Open An HSA

 

What should I consider when moving my HSA funds?

With the decision to transfer or rollover your funds, there are a few guidelines you need to keep in mind:

  1. The transfer of funds from one HSA to another can be completed without any limitations.
  2. Your HSA transfer and rollover amounts are not included in the current tax-year IRS contribution limits; however, if you made current tax-year contributions to your previous HSA, those contribution amounts will be included in your annual IRS contribution limit and reported to the IRS. For more information on current and future year contribution limits, click here.
  3. You can rollover HSA funds once within a 12 month period.
  4. Even if you no longer contribute monthly funds to an HSA, you can still transfer your funds to a new account. That means whether you previously had a HDHP, are now on Medicaid, or something else entirely, you're still able to transfer and use your HSA funds.
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How do I transfer funds from an IRA to an HSA?

You can transfer your IRA funds to your HSA by completing our Direct Transfer Request Form and following the directions listed on the form. Here are a few things you should keep in mind for the transfer of IRA funds:

  1. Unlike a rollover from an HSA to another HSA, the transfer from an IRA to an HSA does count toward the annual contribution limit determined by the IRS.
  2. You can choose to transfer the funds from an IRA to an HSA once in your lifetime.
  3. The IRA and HSA in question must be owned by the same individual (funds are non-transferable to a spouse or partner).
  4. Funds can be transferred from a Traditional or Roth IRA without further restrictions.
  5. Funds can be transferred from an SEP or Simple IRA as long as the IRA is no longer considered “ongoing” by the IRS.

Open An HSA

Please consult your Tax Advisor.