I had an HSA account with my old employer. I quit that job, and started a new job and thus have an HSA account with a different administrator.
My question is what is the difference between a rollover and transfer? Am I correct in assuming that a rollover means that the money/cash in my previous HSA account will be sent to me via check? And that a transfer would mean that the money/cash in my previous HSA account will be sent to the new HSA administrator via check?
Which option would be best? (best, in terms of ease of transaction, and the propensity of the IRS finding the transaction to be questionable). I just would like to transfer all my money from my previous HSA account to my new HSA account with as less hassle as possible and preempt any IRS query. Is a "transfer" a better option than a "rollover"? If so, why? I appreciate your help 🙂
