Can I do HSA rollover from my earlier company and present company at around same time (with-in a month) to a third-party HSA provider?
Reason: I am moving to my spouse HDHP insurance end of this month (and she will have her own HSA) and thus the maintenance cost is something I want to avoid on my earlier and soon to be ending HSA account.
Planning to move to lively or Fidelity (for minimum fees) - not to plan to invest as money is needed for medical expenses next year
currently: one is with Cigna(HSA bank) and Health Equity
Spouse will going to have with HealthEquity
Note: I am aware the total should be less than 7300 for the year, for family filing joinlty, and will take care of it
Instruct your HSA provider to establish a “trustee-to-trustee transfer” of your funds into a new account with a different HSA provider. Most allow you to do this online. Or you can call and ask for a trustee-to-trustee form. Fill it out, send it back and your HSA provider will handle the rest.
You may have heard that the IRS allows HSA rollovers once every 12 months. In truth, you can make as many trustee-to-trustee transfers as you wish. The IRS doesn’t treat each transfer as an official rollover.
You can move any of HSA accounts to any other financial institution that you choose.
thnx for you reply Champ @Bsch4477 .
But what I read over internet/google is different
https://www.google.com/search?q=hsa+rollover+once+every+12+months&oq=hsa+&aqs=chrome.0.69i59l3j0i67i131i433j69i60l4.3299j0j7&sourceid=chrome&ie=UTF-8
or I did not understand it correctly?
Instruct your HSA provider to establish a “trustee-to-trustee transfer” of your funds into a new account with a different HSA provider. Most allow you to do this online. Or you can call and ask for a trustee-to-trustee form. Fill it out, send it back and your HSA provider will handle the rest.
You may have heard that the IRS allows HSA rollovers once every 12 months. In truth, you can make as many trustee-to-trustee transfers as you wish. The IRS doesn’t treat each transfer as an official rollover.
There's a difference between a rollover and a trustee-to-trustee transfer. A rollover is when you take money out of one HSA and you have the money in your hands. Then you deposit that money into a different HSA within 60 days from when you took it out of the first account.
In a trustee-to-trustee transfer you never touch the money yourself. The trustee of one HSA transfers it directly to the trustee of another HSA. Technically this is not a rollover.
You can do only one rollover in any one-year period. But you can do as many trustee-to-trustee transfers as you like.
The following is from IRS Publication 969.
"If you instruct the trustee of your HSA to transfer funds directly to the trustee of another of your HSAs, the transfer isn't considered a rollover. There is no limit on the number of these transfers."
like an IRA you can not roll your HSA a/c into her HSA a/c. AN HSA a/c is either in your name or her name. Both/joint is not permitted.
but nothing prevents you from rolling form your XYZ HSA to your ABC HSA.
Thank you everyone. will going for trustee-to-trustee transfer.
I have another side question: which HSA I should select where I dont have to pay the maintenance fees or minimum fees (like maintenance and monthly and yearly fees)
I am not much inclined towards investment as I need money more often for medical related payment