Author Topic: HSA Transfer Question  (Read 2451 times)

Bikesy

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HSA Transfer Question
« on: September 13, 2014, 05:33:59 AM »
I started a  new job a couple of months ago and I have an HDHP with an HSA.  After digging in a little more the investment fees for the mutual funds within HSA Bank look really high.  Can I open an HSA somewhere else and transfer my funds every month or so?  Has anyone had any experience with this?

Thanks for any help!

SailAway

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Re: HSA Transfer Question
« Reply #1 on: September 13, 2014, 07:22:37 PM »

chasesfish

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Re: HSA Transfer Question
« Reply #2 on: September 14, 2014, 06:23:40 AM »
Sailaway - Did you have any additional reporting when it came to tax filing time?  What brokerage did you use for the new account

I've been considering this myself, I have a large chunk in an employer sponsored HSA.  I've been hesitant to do anything due to tax reporting and I can't see where Fidelity does these accounts.

SailAway

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Re: HSA Transfer Question
« Reply #3 on: September 14, 2014, 07:54:48 AM »
Sailaway - Did you have any additional reporting when it came to tax filing time?  What brokerage did you use for the new account

I've been considering this myself, I have a large chunk in an employer sponsored HSA.  I've been hesitant to do anything due to tax reporting and I can't see where Fidelity does these accounts.

I just did it this year, so I haven't filed the taxes on it yet. However, in the blog post I linked above, it's discussed in the comments. Form 8889, line 14b.

I rolled mine from BMO Harris (the only bank my employer will direct deposit to) to Eli Lilly Federal Credit Union, which uses TD Ameritrade for the brokerage.