quote:
If you just arent eligible for an HSA, see about transferring that HSA to one that charges you either a lower fee or no fee (not sure if they exist if its not employer sponsored

This^^^

One of the most important things to remember about HSAs is that they are portable and are owned by the employee or policy holder, not the employer. You leave, it goes with you. You can transfer it to another HSA company of your choosing, if the one your employer sponsored begins charging fees or you want one with better investment options. And to make transfers, it’s not necessary for you to be covered by a high deductible policy. You just can’t add to the HSA.

I don’t have the link handy right now, but he can do a search for HSA companies that do not charge fees. I seem to recall that Fidelity doesn’t or didn’t - not sure about now.

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Posted by Jag_Warrior

Virginia

Member since May 2015

4181 posts

Posted on 5/15/24 at 8:29 am to Jag_Warrior

quote:
You can transfer it to another HSA company of your choosing, if the one your employer sponsored begins charging fees or you want one with better investment options.

Something else I didn’t mention in the above post, but relates to what I said: even while you’re still employed, if your employer makes a contribution or some sort of match to your HSA (as my previous employer did), you can leave a sufficient amount in that account (to get their contribution and enough to avoid fees), and then transfer the remainder into an HSA account of your choosing.

The maximum contribution (including employer contributions) still applies. But you’re not 100% locked into the employer sponsored HSA, even while still employed.

Just wanted to make folks aware of that.