How to Roll Over an HSA

Consumer-driven health care plans provide consumers with an incentive to shop around for the best price. Combining a high deductible health plan with a health savings account, or HSA, lets consumers save money on premiums while putting tax-deferred money aside to pay for medical expenses and the increased cost of the deductible. HSA plans are managed by banks, brokerage firms and mutual fund companies, and consumers are free to roll the funds in their existing HSA plans over to a new custodian if they wish.

Things You'll Need

• HSA statement
• HSA transfer form

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Instructions

• 1

  Review the balance on your last HSA statement. Knowing the current balance in your HSA plan can make the rollover process a lot easier. If you know you have payments coming out of your HSA, it is a good idea to wait for them to clear before initiating the rollover.

• 2

  Contact the bank, brokerage firm or mutual fund company you want to use as your new HSA administrator. Ask for an HSA rollover and transfer form. In some cases this transfer form will be available online. In other cases you will need to wait for the form to arrive in the mail.

• 3

  Enter the requested information on the HSA rollover and transfer form. This includes your name, address and the account number of the HSA.

• 4

  Sign and date the form and submit it to the address listed. Keep copies of all paperwork for your records.