I am shortly moving to Amazon and plan to elect the HSA health benefit. How can I transfer my current HSA account after moving? Will be great if someone who has done this can explain the process.
It’s like transferring money from one bank to another. You can contact the bank once you have your new hsa active. They ll send you some documents for like withdrawal and stuff and it takes a while as it’s all paper.
Thanks guys, sounds like easy enough process!
Thank you!
Call the old HSA provider.. they'll give you a form.. mention the new account number there.. submit the form.. transfer done
Guys, it took me 11 weeks for the transfer. Very slow process.
I think both Amazon and MS use Premera (my info could be dated though). Either way should be fairly simple once you have the new HSA, make sure you keep your info/ID from the old one.
Key point is that HSAs don’t transfer in kind like brokerage accs do. You’ll be selling all your holdings, and your old custodian will mail a check to your new custodian. This means that if you live in a state that taxes HSA (eg CA), you have just realized your gains and will need to report it on your state tax return.
Write a check from one hsa to the other. It's a non taxabt event.
Funny I am making the move the other way, amz to msft and have questions about MSFT HSA.
Guess we both can benefit from this thread!