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HSA - Minimum balance requirement question
Posted on 5/13/24 at 9:49 am
Posted on 5/13/24 at 9:49 am
My HSA plan required a minimum balance of $1,000 to transfer funds to an investment account.
As of this year, I am no longer enrolled in that insurance plan so I am not contributing to the HSA.
Now, there's a $3 monthly fee if I don't keep $3,000 in the savings account.
My question: What can I do with the remaining money in the savings account?
Am I still supposed to be keeping a $1,000 minimum? Can I transfer it to the HSA investment account since I'm no longer contributing to the savings account? Do I start using the funds for medical expenses instead of getting a $3 fee until the account hits $0?
I called customer service, but they didn't have a good understanding of what I was asking due to the language barrier.
As of this year, I am no longer enrolled in that insurance plan so I am not contributing to the HSA.
Now, there's a $3 monthly fee if I don't keep $3,000 in the savings account.
My question: What can I do with the remaining money in the savings account?
Am I still supposed to be keeping a $1,000 minimum? Can I transfer it to the HSA investment account since I'm no longer contributing to the savings account? Do I start using the funds for medical expenses instead of getting a $3 fee until the account hits $0?
I called customer service, but they didn't have a good understanding of what I was asking due to the language barrier.
1
Posted on 5/13/24 at 9:59 am to Lazy But Talented
Are you on a new plan with different HSA or just a low deductible plan now without the ability to contribute to an HSA?
If you have a new HSA somewhere else, you can transfer the funds to that one if you want. 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, just havent done research there).
I feel you though, when i left my last company, i suddenly kept getting charged $2.99/mo for a fee and another $0.99/mo fee. I just cleaned out that account ultimately with having a baby last year though and reimbursing a lot. I could have transferred the funds to my new HSA with my new employer this year though had some funds still existed but wasnt worth the time with what was left really.
If you have a new HSA somewhere else, you can transfer the funds to that one if you want. 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, just havent done research there).
I feel you though, when i left my last company, i suddenly kept getting charged $2.99/mo for a fee and another $0.99/mo fee. I just cleaned out that account ultimately with having a baby last year though and reimbursing a lot. I could have transferred the funds to my new HSA with my new employer this year though had some funds still existed but wasnt worth the time with what was left really.
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