Insights

DISCLAIMER: This communication is not intended as legal or tax advice.  The materials contain only a partial, general description of the benefits of Health Savings Accounts.  The information is believed to be accurate as of the production date; however, Federal and state laws and regulations are subject to change.  Please contact a competent legal or tax professional for personal advice on eligibility, tax treatment and restrictions.

Video Transcript

One of the neat features of your HSA from The HSA Authority at Old National Bank, is your ability to transfer funds from your traditional or Roth IRA into your HSA account, or to transfer funds from other HSAs.

First, let's look at your IRA transfers. If you have a traditional or Roth IRA, you can move those funds into your HSA from The HSA Authority, but there's a small catch. You can only do this ONCE in your lifetime, so, you'll want to make sure the time is right to transfer these funds. These IRA transfers also count toward your annual contribution limit, so be mindful of that. But, once transferred, you can access the funds tax and penalty free for any of your qualifying medical expenses.

Now, let's say you have another HSA, or multiple HSAs. You can have as many as you want – within annual contribution limits – but, come tax time, wouldn't it be simpler to have all of those funds in one, easy to track HSA? Sure – so, maybe this is an exception to the old “all eggs, one basket” scenario. And, you'll be happy to know that moving funds from one HSA to another does NOT count toward your annual contribution limit.

Whether it's IRA, or HSA, you'll need some help from The HSA Authority to ensure the transactions are processed properly and that there are no unintended tax consequences. You'll find the proper forms on our web site: TheHSAauthority.com. Just follow the simple instructions to complete the form, and submit them to The HSA Authority. We'll look them over and process the transactions, making sure they're reported properly to the IRS.

If you have any questions about how to transfer funds from your IRA or other HSAs, call The HSA Authority Client Care for assistance at 1-888-472-8697, and be sure to visit us at TheHSAauthority.com.