I have an apparent problem trying to do a HSA transfer/rollover?
Saturday, July 26th, 2008
Steveo F. asked:
I was self employed for 15 years. When Medical Savings Accounts (MSAs) came out in 1997, I signed up right away with my insurer, Time (now Assurant Health). Then MSAs became Health Savings Accounts (HSAs) a few years ago and my HSA grew to an over $15,000 balance. I took a new job a year ago with a fantastic Blue Cross and Blue Shield of Illinois plan that is not a HDHP. The problem is is that my HSA with $15,000 is earning 3% at Assurant. I’d like to transfer it over to another HSA that offers brokerage services, but I can’t seem to transfer it anywhere since they always ask, “Are you covered by any other Health Plan, in addition to your HDHP, which provides any of the same benefits as the HDHP?” If so, they won’t open an account for me! Whatever HSA admin I call, the low level people always say, “Sorry, can’t do it!” It seems wacky that I’m locked into keeping my account where it is at. Is this true?
Angel
I was self employed for 15 years. When Medical Savings Accounts (MSAs) came out in 1997, I signed up right away with my insurer, Time (now Assurant Health). Then MSAs became Health Savings Accounts (HSAs) a few years ago and my HSA grew to an over $15,000 balance. I took a new job a year ago with a fantastic Blue Cross and Blue Shield of Illinois plan that is not a HDHP. The problem is is that my HSA with $15,000 is earning 3% at Assurant. I’d like to transfer it over to another HSA that offers brokerage services, but I can’t seem to transfer it anywhere since they always ask, “Are you covered by any other Health Plan, in addition to your HDHP, which provides any of the same benefits as the HDHP?” If so, they won’t open an account for me! Whatever HSA admin I call, the low level people always say, “Sorry, can’t do it!” It seems wacky that I’m locked into keeping my account where it is at. Is this true?
Angel