Consolidating My HSA Accounts with Fidelity: What to Know
Summary of User’s Issue and Solutions Discussed:
- The main problem reported by the user is the desire to consolidate multiple HSA accounts under different administrators into a Fidelity HSA, while also inquiring about associated costs and fees.
- Fidelity confirmed that there are no costs or fees for opening and maintaining an HSA with them.
- To transfer external HSA funds to Fidelity, the user needs to first open a Fidelity HSA and then request the transfer.
- For tax filing concerns, Fidelity mentioned that a transfer of assets (TOA) is a direct transfer between institutions and is non-reportable.
- It was suggested to consult Fidelity’s FAQ page for additional information on HSAs and to contact them directly for any specific inquiries regarding costs and procedures.
Here’s the full thread
I have few HSA accounts under different administers. Is it possible to conso all and move to Fid HSA? (I do not have HSA account with Fid) Also what are the cost and fees maintaining HSA with Fid?
We appreciate you considering moving your assets into a Fidelity Health Savings Account (HSA), @yeew.
There is no cost or fee for opening and maintaining a HSA with Fidelity.
You may be able to transfer your external HSA money into a Fidelity HSA by first opening an account with us and then requesting a transfer.
Open an HSA: https://www.fidelity.com/go/hsa/why-hsa
Transfer an HSA: https://www.fidelity.com/go/hsa/transfer
If there is anything we can clarify or if additional questions pop up, please don’t hesitate to ask! We’re always happy to help. 🟢
Great. Is there anything I need to know in term of tax filing?
A TOA is a direct transfer between institutions and non-reportable.
We have some good info on the HSA FAQ page if you want to learn more: https://www.fidelity.com/go/hsa/faqs 🟢
Thank you. My other HSA accounts get charged $10 – $15 quarterly for nothing.
Def consider open hsa in Fid – save me fees…
I recently opened an HSA with Fidelity and rolled over an old account. The biggest problem is that the other party (Optum) took more than a month to do the transfer. That’s in the rear view now, and I just have my whole HSA sitting with an index fund, growing. No fees. 🙂
Way to go pal @s4xton thanks for the tips, hope I have smoother transfer, I’m with Mercer Marketplace🤞
Certainly, consolidating HSA accounts is possible through a trustee-to-trustee transfer. For specific guidance on this process, contact Fidelity directly. To inquire about costs and fees associated with maintaining an HSA at Fidelity, consult their official website or reach out to their customer service for the latest and most accurate information on fees, investment options, and associated costs.