Newbie HSA question

[christy082]

Hi everyone, new to the board and I have a question.

Tomorrow is my last day of work and then I'm becoming a stay at home mom. Up until this point, I have carried my family's health insurance and I have an HSA with quite a bit of savings in it. I know I own the account and will not be able to contribute to it further but can continue to use it for health care expenses.

My question is, am I able to move it to another provider? It's currently through pay flex, and my employer currently covers the 5 dollar monthly maintenance fees but that will now become my responsibility.

Is it possible to move my funds to a provider that doesn't have a monthly fee?

I am not a financially educated person, my husband is, but he has no knowledge or experience with HSAs, so I'm reaching out here for some direction. Thanks in advance for any advice you can offer, I really appreciate it!

[chpmnk1015]

Yes, when i left my company i would have been charged a fee for each month to leave it with them.
I was able to transfer mine to my credit union with no fee and that is where it is now.
I would see if the bank you use offers? My 2 both did as long as I had an account with them already. And then i just met with someone, filled out paperwork for both the new bank and old holder and it was transferred.

[sahara78]

I regularly transfer my HSA funds to a Fidelity HSA account. No fees and many investment options.

[christy082]

Great, thank you!

[RockNVoll]

I'll only add that your goals for the money will help drive the type.of institution you might want to move to. If you're going to spend the funds, an account with back is probably fine. If, howeve, you want to use it as a tax-free investment account for the longer term, a brokerage like Fidelity makes a lot more sense and will have better investment options.