Adding money to HSA -- question

[always_learning]

If one has an HSA that only has money in it that came via payroll deduction and the person retires, can that person add to that same HSA or must they open a separate one since they are contributing on their own? (the plan is HSA friendly, so that's not an issue).

I can't find info on whether monies need to be kept separate for any reason and wanted to be sure before I send in some bucks.

Thanks in advance.

 

[bloom2708]

I contribute post-tax money to our HSA and then account for it on our tax filing each year. I do miss out on the FICA/SS tax deduction, but I find it easier to jus lump in the full amount early in January.

You can do a combination of payroll and post-tax as long as you don't exceed the max.

As long as you are covered by a HDHP you can use the same HSA.

 

[thefinancebuff]

If one has an HSA that only has money in it that came via payroll deduction and the person retires, can that person add to that same HSA or must they open a separate one since they are contributing on their own? (the plan is HSA friendly, so that's not an issue).

You can add to that same HSA but many employers stop paying the admin fees after separation and the vendor will start charging fees to you the account owner. That same HSA also may not have the best investment options. So you're probably better off transferring it to Fidelity anyway.

 

[Aerides]

If one has an HSA that only has money in it that came via payroll deduction and the person retires, can that person add to that same HSA or must they open a separate one since they are contributing on their own? (the plan is HSA friendly, so that's not an issue).

I can't find info on whether monies need to be kept separate for any reason and wanted to be sure before I send in some bucks.

Thanks in advance.

It depends on the actual account. The one I had, nope I can't add to it, and had to open another. So I did, with Fido.

 

[FLSUnFIRE]

You can add to that same HSA but many employers stop paying the admin fees after separation and the vendor will start charging fees to you the account owner. That same HSA also may not have the best investment options. So you're probably better off transferring it to Fidelity anyway.

And they are probably usurious fees too. My transfer is in process to Fidelity from Payflex (nice $25 account closing fee to kick me on the way out!). Like the 0.05% interest on cash balances wasn't bad enough. Fees to stay was $2 plus .02% of the balance per/month with electronic statements.

 

[always_learning]

Great, thanks everyone!

The account is already at Fidelity, so we'll just go ahead and add to it. If they won't let us for some reason, we'll open another.

I appreciate the replies.

 

[EastWest Gal]

Your HSA belongs to you and is portable. I moved mine to Fidelity and will use it for Medicare premiums.

 

[RobbieB]

I've been contributing to mine (HSA Bank) every year since I retired. Just send them a check and the deposit slip. No fees as long as balance is over 5 grand.

 

[always_learning]

Your HSA belongs to you and is portable. I moved mine to Fidelity and will use it for Medicare premiums.

This, at least, I knew.

I just wanted to be sure there wasn't some rule (or some reason) that prevented me from mixing other money with that from paychecks.

I've been contributing to mine (HSA Bank) every year since I retired. Just send them a check and the deposit slip. No fees as long as balance is over 5 grand.

Good to know. We're over 5g, so we should be set!

 

[gauss]

In general, make sure that you indicate for which year the contribution is for too.

 

[CincyDave]

You can add to that same HSA but many employers stop paying the admin fees after separation and the vendor will start charging fees to you the account owner. That same HSA also may not have the best investment options. So you're probably better off transferring it to Fidelity anyway.

Mine didn't transfer as it should have when I retired and there were going to be fees going forward.

I just transferred to Fido. No fees and pretty much unlimited investment options.