No problem! If you already have an HSA with another provider, we can help you move your money to First Dollar via a rollover or trustee-to-trustee transfer. You're also allowed to have more than one HSA.
You can have as many HSAs as you want. Be careful, though, because there are often times fees associated with having an individual account. First Dollar HSAs are fee-free, though.If you choose to have multiple HSAs, you still can only contribute a maximum of the annual contribution limits across all of your HSAs. You are also responsible for reporting your combined contributions and deductions to the IRS from all open and active HSA accounts at the end of the year.
No!! HSAs are health savings accounts while FSAs are flexible spending accounts. The key difference is savings. The HSA is used to support your high-deductible health plan (HDHP) and a healthy retirement long-term. Unlike the FSA, you own the HSA entirely – not your employer – and all the money you save rolls over every year, you can invest it tax-free, and you can spend it without oversight by your Employer. Learn more
The HSA is a triple tax-advantaged vehicle! You can put money into your HSA pre-tax, let your money grow tax-free, and take money out on a tax-free basis for qualified medical expenses at ANY age. Furthermore, if you never take money out of your HSA – it works almost like a 401K once you hit 65 if you want to purchase a vacation home instead. Learn more