myHSA offers a flexible way to cover eligible medical and wellness expenses, but it's important to understand the limitations regarding the transferability of these funds. Here are some key points to keep in mind!
Transferring Your myHSA Balance from Your Account to Your Bank Account
One of the most common misconceptions about HSAs is the belief that the balance can be transferred to your personal bank account, this is not the case. The funds in your myHSA account are specifically allocated by your employer for covering medical claims, or in some cases, wellness claims if you also have a Wellness Spending Account (WSA).
These funds are not meant to serve as a form of extra income, and are strictly regulated for their intended purpose. Therefore, a transfer of funds from your myHSA account to a personal bank account is not possible.
Transferring Your myHSA Plan to a New Employer
If you're considering changing jobs, it’s crucial to understand that your plan with myHSA cannot be transferred to a new employer. The costs and structures associated with having a plan with myHSA can vary significantly depending on various factors, including the specific agreement between your employer and their Benefits Advisor.
Because of these complexities, your myHSA plan is tied to your current employment, and it cannot not simply be transferred with you to a new job. Upon resignation, you may lose access to your myHSA unless there are provisions for a run-off period where you can claim expenses incurred during your employment.
Always consult with your plan administrator or HR department to fully understand the rules governing your myHSA benefit! Should you have any questions regarding any of the aforementioned information, please never hesitate to open up a Live Chat or send an email over to support@getmyhsa.com.