"Move all that money that you have from the legacy employer HSA, move it all to Fidelity. You want to do this without delay."
"An HSA left to drift inside a high-fee employer custodian can quietly leak hundreds of dollars a year to administrative charges."
"Even though you're not going to get the triple tax benefit, you're still going to get a wonderful double tax benefit in the HSA."
Health Savings Accounts (HSAs) can incur high fees and limited investment options when left with former employers. Transferring the HSA to a low-cost custodian like Fidelity is recommended to avoid administrative charges that can accumulate over time. HSAs are portable and belong to the employee, allowing for trustee-to-trustee transfers regardless of employment status. Although contributions outside an employer plan lose payroll tax benefits, HSAs still provide significant tax advantages, including tax-free growth and withdrawals for qualified medical expenses.
Read at 24/7 Wall St.
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