Meet Erin

Wondering how you can keep your Optum Bank HSA even if you switch jobs? Meet Erin*.

Erin is a young professional, who, like many recent college graduates, took her first job to get the skills she needed to move on to something more challenging. Her first employer offered a comprehensive benefits package that included an HSA.

Erin decided an HSA was a good option for her because she wanted a lower monthly premium and didn't anticipate having any health needs beyond an annual exam. She contributed the amount of her annual deductible to her HSA.

The Job Switch
After a year at her first job, Erin accepted a higher-level position at another company. This company also offered an HSA, so Erin started looking into how to move her money to a new account. She had more than $1,000 left in her HSA, having only spent a small amount on a prescription to treat an eye infection.

Erin found out that she didn't have to close her account and open one with her new employer. She decided to keep her existing HSA for a couple of reasons:

  • She could easily set up automatic deposits online with her checking account, so she wouldn't interrupt her savings.
  • She didn’t have to fill out any forms or wait for the rollover to be finalized to get access to her funds.

* Hypothetical example is for illustrative purposes only. All events, persons and results described herein are entirely fictitious and amounts will vary depending on your unique circumstances. Any resemblance to real events or persons, living or dead, is purely coincidental.  Current rates are variable and may change at any time. Consult a qualified legal, tax or financial advisor for your specific situation.

Health savings accounts (HSAs) are subject to eligibility requirements and restrictions on deposits and withdrawals to avoid IRS penalties. State taxes may apply. The content on this website is not intended as legal or tax advice.