This video provides information on merging separate Health Savings Accounts (HSAs), explaining the benefits and various methods for consolidation:

• Merging separate HSA accounts is entirely legal and can be a cost-saving and simplifying measure in the long run.

• There are two primary benefits of merging HSA accounts: saving money on account fees and simplifying your financial life by managing fewer accounts.

• There are three main ways to merge HSA accounts: cash transfer, account rollover, and in-kind transfer.

• With a cash transfer, the old HSA provider issues a check to you, and you are responsible for depositing it into your new HSA account. It's essential to complete this transfer within 60 days; otherwise, the amount becomes subject to income tax and a 20% penalty for a non-approved withdrawal.

• An account rollover allows you to instruct your new HSA provider to contact the old provider and arrange a direct transfer without involving you. This method eliminates the risk of incurring taxes or penalties.

• The third method, an "in-kind transfer," is suitable for individuals who primarily hold securities (e.g., stocks, bonds, mutual funds) in their HSA account. Instead of transferring cash, this method directly moves securities from the old provider to the new one.