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Ask the Hammer: Can I Use a Different HSA than My Employer Provides?

Jeffery Levine, chief planning officer at Buckingham Wealth Partners, answered a reader's question about whether they can continue using their HSAs from their previous employer.

"I just watched your presentation regarding HSA contributions. I am currently enrolled in a high deductible plan at my new company. I have an HSA from my previous employer set up at a nationally known bank that I am happy with. The current company uses a different bank for their accounts. 

Could I contribute to the other HSA account even though dollars going in would be after-tax dollars? Or could I arrange for my current employer to make that direct deposit from my payroll before tax. I do not want to incur penalties on either account. My plan is to build up the savings vehicle for future medical expenses." 

That is the question Jeffery Levine, chief planning officer at Buckingham Wealth Partners answered in this installment of Ask the Hammer.  

Got Questions?

Email AsktheHammer@BuckinghamGroup.com.

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