When most people change jobs they know to take their 401k with them to their new company or roll over that money into an IRA. Whenever I’ve changed jobs I usually roll my 401k money into an IRA that has been accumulating all my 401ks over the years.
Recently I left a job where I had been participating in an Health Savings Account (HSA) and I didn’t think much of it. The money sat at an account at a company called Optum but then I realized that this company was charging a monthly fee of $5 so over the course of the year, they were taking $60 from my HSA account for the privilege of them safe keeping my money. Even worse yet was the fact that no interest, as far as I could tell, was paid on the money I had there.
I did some research and discovered that HSA accounts can be “rolled over” the same way 401k accounts can be rolled over so I moved my account from Optum to Fidelity and it now earns 5% interest rate and there is no monthly fee.
If you have an orphaned HSA account somewhere, be sure to check the fees and consider rolling it over to a brokerage account like Fidelity that pays interest and charges no fees.