How Many HSA Accounts Can a Person Have?

An individual can have more than one Health Savings Account (HSA). These accounts are a tax-advantaged way to pay for qualified medical expenses and are paired with a specific type of health insurance. An HSA allows you to save money on a pre-tax or tax-deductible basis, grow those funds tax-free, and withdraw them tax-free for eligible healthcare costs. While there is no restriction on the number of HSA accounts you can open, there are rules governing how much you can contribute across all of them.

HSA Contribution and Eligibility Rules

To contribute to an HSA, an individual must be enrolled in a High-Deductible Health Plan (HDHP). For 2025, an HDHP is a plan with a minimum annual deductible of $1,650 for self-only coverage or $3,300 for family coverage. The plan must also have a maximum out-of-pocket expense limit, which for 2025 cannot exceed $8,300 for self-only coverage or $16,600 for family coverage.

Additionally, an individual cannot be enrolled in Medicare or be claimed as a dependent on another person’s tax return to be eligible to contribute.

The IRS sets annual limits on the total amount that can be contributed to an HSA. For 2025, the maximum contribution is $4,300 for an individual with self-only HDHP coverage and $8,550 for those with family coverage. Individuals age 55 or older by the end of the tax year can make an additional “catch-up” contribution of $1,000.

Owning and Managing Multiple HSA Accounts

Individuals often accumulate more than one HSA over time, such as when changing jobs and an employer offers an HSA with a different financial institution. An individual might also open a new HSA to access better investment options or lower fees. Some people use one HSA for short-term spending while designating another for long-term growth.

The annual contribution limit is an aggregate total across all accounts, not a per-account limit. For example, if you have family coverage in 2025, your total contributions to all HSAs you own cannot exceed $8,550, plus any applicable catch-up contribution. You are responsible for tracking all deposits to ensure you do not go over this combined limit.

Exceeding the total limit results in the excess contributions being subject to both income tax and a 6% excise tax for each year the excess amount remains in the account. For instance, if an employer deposits $1,000 into an employee’s HSA and that employee has self-only coverage, their 2025 limit is $4,300. They can only contribute an additional $3,300, split in any way between their accounts.

Consolidating Your HSA Funds

If managing several HSAs becomes cumbersome, you can consolidate them into a single account to simplify record-keeping and potentially reduce administrative fees. There are two methods for combining funds: a trustee-to-trustee transfer or a rollover.

A trustee-to-trustee transfer is when you instruct the financial institution holding your old HSA to directly send the funds to your new HSA provider. The money never passes through your personal bank account, and there are no IRS limits on how many of these direct transfers you can perform in a year.

The other method is a 60-day rollover, where the financial institution sends you a check for the balance of your HSA. You then have 60 calendar days to deposit those funds into another HSA. If you fail to redeposit the full amount within the 60-day window, the IRS treats the withdrawal as a taxable distribution, and you may owe a 20% penalty if you are under age 65. The IRS permits only one such rollover per 12-month period for all of your HSAs.

Tax Reporting for Multiple HSAs

When filing annual income taxes, you must aggregate the financial information from all your HSAs. You will receive separate tax documents from each HSA administrator for any account that had activity during the year. It is your responsibility to combine the figures from these forms correctly on your tax return.

For each HSA from which you took money out, you will receive a Form 1099-SA. This form reports the gross distribution amount. For each account to which contributions were made, you will receive a Form 5498-SA, which details all contributions, including those from an employer and rollovers.

You must use the information from all your 1099-SA and 5498-SA forms to complete a single IRS Form 8889, Health Savings Accounts (HSAs). This form is where you calculate your total HSA deduction, report your distributions, and show that the funds were used for qualified medical expenses. The consolidated totals from Form 8889 are then carried over to your Form 1040.