Anyone who is eligible for a health savings account (HSA) and able to transfer a balance of at least $35,000 from an existing HSA qualifies for this promotion.
Federal regulations require that HSA accountholders meet certain eligibility requirements in order to open and contribute to an HSA. HealthSavings offers resources to help you determine your eligibility.
Yes! You can still enroll, transfer a balance, and invest those transferred funds. But you will not be eligible to make additional contributions.
You must enroll in the promotional account and initiate a balance transfer by April 17, 2018, to take advantage of the promotion.
The annual administrative fee is waived for the life of the account. Keep in mind that if you change to another HealthSavings HSA product, the annual administrative fee waiver may no longer apply.
While most people find a single HSA covers what they need, eligible accountholders may have multiple HSAs through one or more custodians, so long as you still adhere to annual contribution limits set by the IRS. So, for example, you can transfer a portion of your existing HSA to HealthSavings in order to take advantage of this promotion and still keep your initial HSA open.
So long as you remain HSA eligible, you can continue to fund your InvestorSELECT HSA based on contribution guidelines.
You’ll have access to all 80+ funds available in the InvestorSELECT HSA product, including 80 top-rated investment funds, including American Funds, Vanguard®, Dimensional, MFS®, Oppenheimer, T. Rowe Price and more.
This promotion gives you access to a premium investment product that is electronic-only, meaning participants receive all important notifications and statements via email and will not have access to a debit card.
The InvestorSELECT 2018 Balance Transfer product is an electronic product. By establishing your account in this product, you agree to receiving electronic statements and notifications rather than paper, and you acknowledge that the product does not include a debit card. By requesting paper statements or notifications or a debit card, you acknowledge that you will be moved into a different product, and additional fees may apply.
There are multiple easy ways to withdraw funds, even without a debit card. For example, you can withdraw funds or reimburse yourself online (this is the easiest method) or by submitting a withdrawal form by mail or fax.
Visit here to gain access to enrollment and balance transfer details. Then, follow the instructions to enroll online and initiate your balance transfer.
You can view a fee schedule online. All fees apply except for the annual administrative fee, which is waived for the lifetime of the account.
There is no limit to the number of available funds you can invest in. For example, you could invest in all 80 available funds if you chose to do so.
We’ll take it from here! We’ll work with your financial institution to have your funds transferred to us. Here’s what to expect:
After submitting the form to HealthSavings, please allow 4–6 weeks for your transfer request to be completed. While we get the ball rolling right away, it may take several weeks for your original financial institution to release the funds and/or to settle any outstanding debits.
To take advantage of the promotion, you must simply initiate your balance transfer by April 18, 2018, which means you must submit your transfer/rollover form to HealthSavings by that date.
Yes, we will notify you once your funds have been transferred.
Once you’ve enrolled online, you’ll have the opportunity to set your investment elections, even before the transferred funds arrive. Once they arrive, they’ll be allocated accordingly. If you haven’t set up any elections, your funds will be deposited as cash, which you can then choose to invest as you wish.
You may begin contributing to and withdrawing from your new account even before the balance transfer is completed, so long as you adhere to annual contribution limits set by the IRS.
No, unlike an IRA-to-HSA transfer, HSA-to-HSA transfers do not count toward annual IRS contribution limits.
You can transfer funds from an IRA to your HSA—but only once in your lifetime without paying a tax penalty for early withdrawal from your IRA. However, the amount you transfer cannot exceed your annual HSA contribution limit for the year. For 2018, that’s $3,450 (Individual) and $6,900 (Family), plus a $1,000 catch-up contribution if you are 55 or older.You may transfer funds from an IRA to help reach the minimum $35,000 balance transfer in order to qualify for this promotion.
Yes, you may transfer in funds from as many HSAs as you’d like. There is no limit on the amount of HSA transfers allowed in one year.
Participants may have multiple HSA transfers within any given tax year.
Since the funds are transferred from custodian to custodian and are never distributed directly to the accountholder, HSA transfers require no tax reporting on the part of the Participant or the custodian.
NOTE: Our office will be closed for Good Friday on Friday, April 19. The NYSE will also be closed and trading will resume on Monday, April 22.