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FAQ

Who qualifies for this promotion?

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.

How do I know whether I’m eligible for an HSA?

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.

I am on Medicare and, therefore, not eligible to contribute to an HSA. Can I still take advantage of this promotion?

Yes! You can still enroll, transfer a balance, and invest those transferred funds. But you will not be eligible to make additional contributions.

What is the deadline to take advantage of this promotion?

You must enroll in the promotional account and initiate a balance transfer by April 17, 2018, to take advantage of the promotion.

What are the terms and conditions of this promotion?

  • The InvestorSELECT 2018 Balance Transfer product annual administrative fee is $0 for the lifetime of the account within this product and no investment transaction fees. A standard custodial fee (currently 6.25 basis points per quarter) is deducted from the account balance quarterly. Other fees may be assessed by individual investment providers. Learn more about fees online.
  • The InvestorSELECT 2018 Balance Transfer product requires a minimum eligible HSA balance transfer of $35,000. After enrolling, customer has until April 17, 2018, to initiate a balance transfer of $35,000 or more into the product. If the balance transfer is not initiated by April 17, 2018, you may be moved into the non-promotional InvestorSELECT product, which will incur the annual administration fee currently being assessed.
  • 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.

What are the benefits of this promotion?

  • $0 annual administrative fee for the life of the account and NO setup fee (standard custodial fee deducted quarterly)
  • No-hassle, white-glove transfer from previous HSA
  • Zero investment transaction fees
  • First-dollar investing in a line-up of 80+ top-rated investment funds, including American Funds, Vanguard®, Dimensional, MFS®, Oppenheimer, T. Rowe Price and more
  • Ability to invest in as many available funds as desired

For what duration is the annual administrative fee waived?

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.

Is it possible to have multiple HSAs?

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.

Can I continue to contribute to this account once my funds are transferred?

So long as you remain HSA eligible, you can continue to fund your InvestorSELECT HSA based on contribution guidelines.

Which investment funds will I have access to?

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 is for an “electronic-only product.” What does that mean?

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.

What if I need access to paper statements/notifications or 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.

Without debit card access, how can I withdraw funds?

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.

How do I take advantage of this promotion?

Visit here to gain access to enrollment and balance transfer details. Then, follow the instructions to enroll online and initiate your balance transfer.

What fees are associated with this account?

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.

Is there a limit on the number of funds I can invest in?

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.

How do I transfer my balance?

  1. Enroll in a HealthSavings HSA, if you haven’t already done so.
  2. The, we’ll email you a transfer form to complete. On the form, follow the instructions for 1) Direct Transfers.
  3. Submit the form via the instructions provided on the form.

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:

  1. 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.
  2. When we receive your transferred funds, the money will be allocated according to your investment elections in your new HealthSavings If you have not set up your elections, the money will remain in your cash account until you decide to transfer funds to your investments.

How long does a balance transfer typically take?

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.

What if my transfer isn’t completed by April 18, 2018?

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.

Will I be notified when my funds have been transferred?

Yes, we will notify you once your funds have been transferred.

How will the transferred funds be initially allocated?

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.

Once I’ve enrolled, may I contribute to and withdraw funds from my account even while waiting for the balance transfer to take place?

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.

Does an HSA balance transfer count toward annual IRS contribution limits?

No, unlike an IRA-to-HSA transfer, HSA-to-HSA transfers do not count toward annual IRS contribution limits.

What is the difference between a transfer and a rollover?

Transfer

  • Transfers always involve a direct custodian-to-custodian movement of money.
  • Transfers require no tax reporting on the part of the Participant or the custodian.
  • Participants may have multiple HSA transfers within any given tax year.

 

Rollover

  • By contrast, a rollover is when the custodian sends a check or ACH to the accountholder, who deposits that check into a second HSA.
  • The accountholder must complete the transaction within 60 days of receiving the disbursement from the first custodian. Failure to do so results in the disbursement being taxable if it was not offset by eligible medical expenses.
  • Participants can only do one rollover per year.
  • Participants must report the rollover on their tax return.

Can I transfer a balance from somewhere other than an existing HSA?

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.

Can I transfer funds from multiple HSAs in order to reach the minimum transfer amount required 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.

I’ve already transferred my HSA this year. Is there a limit on how many times an HSA can be transferred?

Participants may have multiple HSA transfers within any given tax year.

How will transferring a balance impact my taxes?

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.

Why should I enroll in a HealthSavings HSA?

HealthSavings is known for its investment-focused products and services, longevity in the market, and knowledgeable staff. Learn more about our approach, or watch a quick video to better understand the HealthSavings difference:

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What if I have additional questions?

We’re happy to help! Visit our General FAQ page or About HSAs page, or contact us more details.