HealthSavings offers white-glove,
no-hassle transfers, making it easy to move your HSA funds.
Here’s how to initiate the transfer:
Enroll in a HealthSavings HSA, if you haven’t already done so.
Once you’ve enrolled, we’ll email you a Transfer form. On the form, follow the instructions for 1) Direct Transfers.
Submit the form via the instructions provided.
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.
When we receive your transferred funds, the money will be allocated according to your investment elections in your new HealthSavings account. 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.
What’s a 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.
What’s a 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.
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