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Account Eligibility


Reimbursement Process




Statements and Tax Forms

Account Eligibility

Am I eligible to open an HSA?

In order to be eligible for an HSA, you must be enrolled in a qualified high deductible health plan (HDHP). Only the HDHP plan owner can open an HSA. That said, an HSA-compatible high deductible health plan has to be in the HSA's owner's name.

Reading: What is the relationship between a high deductible health plan & an HSA?

Can I enroll in an HSA under my name if my spouse has an HDHP plan?

No, but you can be enrolled in your spouse's family coverage HSA account.

When am I eligible to open an HSA?

You become HSA-eligible as of the 1st day of the subsequent month that you meet all HSA-eligibility criteria. So if you have a qualifying HDHP that begins on March 15, you don’t become HSA-eligible until April 1.

Can I open an HSA account in the middle of the year?

Yes. You can open an HSA at any point so long as you are on a qualifying HDHP.

What happens if I lose HSA eligibility mid-year?

If you were enrolled in the HSA with your employer in 2021 and you lost the eligibility later the year (no HDHP etc.), it only disqualifies you from making contributions. You still own the account. Your HSA account will be transferred to an Individual retail account. You can still contribute in the month you lost the eligibility if you were eligible on the first of the month. For example, if you change the health plan on 6/10, you can still make contributions until 6/30.

Can I close my HSA account?

Yes, please follow the steps:

  1. Fill out the form and send it to the address accordingly. Please note that a $25 closure fee will be applied.

  2. Please make sure you liquidate all the investments before closing the account.

  3. Once you close the accounts and receive the remaining balance, you have 60 days to contribute your funds to another HSA in your name or use them for qualified medical expenses, otherwise:

    a. Funds not contributed to an HSA could be subject to income tax.

    b. Funds used for non-medical expenses could be subject to income tax and an additional 20% penalty.

How can I manage my Forma HSA if I leave my employer?

Please provide our Member Experience Team with your personal email contact via, and we will provide you with more guidance.

What is a CIP? How do I complete it?

The Customer Identification Program (CIP) is a combination of requirements set forth in Section 326 of the USA PATRIOT Act. The Act states that all financial institutions must verify the identity of individuals wishing to conduct financial transactions with them. You may be required to complete the CIP upon an HSA enrollment.

You will receive a CIP letter from Forma and you should complete the process within 90 days. If the CIP expires, you would receive a CIP expiration letter, and the account will be closed.

Please submit the supporting documents in the following ways:

  • Submit online via the link in your CIP letter

  • Fax: 1-866-287-2022

  • Mail: WealthCare Saver, PO BOX 162177, Altamonte Springs, FL 32716

  • Provide the documents to our Member Experience Team and we will help!


How much can I contribute to the HSA?

In 2021, the contributions limits are $3,600 for Individuals and $7,200 for Family Coverage Tier.

In 2022, the contributions limits are $3,650 for Individuals and $7,300 for Family Coverage Tier.

How can I contribute to the HSA?

  1. Payroll Contributions: contribute to your HSA per payroll with your pre-tax money. You can change the amount in your ben-admin system.

  2. Self Contributions: contribute to your HSA with your personal money in Forma Portal or submit a contributions request to the bank. You are required to report the contributions when filing the tax returns.

Reading: How can I make HSA self-contributions?

Can I make last year's contributions to catch up on the allocations?

Yes! There is a deadline to make contributions allocated to your last year's amount. Yearly contributions should be made by the tax filing deadline. The deadline to make contributions to an HSA for a tax year is typically April 15 of the following year. For most Americans to make 2021 contributions, this deadline is April 15, 2022.

What should I do if I make incorrect self-contributions to my HSA?

You should remove the excess contributions and the net income attributable to the excess contribution before filing the federal income tax return (including extensions). You’ll pay income taxes on the excess removed from your HSA.

Please complete the HSA Distribution Request form and indicate Excess Contribution Removal as the reason for the distribution request. If you leave the excess contributions in your HSA, you will need to pay a 6% excise tax on excess contributions.

What should I do if contribute towards the wrong tax year?

Please fill out this form.

Reimbursement process

Can I file an HSA claim?

Forma will not adjudicate your HSA claims. As an HSA account holder, you are responsible for keeping track of your HSA expenses and reimbursing yourself. We have a “Pay Myself” tab that allows you to withdraw funds from your HSA account to reimburse your out-of-pocket HSA expense.

If you have already submitted the claim, we have helped you save the submitted receipt. Please make sure that you also save those receipts and claims details on your own. Once you're done, please let us know and confirm we can delete the pending claims from your claim history so they won't stay pending there forever!

Reading: How to Manage Your HSA expenses

Can I store my HSA expense receipts in my Forma account?

Sure you can! Please choose to Upload Receipt when you select HSA on your Account Page. You can add details to the expense as record keeping on Forma, or you can keep your records physically yourself.


Where can I use my HSA card?

Your HSA card can be swiped at the merchants with accepted MCCs. As long as the transactions are authorized, your transactions will be auto-approved without further adjudication needed.

Please note that since we do not adjudicate HSA card transactions, it's the account holder's responsibility to make sure the purchases are eligible.

Reading: Benefits Card FAQs

What happens if I make ineligible HSA distributions?

Per IRS, if you make ineligible HSA distributions, and if you are under 65 years old, you will have to pay ordinary income taxes as well as pay a 20% penalty for the amount you disbursed out of your HSA account. If you are 65 or older, disabled, or die, then you will just pay ordinary income taxes (no penalty) if you purchase an ineligible service.

Reading: What happens if I used my HSA to pay for non-medical expenses?

What should I do if the transactions pull funds from my HSA account incorrectly?

When processing the transactions, if the items/services are eligible under both accounts, the system will pull funds based on the payment order settings. However, issues might arise if the merchant is not categorized under the MCCs correctly. In such a case, you will need to redeposit your HSA account and file a manual claim under the correct account in order to allocate the distributions correctly.

Reading: What should I do if the transactions pull funds from the wrong account?


How do I transfer funds to Forma HSA?

You will need to download Forma Transfer Form and send it to your custodian to request the funds.

Reading: How do I transfer my HSA to Forma?

How do I transfer Forma HSA funds to another HSA?

You will need to reach out to your custodian for their transfer form, and send it to Forma's custodian to request the funds.

Reading: How do I transfer my HSA out of Forma?

Is there any transfer fee?

No. But if you want to close the account after the transfer, a closure fee may be applied.

Reading: HSA Account Related-Fee


Can I invest my HSA funds?

Yes! The main thing that distinguishes HSA from other CDH accounts is that you are the account holder, and you can use the money to invest.

To qualify for an investment account, you need at least $1,000 in your HSA balance. There’s a monthly $2.50 maintenance fee for the investment account. You can only invest the money that exceeds the minimum requirements in your HSA deposit accounts.

See the articles to start your journey in HSA investment with Forma!

How do I invest my HSA funds?

What is the HSA Investment Guided Portfolio?

What can I invest my HSA in?

According to IRS Form 2004-50, HSA funds may be invested in investments approved for IRAs (e.g., bank accounts, annuities, certificates of deposit, stocks, mutual funds, or bonds). HSAs may NOT invest in life insurance contracts, or in collectibles (e.g., any work of art, antique, metal, gem, stamp, coin, alcoholic beverage, or other tangible personal property specified in IRS guidance under section 408(m)). HSAs may, however, invest in certain types of bullion or coins, as described in section 408(m)(3). The HSA trust or custodial agreement may restrict investments to certain types of permissible investments (e.g., particular investment funds).

You can see the available funds you can invest with your Forma HSA funds here.

Can I move money between my 401k and HSA?

No. This is not allowed by the IRS.

Is there any risk that I lose my funds in HSA during the investment? For the funds lost in investment, do they count against the annual limit?

Yes, and yes. It’s just like regular investing with risk, but using your HSA money.

Can we waive the maintenance fee of $2.50 for the investment account?

No. We do not offer the ability to waive fees even based on your minimum account balance.

What happens to my dividends or interest earned on my mutual fund investments?

Dividend or interest income earned on your mutual fund investments are automatically reinvested back into those funds.

How can I close the HSA investment account?

You need to first transfer your funds from your investment account back to your HSA deposit account, then you can contact the bank to close your investment account.

How often can I transfer money to an investment account?

One per day.

Statements and Tax Forms

What tax form do I need for my HSA?

There are three tax forms associated with health savings accounts (HSAs): IRS Form 1099-SA, 5498-SA, and IRS Form 8889.

You will receive the IRS Form 1099-SA and IRS Form 5498-SA either by mail or electronically. We will not mail zero-dollar 5498-SA and 1099-SA tax forms to you, but. we will still report as required to the IRS and post the forms online.

Readings: About HSA Tax Forms

How will I receive the account statement?

A printable electronic statement is provided free each quarter. The statement generation notice will be sent to you via email, and you can download it on Forma Portal.

Readings: How can I view my HSA account statement?

If you have any questions about this, please reach out to our Member Experience Team at or send us a live chat message through your Forma mobile app!

For questions regarding pre-tax accounts (HSA, FSA, DCFSA, etc.) you can also reach us by phone at 844-902-2902 Monday through Friday, 8 AM EST - 8 PM EST. We're here to help!

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