What’s happening?

Our partnership with WealthCare will end in February 2023 (that’s the portal you’ve been using for your HSA so far.) We’re launching an upgraded HSA experience so you can manage your account directly on Forma, starting in 2023.

If you enroll in an HSA plan in 2023, we can consolidate all your HSA money to your 2023 account so it’s all in one place. And we can do it automatically if you opt-in before February 17, 2023.

This guide will take you through all your options for consolidating your money and what happens if you don’t enroll for 2023. If you have any questions you can always reach out to the Forma Support Team at support@joinforma.com.

Why should I consolidate my HSA money?

It’s easier! You can manage your cash and investments directly from Forma with no other logins required.

You get all the same benefits as you used to, but now all your money gets exclusive Forma benefits:

  • Earn 0.15% APY on your HSA cash balance

  • Use your Forma HSA Debit Card to spend your pre-tax money directly on medical expenses

  • Invest HSA your money for tax-free growth

How do I consolidate my HSA money?

Starting January 30, 2023 you’ll see a banner at the top of your Forma account with a link to opt-in. Then we’ll transfer everything automatically, and you won’t pay any fees.

Beginning March 2, 2023 there will be a hold on your WealthCare HSA when:

  • You won’t be able to submit claims for reimbursement or pay providers

  • You’ll lose access to your account statements and tax documents. You should save or print any documents you might need before the hold.

  • You won’t be able to make transactions with your current Forma Card

Once the transfer is completed, your old HSA accounts will be closed and your HSA balance will be consolidated into your 2023 HSA with Forma.

Important: If you have money invested through your HSA.

If you have HSA money invested you need to:

  1. Liquidate your investments and return the money to cash

  2. Turn off auto-investments

This can only be done through your WealthCare Portal and must be completed before February 17, 2023. It can take a few days for the sales to finish so try and do this as soon as possible.

There might also be statements and forms that need to be delivered during the hold and after the transfer is completed, so you should change your delivery method to “Paper” or “Electronic & paper.”

Automatic transfer summary

This is the recommended option because we’ll take care of the process and you won’t pay any fees. Here’s what you need to do:

  • Opt-in the automatic transfer by February 10, 2023 through your Forma account

  • Return all money invested through your HSA to cash by February 17, 2023

  • Cancel auto-investments if you have them

  • Remember: During the transfer there will be a hold put on your 2021/2022 HSA from March 2 to March 12 where you won’t be able to use your HSA

  • You’ll manage your HSA entirely from Forma

I missed the deadline for the automatic transfer, but I still want to consolidate my HSA money

If you missed the deadline to be a part of the automatic transfer, you can transfer your existing HSA balance to your 2023 account yourself. You’ll have to pay a $25 closure fee but you’ll still use your Forma account to manage your HSA.

You’ll have to complete a few forms — reach out to our Forma Support Team at support@joinforma.com and they’ll help you through the process.

Important: If you have money invested through your HSA.

If you have HSA money invested you need to:

  1. Liquidate your investments and return the money to cash

  2. Turn off auto-investments

This can only be done through your WealthCare Portal and must be completed before February 17, 2023. It can take a few days for the sales to finish so try and do this as soon as possible.

There might also be statements and forms that need to be delivered during the hold and after the transfer is completed, so you should change your delivery method to “Paper” or “Electronic & paper.”

I didn’t enroll in an HSA plan in 2023. What happens?

If you didn’t enroll in a 2023 HSA with Forma, then you won’t be able to access your previous HSAs from your Forma account starting in February 2023. You still own those accounts, but you have three options for what to do:

  1. Transfer your HSA to a third-party custodian
    You’ll have to fill out some forms and pay a fee, and your HSA will be removed from Forma. Instead you’ll use your new custodian’s portal.

  2. Close your HSA and get the funds in cash (not recommended)
    You’ll face an IRS tax penalty unless you move the funds to another HSA in 60 days.

  3. Leave your previous HSA open with WealthCare
    The default option if you don’t do anything else. You’ll pay a monthly fee and your HSA will be removed from Forma. Instead you’ll use the same WealthCare portal for everything.

I want to transfer my HSA to a third-party custodian and not use Forma anymore

You can transfer your HSA to a different custodian, and it will disappear from your Forma account and your Forma Card will be deactivated.

Reach out to your new custodian for a transfer form and use this information for your current custodian details:

  • Current custodian: WealthCare Saver

  • Custodian fax: 1-866-287-2022

  • Custodian daytime phone: 1-866-287-5675

Once it's completed, send the form to:

WealthCare Saver

PO BOX 162177

Altamonte Springs, FL 32716

Important: If you have money invested through your HSA

If you have HSA money invested you need to:

  1. Liquidate your investments and return the money to cash

  2. Turn off auto-investments

This can only be done through your WealthCare Portal and must be completed before February 17, 2023. It can take a few days for the sales to finish so try and do this as soon as possible.

There might also be statements and forms that need to be delivered during the hold and after the transfer is completed, so you should change your delivery method to “Paper” or “Electronic & paper.”

I want to completely close my HSA and withdraw the money

You can also decide to close your WealthCare HSA and have the funds distributed to you. However, because of IRS regulations, if you decide to keep the funds as cash, you’ll face a tax penalty. To avoid this, you have to roll your HSA over into a new HSA within 60 calendar days of when you receive the funds.

Fill out this account closure form and send it to WealthCare Saver or email it to support@joinforma.com.

Send it by mail:

WealthCare Saver

PO BOX 162177

Altamonte Springs, FL 32716

Send it by fax:

1-866-287-2022

What happens if I don’t do anything?

If you don’t take any action — either the automatic transfer or doing it yourself — we’ll transfer your HSA to a retail account managed by WealthCare on March 1, 2023.

That means you keep your HSA open with WealthCare as the custodian, but it’ll be removed from your Forma account and you’ll use their portal to manage it. You’ll also pay a $2.50 fee every month.

  • You’ll use the WealthCare portal to access and manage your HSA

  • You’ll get a new HSA Debit Card by WealthCare Saver in March 2023

  • Your Forma Card will be deactivated on March 1, 2023

  • You’ll start paying a $2.50 monthly fee, automatically taken from your HSA

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