What if I don’t transfer my WealthCare HSA automatically?

If you don’t want us to automatically transfer your WealthCare HSA balance to your 2023 account with Forma (or if you miss the deadline) you have some other options based on how you want to access your HSA.

If you want to keep using your HSA through Forma (recommended):

If you want to keep your HSA but want it removed from Forma:

If you don't want your 2021 or 2022 HSA anymore (not recommended):

Transfer your HSA money yourself

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. Please see How do I transfer my HSA balance to Forma myself? for more details.

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 blackout period and after the transfer is completed, change your delivery method to “Paper” or “Electronic & paper.”

I want to transfer my HSA to a different 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 blackout period and after the transfer is completed, change your delivery method to “Paper” or “Electronic & paper.”

I want to leave my HSA with WealthCare

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

I want to completely close my HSA and withdraw the money

You can also decide to close your WealthCare HSA and have the funds be 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

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