As long as you’re enrolled in an HSA in the 2023 plan year, you can transfer it yourself and keep using Forma to manage your HSA—even if you weren’t able to be a part of the automatic transfer.
Whether you missed the deadline to opt-in or your employer didn’t offer the automatic transfer, it’s easy to transfer your HSA from another custodian to Forma.
If you do an individual transfer, you’ll contact both your previous custodian and Forma by yourself. If your HSA was managed by Forma in the 2021/2022 plan year, your previous custodian is WealthCare Saver.
Then you’ll fill out some forms and have to pay a closure fee. The closure fee varies from the custodian. For example, the closure fee from WealthCare Saver is $25. Anyhow, the result will still be the same — you’ll combine your balance and use your HSA from your Forma account.
To make this process easier, we’ll be releasing a feature in the next couple of months to help take you through the process. It’ll make sure you get the correct forms, account numbers, and the other details you’ll need when contacting the custodians.
We’ll reach out directly when the individual transfer feature is ready, and you’ll be able to get started from your Forma account.
As always, if you have any questions you can reach out to the Forma Support team via live chat or by email at firstname.lastname@example.org.