If you don’t want us to automatically transfer your WealthCare Saver 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):
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You’ll have to fill out some forms and you’ll keep using your HSA with your Forma account as normal.
If you want to keep your HSA but want it removed from Forma:
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You’ll have to fill out some forms and your HSA will be removed from Forma. Instead, you’ll use your new custodian’s portal.
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You’ll pay a monthly fee and your HSA will be removed from Forma after April 1st.
For more information, please refer to What is WealthCare Participant Portal (WCP)?
If you don't want your 2021 or 2022 HSA anymore (not recommended):
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You’ll face an IRS tax penalty unless you move the funds to another HSA in 60 days.
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 before you transfer your HSA, you need to:
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Liquidate your investments and return the money to cash
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Turn off auto-investments
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 leave Forma
You can transfer your HSA to a different custodian, and it will disappear from your Forma account and your Forma Card will be deactivated.
Please reach out to your new custodian for a transfer form. In the form use the following information for your current custodian details:
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Current custodian: WealthCare Saver
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Custodian fax: 1-866-287-2022
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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 before you transfer your HSA, you need to:
-
Liquidate your investments and return the money to cash
-
Turn off auto-investments
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 Saver
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 Saver on April 1, 2023.
That means you keep your HSA open with WealthCare Saver 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.
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You’ll use the WealthCare Saver portal to access and manage your HSA
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You’ll get a new HSA Debit Card by WealthCare Saver in April 2023
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Your Forma Card will be deactivated on April 1, 2023
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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 Saver HSA and have the funds distributed to you. However, if you decide to keep the funds as cash, you’ll face a tax penalty according to IRS"s regulations. To avoid this, you have to roll your HSA over into a new HSA within 60 calendar days of when you receive the funds.
To close your WealthCare Saver HSA, 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