Yes, you can close your HSA at any time. Please follow the steps below.
- Liquidate all investments.
- Complete the HSA closure form and email it it firstname.lastname@example.org.
- You can also find the HSA closure form by logging into Forma > Benefits > Health Savings Account > Close HSA account
- Once you close the account and receive the remaining balance, you will have 60 days to deposit your funds into another HSA in your name or use the funds for qualified medical expenses, otherwise funds not deposited into another HSA will be included in your gross income and may be subject to an additional 20% tax.
Any funds withdrawn during HSA closure will be sent to you in the form of a check and will be reported on your 1099-SA form.