Yes, you can close your HSA at any time. Simply follow the steps below to complete the account closure process.
- Liquidate all investments. Learn more: How do I liquidate my Forma HSA investments?
- Complete the HSA closure form and email it to support@joinforma.com.
- You can also download the HSA closure form by logging into Forma > Benefits > Health Savings Account > Close HSA account.
- You can also download 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Any funds withdrawn during HSA closure will be sent to you in the form of a check and will be reported on your 1099-SA form.