Bulk transfer process
- Log in to your Forma account. If you are enrolled in HSA for the plan year, you’ll see a banner reminding you to transfer your HSA money from the previous custodian to Forma in order to consolidate your HSA.
- Select on “Learn more about HSA transfer” or “Transfer your money to your YYYY Forma HSA”
- Read the terms and check the box next to “I have read and agree to Forma’s terms and agreements.”
- Select “Transfer my HSA money” and you are all done!
What Happens Next?
Once the opt-in window closes, it takes about 7-10 business days to work with the previous custodian to transfer the balance. Please make sure you have liquidated all your assets with your previous custodian before you opt-in to the transfer.
You will have full access to your new Forma HSA once the account is successfully opened. You will be able to access the current year’s HSA funds as payroll contributions to your HSA are made.
Once the transfer is complete, the remaining balance in your existing HSA will be transferred to your new Forma HSA and will be available to you on your Forma account.
Individual transfer process
Forma recommends beginning the individual transfer process after 1-2 payroll cycles. Before beginning the transfer process, note that some custodians charge one-time closure fees or have specific instructions for transfers.
Please make sure you have liquidated all your assets with your previous custodian before you opt-in to the transfer.
- Download the Individual Transfer Form
- Complete the entire form, including your Forma HSA account and routing numbers. These numbers can be found by logging in to the Forma member portal.
- Send the completed form to your previous custodian. Reach out to your HR/Benefits Team for this information if needed.
What happens next?
The previous custodian will likely place a 7-10 day hold on the employee’s HSA while they transfer the funds. During that hold, there will be no access to those HSA funds. Expected completion of the individual HSA transfer is 2 business weeks.