There are two ways to transfer your HSA funds from a previous custodian to Forma: bulk transfer and individual transfer. Your employer determines if the bulk transfer option is available, so be sure to reach out to your HR team to confirm the transfer process.
For both methods, make sure all assets with your previous custodian have been liquidated before starting the transfer process.
Bulk transfer process
To opt into the HSA bulk transfer, follow the steps below:
- Log in to your Forma account. If enrolled in an HSA, a banner will prompt you to transfer funds from your previous custodian to Forma. Click "Transfer your money to your Forma HSA" to proceed.
- A new screen will pop up. Read through the information on the page. NOTE: Opt-in date will change based on your company's setup.
- Check the box next to “I have read and agree to Forma’s terms and agreements.”
- Finish the opt-in process by clicking “Transfer my HSA money."
What Happens Next?
Once the opt-in window closes, Forma will 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 starting January 1. 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 starting the individual transfer process after 1-2 payroll cycles. Before initiating the transfer, be aware that some custodians may charge a one-time account closure fee or have specific transfer requirements.
Additionally, please ensure all assets with your previous custodian have been liquidated before opting into the transfer process.
To initiate the HSA transfer process, follow the steps below:
- Download the Individual Transfer Form
- Fill out the entire form, including your personal details like your address and phone number in section 1. Also include your Forma HSA account and routing numbers — you can find these in your Forma account > Benefits > Health Savings Account.
- Send the completed form to your previous custodian. Reach out to your HR/Benefits Team for this information if needed.
What happens next?
Your previous custodian will temporarily place a 7-10 day hold on your HSA while transferring your funds. During this time, you won't be able to access those funds. The individual HSA transfer process typically takes 4-6 weeks to complete.