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.