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How do I withdraw my remaining HSA funds after my account has been closed?

  • Updated

If you close or transfer your Health Savings Account (HSA), you can withdraw any remaining HSA funds, regardless of your remaining equity balance.

When your HSA is inactive, you will see a banner within your Forma account stating: Your Forma HSA is no longer active.

The steps you follow depend on whether you have funds invested through your HSA.

If You Have an HSA Investment Balance

Before you can withdraw your funds, you'll need to liquidate your investments and move the funds into cash.

Note: If your HSA includes both invested funds and an available cash balance, follow this process. The withdrawal will automatically transfer all available cash from your HSA before the investment account is closed.

Step 1: Liquidate Your Investments

Log in to your Forma account and choose one of the following options:

Option 1: From the pop-up window or banner

  1. From the pop-up window that says Action needed: Your Forma HSA is no longer active. Liquidate your remaining investments to access your funds, click Liquidate My HSA Investment.

OR from the banner that says Action needed: Your Forma HSA is closed, click Get Started

Option 2: From your HSA account

  1. Navigate to Benefits > Health Savings Account.
  2. Select My Investments.
  3. Click Manage investments.
  4. Select Withdraw as cash.

Step 2: Link Your Bank Account

Note: If you are withdrawing funds from a closed HSA, you must provide your bank account information during the withdrawal process, even if you have previously linked a bank account in Forma. This information is required to process the ACH transfer.

  1. Enter your bank account information, including:
    • Account holder name
    • Bank account details
    • Billing address
  2. Click Continue.
  3. Review your bank account information.
  4. Click Confirm and Submit.

Step 3: Confirm and Withdraw Funds

  1. Review the list of ETF(s) you are withdrawing from.
  2. Click Confirm and Withdraw.

Once submitted, you'll receive a confirmation message indicating that your funds are being processed.

To track the status, view the Transactions table within your account. 

If You Do Not Have an HSA Investment Balance

If your HSA funds are already held in cash, you can withdraw them directly.

Step 1: Navigate to Your HSA

  1. Log in to your Forma account
  2. Navigate to Benefits.
  3. Select Health Savings Account.
  4. Go to My Investments.
  5. Click Manage investments.
  6. Select Withdraw as cash.

Step 2: Link Your Bank Account

Note: If you are withdrawing funds from a closed HSA, you must provide your bank account information during the withdrawal process, even if you have previously linked a bank account in Forma. This information is required to process the ACH transfer.

  1. Enter your bank account information, including:
    • Account holder name
    • Bank account details
    • Billing address
  2. Click Continue.
  3. Review your bank account information.
  4. Click Confirm and Submit.

After submitting your withdrawal request, you'll receive a confirmation message. Cash withdrawals are not displayed in the transactions table. The transactions table only reflects investment activity, such as buys, sells, and dividends.

Please note that it can take up to 30 days for the withdrawal to be processed and the funds to settle in your bank account.