InvestorSELECT Promo FAQ

How do I transfer my balance?

1. Enroll in a HealthSavings HSA, if you haven’t already done so.
2. The, we’ll email you a transfer form to complete. On the form, follow the instructions for 1) Direct Transfers.
3. Submit the form via the instructions provided on the form.

We’ll take it from here! We’ll work with your financial institution to have your funds transferred to us. Here’s what to expect:

1. After submitting the form to HealthSavings, please allow 4–6 weeks for your transfer request to be completed. While we get the ball rolling right away, it may take several weeks for your original financial institution to release the funds and/or to settle any outstanding debits.
2. When we receive your transferred funds, the money will be allocated according to your investment elections in your new HealthSavings If you have not set up your elections, the money will remain in your cash account until you decide to transfer funds to your investments.

How long does a balance transfer typically take?

After submitting the form to HealthSavings, please allow 4–6 weeks for your transfer request to be completed. While we get the ball rolling right away, it may take several weeks for your original financial institution to release the funds and/or to settle any outstanding debits.

What if my transfer isn’t completed by April 18, 2018?

To take advantage of the promotion, you must simply initiate your balance transfer by April 18, 2018, which means you must submit your transfer/rollover form to HealthSavings by that date.

Will I be notified when my funds have been transferred?

Yes, we will notify you once your funds have been transferred.

How will the transferred funds be initially allocated?

Once you’ve enrolled online, you’ll have the opportunity to set your investment elections, even before the transferred funds arrive. Once they arrive, they’ll be allocated accordingly. If you haven’t set up any elections, your funds will be deposited as cash, which you can then choose to invest as you wish.

Once I’ve enrolled, may I contribute to and withdraw funds from my account even while waiting for the balance transfer to take place?

You may begin contributing to and withdrawing from your new account even before the balance transfer is completed, so long as you adhere to annual contribution limits set by the IRS.

Does an HSA balance transfer count toward annual IRS contribution limits?

No, unlike an IRA-to-HSA transfer, HSA-to-HSA transfers do not count toward annual IRS contribution limits.

What is the difference between a transfer and a rollover?

Transfer

• Transfers always involve a direct custodian-to-custodian movement of money.
• Transfers require no tax reporting on the part of the Participant or the custodian.
• Participants may have multiple HSA transfers within any given tax year.

Rollover

• By contrast, a rollover is when the custodian sends a check or ACH to the accountholder, who deposits that check into a second HSA.
• The accountholder must complete the transaction within 60 days of receiving the disbursement from the first custodian. Failure to do so results in the disbursement being taxable if it was not offset by eligible medical expenses.
• Participants can only do one rollover per year.
• Participants must report the rollover on their tax return.

Can I transfer a balance from somewhere other than an existing HSA?

You can transfer funds from an IRA to your HSA—but only once in your lifetime without paying a tax penalty for early withdrawal from your IRA. However, the amount you transfer cannot exceed your annual HSA contribution limit for the year. For 2018, that’s $3,450 (Individual) and $6,900 (Family), plus a $1,000 catch-up contribution if you are 55 or older.You may transfer funds from an IRA to help reach the minimum $35,000 balance transfer in order to qualify for this promotion.

Can I transfer funds from multiple HSAs in order to reach the minimum transfer amount required for this promotion?

Yes, you may transfer in funds from as many HSAs as you’d like. There is no limit on the amount of HSA transfers allowed in one year.

I’ve already transferred my HSA this year. Is there a limit on how many times an HSA can be transferred?

Participants may have multiple HSA transfers within any given tax year.

How will transferring a balance impact my taxes?

Since the funds are transferred from custodian to custodian and are never distributed directly to the accountholder, HSA transfers require no tax reporting on the part of the Participant or the custodian.