If you have an HSA account with a different custodian, you're able to rollover your balance to your new Benepass HSA account at any time.

How to initiate your HSA transfer to Benepass

1. First, fill out and submit our HSA onboarding form. This step is required for all employees actively contributing to an HSA, regardless of transfer. Once submitted, your account will be opened in 7-10 business days.
2. Initiate the transfer by completing and mailing this form to your current custodian.
3. After you mail the form, your old HSA custodian will follow the instructions on the mailed form and send a check directly to our bank.
4. This check will then be processed and deposited into your Benepass HSA account on your behalf.

What if my custodian requires I use their transfer form?

This works too! You may be asked to provide some additional details about your Benepass account in order to complete this form:

Custodian details:

• Institution name: Blue Ridge Bank
• Address: PO Box 87 Luray, VA 22835

Account number: You do not need to provide your account number for Benepass to successfully receive and process your transfer. However, if you have completed your HSA onboarding form, you should see your account number under your Health Savings Account page in the Benepass app.

Transfer timelines

The entire process can take up to 8 weeks. Funds will be unavailable while they are being transferred.

Additional transfer considerations

HSA balance transfers are not required. You may opt to maintain your previous HSA for any length of time, and for a number of reasons, including:

• Maintaining access to funds - if you have upcoming expenses you wish to pay for directly with your HSA funds, you might delay the transfer to ensure your balance is not in transit when you need to make your payment
• Preference to spend down a low balance - some custodians may have account closure fees, and employees with smaller balances may choose to spend down their account to $0 instead of closing it out at time of transfer
• Active investments - you will need to liquidate any invested funds prior to transferring your balance to Benepass, but you may opt to keep your previous HSA if you prefer to keep these funds invested with the prior custodian

Questions? We are happy to help! Please reach out to Benepass Support for any assistance.