HSA Transfers

How to transfer your HSA to Benepass from a different custodian

If you have an HSA account with a different custodian, you're able to transfer your balance to Benepass at any time, so long as you're actively enrolled in an HSA with Benepass.

Initiate the HSA transfer to Benepass

  1. Ensure you have elected into an HSA with Benepass. You can confirm this by checking the Accounts page for a Health Savings Account benefit.
  2. Confirm you have no remaining paycheck deductions that will contribute to your existing HSA.
  3. Complete our HSA onboarding formThis step is required for all employees wishing to open an HSA with Benepass. Once submitted, your account will be opened in 7-10 business days
  4. Complete and send this form to your existing custodian.

After you mail the form, your existing HSA custodian will follow the instructions on the form and send a check directly to our bank. This check will then be processed and deposited into your Benepass HSA account on your behalf.

My custodian requires I use their transfer form

We can still work with you to process your transfer. 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 already completed our HSA onboarding form, you can find your account number on your Health Savings Account's page in the Benepass app.

Transfer timelines

The entire process can take up to 8 weeks, depending on bank processing times. Funds will be unavailable while they are being transferred.

Additional transfer considerations

HSA balance transfers are not always required. If allowed by your existing custodian, you may 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 accessible to you at time of payment
  • Preference to spend down a remaining balance - some custodians may have account closure fees, and employees may choose to spend down their account to $0 instead of transferring the remaining balance
  • 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.

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