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.

If you are not enrolled in an HSA with Benepass yet, please contact your employer to ensure you have elected in to the benefit.

Initiate the HSA transfer to Benepass

1. Ensure you are enrolled in an HSA with Benepass. Confirm this by checking your 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 form. This step is required to open your Benepass HSA.
4. Complete our HSA transfer form by filling out sections 1-5. This step is required to transfer your funds from your current HSA Trustee/Custodian to your new Benepass HSA.
5.  Send the completed form to the HSA Trustee/Custodian currently holding your HSA funds. They will initiate the transfer of your funds to your Benepass HSA.

Once received, your existing HSA custodian will follow the instructions on the form and send an ACH or a check directly to our bank. The ACH or check will then be processed and deposited into your Benepass HSA account on your behalf.

My custodian requires I use their transfer form

If your custodian requires that an internal form be used, we can still work with you to process your transfer. Please get in touch with our Support Team for further assistance.

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 the 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.