HSA Transfers

How to transfer your Benepass HSA to a different custodian

Due to an upcoming banking partner update, starting July 10th, 2024, all HSA transfer requests will be placed on hold until early August, when new banking details will be available.

If you have an HSA account with Benepass that you'd like to transfer to another custodian, you'll need to follow these steps:

  1. Confirm you have no remaining paycheck deductions that will contribute to your Benepass HSA
  2. If you have invested your Benepass HSA funds, liquidate all investments and ensure all funds have returned to your Benepass account
  3. Contact your new HSA custodian to request their HSA transfer form. This form will authorize the transfer of your HSA from Benepass to your new account
  4. Complete the form and contact the the Benepass Support Team for next steps

On your behalf, Benepass will initiate the transfer to your new account following the instructions provided from your new custodian's transfer form.

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 required. You may maintain your HSA with Benepass 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 - 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 current HSA if you prefer to keep these funds invested

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

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