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Consolidate your health savings accounts

Already have a health savings account (HSA) with another provider? Simplify account management by combining your accounts

It's easy to consolidate your HSA funds into one account with Optum Bank. Here's how:

Download & complete HSA transfer form

Authorize your previous HSA provider to transfer your funds to your Optum Bank HSA.

Download HSA transfer form

Please note: If you don’t have an Optum Bank HSA, you’ll need to open one first. Enroll now.

Mail HSA transfer form to current HSA provider

Be sure to fill out your transfer form completely and send it to your current HSA provider — not Optum Bank.

Please see FAQ: What are some tips to ensure my transfer goes smoothly?

Current HSA provider sends us a check

Please allow 3-6 weeks for your current HSA provider to process your transfer request and send us a check.

Once we receive the check, we’ll deposit the funds into your Optum Bank HSA for one consolidated account.

Enjoy the convenience of streamlined account management with one consolidated HSA

Simplified tax reporting and HSA statements

Manage all your investments in one place

One 24/7 customer care center to contact for all your account needs

Transfers vs. Rollovers

  • A rollover is another way to consolidate your HSA accounts.
  • It differs from a transfer because your current HSA provider sends your funds directly to you and not to your new HSA provider.
  • Because the IRS views a rollover as a distribution from your account:
    • You must deposit the money received in a new HSA within 60 days, otherwise you will pay a 20% penalty and income taxes on the distribution.
  • See the FAQ: What is the difference between an HSA transfer and an HSA rollover? for more information on rollovers vs. transfers.
  • Download a rollover form.

 

Frequently Asked Questions (FAQ)

  • Liquidate your investments first. We do not accept “in-kind” transfers of mutual funds and/or other securities. Note there are no taxes paid on gains in investments within an HSA.
  • Turn off automatic investments in the HSA you want to transfer. Be sure to turn off this feature to prevent re-investing of your funds.
  • Close the HSA you want to transfer. Be sure to initial the box in Step 3 of the transfer form, which authorizes your current HSA provider to close your account. Otherwise, that HSA will remain open and the provider may charge you a monthly fee.
  • Include your HSA account numbers (from both the HSA you want to transfer and your Optum Bank HSA). You can find your account number on your HSA statement. If you can’t find your account number, you can list your social security number as the primary account holder.
  • Sign the transfer form with a handwritten signature. Do not type in your signature.

Please allow 3-6 weeks for processing. Your current HSA provider will need to review and process your request. They will then send us your funds to deposit into your Optum Bank HSA.

Please call your current HSA provider to make sure they’ve received and processed your transfer request. You can sign in to your account at optumbank.com at any time to see if your transfer balance has been deposited.

Please check with your current HSA provider about transfer fees. They may charge up to a $25 fee to close and transfer your HSA to another provider. Optum Bank does not charge a fee to open an HSA or transfer HSA funds to us.

No, your investments will not transfer in-kind to Optum Bank due to varying investment lineups. You will need to liquidate your investments to cash before transferring your HSA to Optum Bank. You should also be sure to turn off any automatic investments in your current HSA to avoid re-investing of your funds in your account.

The easiest place to find your account number is in your online account when you sign in. [Click on the last four digits of your account number to see the full number]. You can also find your HSA account number on your HSA statement. Please note, the number on your payment card is NOT your account number. If you can’t find your account number, you may list your social security number as the primary account holder on the HSA transfer form instead of your account number.

No, the IRS does not allow you to transfer flexible spending account (FSA) funds to an HSA but does allow you to do a once in a lifetime transfer of your IRA into your HSA up to the applicable IRS limits.

Yes, the IRS allows you to do a once in a lifetime rollover from an individual retirement account (IRA) to your HSA. You may use your IRA money to fund an HSA up to the contribution limits in a given year, as long as you have a qualifying high deductible health plan for the following 12 months. Please consult your tax advisor to see if this makes sense for your personal situation. If you would like to rollover money from your IRA to your HSA, please complete our IRA Rollover Request Form.

Yes, you own your HSA and it is yours to transfer regardless of whether or not you can make contributions to your account.

You will not need to report an HSA transfer on your taxes, but you do need to report a rollover request. For more details, see the FAQ: What is the difference between an HSA transfer and an HSA rollover?

Transfer: A transfer is a direct transfer of HSA funds from one HSA provider to another. The transferring HSA provider will send your funds directly to Optum Bank instead of mailing a check to you. There are no tax forms involved.

Rollover: A rollover is when you close your HSA with your current provider and they send you a check for the remaining balance in your account. Because you are receiving your HSA money, a rollover is considered a distribution by the IRS. As such, you have 60 days after receipt of the HSA funds to deposit them into another account to avoid the 20% penalty on distributions for non-qualified medical expenses as well as income taxes.

You can only request one rollover per year. Your current HSA provider will send you 1099-SA and 5498-SA tax forms. You will need to report the rollover to the IRS as both a distribution and contribution on your taxes.

Yes, this is considered a rollover if you deposit the funds into another HSA within 60 days of receiving them. To request a rollover, you will need to complete our HSA rollover form and send it to us along with a check within 60 days of the distribution to avoid tax implications.