HSA Transfer and Rollover Process Guide

This guide outlines the procedures for moving Health Savings Account (HSA) funds from a prior HSA to a new BRI HSA. It details two primary options: HSA Transfer and HSA Rollover. An HSA Transfer involves a direct movement of funds between HSA custodians, requiring participant authorization and typically taking 4-6 weeks to complete. This process is not tax-reportable, allowing for multiple transfers without tax implications. Participants must complete an HSA Transfer Form to initiate this process. Conversely, an HSA Rollover allows participants to withdraw funds from a prior HSA and redeposit them into a new HSA within 60 days. This option is limited to once every 12 months and is considered a reportable tax event. The guide also provides step-by-step instructions for initiating an HSA Rollover through the BRIWEB platform, including linking bank accounts and scheduling the transfer. Understanding these options is crucial for effective management of HSA funds.