Health Savings Accounts
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Rollovers & Transfers
You may elect to receive funds directly from your current HSA or Archer MSA
administrator, and roll these funds to your FlexHSA with Millennium
Trust. This particular transaction is a “rollover”. Rollovers are permitted with the following limitations:
- Only one rollover per year is permitted
- The rollover to an HSA must be completed within 60 days
- Rollovers may be made with in-kind assets and/or cash
- Direct rollovers from 401(k), 403(b) and 457 plans are not currently permitted
You may also make a one-time tax free rollover from a Health Flexible Spending Arrangement (FSA) and/or a Health Reimbursement Arrangement (HRA), provided certain conditions are met. Please
consult your employer’s Plan Administrator to determine whether your plan allows for these rollovers. A rollover from an FSA or HRA does not count towards your maximum annual contribution.
A transfer is a direct movement of funds from one custodian to another custodian. Unlike a rollover, you will not receive funds from your Archer MSA or HSA when making a direct custodian-to-custodian transfer. Transfers are not subject to the rollover restrictions outlined above. However, you should be aware of the following guidelines:
- Multiple custodian-to-custodian transfers are allowed in a single year
- Transfers may be made with in-kind assets and/or cash
- Both custodians must agree to do the transfer
You are also permitted to make a one-time tax free transfer directly from your IRA to your HSA, a custodian-to-custodian transfer. However, with a transfer from your IRA, the amount transferred cannot exceed your maximum annual HSA contribution limit, and the amount transferred will reduce the amount you could otherwise contribute that year to your HSA dollar for dollar. Currently there is no comparable transfer back to your IRA.
To transfer or rollover additional funds to your FlexHSA, please complete the Account Rollover/Transfer Authorization Form.
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