[Fidelity Health Savings Account Mega-Thread]

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anon_investor
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by anon_investor »

okwriter wrote: Wed Jun 16, 2021 2:17 pm
anon_investor wrote: Wed Jun 16, 2021 2:02 pm Is there a way to do an indirect rollover to the Fidelity HSA electronically, or does it still require a check be mailed to Fidelity?
No mailing of checks needed, see here - viewtopic.php?p=5975527#p5975527
Cool, thanks! Did you do a transfer electronically first, then call them, or call them and have them process the transaction over the phone?
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by okwriter »

anon_investor wrote: Wed Jun 16, 2021 2:21 pm
okwriter wrote: Wed Jun 16, 2021 2:17 pm
anon_investor wrote: Wed Jun 16, 2021 2:02 pm Is there a way to do an indirect rollover to the Fidelity HSA electronically, or does it still require a check be mailed to Fidelity?
No mailing of checks needed, see here - viewtopic.php?p=5975527#p5975527
Cool, thanks! Did you do a transfer electronically first, then call them, or call them and have them process the transaction over the phone?
I did it all over the phone.
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anon_investor
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by anon_investor »

okwriter wrote: Wed Jun 16, 2021 2:28 pm
anon_investor wrote: Wed Jun 16, 2021 2:21 pm
okwriter wrote: Wed Jun 16, 2021 2:17 pm
anon_investor wrote: Wed Jun 16, 2021 2:02 pm Is there a way to do an indirect rollover to the Fidelity HSA electronically, or does it still require a check be mailed to Fidelity?
No mailing of checks needed, see here - viewtopic.php?p=5975527#p5975527
Cool, thanks! Did you do a transfer electronically first, then call them, or call them and have them process the transaction over the phone?
I did it all over the phone.
Good to know, thanks!
isubrama
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by isubrama »

anon_investor wrote: Wed Jun 16, 2021 2:40 pm
okwriter wrote: Wed Jun 16, 2021 2:28 pm
anon_investor wrote: Wed Jun 16, 2021 2:21 pm
okwriter wrote: Wed Jun 16, 2021 2:17 pm
anon_investor wrote: Wed Jun 16, 2021 2:02 pm Is there a way to do an indirect rollover to the Fidelity HSA electronically, or does it still require a check be mailed to Fidelity?
No mailing of checks needed, see here - viewtopic.php?p=5975527#p5975527
Cool, thanks! Did you do a transfer electronically first, then call them, or call them and have them process the transaction over the phone?
I did it all over the phone.
Good to know, thanks!
It can be done online, http://personal.fidelity.com/misc/buffers/toa.shtml
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anon_investor
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by anon_investor »

isubrama wrote: Wed Jun 16, 2021 7:11 pm
anon_investor wrote: Wed Jun 16, 2021 2:40 pm
okwriter wrote: Wed Jun 16, 2021 2:28 pm
anon_investor wrote: Wed Jun 16, 2021 2:21 pm
okwriter wrote: Wed Jun 16, 2021 2:17 pm

No mailing of checks needed, see here - viewtopic.php?p=5975527#p5975527
Cool, thanks! Did you do a transfer electronically first, then call them, or call them and have them process the transaction over the phone?
I did it all over the phone.
Good to know, thanks!
It can be done online, http://personal.fidelity.com/misc/buffers/toa.shtml
I am not sure that purely online process covers indirect HSA rollovers.
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by okwriter »

isubrama wrote: Wed Jun 16, 2021 7:11 pm It can be done online, http://personal.fidelity.com/misc/buffers/toa.shtml
This only covers direct transfers. For indirect ones, you need to either call them (easier) or mail them a check.
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anon_investor
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by anon_investor »

okwriter wrote: Wed Jun 16, 2021 10:06 pm
isubrama wrote: Wed Jun 16, 2021 7:11 pm It can be done online, http://personal.fidelity.com/misc/buffers/toa.shtml
This only covers direct transfers. For indirect ones, you need to either call them (easier) or mail them a check.
How long after the call did it take for the funds to show up in your Fidelity HSA? I am thinking of doing this, having the funds out of the market for 2 plus weeks for a direct trustee to trustee transfer just feels too long for me.
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by okwriter »

anon_investor wrote: Wed Jun 16, 2021 10:57 pm
okwriter wrote: Wed Jun 16, 2021 10:06 pm
isubrama wrote: Wed Jun 16, 2021 7:11 pm It can be done online, http://personal.fidelity.com/misc/buffers/toa.shtml
This only covers direct transfers. For indirect ones, you need to either call them (easier) or mail them a check.
How long after the call did it take for the funds to show up in your Fidelity HSA? I am thinking of doing this, having the funds out of the market for 2 plus weeks for a direct trustee to trustee transfer just feels too long for me.
Immediately! The Fidelity rep was very nice; he even asked me to verify that the HSA balance looked correct before ending the call.

I don't think you'll have long time-out-of-market issues. If anything, perhaps you should wait a day or two before you make the call (just to be sure that your old HSA provider has finished sending the money to you). Fidelity is so efficient that if you call them too soon, they might end up doing the second half of the rollover before your old HSA completes the first half.

Indirect rollovers do have a 1 per year restriction though, so you might want to take that into account. The reason I did it was to avoid fees. My old HSA provider charged a $20 fee for direct transfers, but indirect ones were free.
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by cas »

anon_investor wrote: Wed Jun 16, 2021 10:57 pm I am thinking of doing this, having the funds out of the market for 2 plus weeks for a direct trustee to trustee transfer just feels too long for me.
Be aware that a 60-day (indirect) rollover requires tax due diligence. The old HSA trustee has to send you a correct 1099-SA. Fidelity has to send you a Form 5498-SA correctly showing that the correct $ amount was a "Rollover Contribution" (Box 4) and not a regular contribution (Box 1). (To do this they have to be told that you intend a 60-day rollover contribution when they get the money, so that they can code the Form 5498-SA correctly.) You need to fill out Form 8889 correctly, showing the rollover amount, and include it with your tax return. All of these forms have to match up, or the IRS may contact you about 2 years later telling you that you have an excess contribution in your HSA, that you owe penalties, and will continue to accrue penalties until you remove it ... and that it is your burden to prove to them that it isn't an excess contribution.

There is also the requirement that there can't have been another HSA 60-day rollover within the last 365 days. (Or, again, you'll have an excess contribution accruing penalties until you remove it.)

Trustee-to-trustee transfers have no such tax reporting requirements or forms.

In other words, it is easier to shoot yourself in the foot with a 60-day rollover. So do your due diligence, keep an eagle eye on every transaction at the time it happens to make sure it looks coded correctly as the right thing, keep appropriate documentation/screenshots and stick it in your tax folder, put a note in your tax folder to remind yourself that your Form 8889 needs to report the rollover, etc.
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by sycamore »

anon_investor wrote: Wed Jun 16, 2021 10:57 pm I am thinking of doing this, having the funds out of the market for 2 plus weeks for a direct trustee to trustee transfer just feels too long for me.
To avoid being out of the market, just swap some bonds for stocks in another tax-deferred account (an IRA, maybe?) when you initiate the rollover, then swap back when the HSA rollover is complete.
cas wrote: Thu Jun 17, 2021 6:00 am Be aware that a 60-day (indirect) rollover requires tax due diligence. The old HSA trustee has to send you a correct 1099-SA. Fidelity has to send you a Form 5498-SA correctly showing that the correct $ amount was a "Rollover Contribution" (Box 4) and not a regular contribution (Box 1). (To do this they have to be told that you intend a 60-day rollover contribution when they get the money, so that they can code the Form 5498-SA correctly.) You need to fill out Form 8889 correctly, showing the rollover amount, and include it with your tax return. All of these forms have to match up, or the IRS may contact you about 2 years later telling you that you have an excess contribution in your HSA, that you owe penalties, and will continue to accrue penalties until you remove it ... and that it is your burden to prove to them that it isn't an excess contribution.

There is also the requirement that there can't have been another HSA 60-day rollover within the last 365 days. (Or, again, you'll have an excess contribution accruing penalties until you remove it.)

Trustee-to-trustee transfers have no such tax reporting requirements or forms.

In other words, it is easier to shoot yourself in the foot with a 60-day rollover. So do your due diligence, keep an eagle eye on every transaction at the time it happens to make sure it looks coded correctly as the right thing, keep appropriate documentation/screenshots and stick it in your tax folder, put a note in your tax folder to remind yourself that your Form 8889 needs to report the rollover, etc.
When I transferred my HSA to Fidelity I used the direct rollover just because it was easier and seemed more foolproof / less likely for a check to get lost in the mail; wasn't even thinking about the tax due diligence aspect. Good to know.
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by anon_investor »

sycamore wrote: Thu Jun 17, 2021 7:22 am
anon_investor wrote: Wed Jun 16, 2021 10:57 pm I am thinking of doing this, having the funds out of the market for 2 plus weeks for a direct trustee to trustee transfer just feels too long for me.
To avoid being out of the market, just swap some bonds for stocks in another tax-deferred account (an IRA, maybe?) when you initiate the rollover, then swap back when the HSA rollover is complete.
Unfortunately that won't work since I have 0 fixed income aside from I Bonds.
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by Barefootgirl »

So, I called HSA Bank to move the entire remaining balance to TDA. The HSABank rep told me I cannot do that because I need to maintain a $1K minimum balance at HSABank at all times...but I told her I was closing out both accounts and moving them to Fidelity. She said I can't move the balance. I have to close out HSA Bank with the $1K balance I have left it...so it looks like BOTH accounts will transfer to Fidelity.

One with cash in it and one with ETFs and a mutual fund in it.

:oops:
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by czaj »

Barefootgirl wrote: Sat Jun 19, 2021 9:20 am So, I called HSA Bank to move the entire remaining balance to TDA. The HSABank rep told me I cannot do that because I need to maintain a $1K minimum balance at HSABank at all times...but I told her I was closing out both accounts and moving them to Fidelity. She said I can't move the balance. I have to close out HSA Bank with the $1K balance I have left it...so it looks like BOTH accounts will transfer to Fidelity.

One with cash in it and one with ETFs and a mutual fund in it.

:oops:
Have you tried transferring it to TD yourself? I found that my account says it has a minimum, but I’m still able to transfer.

Another option is to just withdraw the amount in HSA Bank if you have enough in eligible expenses. Then you can at least save on the closing/transfer fee.
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by tj »

czaj wrote: Sat Jun 19, 2021 9:29 am
Barefootgirl wrote: Sat Jun 19, 2021 9:20 am So, I called HSA Bank to move the entire remaining balance to TDA. The HSABank rep told me I cannot do that because I need to maintain a $1K minimum balance at HSABank at all times...but I told her I was closing out both accounts and moving them to Fidelity. She said I can't move the balance. I have to close out HSA Bank with the $1K balance I have left it...so it looks like BOTH accounts will transfer to Fidelity.

One with cash in it and one with ETFs and a mutual fund in it.

:oops:
Have you tried transferring it to TD yourself? I found that my account says it has a minimum, but I’m still able to transfer.

Another option is to just withdraw the amount in HSA Bank if you have enough in eligible expenses. Then you can at least save on the closing/transfer fee.
Lucky you. they started enforcing the minimum sometime last year.
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by czaj »

tj wrote: Sat Jun 19, 2021 11:05 am
czaj wrote: Sat Jun 19, 2021 9:29 am
Barefootgirl wrote: Sat Jun 19, 2021 9:20 am So, I called HSA Bank to move the entire remaining balance to TDA. The HSABank rep told me I cannot do that because I need to maintain a $1K minimum balance at HSABank at all times...but I told her I was closing out both accounts and moving them to Fidelity. She said I can't move the balance. I have to close out HSA Bank with the $1K balance I have left it...so it looks like BOTH accounts will transfer to Fidelity.

One with cash in it and one with ETFs and a mutual fund in it.

:oops:
Have you tried transferring it to TD yourself? I found that my account says it has a minimum, but I’m still able to transfer.

Another option is to just withdraw the amount in HSA Bank if you have enough in eligible expenses. Then you can at least save on the closing/transfer fee.
Lucky you. they started enforcing the minimum sometime last year.
I actually don't see a minimum stated on my account anymore. Perhaps my employer plan doesn't require a minimum. HSA Bank's language has never been very clear.
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by Barefootgirl »

Another option is to just withdraw the amount in HSA Bank if you have enough in eligible expenses. Then you can at least save on the closing/transfer fee.

I do have enough eligible expenses....so what are the mechanics? HSA Bank sends me a check for the balance in the account, I match the balance to medical receipts and when 2021 tax season rolls around, I do what? Presumably HSA Bank will send some kind of notice of the withdrawal to me....and the IRS.

Thanks
How many retired people does it take to screw in a lightbulb? Only one, but he takes all day.
tj
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by tj »

Barefootgirl wrote: Sat Jun 19, 2021 3:21 pm Another option is to just withdraw the amount in HSA Bank if you have enough in eligible expenses. Then you can at least save on the closing/transfer fee.

I do have enough eligible expenses....so what are the mechanics? HSA Bank sends me a check for the balance in the account, I match the balance to medical receipts and when 2021 tax season rolls around, I do what? Presumably HSA Bank will send some kind of notice of the withdrawal to me....and the IRS.

Thanks
you fill out the qualified distribution line on the HSA tax form.
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by czaj »

Barefootgirl wrote: Sat Jun 19, 2021 3:21 pm Another option is to just withdraw the amount in HSA Bank if you have enough in eligible expenses. Then you can at least save on the closing/transfer fee.

I do have enough eligible expenses....so what are the mechanics? HSA Bank sends me a check for the balance in the account, I match the balance to medical receipts and when 2021 tax season rolls around, I do what? Presumably HSA Bank will send some kind of notice of the withdrawal to me....and the IRS.

Thanks
You should be able to transfer it to your checking account (as opposed to a check). HSA Bank will send you a 1099-SA, which you'll report on Form 8889 for 2021. Keep your $1,000 worth of medical receipts as documentation if the IRS wishes to see them.
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by Barefootgirl »

Thank you!
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by lexor »

index2max wrote: Fri Apr 16, 2021 4:08 pm
snowman wrote: Fri Apr 16, 2021 3:58 pm
index2max wrote: Fri Apr 16, 2021 3:49 pm I guess I'd like to save on the $18/year Devenir charges me through Further to invest my HSA dollars over the $1000 minimum threshold that I have in Vanguard index funds currently. You have all convinced me to make the switch! Still consider myself a Vanguard die-hard though.
And that's precisely why Fidelity did it - there is nobody out there offering better HSA account, not even close. So even a Vanguard diehard like yourself who will try Fidelity products and services will want to transfer more of their money to Fidelity. Win-win.
Don't think I'll do any other business with Fidelity other than use them as a loss-leader for my HSA investing. This probably explains why Vanguard won't get into this game. They don't want to get into the loss-leader marketing model for their products.

Still, costs matter and I hate throwing away $18/year just to buy some Vanguard funds through Devenir. Guess Fidelity's got my HSA business.

Maybe they can still make money lending securities held by the FZROX mutual fund, even ones inside HSAs to make money? IDK
Fidelity's security lending is used to benefit fund shareholders. It's a misnomer on these forums that only Vanguard does this, when AFAIK most if not all providers do it. On top of that, Fidelity's security lending program generates more revenue than Vanguard's.
Fidelity is not receiving any revenue from the Fidelity ZERO Index funds for securities lending. Nor is Fidelity currently receiving any portion of the income that is generated from securities lent out
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by anon_investor »

Does anyone know if an employer setup Fidelity HSA is any different than an individual setup Fidelity HSA?

I am curious as my employer is shifting to Fidelity HSA plans starting next year. I am waiting to find out what will happen to our existing HSA with PayFlex, I hope the company takes care of all the transferring and eats that $25 PayFlex account closeout fee. I am hoping I won’t have limited investment options and not have to keep $1k dead money in cash like with PayFlex.
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by teamDE »

Hi all,

My wife has an HSA at HealthEquity. He had a HDHP/HSA for one year a couple years ago but have since switched back to a PPO. We noticed that HealthEquity is charging us $7/mo to hold it. There is $1500 in the "savings" account and $8100 in the investment account.

My wife has many accounts at Fidelity so we'd like to transfer it there. Should I somehow consolidate the savings and investment accounts at HealthEquity first? I read on Fidelity that if not, I'll have to transfer each separately. At Fidelity will they be consolidated into a single investment account? We don't plan to withdraw from the HSA any time soon.

Or, should we only transfer the "investment" portion to Fidelity and leave the cash at HealthEquity incase we go back tossing a HDHP/HSA again someday? I wonder what fees they'll change in that scenario.

A direct transfer from custodian to custodian sounds best to me. Is that the way to go?
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by tj »

teamDE wrote: Mon Sep 06, 2021 9:27 pm Hi all,

My wife has an HSA at HealthEquity. He had a HDHP/HSA for one year a couple years ago but have since switched back to a PPO. We noticed that HealthEquity is charging us $7/mo to hold it. There is $1500 in the "savings" account and $8100 in the investment account.

My wife has many accounts at Fidelity so we'd like to transfer it there. Should I somehow consolidate the savings and investment accounts at HealthEquity first? I read on Fidelity that if not, I'll have to transfer each separately. At Fidelity will they be consolidated into a single investment account? We don't plan to withdraw from the HSA any time soon.

Or, should we only transfer the "investment" portion to Fidelity and leave the cash at HealthEquity incase we go back tossing a HDHP/HSA again someday? I wonder what fees they'll change in that scenario.

A direct transfer from custodian to custodian sounds best to me. Is that the way to go?
If you go back to an HDHP/HSA someday, that insurance will create an HSA for you. There's no reason not to move it to Fidelity. I would imagine you have to liquidate everything first anyway, as the Institutional Class shares that HealthEquity uses won't be available at Fidelity.
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by pasadena »

teamDE wrote: Mon Sep 06, 2021 9:27 pm Hi all,

My wife has an HSA at HealthEquity. He had a HDHP/HSA for one year a couple years ago but have since switched back to a PPO. We noticed that HealthEquity is charging us $7/mo to hold it. There is $1500 in the "savings" account and $8100 in the investment account.

My wife has many accounts at Fidelity so we'd like to transfer it there. Should I somehow consolidate the savings and investment accounts at HealthEquity first? I read on Fidelity that if not, I'll have to transfer each separately. At Fidelity will they be consolidated into a single investment account? We don't plan to withdraw from the HSA any time soon.

Or, should we only transfer the "investment" portion to Fidelity and leave the cash at HealthEquity incase we go back tossing a HDHP/HSA again someday? I wonder what fees they'll change in that scenario.

A direct transfer from custodian to custodian sounds best to me. Is that the way to go?
Transfer everything to Fidelity (I recommend a 60-days rollover - you withdraw the money to your checking account (as if you used it for medical purposes) and transfer the exact same amount to Fidelity within 60 days. It's easier, much faster, and avoids "transfer" fees), and close the HQ account as soon as it's done. You won't need it anymore - if your wife goes back on a HDHP plan she will get a new account at whatever provider her employer uses. If you don't close it, they will keep charging you monthly fees.

I would sell the investments first. Anything you can do to simplify the process, and to avoid having HQ doing it for you, is a good thing to do.
Last edited by pasadena on Tue Sep 07, 2021 8:23 am, edited 1 time in total.
teamDE
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by teamDE »

Thanks. I'm a little worried about the extra tax-time things I'll need to remember and count on HealthEquity providing correctly as mentioned up above. I found HealthEquity's form for transferring from there to elsewhere. I suppose I can just liquidate the funds there, fax in that form, and hopefully they'll actually do it. I could also have Fidelity pull it, but maybe HE will be more responsive to my direct request.
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by pasadena »

teamDE wrote: Tue Sep 07, 2021 8:21 am Thanks. I'm a little worried about the extra tax-time things I'll need to remember and count on HealthEquity providing correctly as mentioned up above. I found HealthEquity's form for transferring from there to elsewhere. I suppose I can just liquidate the funds there, fax in that form, and hopefully they'll actually do it. I could also have Fidelity pull it, but maybe HE will be more responsive to my direct request.
I don't recommend this at all. When you want to do a trustee-to-trustee transfer, it's usually a good idea to pull from your new provider (i.e. initiate the transfer from Fidelity). Doing it by pushing from HE will most probably take a lot longer as they have zero incentive to do it.

They will probably charge you a fee.

A 60-days rollover is honestly a lot easier and can be done in a few days.

1) withdraw the money from HE to your account. Do not tell them it's a withdrawal. Don't tell them anything, and if they ask, say it's a reimbursement for medical expenses. That should take a couple of days
2) once the money is in your account, fund your new Fidelity HSA with it. Either transfer the money to Fidelity first if you have a Money Management account, or they can take it from your checking when they open the account. Just make sure that:
- you perform this step within 60 days of the first one
- you use the exact same amount that you received from HE
tj
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by tj »

I wouldn't mess with the hassle of 60 day rollover, do a direct transfer, fill out fidelity's form online nad submit it, play the waiting game. HealthEquity will drag their feet but who cares. It'll get done eventually.
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by pasadena »

tj wrote: Tue Sep 07, 2021 8:55 am I wouldn't mess with the hassle of 60 day rollover, do a direct transfer, fill out fidelity's form online nad submit it, play the waiting game. HealthEquity will drag their feet but who cares. It'll get done eventually.
I mean, it takes a few clicks and a few days, what's the hassle?
tj
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by tj »

pasadena wrote: Tue Sep 07, 2021 8:59 am
tj wrote: Tue Sep 07, 2021 8:55 am I wouldn't mess with the hassle of 60 day rollover, do a direct transfer, fill out fidelity's form online nad submit it, play the waiting game. HealthEquity will drag their feet but who cares. It'll get done eventually.
I mean, it takes a few clicks and a few days, what's the hassle?
Mailing an actual check and hoping that it doesn't get lost? Spending extra money to send it certified? Either way, doesn't sound fun to take the risk of messing it up.
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by pasadena »

tj wrote: Tue Sep 07, 2021 9:14 am
pasadena wrote: Tue Sep 07, 2021 8:59 am
tj wrote: Tue Sep 07, 2021 8:55 am I wouldn't mess with the hassle of 60 day rollover, do a direct transfer, fill out fidelity's form online nad submit it, play the waiting game. HealthEquity will drag their feet but who cares. It'll get done eventually.
I mean, it takes a few clicks and a few days, what's the hassle?
Mailing an actual check and hoping that it doesn't get lost? Spending extra money to send it certified? Either way, doesn't sound fun to take the risk of messing it up.
Oh no, not a check. Use ACH transfers!
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anon_investor
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by anon_investor »

pasadena wrote: Tue Sep 07, 2021 9:24 am
tj wrote: Tue Sep 07, 2021 9:14 am
pasadena wrote: Tue Sep 07, 2021 8:59 am
tj wrote: Tue Sep 07, 2021 8:55 am I wouldn't mess with the hassle of 60 day rollover, do a direct transfer, fill out fidelity's form online nad submit it, play the waiting game. HealthEquity will drag their feet but who cares. It'll get done eventually.
I mean, it takes a few clicks and a few days, what's the hassle?
Mailing an actual check and hoping that it doesn't get lost? Spending extra money to send it certified? Either way, doesn't sound fun to take the risk of messing it up.
Oh no, not a check. Use ACH transfers!
I may have to go through this process early next year. How do you tell Fidelity it is rollover vs. a contribution? Is Fidelity still reimbursing account closure fees from the other HSA?
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by pasadena »

anon_investor wrote: Tue Sep 07, 2021 9:30 am
pasadena wrote: Tue Sep 07, 2021 9:24 am
tj wrote: Tue Sep 07, 2021 9:14 am
pasadena wrote: Tue Sep 07, 2021 8:59 am
tj wrote: Tue Sep 07, 2021 8:55 am I wouldn't mess with the hassle of 60 day rollover, do a direct transfer, fill out fidelity's form online nad submit it, play the waiting game. HealthEquity will drag their feet but who cares. It'll get done eventually.
I mean, it takes a few clicks and a few days, what's the hassle?
Mailing an actual check and hoping that it doesn't get lost? Spending extra money to send it certified? Either way, doesn't sound fun to take the risk of messing it up.
Oh no, not a check. Use ACH transfers!
I may have to go through this process early next year. How do you tell Fidelity it is rollover vs. a contribution? Is Fidelity still reimbursing account closure fees from the other HSA?
So I do it every year (make sure you wait 365 days!)

* First, get the money from your original provider. Use ACH transfer to your personal account. Don't tell them it's a withdrawal (mine charges a fee for transfers and withdrawals).
* First year, I got the money in my Ally account, downloaded their rollover form, which has a checkbox for 60-days rollover, and mailed it back with a personal check. PITA, took about a week.
* Last year, I transferred the money from my employer's provider to my Fidelity money management account instead of Ally, and called Fidelity (make sure you use the HSA dedicated phone number). The guy knew exactly what to do, and the rollover was finalized and the money ready to invest in the HSA before I got off the phone. I did make him confirm twice that he coded it as 60-days rollover. That information doesn't show on the website. All in all it took 2 business days.

I don't know if they reimburse closure fees. It's worth asking.
tj
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by tj »

anon_investor wrote: Tue Sep 07, 2021 9:30 am
pasadena wrote: Tue Sep 07, 2021 9:24 am
tj wrote: Tue Sep 07, 2021 9:14 am
pasadena wrote: Tue Sep 07, 2021 8:59 am
tj wrote: Tue Sep 07, 2021 8:55 am I wouldn't mess with the hassle of 60 day rollover, do a direct transfer, fill out fidelity's form online nad submit it, play the waiting game. HealthEquity will drag their feet but who cares. It'll get done eventually.
I mean, it takes a few clicks and a few days, what's the hassle?
Mailing an actual check and hoping that it doesn't get lost? Spending extra money to send it certified? Either way, doesn't sound fun to take the risk of messing it up.
Oh no, not a check. Use ACH transfers!
I may have to go through this process early next year. How do you tell Fidelity it is rollover vs. a contribution? Is Fidelity still reimbursing account closure fees from the other HSA?
To my knowledge, Fidelity never reimbursed account closure fees from other HSA's.
teamDE
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by teamDE »

pasadena wrote: Tue Sep 07, 2021 9:45 am
anon_investor wrote: Tue Sep 07, 2021 9:30 am
pasadena wrote: Tue Sep 07, 2021 9:24 am
tj wrote: Tue Sep 07, 2021 9:14 am
pasadena wrote: Tue Sep 07, 2021 8:59 am

I mean, it takes a few clicks and a few days, what's the hassle?
Mailing an actual check and hoping that it doesn't get lost? Spending extra money to send it certified? Either way, doesn't sound fun to take the risk of messing it up.
Oh no, not a check. Use ACH transfers!
I may have to go through this process early next year. How do you tell Fidelity it is rollover vs. a contribution? Is Fidelity still reimbursing account closure fees from the other HSA?
So I do it every year (make sure you wait 365 days!)

* First, get the money from your original provider. Use ACH transfer to your personal account. Don't tell them it's a withdrawal (mine charges a fee for transfers and withdrawals).
* First year, I got the money in my Ally account, downloaded their rollover form, which has a checkbox for 60-days rollover, and mailed it back with a personal check. PITA, took about a week.
* Last year, I transferred the money from my employer's provider to my Fidelity money management account instead of Ally, and called Fidelity (make sure you use the HSA dedicated phone number). The guy knew exactly what to do, and the rollover was finalized and the money ready to invest in the HSA before I got off the phone. I did make him confirm twice that he coded it as 60-days rollover. That information doesn't show on the website. All in all it took 2 business days.

I don't know if they reimburse closure fees. It's worth asking.
How do I tell HealthEquity to supply the tax forms I need? How do I tell Fidelity that its a rollover?
tj
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by tj »

teamDE wrote: Tue Sep 07, 2021 10:24 am
pasadena wrote: Tue Sep 07, 2021 9:45 am
anon_investor wrote: Tue Sep 07, 2021 9:30 am
pasadena wrote: Tue Sep 07, 2021 9:24 am
tj wrote: Tue Sep 07, 2021 9:14 am

Mailing an actual check and hoping that it doesn't get lost? Spending extra money to send it certified? Either way, doesn't sound fun to take the risk of messing it up.
Oh no, not a check. Use ACH transfers!
I may have to go through this process early next year. How do you tell Fidelity it is rollover vs. a contribution? Is Fidelity still reimbursing account closure fees from the other HSA?
So I do it every year (make sure you wait 365 days!)

* First, get the money from your original provider. Use ACH transfer to your personal account. Don't tell them it's a withdrawal (mine charges a fee for transfers and withdrawals).
* First year, I got the money in my Ally account, downloaded their rollover form, which has a checkbox for 60-days rollover, and mailed it back with a personal check. PITA, took about a week.
* Last year, I transferred the money from my employer's provider to my Fidelity money management account instead of Ally, and called Fidelity (make sure you use the HSA dedicated phone number). The guy knew exactly what to do, and the rollover was finalized and the money ready to invest in the HSA before I got off the phone. I did make him confirm twice that he coded it as 60-days rollover. That information doesn't show on the website. All in all it took 2 business days.

I don't know if they reimburse closure fees. It's worth asking.
How do I tell HealthEquity to supply the tax forms I need? How do I tell Fidelity that its a rollover?
I don't recall their being tax forms when I transferred from HealthEquity to Fidelity.
teamDE
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by teamDE »

I ran out of time/patience and just initiated the transfer from Fidelity. I liquidated my vanguard funds at HealthEquity. It took about 2minutes to do online at Fidelity. They're transferring the full account balance so I'll close the HE account when its emptied. I'll keep you all posted on how it goes. Fidelity estimates 9/29 as a completion date. Thanks for the support as always!
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anon_investor
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by anon_investor »

pasadena wrote: Tue Sep 07, 2021 9:45 am
anon_investor wrote: Tue Sep 07, 2021 9:30 am
pasadena wrote: Tue Sep 07, 2021 9:24 am
tj wrote: Tue Sep 07, 2021 9:14 am
pasadena wrote: Tue Sep 07, 2021 8:59 am

I mean, it takes a few clicks and a few days, what's the hassle?
Mailing an actual check and hoping that it doesn't get lost? Spending extra money to send it certified? Either way, doesn't sound fun to take the risk of messing it up.
Oh no, not a check. Use ACH transfers!
I may have to go through this process early next year. How do you tell Fidelity it is rollover vs. a contribution? Is Fidelity still reimbursing account closure fees from the other HSA?
So I do it every year (make sure you wait 365 days!)

* First, get the money from your original provider. Use ACH transfer to your personal account. Don't tell them it's a withdrawal (mine charges a fee for transfers and withdrawals).
* First year, I got the money in my Ally account, downloaded their rollover form, which has a checkbox for 60-days rollover, and mailed it back with a personal check. PITA, took about a week.
* Last year, I transferred the money from my employer's provider to my Fidelity money management account instead of Ally, and called Fidelity (make sure you use the HSA dedicated phone number). The guy knew exactly what to do, and the rollover was finalized and the money ready to invest in the HSA before I got off the phone. I did make him confirm twice that he coded it as 60-days rollover. That information doesn't show on the website. All in all it took 2 business days.

I don't know if they reimburse closure fees. It's worth asking.
You mean you transfered it directly from your employer's HSA to your Fidelity taxable account, then from there to your Fidelity HSA? It sounds like I could withdraw from my HSA to Ally, then call Fidelity to do the ACH from Ally to Fidelity?
tj
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by tj »

teamDE wrote: Tue Sep 07, 2021 10:38 am I ran out of time/patience and just initiated the transfer from Fidelity. I liquidated my vanguard funds at HealthEquity. It took about 2minutes to do online at Fidelity. They're transferring the full account balance so I'll close the HE account when its emptied. I'll keep you all posted on how it goes. Fidelity estimates 9/29 as a completion date. Thanks for the support as always!

HE will close it on it's own.
pasadena
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Location: PNW

Re: [Fidelity Health Savings Account Mega-Thread]

Post by pasadena »

anon_investor wrote: Tue Sep 07, 2021 10:45 am
pasadena wrote: Tue Sep 07, 2021 9:45 am
anon_investor wrote: Tue Sep 07, 2021 9:30 am
pasadena wrote: Tue Sep 07, 2021 9:24 am
tj wrote: Tue Sep 07, 2021 9:14 am

Mailing an actual check and hoping that it doesn't get lost? Spending extra money to send it certified? Either way, doesn't sound fun to take the risk of messing it up.
Oh no, not a check. Use ACH transfers!
I may have to go through this process early next year. How do you tell Fidelity it is rollover vs. a contribution? Is Fidelity still reimbursing account closure fees from the other HSA?
So I do it every year (make sure you wait 365 days!)

* First, get the money from your original provider. Use ACH transfer to your personal account. Don't tell them it's a withdrawal (mine charges a fee for transfers and withdrawals).
* First year, I got the money in my Ally account, downloaded their rollover form, which has a checkbox for 60-days rollover, and mailed it back with a personal check. PITA, took about a week.
* Last year, I transferred the money from my employer's provider to my Fidelity money management account instead of Ally, and called Fidelity (make sure you use the HSA dedicated phone number). The guy knew exactly what to do, and the rollover was finalized and the money ready to invest in the HSA before I got off the phone. I did make him confirm twice that he coded it as 60-days rollover. That information doesn't show on the website. All in all it took 2 business days.

I don't know if they reimburse closure fees. It's worth asking.
You mean you transfered it directly from your employer's HSA to your Fidelity taxable account, then from there to your Fidelity HSA? It sounds like I could withdraw from my HSA to Ally, then call Fidelity to do the ACH from Ally to Fidelity?
I have a Fidelity Money Management account (cash account), so I used that (yes, I transferred the money directly from employer HSA to that account), but I suppose it would work just as well with a brokerage account.

I don't know if Fidelity can pull from Ally, but you can definitely ask. They may ask you to initiate the transfer from Ally first.
OffGridder
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by OffGridder »

anon_investor wrote: Tue Sep 07, 2021 9:30 am
pasadena wrote: Tue Sep 07, 2021 9:24 am
tj wrote: Tue Sep 07, 2021 9:14 am
pasadena wrote: Tue Sep 07, 2021 8:59 am
tj wrote: Tue Sep 07, 2021 8:55 am I wouldn't mess with the hassle of 60 day rollover, do a direct transfer, fill out fidelity's form online nad submit it, play the waiting game. HealthEquity will drag their feet but who cares. It'll get done eventually.
I mean, it takes a few clicks and a few days, what's the hassle?
Mailing an actual check and hoping that it doesn't get lost? Spending extra money to send it certified? Either way, doesn't sound fun to take the risk of messing it up.
Oh no, not a check. Use ACH transfers!
I may have to go through this process early next year. How do you tell Fidelity it is rollover vs. a contribution? Is Fidelity still reimbursing account closure fees from the other HSA?
Once my wife retired she transferred all but the $25 HE "closure fee" to Fidelity. Then she withdrew the $25 for a medical expenses reimbursement. The HE account is still open with a zero balance and either my wife or HE will eventually close it, but at no cost to my wife because there are no dollars in the account for HE to tap.
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index2max
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by index2max »

To speed up the trustee-to-trustee transfer initiated from your Fidelity HSA, once you put in an online request with Fidelity, call immediately after to provide the fax numbers for your current HSA administrator.

That way Fidelity faxes over your transfer request, rather than sending it out via snail mail. The check from your original HSA provider for the trustee-to-trustee transfer request will still come in the mail, mostly likely.

This is what I do every month.
teamDE
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by teamDE »

teamDE wrote: Tue Sep 07, 2021 10:38 am I ran out of time/patience and just initiated the transfer from Fidelity. I liquidated my vanguard funds at HealthEquity. It took about 2minutes to do online at Fidelity. They're transferring the full account balance so I'll close the HE account when its emptied. I'll keep you all posted on how it goes. Fidelity estimates 9/29 as a completion date. Thanks for the support as always!
Following up, on Sept 27th it transferred. I didn't have to do a single thing. I checked and my HE account is now closed. My money did sit out of the market for 20 days.
robbierob03
Posts: 69
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by robbierob03 »

okwriter wrote: Tue Apr 27, 2021 3:42 pm FYI, Fidelity has the ability to do indirect transfers electronically - no check or postage needed. I was able to roll over from Optum without leaving my couch.

1. Took a withdrawal from Optum.

2. Called Fidelity, asked them to do a bank transfer and code it as a “60 day rollover”.

You can’t do this on their website yet; need to call.
Just wanted to say thanks okwriter for this head's up. I just went through this for an indirect rollover out of my current employer's Payflex HSA to avoid the $25 fee. Once I was able to navigate out of the automated phone tree and actually talk to someone, it only took a few minutes to complete.

The very competent CSR immediately understood what a 60 day rollover was and how to process it, and even walked me through how to link my external checking account to my Fidelity HSA for the ACH transfer. At the end of the call the CSR re-iterated this was a 60 day rollover, and asked me to verify that the pending transfer amount was correct in my HSA account.

Hopefully by the time I do this in another ~370ish days it can be done online - but that call was definitely worth the $25 savings and additional weeks not being in the market.
SalishSea
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Fidelity HSA

Post by SalishSea »

[Post moved into existing mega thread on the same topic - Moderator Misenplace]

As a public service announcement, I just transferred my HSA to Fidelity and it's awesome! It was at Bank of America before and the Fidelity's interface is better, there are way more investment options, the fees are lower, and there is no cash minimum (at BoA, I think it was about $1,000 in cash).

The idea to change the HSA provider came from this article, if anyone wants more information:
https://www.morningstar.com/articles/10 ... ns-of-2021
SalishSea
Posts: 41
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by SalishSea »

Thanks Misenplace! Apparently there have already been 1192 posts extolling the Fidelity HSA virtues, ha ha!
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by LadyGeek »

LadyGeek wrote: Sun Apr 18, 2021 9:34 am Last month, I withdrew all of my Fidelity HSA funds to cover unreimbursed medical expenses. Or so I thought. At the end of the month, I got 0.05 interest for the balance in the account prior to the withdrawal.

It turns out I did a partial withdrawal, but I didn't see any options for a full withdrawal (all shares). The balance was zero and I thought I was done. Guess not.

I now have $0.05 sitting in my HSA. I have more than $0.05 in unreimbursed medical expenses, so I could probably close out the account. Or, just let it sit.
A follow-up -

The account can be closed when the balance is $0.00. I was blocked from taking a $0.05 distribution (transfer to bank account) due to Fidelity's $10 minimum for ACH transfers.

Since my 2022 health plan is a PPO, I'm no longer qualified to contribute to my HSA. I'm unable to add $10 to bypass the ACH minimum and am stuck with $0.05 in a stagnant account - or so I thought.

Today, I moved my Vanguard assets to Fidelity. Not mentioned in the phone call in this post, was that the Fidelity advisor also helped me figure out how to close the account. Instead of an ACH bank transfer, just transfer the money to my Fidelity Individual Account (taxable account). It worked. :happy

My HSA distribution is now a pending transaction into my taxable account cash position. Once the transaction settles, I'll be able to close the HSA account. I already have a few pennies in my cash position (leftover from ETF fractional share purchase), so adding a few more won't hurt anything.

Since this is an HSA distribution, I'm wondering if IRS Form 1099-SSA (Distributions From an HSA) will be issued. I'll wait until next year to find out.
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writteninthestars
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by writteninthestars »

robbierob03 wrote: Thu Oct 21, 2021 2:04 pm
okwriter wrote: Tue Apr 27, 2021 3:42 pm FYI, Fidelity has the ability to do indirect transfers electronically - no check or postage needed. I was able to roll over from Optum without leaving my couch.

1. Took a withdrawal from Optum.

2. Called Fidelity, asked them to do a bank transfer and code it as a “60 day rollover”.

You can’t do this on their website yet; need to call.
Just wanted to say thanks okwriter for this head's up. I just went through this for an indirect rollover out of my current employer's Payflex HSA to avoid the $25 fee. Once I was able to navigate out of the automated phone tree and actually talk to someone, it only took a few minutes to complete.

The very competent CSR immediately understood what a 60 day rollover was and how to process it, and even walked me through how to link my external checking account to my Fidelity HSA for the ACH transfer. At the end of the call the CSR re-iterated this was a 60 day rollover, and asked me to verify that the pending transfer amount was correct in my HSA account.

Hopefully by the time I do this in another ~370ish days it can be done online - but that call was definitely worth the $25 savings and additional weeks not being in the market.
Can I ask if your Payflex HSA has a zero balance now and will it be closed on its own? I'm curious if they'd ask you for the $25 closure fee lol
terran
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by terran »

LadyGeek wrote: Mon Jan 10, 2022 7:31 pm Since this is an HSA distribution, I'm wondering if IRS Form 1099-SSA (Distributions From an HSA) will be issued. I'll wait until next year to find out.
Even if a 1099-SA is issued it will round to $0 when you do your taxes, so I think you can safely skip form 8889 if this is the only HSA transaction you have in 2022.
robbierob03
Posts: 69
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by robbierob03 »

writteninthestars wrote: Wed Feb 02, 2022 10:32 am
robbierob03 wrote: Thu Oct 21, 2021 2:04 pm
okwriter wrote: Tue Apr 27, 2021 3:42 pm FYI, Fidelity has the ability to do indirect transfers electronically - no check or postage needed. I was able to roll over from Optum without leaving my couch.

1. Took a withdrawal from Optum.

2. Called Fidelity, asked them to do a bank transfer and code it as a “60 day rollover”.

You can’t do this on their website yet; need to call.
Just wanted to say thanks okwriter for this head's up...
Can I ask if your Payflex HSA has a zero balance now and will it be closed on its own? I'm curious if they'd ask you for the $25 closure fee lol
I did zero out my Payflex balance with the transfer, but I'm still actively contributing to my Payflex HSA since that's the administrator my employer uses for paycheck deductions.
index2max
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Re: [Fidelity Health Savings Account Mega-Thread]

Post by index2max »

I was told by a Fidelity rep in two months ago that once per 12-month period, Fidelity is generous enough to reimburse me for the $20 transfer fee Optum Bank charges when moving money over to my Fidelity account.

This way, you can move funds over the $3000 no-monthly-fee threshold sitting in Optum Bank to Fidelity to get that invested for free :mrgreen:

To do it twice per year, you could do the HSA rollover disguised as an HSA distribution, then tell Fidelity to code the deposit as a rollover as others have specified here.
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