Transfers & Rollovers
HSA to HSA Transfer (HSA Administrator to HSA Administrator)
Follow this process if you wish to have your current HSA administrator transfer all or part of your HSA funds directly to Discovery and deposit the funds into an HSA with Discovery Benefits.
Step 1: Complete the HSA Transfer Request and HSA Application:
(PDFs open in new window)
Review the Custodial Agreement and Disclosure Statement.
Step 2: Send the completed forms to:
Discovery Benefits
PO Box 2926, Fargo, ND
58108-2926
Or Fax to: 701.451.3254 or 866.451.3254.
Step 3: Discovery Benefits will send the completed paperwork to your former Administrator and request a direct transfer of funds to Discovery Benefits. Funds will be deposited into a cash account when received. If the balance in the cash account exceeds the minimum cash account threshold, amounts above the threshold will be automatically transferred to an interest-bearing account in $100 increments.
HSA to HSA Rollover (You send funds to Discovery)
Follow this step if you wish to have the funds sent to you before transferring to Discovery. It is recommended that if you want to move funds from a current HSA to a Discovery HSA, that you do an HSA to HSA Transfer. If you receive funds directly from your HSA, you must deposit the funds into an HSA within 60 days or the withdrawal will be taxable to you.
Step 1: Complete the HSA Rollover Certification and HSA Application:
(PDFs open in new window)
Review the Custodial Agreement and Disclosure Statement.
Step 2: Send the completed HSA Rollover Request and HSA Application Forms along with a check for your Rollover Funds to:
Discovery Benefits
PO Box 2926, Fargo, ND
58108-2926.
Or Fax to: 701.451.3254 or 866.451.3254.
Note: you must deposit the Rollover Funds into an HSA within 60 days or the withdrawal will be taxable to you.
Step 3: Funds will be deposited into a cash account. If the balance in the cash account exceeds the minimum cash account threshold, amounts above the threshold will automatically be transferred to an interest-bearing account in $100 increments.
FSA or HRA to HSA Qualified Distribution
Follow these steps if you wish to request a one time transfer of FSA or HRA funds to your HSA.
You are allowed one FSA or HRA to HSA Qualified Distribution. The deadline for requesting the distribution is December 31, 2011.
To qualify for the distribution, your FSA or HRA plan must be written to allow qualified HSA Distributions and the FSA plan must include the grace period extension.
You may transfer the lesser of your FSA balance with your current employer as of September 21, 2006 or the balance as of the last day of your current plan year. You are not eligible for the transfer if your account balance on September 21, 2006 was zero or you did not participate in your current employer’s plan on September 21, 2006.
Once your transfer request is made, no additional reimbursement may be made from your FSA or HRA and your balance as of the last day of your plan year must be zero.
Step 1: Review your FSA or HRA Summary Plan Description to determine if your FSA or HRA plan allows this type of rollover. Contact your employer for a copy of your plan’s Summary Plan Description if you do not have one. You are not eligible for the FSA to HSA Qualified Distribution if your Flexible Benefits Plan does not allow for the grace period extension.
Step 2: If you are eligible, complete an FSA-HRA Rollover Certification Form.
This form must be completed and submitted to Discovery no later than the last day of your plan year (December 31 for calendar year plans) for the request to qualify for that year.
Step 3: Send the completed FSA-HRA Rollover Certification Form to:
Discovery Benefits
PO Box 2926, Fargo, ND
58108-2926.
Or Fax to: 701.451.3254 or 866.451.3254.
Step 4: Discovery will coordinate the transfer of the funds with your employer. Funds will be transferred no later than the fifteenth day of the third calendar month following the end of the plan year (March 15 for calendar year plans).
Funds will be deposited into a cash account. If the balance in the cash account exceeds the minimum cash account threshold, amounts above the threshold will automatically be transferred to an interest-bearing account in $100 increments.