A rollover transfer happens when you withdraw funds from your current HSA and deposit them into another HSA. This method allows you to move your account without the custodians transferring funds directly to each other.
Your current HSA provider will send the funds to you either electronically or via paper check. You are responsible for redepositing those funds into your new HSA within 60 days. If you do not redeposit the funds within that timeframe, the amount may be treated as a taxable distribution and could be subject to tax penalties.
To complete a rollover into your Lively HSA:
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Request a rollover transfer from your current HSA provider.
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Once the funds are deposited into your personal bank account, log in to your Lively account.
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Navigate to the menu (three horizontal lines), and select "Account Settings" then "Banking". Ensure the account holding your HSA funds is linked to your Lively account.
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Select "Transfers" from the menu, then choose "Initiate rollover" under the Rollover Transfer option.
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Follow the instructions to deposit your funds into Lively.
Once these steps are completed, you can expect the transfer to post in your account within 4-5 business days.
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