Alerus Health Savings Account Transfer Request Form
This form is necessary for initiating a direct transfer of funds from your existing HSA to an Alerus HSA. It includes important employer and account holder information to ensure transparency during the transfer process. For questions regarding the rollover or transfer process, reach out to Alerus customer service.
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How do I fill this out?
To fill out this form, first gather all necessary personal and employer information. Next, complete the rollover or transfer section accurately. Lastly, ensure your signature is provided to authorize the transfer of funds.
How to fill out the Alerus Health Savings Account Transfer Request Form?
1
Collect all required personal and employer information.
2
Fill out the rollover or transfer section as needed.
3
Indicate whether you are closing your HSA account or not.
4
Sign the form to authorize the transaction.
5
Submit the completed form to your current trustee for processing.
Who needs the Alerus Health Savings Account Transfer Request Form?
1
Employees changing jobs and needing to transfer their HSA funds.
2
Individuals who want to consolidate their HSA accounts.
3
Account holders seeking to close an HSA with another custodian.
4
Anyone wanting to initiate a rollover into an Alerus HSA.
5
Financial advisors assisting clients with tax-advantaged transfers.
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What are the instructions for submitting this form?
Submit your completed HSA Transfer Request Form to your current trustee/custodian for processing. If you choose to send it via mail, the address should be directly to their office for HSA transactions. For electronic submissions, inquire about the online portal or email options provided by your existing trustee.
What are the important dates for this form in 2024 and 2025?
For 2024, note that the typical HSA rollover deadlines remain consistent, with annual contribution limits to be announced. It's crucial to keep track of your rollover transactions, as IRS regulations limit one rollover per year. Contact your tax advisor for specific tax-related dates.
What is the purpose of this form?
The purpose of this form is to facilitate the transfer of Health Savings Account (HSA) funds from an existing account to an HSA with Alerus Retirement and Benefits. This process is essential for individuals looking to consolidate their HSA accounts or move their funds for better investment options. By completing this form, account holders ensure that their funds are transferred securely and efficiently, adhering to IRS regulations regarding rollovers and transfers.
Tell me about this form and its components and fields line-by-line.
- 1. Last Name: The account holder's last name.
- 2. First Name: The account holder's first name.
- 3. Address: The account holder's mailing address.
- 4. City: The city of residence.
- 5. Social Security Number: The account holder's Social Security Number.
- 6. Date of Birth: The account holder's date of birth.
- 7. Telephone Number: The account holder's contact number.
- 8. Email Address: The account holder's email address.
- 9. Middle Initial: The account holder's middle initial.
- 10. State: The state of residence.
- 11. ZIP: The ZIP code for the address.
- 12. Employer: The name of the account holder's employer.
- 13. Trustee Name: The name of the current trustee.
- 14. Check Payable To: The name for the check to be made payable to.
- 15. Mailing Address: The address where the check should be sent.
What happens if I fail to submit this form?
If the form is not submitted, the transfer request will not be processed. Accounts may remain inactive or funds may not be accessible as required. It is important to complete and submit the form to avoid complications with your HSA.
- Delay in Fund Transfer: Not submitting may postpone the movement of your HSA funds.
- Possible Account Fees: Failure to act may lead to continued fees associated with an unused account.
- Lost Opportunity for Investment: Funds may remain idle rather than being invested appropriately.
How do I know when to use this form?
- 1. Changing Employers: When switching jobs and needing to move your HSA.
- 2. Consolidating Accounts: For individuals combining multiple HSAs into one.
- 3. Closing an Old HSA: If you are moving your funds completely to a new HSA.
Frequently Asked Question
How can I initiate the transfer of my HSA funds?
To initiate the transfer, complete the HSA Transfer Request Form and submit it to your current trustee.
What should I do if I have questions about this form?
If you have questions regarding the form, please contact Alerus customer service at 877.661.4727.
Do I need to close my HSA account to transfer funds?
You can choose to close your account or keep it open; both options are available on the form.
How long does it take to process the transfer?
Processing times can vary; please consult your current trustee for specific timelines.
Can I make multiple rollovers in a year?
IRS regulations limit you to one distribution rollover per HSA per 12 months.
What if I don't complete the transfer within 60 days?
Funds received from HSA distributions must be re-deposited into another HSA within 60 days to avoid tax penalties.
Is there a fee for closing my HSA account?
There may be a closing fee; review your current account terms or contact your trustee.
What is the role of a financial advisor in this process?
A financial advisor can assist you in understanding the tax implications and managing your HSA funds.
How do I ensure my information is correct on the form?
Double-check all entered details before submission to prevent any errors.
What happens if I fail to submit this form?
Failure to submit may result in delays or inability to transfer your HSA funds.
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