Health Savings Administrators waives our annual admin fee - anyone else?

[BarbWire]

I initiated the move from HSA to Fidelity a couple of days ago. Note:

(1) I had to cash out my VASGX (Life Strategy Growth Fund) to the HSA cash fund;
(2) HSA requires an "ink on paper" signature so I had to print the Fidelity Transfer of Asset forms, sign, send to Fidelity in OH (along with a current statement from HSA) where the forms will be reviewed/accepted and then mailed on to HSA for reviewand processing.

Fidelity said that because of the "ink on paper" requirement by HSA they expect the process to take at least three weeks.

 

[audreyh1]

It took at least 3 weeks for ours, and near the end Fidelity contacted us to ask us to call HSA Administrators to ask about status. I think it’s HSA Administrators who are the ones dragging their feet. And they aren’t very cooperative with Fidelity. I believe also that they are the ones requiring Fidelity to show them your signature on paper. Oh, yes I see you said that.

 

[explanade]

Horrible time to have to convert to cash.

Would lose more than the HSA fees.

Can I open a separate HSA at Fidelity and fund it with this years contribution while keeping my HSA account with HSA until a later time to move over?

 

[pb4uski]

I initiated the move from HSA to Fidelity a couple of days ago. Note:

(1) I had to cash out my VASGX (Life Strategy Growth Fund) to the HSA cash fund;
(2) HSA requires an "ink on paper" signature so I had to print the Fidelity Transfer of Asset forms, sign, send to Fidelity in OH (along with a current statement from HSA) where the forms will be reviewed/accepted and then mailed on to HSA for reviewand processing.

Fidelity said that because of the "ink on paper" requirement by HSA they expect the process to take at least three weeks.

Hindsight is 20/20 but it probably would have been faster to have HSA write you a check and then deposit the check in your HSA account as a rollover contribution at Fidelity at either an office or by mail.

 

[cathy63]

Horrible time to have to convert to cash.

Would lose more than the HSA fees.

Can I open a separate HSA at Fidelity and fund it with this years contribution while keeping my HSA account with HSA until a later time to move over?

Yes, you can have multiple HSAs at different institutions if you want to.

I don't see why taking the loss in the current HSA is such a bad idea though. Unless it's in a proprietary investment, you can just buy the same thing again with the same cash once you get it over to Fidelity. You might miss a bounce in the market if it starts recovering in the next couple of weeks while you wait for the transfer, but then you might also miss a further drop.

 

[BarbWire]

Yes, you can have multiple HSAs at different institutions if you want to.

I don't see why taking the loss in the current HSA is such a bad idea though. Unless it's in a proprietary investment, you can just buy the same thing again with the same cash once you get it over to Fidelity. You might miss a bounce in the market if it starts recovering in the next couple of weeks while you wait for the transfer, but then you might also miss a further drop.

I don't see it either. Unless the market swings up a LOT in the next month, isn't it a wash? And aren't I ahead if the market continues to drop? Just buy a similar Fido product ....

 

[BarbWire]

Hindsight is 20/20 but it probably would have been faster to have HSA write you a check and then deposit the check in your HSA account as a rollover contribution at Fidelity at either an office or by mail.

Yes, but NOTHING is fast with HSA. And I'm on the road traveling, so there would have been all sorts of lags.

That said, I'm impressed thus far with Fidelity: they received my paperwork at 9:32 this morning (per USPS tracking) and by noon had reviewed it and sent it on to HSA (per Fidelity's very useful Transfer Tracker).

 

[explanade]

Hindsight is 20/20 but it probably would have been faster to have HSA write you a check and then deposit the check in your HSA account as a rollover contribution at Fidelity at either an office or by mail.

Are there laws similar to when you roll over IRAs or 401ks into IRAs where if you take possession of assets from 401ks, it's a taxable event whereas if it is directly transferred from institution to institution, it's not a taxable event?

 

[pb4uski]

When you withdraw it is a taxable event but if you redeposit within 60 days then the taxable event is negated... on your tax return you report the withdrawal but you also report that it isn't taxable because you redeposited it within the 60 day timeframe. It works similarly for tIRAs and HSAs and I suspect 401ks.

 

[NoMoreJob]

I moved over to Fidelity in March. No fees there. I suspect HSA Administrators lost a lot of business.

Same here. Moved to Fidelity last year and no admin fees since. Fidelity's online system is, not surprisingly, much more robust as well.