HSA Transfer

[halis]

How does it work when the client already has an HSA they have been funding and they want to transfer the HSA to a new plan with a new carrier? State of Missouri, switching from Golden Rule to Assurant Health.

Also, her son is 21 years old, and has decided not to go back to school. Can she carry him on her insurance still? If so, until what age?

 

[moonlightandmargaritas]

Also, her son is 21 years old, and has decided not to go back to school. Can she carry him on her insurance still? If so, until what age?

Have you looked it up in the underwriting guide?

 

[liquidblue33]

Its amazing how much useful information is in those underwriting guides. Sometimes the carriers do try to be helpful.

 

[xrac]

How does it work when the client already has an HSA they have been funding and they want to transfer the HSA to a new plan with a new carrier? State of Missouri, switching from Golden Rule to Assurant Health.

Also, her son is 21 years old, and has decided not to go back to school. Can she carry him on her insurance still? If so, until what age?

Depends upon who the custodian of the HSA is. Some of the plans use independent custodians. On my own personal HSA I have picked my own custodian. I moved my account after the custodian my insurance company offers added additional fees. Transfering an account is as easy as filling out a transfer form. I do not remember what the rules is but I believe you can only execute a transfer only once in a 12 month period. PSomeone please correct me if I am wrong.

 

[halis]

Have you looked it up in the underwriting guide?

The underwriting guide for Assurant has height/weight charts and condition exclusions, it doesn't reference what I want to know.
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It wasn't in the product guide either, but I called Assurant and they told me where to find the information. Still not quite sure how the HSA transfer thing will work.

 

[ABC]

When it comes to HSA custodial account transfers its a long drawn out process to transfer funds. The client will have to take a active roll with completing all the paper work of her current account to transfer. This can take up to 2 months to transfer over.

On the question of the 21 year old being eligible for dependent coverage. Pick up the phone and call the insurance company and ask them since you have no idea.

 

[GreenSky]

to transfer funds. The client will have to take a active roll

Is that anything like a Kaiser roll?

I'm sure this is just a typo on your part, but it's role, not roll.

Rick

 

[SportsNut]

Still not quite sure how the HSA transfer thing will work.

Why have the HSA with the insurer...? No requirement to do so, other wise they are changing HSA accts when it isn't necesary. Best as an agent to stay out of HSA acct set-up, and recommend that they fund acct thru their local bank. Every bank offers HSA accts. You are restricted rollover of funds once each 12 months...

Every Bank will have one of these transfer FORMS.

 

[moonlightandmargaritas]

Is that anything like a Kaiser roll?

I had a girlfriend with the last name Kaiser. She was a great "roll". She'd do almost anything - and a nice set of 38D's to boot! A tad neurotic for any long-term action though....

 

[SportsNut]

I had a girlfriend with the last name Kaiser. She was a great "roll". She'd do almost anything - and a nice set of 38D's to boot! A tad neurotic for any long-term action though....

A TAD nuerotic vs. 38D's.... Now there is a real dilemma...