What happens to my Health Savings Account (HSA) Money?
HSA funds are yours to keep! There is no requirement to spend your HSA balance before you terminate employment. You'll always be able to use your funds for qualified expenses. Forma will convert your Samsara sponsored HSA into an individual HSA. You will receive new Terms & Conditions via mail and have access to manage your HSA directly through Forma’s website. If you have questions they can be contacted at support@joinforma.com.
Can I continue to contribute to my HSA after my employment ends?
Yes. As long as you are enrolled in a High Deductible Health Plan, you can contribute to your HSA.
What else can I do with my HSA funds?
Transfer to another HSA account - If you have any questions about this, please reach out to our Member Experience Team at support@joinforma.com or send them a live chat message through your Forma mobile app.
Cash out - Yes, you can cash out your HSA at any time. However, any funds withdrawn for costs other than qualified medical expenses will result in the IRS imposing a 20% tax penalty.
Are there fees associated with keeping my HSA where it is?
Since your account will be converted to an individual account, the fees Samsara paid as the administrator will be passed to you. The fees will be stated in the new Terms & Conditions mailed to you upon your account converting to an individual account.
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