Transfer your HSA from Optum Financial to Hammock
Your HSA stays with you when you change jobs or providers. Here's how to close your Optum Financial HSA and move the balance into your Hammock HSA.
Last updated: October 16, 2026.
How it works
Moving your Optum HSA through Hammock's self-serve flow is an indirect rollover: Optum closes your old HSA and sends the balance to your personal bank account. You then deposit the amount that arrived into Hammock within 60 days.
You submit an account closure request and ask Optum to send the balance to you by EFT or check.
The day you receive the money starts a 60-day clock.
Deposit it within 60 days and it stays tax-free without counting against your annual contribution limit.
Tax free within 60 days: Deposit the funds into Hammock within 60 days of receiving them, or the amount may become taxable and subject to an additional tax.
Once per 12 months: The IRS allows one indirect HSA rollover in any rolling 12-month period.
Before you start
For an EFT payout, confirm the same account is linked to Optum. If Optum mails a check, deposit it into this account before starting the Hammock rollover.
This rule applies across all your HSAs. If you're inside that window, wait it out first.
1Prepare your Optum HSAIn Optum
Open Investments, choose Sell Investments, then Liquidate Entire Portfolio. Optum will not liquidate investments for you when it closes the HSA. Wait for the trades to settle. Selling HSA investments has no federal tax consequences, but California and New Jersey may tax investment gains.
If enabled, choose Manage Automatic Investments → Pause Automatic Investments so the cash is not reinvested.
Wait for outstanding card transactions, claims, reimbursements, and contributions to finish processing.
For an EFT payout, open I Want To… → Manage HSA Contributions and check that the account under Bank Account Information is marked Confirmed. If it isn't, update it with Optum before submitting the closure request or choose a mailed check in step 2.
2Close the Optum HSAIn Optum
- Go to Tools and Resources → Forms → Closure Request.
- Enter your accountholder information and 12-digit HSA account number. Do not use the payment-card number.
- For Reason for Account Closure, select Rollover HSA to another Custodian.
- Choose how Optum should send the balance:
- Electronic funds transfer to the bank account already on file; or
- Check mailed to your address on file.
- Sign and date the form.
- Upload the completed PDF at forms.optumfinancial.com, or mail it to the address printed under How to Submit on your current copy of the form.
The closure form says applicable fees are deducted before the distribution, but it does not state the amount. Check I Want To… → View HSA Fee and Interest Schedule or contact Optum to confirm the current fee.
Enter the amount you actually receive when you start the Hammock rollover. A fee deducted by Optum cannot be included in the rollover. If you have room under your annual contribution limit, you can make up the difference as a separate, ordinary contribution.
This form removes all funds and closes the HSA, so this guide covers a full rollover. Optum's fee and interest schedule also says that interest accrued but not yet credited when the HSA closes will not be paid.
3Move the funds into HammockYour bank and Hammock
When the Optum deposit arrives, record the date and exact amount received. If Optum sends a check, deposit it into the bank account linked to Hammock first. The date you receive the EFT or check begins your 60-day rollover window.
In Hammock, go to HSA → Transfer HSA into Hammock, choose the bank account where the funds landed, and select Optum Financial (Optum Bank) as the previous provider. Choose Full account and enter the amount that actually arrived after fees. Your account materials or tax forms may show Optum Bank or ConnectYourCare, depending on your account.
The dedicated rollover flow codes the deposit as a rollover, so it does not use your annual contribution limit. Once submitted, the funds are generally available within three business days.
4Keep your tax formsAt tax time
Keep the Form 1099-SA from Optum Financial or ConnectYourCare and the Form 5498-SA from Hammock's custodian. You or your tax software will use them to complete Form 8889 with your federal return.
Quick FAQ
Can I move only part of the balance?
Usually it is better to move everything at once. Either a full or partial indirect rollover uses your one rollover for the next 12 months, so any balance you leave at Optum cannot be rolled over tax-free until that window passes.
If you still want a partial rollover, call the number on the back of your Optum payment card and request a partial HSA distribution to your personal bank account; when the money arrives, choose Partial in Hammock, enter the amount received, and submit within 60 days.
How long does the Optum payout take?
Optum does not publish an EFT timeframe on the closure form. For checks, it says to allow 7–10 business days after the account closes.
What happens if I miss the 60-day deadline?
The distribution becomes taxable income, plus a 20% additional tax if you're under 65. Start the Hammock rollover as soon as the Optum funds arrive.
Can I use a direct trustee-to-trustee transfer?
Direct trustee-to-trustee transfers from Optum to Hammock are not available at this time.