In a medium microwavable bowl, combine all of the ingredients. Microwave for one minute intervals; stirring often until melted, smooth and silky. This may take a few minutes. Some of the chips will not look melted, but once stirred it will become smooth. Do not over cook or it will seize. Stir in cinnamon and nutmeg, if using.
Let the mixture cool 10 minutes at room temperature. Cover the bowl with plastic wrap and place in the refrigerator for approximately 2 hours until thick.
Scoop out a scant 1/4 cup of the mixture and place individual scoops on a wax paper-lined baking sheet. Place the baking sheet in the refrigerator and let the mounds harden for 15 minutes.
Once chilled, roll the mounds into balls, pulling the sides of the plastic wrap over to cover the ball. Place the balls in freezer until ready to use.
Pour 1 1/4 to 1 1/2 cups of whole milk into a microwave-safe mug. Place one unwrapped Hot Cocoa Truffle Ball into the milk. Microwave for 2 minutes. Stir well until the chocolate is combined with the milk. Serve piping hot topped with your choice of whip cream, marshmallows, cinnamon, nutmeg or liqueur. May add a candy cane or cinnamon stick.
Hot Toffee Truffle Balls: Substitute the chocolate chips for 2 cups butterscotch chips.
Mexican Hot Chocolate Truffle Balls: Eliminate the nutmeg. Add 1/8 tsp cayenne pepper 1/2 teaspoon vanilla extract.
Almond Joy Truffle Balls: Eliminate the cinnamon and nutmeg. Add in 1 teaspoon each of almond extract and coconut extract.
Reese's Cups Truffle Balls: Eliminate the cinnamon and nutmeg. Add in 1/4 cup peanut butter when heating the ingredients.
Andes Mint Truffle Balls: Eliminate the cinnamon and nutmeg. Add 1 teaspoon peppermint extract. Roll in crushed peppermint or serve with candy cane sticks.