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HSA Transition

IMPORTANT UPDATE:  CARDS ARE COMING!  Anthem has provided an eligibility file to HealthEquity, which means welcome kits and HealthEquity debit cards will be issued and mailed soon.  ALL employees enrolled in the Saver/2,600 and Healthy Saver/2,600 plans paired with the HSA will be receiving debit cards from HealthEquity within the next couple of weeks.

 

Click HERE for more information about the new HealthEquity cards:   

 

 

Click on the following link to view the recording from the HR Coffee Break about the HSA transition from WageWorks/BNY Mellon to HealthEquity:
 

 

We are pleased to announce WKU’s Health Savings Account (HSAs) Custodian transition from WageWorks/BNY Mellon to HealthEquity effective September 15, 2016. HealthEquity offers online access with single sign-on through your Anthem member portal, a wide range of investment options, customer service specialists who are available every hour of every day, and no additional monthly account fees. Please read the details below on how to transfer your existing HSA balance to your new HealthEquity account through the bulk transfer process.

 

Key dates

 

September 13, 2016 – Transfer form due to HealthEquity

September 15, 2016 – HealthEquity becomes new HSA custodian

September 16, 2016 – Current account frozen / blackout period begins1

October 3, 2016 – Bulk transferred funds are available at HealthEquity

 

How do I transfer my HSA?

 

Return form: A completed transfer request form2 must be received by HealthEquity by September 13, 2016 to be included in the bulk transferTo access the form, click the Transfer Request Form link located in the menu to the right. Forms can be returned via fax (preferred) or mail (if submitted before 09-08-2016):

 

Fax:  520.844.7090

*Preferred method to ensure receipt by 09/13/2016.

Mail: 15 W. Scenic Pointe Dr. Suite 100

         Draper, UT 84020

*If submitting after 09/08/2016, please fax in order to ensure receipt by 09/13/2016.

 

Why transfer your HSA as part of the bulk transfer?

The benefits of transferring your HSA balance to HealthEquity as part of this bulk transfer prior to 10/1/16 are: 

  • If you do not submit your transfer form before September 13th, and maintain your WageWorks account, you will become responsible for account fees previously paid on your behalf ($3.95/month administration fee + the new $2.00/month account custodian fee going into effect on 10/1/16).
  • You will avoid the new WageWorks/BNY Mellon $16.95 Transfer of Assets (TOA) fee going into effect on 10/1/16. Accounts transferred to Health Equity after that date will be charged this fee.  You will be responsible for this one-time fee.
  • WKU will pay the monthly administration fee at HealthEquity for employees enrolled in a qualified plan with a HealthEquity HSA.

1The blackout period begins the process of closing your HSA with the WageWorks, which includes freezing the existing account until the transfer date. Please make other arrangements to pay for any qualified expenses you may have in the interim.

2In order for your transfer request form to be processed, all fields must be legible and complete: including your full legal name, a complete social security number, a handwritten signature, and any other item as requested on the form.

Investments available to HSA holders are subject to risk, including the possible loss of the principal invested and are not FDIC insured or guaranteed by HealthEquity, Inc.. HealthEquity, Inc. does not provide financial advice. HSA holders making investments should review the applicable fund's prospectus.  Investment options and thresholds may vary and are subject to change.   Consult your advisor or the IRS with any questions regarding investments or on filing your tax return.

For questions about your current HSA contact WageWorks/BNY Mellon at 1-877-924-3967.

For general questions about this process email benefits@wku.edu

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 Last Modified 9/23/16