Are you enrolled or plan to enroll in Penn’s High Deductible Health Plan? If so, there is an important change coming to the Health Savings Account (HSA) that you should note. 

BNY Mellon, the current custodial bank of the HSA program administered by WageWorks, has resigned. HealthEquity will become the new custodian of your HSA, effective May 21, 2020. So, what does this mean for you?

If you wish to have your account transferred to HealthEquity you do not have to take any action with respect to your HSA funds. Your funds will be automatically transferred from BNY Mellon to HealthEquity on the effective date. However, once your account is established you will need to re-submit your direct deposit and beneficiary information.

You will be receiving detailed information from WageWorks/HealthEquity regarding this transition. HealthEquity will also provide a welcome packet and a new HealthEquity Visa Health Account Card to use in place of your WageWorks HSA debit card. Please read all of the materials carefully.

If you do not want to have your funds transferred to Health Equity you can follow the instructions in the letter that you will receive. However, please note that if you do not have your funds transferred you will not be able to make contributions from your paycheck or receive any employer contributions.

Health Savings Accounts are an important benefits option that allow you to use pre-tax dollars to pay for a variety of products and services such as allergy medications, eyeglasses, physical exams  and many other eligible expenses (see https://tinyurl.com/PennHSAeligibleexpenses), as well as save for future health-care costs for you and your family.

Here are some important dates for you to remember about the transition.

• Week of May 11, 2020—New HSA cards and welcome kits mailed to participants allowing access to HealthEquity member portal.
• May 11, 2020— Note: This applies only to participants who do not want their funds transfer to HealthEquity. Remove funds from HSA account or complete a transfer of your HSA.
• May 14, 2020—Last day to use WageWorks HSA debit card. Note: Your WageWorks debit card will still be available to use for any other services provided to you by WageWorks such as health reimbursement arrangements and flexible spending accounts.
• May 21, 2020—HSA account balances transferred from BNY Mellon to HealthEquity.
• May 22, 2020—Funds available on HealthEquity HSA cards with balances from BNY Mellon.

If you have any questions, please contact HealthEquity at (844) 373-5899.

For more information about HSAs, visit the Health Savings Account webpage, https://tinyurl.com/vudnwp4

—Division of Human Resources