• Transition of HealthFlex HSAs from BNY Mellon to HealthEquity
• On-site Blueprint for Wellness Screenings Update

Transition of HealthFlex HSAs from BNY Mellon to HealthEquity

As we communicated in the January 24 HealthFlex Express, the custodian for the HealthFlex HSA investments will transition from BNY Mellon to HealthEquity, effective May 21, 2020. We are excited about this transition because we believe it will provide a better user experience, including tools and education for participants and better reporting for Wespath and plan sponsors. Additionally, since HealthEquity had previously acquired WageWorks, we expect management of the HSA relationship to improve, as Wespath will have a direct relationship with HealthEquity.

Participants will receive a new HealthEquity debit card to use with their HSA only. This will not be a stacked card with any HRA or FSA balances. Wespath has requested continuation of a stacked card, but unfortunately, that is not available with this new arrangement.

The HealthEquity website for managing HSAs will be linked via single sign on to the current WageWorks page via the HealthFlex/WebMD portal. We expect the user experience to be far better than the current BNY site that links from the WageWorks page. In the future (early 2021), we hope to be able to migrate entirely to the HealthEquity page to manage all accounts, but for the time being, they will exist in parallel.

HSA participants began receiving this letter from BNY Mellon, notifying participants of the resignation and approximate timeline. Unless an individual wishes to move their BNY Mellon account balance to their own HSA custodian (not recommended), no action is required by participants. Wespath will not be able to deposit plan funds, personal contributions, or excess premium credit into any HSA except the one managed by HealthEquity through WageWorks. We recognize that with market volatility, this may no longer feel like an ideal time to make this transition, particularly for the few (3%) accountholders who are currently investing their HSA balances. Unfortunately, we don’t have the authority to delay this transition. Wespath will follow the BNY Mellon communication with a letter to HSA plan enrollees within the next week to bring them comfort in this transition.

The transition timeline is as follows:
Please note: No account activity will take place between May 15 and May 22. Reimbursement for claims incurred during this time can be filed on or after May 22.

• May 8—Last day to contribute or invest additional dollars to BNY Mellon HSAs.
• Week of May 11—Primary participants receive new debit card and welcome kit with information on how to access the HealthEquity Member Portal.
• May 14—Last day to use WageWorks debit card for HSA expenses.
• May 20—Investments in WageWorks HSAs liquidated by BNY Mellon.
• May 21—Account balances transfer from BNY Mellon to HealthEquity.
• May 22—Funds available at HealthEquity, including the ability to select investment funds.

Here are a few additional details about the transition:

• No individual consent, action, or re-completion of the Customer Identification Program (CIP) is required.
• The full 2020 history will be transferred to HealthEquity so only one tax form will be received.
• There is no change to the $2/monthly low balance fee at this time.

Additional mailings that will be sent to participants regarding this matter:

• April 10—a letter from BNY Mellon about investment account options sent to HSA account holders who maintain an invested balance.
• April 10—the same resignation letter will sent to anyone who enrolled between March 20, 2020 and April 10 (a very small population).
• May 1—a letter from WageWorks to those who have a limited purpose FSA or HRA tied to their current WageWorks debit card—reminding them to keep that card.

A copy of the participant communication to be sent by Wespath will be provided shortly. If you have any questions or concerns, please contact Nikki Landing-Hill at nlanding-hill@wespath.org.

On-site Blueprint for Wellness Screenings Update

In light of the desire or mandate in some states to practice social distancing due to COVID-19, we are aware that you may have some concerns about your scheduled Blueprint for Wellness screening. Wespath is currently exploring an extension of the BFW deadline to sometime in the fall—more details and a final date will be forthcoming.

If you are considering cancelling, rescheduling, or otherwise changing your Annual Conference event, we wanted to let you know it is possible to cancel, or preferably reschedule, your on-site BFW screenings. Quest only needs a minimum of 2 weeks to cancel an on-site event—so you don’t need to make this decision immediately. If you are considering rescheduling, would like to discuss the cancellation process, or if you have any additional questions, please contact the Well-being Team at wellnessteam@wespath.org.

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