At the end of 2023 Benefit Wallet, the university's Health Savings Account (HSA) carrier announced that they had made a definitive agreement to transfer their HSA portfolio to HealthEquity, the nation's largest health savings account administrator. Starting in the beginning of 2024, current account holders will receive information regarding this transfer.
BenefitWallet to HealthEquity Transition: FAQs
HealthEquity, a leading administrator of Health Savings Accounts (HSAs) and other consumer-directed benefits, is becoming the new custodian of your HSA. All BenefitWallet HSA account holders received a letter in January outlining the details of the transition. You will also receive a HealthEquity welcome kit, which contains a new HealthEquity® Visa® Health Account Card as well as information about accessing your online account on the HealthEquity portal. A member transition site is also available for account holders where you can review important information regarding your account transfer.
You can view a full transition timeline, including important transfer dates, on the member transition site.
HealthEquity’s HSA fee schedule will be included with the resignation letter that you will receive from Bank of New York Mellon and BenefitWallet, and again in the HealthEquity Welcome Kit. You can also view these fees on the member transition site.
Your cash will be allocated to an interest-bearing group annuity contract issued by one of HealthEquity’s insurance company partners. You can choose to have your cash deposited in an account held at a federally insured financial institution after the transfer if you wish.
No action is required from you to transfer your accounts to HealthEquity. You will receive custodial resignation letters with details approximately 45 days prior to the transfer. HealthEquity welcome kits and debit cards will be delivered approximately three weeks prior to the transfer.
For tax year 2024, you will receive two sets of tax forms - Bank of New York Mellon will send tax forms for the period for which Bank of New York Mellon was the custodian and HealthEquity will send tax forms for the period for which it is the custodian.
All of an individual’s Bank of New York Mellon HSAs will be consolidated into one HSA at HealthEquity.
The Bank of New York Mellon HSA will be consolidated into the existing HSA at HealthEquity.
Yes, you will need to add dependent information to your HealthEquity account after receiving your welcome kit from HealthEquity. You may then order new debit cards for dependents, if desired. BenefitWallet authorized signer information, debit cards, and checkbooks will no longer be valid after the transfer.
Yes, you will need to add beneficiary information to your HealthEquity account after receiving the welcome kit from HealthEquity with your new account information.
Yes, you will need to provide the HealthEquity debit card number to any providers with recurring payments that currently use the BenefitWallet routing and account number or debit card.
HealthEquity offers free Electronic Funds Transfer (EFT) reimbursements into personal checking/savings accounts; however, the HealthEquity® Visa® Health Account Card cannot be used to distribute cash at an ATM.
HealthEquity does not provide checkbooks. We do, however, offer free online bill pay through the HealthEquity Member Portal and mobile app.
The HealthEquity HSA investment platform offers a lineup of 31 low-cost, diversified Vanguard mutual funds that will be available for new investment at HealthEquity. If you hold mutual funds in your BenefitWallet HSA investment account, your mutual fund balances will transfer in-kind to HealthEquity, except for the Fidelity Money Market Government Portfolio (FRGXX). If you hold the Fidelity Money Market Government Portfolio (FRGXX), that holding will be liquidated to cash and transferred to HealthEquity with your cash assets. Following the transfer, you will be able to move amounts (including the amounts liquidated to cash) to new investments. Account holders must maintain a minimum cash balance of $1,000 in your HSA before they can invest any cash balance above that amount. Certain mutual funds transferred in-kind to HealthEquity will be closed to new investment (“Freezing Funds”). If you have these funds, you will be allowed to hold your investment in Freezing Funds or sell at any time.
HealthEquity offers 31 low-cost, diversified Vanguard funds, all of which are Morningstar Medalists. These include:
- 10 asset classes
- 11 target date funds
- 14 Morningstar Gold Medal Funds
HealthEquity investment options empower members to get more out of their HSA. Several investing services may be accessed through the HealthEquity HSA, enabling members to choose control or convenience.
You must maintain a minimum cash balance of $1,000 in your HSA before you can invest any cash balance above that amount.
HealthEquity charges 0.36%, or 36 basis points, annually (charged at .03% per month on the average daily invested balance), with a $10 monthly cap. In addition, if you choose to subscribe to Advisor (a web based robo-advisory service offered by HealthEquity Advisors, LLC), you will be charged an additional monthly fee of 0.05% of your average daily advised balance (capped at $15.00 per month).