HSA: Avidia-WealthCare Saver Migration

Avidia is reducing the health savings account (HSA) portion of its business. As a result, your employees’ HSAs will be migrated to WealthCare Saver, a fully integrated HSA custodial solution . WealthCare Saver advances our promise to provide a best-in-industry HSA experience, including a fully integrated, modern investment experience. 


What is WealthCare Saver?

WealthCare Saver is a fully integrated, private-label HSA custodial solution from Alegeus. This IRS approved, non-bank trustee is supported by a best-in-class registered investment advisor (RIA) partner and the flexibility to build innovative cash account solutions.


Why is this transition happening now?

  1. Avidia is reducing the HSA portion of its business and requested its reassignment to WealthCareSaver. With this transition, HSA custodial responsibilities previously handled by Avidia will transition to WealthCare Saver.
  1. We are focused on delivering the best HSA experience in the market in partnership with WealthCare Saver. With this goal in mind, we are striving to execute on this custodian transition in the quickest and smoothest way.  


What are the benefits of the WealthCare Saver investment experience?

After this transition, your account holders will have access to the new WealthCare Saver investment solution. Built by a deeply knowledgeable HSA and investment product team – and powered by DriveWealth, an API-driven, cloud-based brokerage platform – the investment solution features auto-rebalancing, on-demand investment statements, historical performance of available funds, and an impressive investment stack:

  • Three distinct investing models – managed (advisor tool), self-directed and brokerage – for a tailored investment experience that meets the consumers investment strategies.

Exchange-traded funds (ETFs) that give investors slower costs and diversified market return.

  • Fractional trading up to 8 decimal points, providing microshare access (as little as $.005, for example) to high-value stocks.
  • Convenient features, such as auto-rebalancing, real-time account opening and trading, and historical performance of available funds.


What is the difference between a custodian and a depository?

Custodian: Responsible for protecting the consumer, managing the account, managing communications, compliance, tax reporting, the account opening process, funds movement, and more.

Depository: The underlying bank that holds/insures the funds.

 

Please Note - Currently (prior to the transition), Avidia serves as both the custodian and depository for your account holder HSAs. Following this transition, WealthCare Saver will be the custodian and BMO Harris will be the depository.


Timeline and milestones

When will our HSAs transition to WealthCare Saver? June 17, 2022: Official notification will be sent to account holders.  June 17, 2022: WealthCare Saver employer plans and not... Learn more

Company Administrator actions and requirements

What are the Company administrator responsibilities and required actions associated with the WealthCare Saver transition? Update bank filters (penny test will be applied) Notif... Learn more

Account Holder impact and experience

In transitioning to WealthCare Saver, will account holders be required to undergo new customer identification process (CIP)? No, account holders are not required to undergo a ne... Learn more

Fees

Do account holder fees change with WealthCare Saver? Yes, account holder fees will change upon conversion to WealthCare Saver (as outlined in the WealthCare Saver disclosures) i... Learn more

Communications

Following the transition, what changes about HSA communications from Alegeus? Very little changes with respect to how HSA communications are managed within the system. The commu... Learn more

Marketing Resources

Please refer to the following documents for additional information. WCS Disclosures WCS Investment Solution Infosheet  WCS ACH filters & Bank Routing Numbers  WCS Investment Exp... Learn more

Still need our help? Our support team is waiting to help you. Contact us