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 notional accounts created. The notional accounts will be penny tested to ensure filters are set up accurately. Employers should anticipate this activity and not reject the penny test, as this will cause delays.
  • July 5, 2022: WealthCare Saver accounts opened. At this time, your employees will see both an Avidia HSA and WealthCare Saver HSA when logging into their HSA  portal from the Zenefits app. We will be waiving the WealthCare Saver account holder fee for the transition month, so employees aren’ t charged for two accounts. 
  • August 1, 2022: Liquidation of account holder investments to cash. Any employee HSA funds tied to investments through Avidia will be automatically liquidated as of this date.
  • August 8 - August 12, 2022 : Transfer of Avidia funds. We will convert HSA funds from Avidia to WealthCare Saver over a 5-day period. During this time, your employees’ Avidia HSA funds will be frozen, but they can use their existing debit card to access any contributions posted to their new WealthCare Saver Prime HSA or for their other benefit accounts.
  • August 13, 2022: Funding transfer complete. Employees can use their existing debit card for all accounts, including their WealthCare Saver HSA. They can also select investment options through the WealthCare Saver investment solution if their balance is greater than $ 1 ,000.
As a part of the transition from Avidia to WealthCare Saver, account holder investment funds will be liquidated and transferred as cash from Avidia to WealthCare Saver. All account holders will have the option to reinvest their funds using the WealthCare Saver investment solution going forward.

 

Will account holders be able to opt out of this transition?

No, account holders are not provided an opt-out option. An account holder may close their account at any time.

 

Will there be a spending freeze (or funds inaccessibility window) associated with the WealthCare Saver transition?

To move funds from Avidia to WealthCare Saver, there will be a 5-day conversion period where account holders will be unable to access their Avidia accounts and HSA funds. Zenefits & Alegeus will communicate with you well in advance of the conversion period to ensure you’re fully prepared and able to properly prepare employers and account holders. Plan for the 5-day blackout for card use. Fill prescriptions a few days early if needed, plan for any appointments scheduled during the brief interruption.

Note: During this time, your Avidia HSA funds will be frozen, however, you can continue to use your existing card for any contributions that have been posted to your new WealthCare Saver HSA since it was opened, or your other benefit accounts.

 

When will funds be available after the transition?

Once the conversion is complete, funds will be available after end-of-day processing, typically by 7pm CT. Account holders can use their existing card for their WealthCare Saver HSA funds. They can also select investment options through the WealthCare Saver investment solution if their balance is greater than $ 1 ,000.

 

Are WealthCare Saver HSA funds FDIC-insured?

Yes, HSA cash funds are FDIC-insured. As is the case today, investment products and services are not deposits, not FDIC-insured, not insured by any Federal government agency, not guaranteed, and may go down in value.

 

Following the transition, will Avidia be available as an HSA custodian in the Alegeus platform?

No, following the WealthCare Saver transition, Avidia will not be an available HSA custodian option.

 

Does anything change with respect to reporting?

When generating reports from WealthCare Administration, you will need to select WealthCare Saver Prime as the Product Partner for the report you’re running. If you have reports scheduled, you will need to create a new schedule using WealthCare Saver Prime product partner.

 

How does debit card fraud management work when leveraging WealthCare Saver? 

There is no change to debit card fraud management. With WealthCare Saver, the same fraud management team, processes, and prevention and mitigations are leveraged to combat fraud.

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