Prepare your health savings account for the new year

Because the HSA is a bank account, you have the option to keep your current funds with HealthEquity.Please note that if you decide to keep your balance with HealthEquity, there is a $3.95 monthly administrative fee that will be deducted from your account each month starting in January 2024.

You have an opportunity to participate in an optional one-time group transfer of your HSA balance at HealthEquity to Fidelity. If you choose to transfer your HealthEquity HSA balance to Fidelity as part of the one-time group transfer, you will need to elect the transfer through the Fidelity website and liquidate any investments you may have in your current HealthEquity account, and turn off any automatic investment that you may have set up by the dates noted below. 

Follow these steps to transition your balance from HealthEquity to Fidelity:

• Log in to NetBenefits by using your existing Fidelity username and password. 
• Activate your HSA account by clicking on the green tile that says “Activate.” If the tile is not green, your account is already activated.
• Once you have activated your account, you will need to click on the banner to review the terms and conditions. 
• Next, scroll down until you see “Make a transfer to your employer,” and click on the green button that reads “Transfer Your HSA.” 
• Read the Terms & Conditions, click "I agree," then click "Submit."
• You will receive a pop-up confirmation that your request has been recorded. If you get an error message after you have agreed to the terms & conditions, please check back within 24-48 hours of your account activation.

No later than Jan. 30, 2024, at 1 p.m. PT:

Liquidate your HealthEquity HSA investments and turn off any automatic investments by:

• Logging in to your account at HealthEquity or
• Calling HealthEquity at 877-857-6810

If you elect the group transfer and do not liquidate your holdings, your balance will not transfer to Fidelity.

Feb. 6, 2024 - Feb. 15, 2024

During this time, you will not have access to your HSA balance or debit card at HealthEquity, so please plan accordingly. However, any balance in your new Fidelity HSA® will be available for you to use.

Even if you do not elect to transfer your HSA to Fidelity, you will not have access to your HealthEquity account during this time. Any eligible expenses you incur during this time can be submitted to HealthEquity for reimbursement after the blackout period has ended.

There is no action required to maintain an account with HealthEquity. However, there is a $3.95 monthly administrative fee to keep your account active, which will be deducted from your account each month starting in January 2024.

If you have any questions, call HealthEquity at 877-857-6810.

If you decide to transfer your remaining balance from HealthEquity to Fidelity, follow the steps below. Please note that Fidelity will not charge you a monthly administrative fee. 

1. Open your Fidelity HSA

If you do not already have an existing Fidelity HSA®, you will need to open one by Dec. 30, 2023, at www.fidelity.com/go/hsa/why-hsa before agreeing to the group transfer eConsent. This step is necessary to prepare your account for the group transfer. Once your account is open, you can also set up your investments and choose your account beneficiaries. Please note it can take 24-48 hours after opening your Fidelity HSA before being able to proceed to step 2. 

2. Opt into the Group Transfer by following these steps by 1 p.m. PT on Jan. 26, 2024:

• Visit Fidelity’s website and log in using your existing Fidelity username and password. If you do not have another Fidelity account, select Register as a new user.
• Scroll to the Transfer current HSA button and click it.
• Read the Terms & Conditions, click I agree, then click Submit

3. No later than Jan. 30, 2024, at 1 p.m. PT:

If you have put your money in investments, you will need to liquidate your HealthEquity HSA investments and turn off any automatic investments by logging in to your account at HealthEquity or calling HealthEquity at 877-857-6810. If your account is in cash, there is no action needed. 

IMPORTANT: If you do not take action to liquidate your existing HSA investments, including any subsequent automatic investments, your existing HSA balance will not transfer to Fidelity, even if you have provided your consent to participate in the group transfer and opened a new Fidelity HSA.