Will account balances transfer?
Yes. Account balances transfer completely and automatically.
Do employees need to do anything with the current account?
Employees should download any stored documents or receipts before the upgrade. They should also confirm their mailing address is up to date ahead of the migration to ensure their new cards arrive on time. Finally, HSA accountholders should note beneficiary designations, as these will need to be re-entered.
What happens to employees' debit cards during the migration? Is there a blackout?
A blackout period will occur for HSA accountholders, as well as those migrating in the middle of their plan year, around the migration date. Accounts cannot be accessed during this time. WEX cards deactivate at go-live. New physical cards will arrive before the blackout begins and virtual cards can be accessed on go-live. Claims and appeals are paused during the blackout and resume once it ends.
Will employee direct deposit information transfer?
No. Employees will need to enter this information again in the new platform.
Do employees have to authorize the HSA transfer?
Yes, HSA accountholders must provide consent to transfer. We'll run an automated consent campaign to collect authorization from each member.
What happens if an employee doesn't authorize their HSA transfer?
If they don’t authorize the transfer, WEX will convert their account to an Individual HSA. As an Individual HSA, they would be responsible for any fees associated with the account. A new account will still be opened for them on the new platform to manage contributions. If the employee wishes to consolidate accounts to avoid potential fees from WEX, they’ll need to manage the transfer independently.
Will employees receive HSA tax forms (1099-SA / 5498-SA)?
Yes. WEX issues forms for HSA activity before go-live. First Dollar issues forms for activity after go-live. Employees should keep forms from both providers for their tax records.
What happens to investments upon transfer?
Investments will need to be liquidated prior to transfer.
Will HSA account numbers change?
Yes. If account holders are making contributions to their HSA using their account number and routing number, they will need to update information accordingly.