February 1, 2019
PayFlex HSA blackout begins; transition continues
The blackout period for PayFlex begins today (Feb. 1) for health savings accounts. Employees should no longer deposit or withdraw HSA funds from PayFlex accounts – but can still log in and view past claims – as PayFlex is beginning the transfer and account closure process to finalize the transition to HSA Bank.
Employees with a flexible spending account or a wellness health reimbursement account can still log in and submit claims for reimbursement from the 2018 plan year. As a reminder, claims are due by March 31.
Funds should be available with HSA Bank no later than March 6. A direct email communication will follow to announce that the funds transfer is complete.
Transfers are made only if:
* The employee agreed to have funds transferred through the survey during open enrollment or through a survey that was directly emailed to them.
* The employee was enrolled in an HSA eligible medical plan and had a HSA through Payflex in 2018.
* There was a balance remaining in their Payflex HSA after Jan. 31.
Employees have the option to set up an online account at HSA Bank. To set up the account:
- Go to www.myhsabankaccount.com and select the Create your new username and password link from the bottom of the page.
- Enter the identifying information requested on the page.
- Answer three security questions.
- Create a username and password. Note that the website will auto-populate a username, so be sure to enter the desired username.
- Read and accept the Esign Consent Agreement and Online Services Agreement. Open the agreements and scroll to the bottom in order to select the checkboxes.
- Enter and confirm an email address to receive notifications based on the elected preferences. Employees also will confirm delivery method preference for certain bank disclosures and notices.
Additional information can be found in the HSA Bank Member Website Guide.
Frequently asked questions about the transfer to HSA Bank are available online.