Important HSA Update

As was discussed during Open Enrollment, TCU is leaving the CARES Consortium and will be a stand-alone self-funded group effective 1/1/18.  All of our benefits will remain the same.  However, because of the move away from CARES, we have had to establish new contract relationships with all of our vendors.  This includes HSA Bank.

 

Your current debit card will be deactivated on or around December 22nd in order for us to transfer your existing balance to the new account.  You will receive a new HSA Bank Health Benefits Visa® Debit Card within 10-14 business days after the deactivation of your current card. Please use your new card beginning January 1, 2018 to pay for IRS-qualified healthcare expenses you may incur – it will be activated the first time you use it. If you have an authorized signer on your HSA account, who currently have debit cards, they will also receive new cards. Each debit card will arrive in its own envelope. Even though you will not have access to use your current debit card, you will still have access to your HSA account.

 

Until your new debit card arrives, you can use these alternative reimbursement methods for your IRS-qualified healthcare expenses:

  • Online Bill Pay – You can use this feature to pay medical providers directly from your HSA.
  • Online Transfers – On HSA Bank’s Member Website, you can reimburse yourself for out-of-pocket expenses by making a one-time or recurring online transfer from your HSA to your external, personal checking, or savings account.
  • Checks (if you already have HSA checks)

 

CLICK HERE FOR THE MEMBER WEBSITE GUIDE THAT PROVIDES INSTRUCTIONS ON HOW TO COMPLETE THESE PAYMENT OPTIONS.

 

The HSA Bank customer service number is 855-731-5220 and the hours are 24/7 with the exception of Christmas day and New Year’s Eve when they are closed.

  • Your Original HSA Account
    Your original HSA will be closed between beginning on, or about, December 22, 2017 and your original debit card will be deactivated at that time as well. Your original HSA’s statements and historical information will move with your funds to the new account setup. You will continue to use the same username to access your online account however you will be required to setup a new password and security questions.
  • Your New Account
    10-14 days after your current card is deactivated, your new HSA will be opened for you. You will receive a new welcome kit and, as indicated above, a new debit card. You will be able to access your account online as soon as the move has been completed.
  • Debit Cards
    The debit card blackout will begin on or about, December 22, 2017.   You can continue to use your original HSA debit card until that date. Your new debit card will automatically be activated the first time you use it.
  • Investments
    Any funds that were invested through Devenir or TD Ameritrade will transfer in kind to a new brokerage account. Your existing brokerage account will be closed.
  • Checks
    If you currently have checks for your HSA, you will still be able to continue using them as your account number will not change.