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Health Plan Options |
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This email is intended for producers with business in Delaware, New York, Pennsylvania, and West Virginia. MARKET LEADING HSA INVESTMENT FEATURES & FUNCTIONALITY BEING OFFERED Beginning August 1, 2022, Highmark will be providing a new modern investment experience offering features and functionality that is market leading. This investment solution includes three different investment options - Managed, Self-Directed, and Brokerage - giving members the ability to tailor their investment journey to fit their needs and experience level.
What is changing?
- Starting August 1, 2022, all HSA members who do not have an investment account are being directed to the new investment solution, should they choose to begin investing.
- Beginning September 21, 2022 HSA members who have a current investment account, will have their investment funds liquidated and moved to their HSA cash balance account.
- The liquidation of all member investment funds will be completed by October 3, 2022.
- Impacted members will be notified 30 days prior to the liquidation of their funds and receive subsequent reminder communications. After liquidation, they will have the option to reinvest their funds via the new investment solution.
- The new investment solution cannot be launched simultaneously for existing investors until liquidation is completed.
- WealthCare Saver (Highmark's HSA custodian) is legally required to provide existing investors with a 30-day advance notice of our intent to liquidate their investment funds.
Why is the HSA investment experience changing? Highmark is committed to providing members with a top-of-the-line, market-leading HSA investment experience, which allows a differentiated experience for employers and the best available solution to HSA members.
How will Highmark communicate this to clients and members?
Client Communications Client Management has been using the linked file to communicate, as appropriate, with clients ahead of scheduled events.
Member Communications WealthCare Saver (Highmark's HSA custodian) will only be sending the three attached communications by mail to members with an active HSA investment account. Members also will get an email if they have an email address on file:
- First notification was sent August 8, 2022.
- Second notification was sent August 15, 2022.
- Third notification will be sent post conversion on October 4, 2022.
Members that do not have an active HSA investment account have/will not be sent any communication regarding this new investment experience.
What member action is required? No immediate member action is required. WealthCare Saver (Highmark's HSA custodian) will begin the steps to liquidate member investment funds to their HSA cash balance on September 21, 2022. However, once the new solution is available on October 3, 2022, members will need to initiate the transfer of funds from their cash balance to their chosen investments, if desired. Members can voluntarily liquidate their investments up until September 20, 2022 before the auto process starts.
What is next?
- Highmark's Member Service Department has received documentation of these changes in order to ensure they're able to respond to any inquiries.
- Please use the links below to download a copy of the appropriately branded Frequently Asked Questions!
Communication and Go Live Timeline for Enhanced HSA Investment Experience
Date |
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08/01/2022 |
- This enhancement is available for members opening an investment account for the first time.
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08/08/2022 |
- WealthCare Saver (Highmark's HSA custodian) sends communication to existing investors to advise changes and impacts.
- All investors receive a letter.
- Investors with a valid email address on file will also receive an email.
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08/15/2022 |
- WealthCare Saver (Highmark's HSA custodian) sends second communication to existing investors to advise changes and impacts.
- All investors receive a letter.
- Investors with a valid email address on file will also receive an email.
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09/20/2022 |
- Final day for account holder to voluntarily liquidate their existing HSA investment account.
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09/21/2022 |
- Liquidation of existing investment accounts begins if member has not already done so voluntarily.
- Members will still have access to HSA funds.
- Investment funds will be moved to the HSA cash account by 10/3/2022.
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10/03/2022 |
- Enhanced experience available for members with an existing account. Member can open a new account and begin to invest.
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10/04/2022 |
- Final WealthCare Saver (Highmark's HSA custodian) communication to existing investors reminding them to open new account.
- All investors will receive a letter.
- Investors with a valid email address on file will also receive an email.
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Questions: Contact your Client Manager(s) or the Producer Strategy team at producerintake@highmark.com |
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