As you know, HSA Bank is now the sole administrator for employee Health Savings Accounts (HSAs) on the University health care plan.
If you were previously contributing to an HSA with PayFlex and still have funds in your account, you can either:
- Close your PayFlex account and transfer outstanding funds to HSA Bank. A $25 account closure fee will apply. Information on transferring your funds is below.
- Keep your PayFlex account and pay individual administrative fees. Information on fees can be found online by signing into your account at payflex.com and clicking on “View fee schedule” under Manage Funds or by contacting PayFlex at 1-844-729-3539.
To transfer funds to an account with HSA Bank, employees must:
- Complete a Direct Transfer Request Form using the information from your new account with HSA bank
- Fax the form to PayFlex: 402-943-1567
- Mail the form to PayFlex at the below address:
PayFlex Systems USA, Inc. as Custodian for (Employee Name)
PO Box 3317
Carol Stream, IL 60132-3318
HSA Bank is offering a one-time $25 credit for any new accounts who complete a transfer from PayFlex of more than $500 by June 1, 2021. The transfer may take up to six weeks to complete. Eligible expenses can be paid out of pocket and reimbursed by funds in the account once they are available. Learn more at hsabank.com.
Please note that the $25 HSA incentive is considered a contribution with regards to IRS annual limits. To make adjustments to your annual payroll contribution, please complete the 2021 HSA Certification Form.
Please contact the Office of Total Rewards with questions.