HSA accounts are set up similarly to bank accounts, which means your HSA account with PayFlex will remain in your name and available for you to spend down on qualified medical expenses throughout your lifetime. You may have both your PayFlex and HSA Bank accounts active at the same time. Employees who choose to keep their account with PayFlex, will incur a monthly fee for their account as of January 2021.
You can continue to contribute to your PayFlex account, but only on a post-tax basis since the University will no longer be connected to PayFlex. If you would like to contribute pre-tax to an HSA, you can elect an annual contribution amount at anytime for an account with HSA Bank.
Employees who would like to transfer their PayFlex HSA account to their new HSA Bank account will need to fill out the HSA Bank Form and submit directly to PayFlex at:
PayFlex Systems USA, Inc. as Custodian for (Name of Account Owner) HSA Operations
PO Box 3317
Carol Stream, IL 60132-3317
Employees that elect this action can expect a $25 close account fee per PayFlex policies and potentially blackout dates on accessing their funds as the transfer from PayFlex to HSA Bank is completed. Specific questions about transferring funds should be directed to HSA Bank (1-866-471-5940) and PayFlex (1-844-729-3539).