How does the Navia HSA work?
As you already know, you and your employer can contribute tax-free dollars into your HSA throughout the year, up-to the annual individual or family limit set by the IRS. The funds in the HSA can be used to pay for your out-of-pocket medical expenses. The Navia HSA provides you the same savings as your existing BPI HSA.
Navia HSA features
- A lower investment threshold so you can grow your HSA contributions faster and earlier. With the Navia HSA you can begin investing your money once your account balance reaches $1,000. (Your BPI HSA requires a minimum balance of $2,000 to invest.)
- A larger portfolio of high-quality investment funds to fit the investment goals of HSA participants.
- The Navia HSA Investment Planner makes it easy to maximize your savings in your HSA.
- A Navia Benefits Card that you can use to pay for qualified medical expenses. Your Navia Benefits card is a one-card solution that works with your HSA and any other Navia benefit plans you may have for your entire family.
- Online HSA Bill Pay for one-time or recurring provider bills. You can use this option to pay yourself back or your provider for your eligible medical expenses.
- Direct deposit to your designated bank account for faster access to HSA reimbursements.
- Online or mobile access to balances and transactions through the Navia Participant Portal or MyNavia mobile app Apple Store Google Play.
- Customer service online, by email, or by toll-free call. Contact us at any time if you have questions.
Banking & Investment Details
UMB – General Information
UMB is one of the most established and trusted banks in the HSA industry. Based in Kansas City and founded in 1913, UMB has been a provider of HSA banking solutions for over 20 years. UMB Healthcare Services is a dedicated line of business offering HSAs and healthcare payment solutions. Navia and UMB Healthcare Services have partnered successfully for many years to administer and grow HSAs for thousands of working Americans.
Savings and investment features
Interest paid on deposit accounts
| From | To | Rate | APY |
|---|---|---|---|
| $0.00 | $1,999.99 | 0.04% | 0.04% |
| $2,000.00 | $9,999.99 | 0.05% | 0.05% |
| $10,000.00 | $24,999.99 | 0.06% | 0.06% |
| $25,000.00 | Max | 0.08% | 0.08% |
Minimum balance threshold to invest: $1000
Number of available fund options for investments: 36
List of available funds: https://hsainvestments.com/fundperformance/?p=515
Participant/account holder fees
Monthly investment service fee: $2.50
Returned deposit item: $15
Quarterly Paper statements: $1.50 (Quarterly electronic statements are always available online and free of charge)
Account closure fee: $25
Disclosure Documents
UMB ENSIGN Service Agreement ENGLISH SPANISH
UMB HSA Custodial Agreement ENGLISH SPANISH
Transition Instructions
Navia and BPI are working to make your new HSA available to you as smoothly as possible. We will automatically open a new Navia HSA account on your behalf and transfer your balance once you provide consent. You have until August 31, 2022 to give consent to transfer your account. Act quickly to maximize the savings of your new Navia HSA and avoid last minute delays in accessing your money.
Giving consent is easy
- Review the consent language here or on the form below
- Click HERE to go to the consent form
- Electronically sign the form
- That’s it!
What happens next?
Once you provide consent, we will open your new Navia HSA account. Because of federal banking regulations, we must verify your identity against federal and state regulatory systems and other trusted sources of identity. In rare cases, your name may not match against one or more of these sources, and you may receive a request from UMB to provide additional documentation in order to open your account. You should supply the information as requested to expedite the activation of your account.
The notification email you received with the link to this page includes the timeline by which we will close your BPI HSA account and transfer your balance to your new HSA account. You should expect a period of 14 business days from the time your BPI HSA account is closed until your balance is available in your new Navia HSA account. We’ll notify you when these steps are complete. You should continue to use your BPI HSA and card until the plan go live date with Navia, or until you complete your HSA consent form, whichever comes later. Navia is waiving all fees associated with your account closure and transfer.
If you do not provide consent by August 31, 2022, we will issue you a check. To avoid taxable consequences associated with a distribution of your HSA balance (income taxes on the amount, plus a 20% penalty), you can do either of the following:
- Within 60 days of the date on your check, execute an HSA “rollover” by opening a new Health Savings Account and sending the check to your new bank according to their rollover instructions. To open a new Navia HSA, you can still follow the instructions above to access the Navia website and open a new Health Savings Account through UMB. After your account is open, you will need to download the UMB HSA Individual Contribution Form (downloadable from the Navia site), complete the form as instructed, and mail it with your check to the address on the form.
OR
- In 2022, pay for health care goods and services in an amount greater than or equal to the amount of your distribution check. You should maintain copies of your bills and purchase receipts as backup for the amounts that you declare on your 2022 income tax return.
Transition FAQs
Why is my HSA changing?
In 2020, Business Plans, Inc. (“BPI”) and Navia Benefit Solutions (“Navia”) announced a partnership whereby Navia and BPI merged their operations. The relationship between BPI and its existing HSA custodian (WEX) will end later in 2022, and all existing BPI HSAs will close. BPI accountholders have the option of opening a new Navia HSA account. Accountholders must complete the HSA Consent Form to open their new HSA under Navia and transfer balances from their BPI HSA to their new Navia HSA. The HSA Consent Form is located in the ‘Open your Navia HSA now!’ section of this site. Until you complete the HSA Consent Form to initiate the balance transfer, your existing BPI HSA will remain active and you should continue to use your BPI debit card. Once your BPI HSA is closed, any remaining balance will be transferred to your new account within 14 business days. If you have any pending transactions or investment accounts under your BPI HSA, funds transfer may take longer, as the bank will liquidate investment accounts prior to processing the balance transfer.
Who is Navia?
Navia Benefit Solutions, Inc. is a leading and one of the fastest-growing providers of consumer-directed benefits (HSA, FSA, HRA, wellness incentives, commuter benefits, and COBRA) in the country, headquartered in Renton, WA (near Seattle) with offices in Michigan, Ohio, Kansas, and California. Founded in 1989 as Flex Plan Services, Navia has nearly 30 years of experience administering consumer-directed benefit accounts and serves employers of all sizes across the United States. More information on the company and its products and services is available at https://www.naviabenefits.com.
What is the Navia HSA?
Similar to the BPI HSA, the Navia HSA is one of the most tax-efficient benefits available to save and spend on eligible health care products and services. In partnership with UMB, one of the largest and most experienced banks with HSA accounts in the United States, Navia offers tools and investment options to make it easy for HSA participants to pay for health care and to save for future health care expenses. The Navia HSA offers competitive interest rates on cash deposits, a broad and quality portfolio of investment options to promote long-term savings, a low cash balance requirement ($1000) before you can begin investing, and planning tools to help you make informed choices about your contributions and your investment plan.
How do I open a Navia HSA?
To open a Navia HSA, all you need to do is the following:
- Review the consent language here or on the form below
- Click HERE to go to the consent form
- Electronically sign the form
- That’s it!
We’ll automatically begin the process of opening your new account, and you’ll receive confirmation when your new account is ready for use. Because of federal banking regulations, we must verify your identity against federal and state regulatory systems and other trusted sources of identity. In rare cases, your name may not match against one or more of these sources, and you may receive a request from UMB to provide additional documentation in order to open your account. You should supply the information as requested to expedite the activation of your account.
Will I be charged any fees as a part of this migration?
No, Navia is waiving/absorbing all fees related to the transition of your account.
Can I continue to use my BPI HSA? When will my money be transferred to my new account?
Yes, your BPI HSA and debit card will remain active until you open a Navia HSA. After you have provided consent through the form linked above we’ll automatically close your existing BPI account and transfer any remaining balance to your new account, at which time you should begin using your new Navia debit card for eligible health care expenses.
When your old account is closed, you’ll receive an automated closure notification. You should disregard any language in the closure notice that states that you will be receiving a check – we will automatically transfer your balance to your new account. Balance transfer timing is dependent upon bank processing times, but you should expect to see your funds deposited into your account no later than 14 business days from the time of closure. If you have any pending transactions or investments accounts under your BPI HSA, funds transfer may take longer, as the bank will liquidate investment accounts prior to processing the balance transfer.
What if I do nothing by August 31st?
If you do not provide consent by August 31, 2022, we will issue you a check. To avoid taxable consequences associated with a distribution of your HSA balance (income taxes on the amount, plus a 20% penalty), you can do either of the following:
- Within 60 days of the date on your check, execute an HSA “rollover” by opening a new Health Savings Account and sending the check to your new bank according to their rollover instructions. To open a new Navia HSA, you can still follow the instructions above to access the Navia website and open a new Health Savings Account through UMB. After your account is open, you will need to download the UMB HSA Individual Contribution Form (downloadable from the Navia site), complete the form as instructed, and mail it with your check to the address on the form.
OR
- In 2022, pay for health care goods and services in an amount greater than or equal to the amount of your distribution check. You should maintain copies of your bills and purchase receipts as backup for the amounts that you declare on your 2022 income tax return.
If you have further questions or require assistance, we’re here to help. Please feel free to reach us at bpitransition@naviabenefits.com.