Employer Action Items & Timeline
Action Items
- Read through the Account Holder Communications under the “Important Documents” tab and familiarize yourself with this site.
- Review any internal documents or links you may have that reference Avidia. Navia will take care of updating communications on our sites.
- Add Company ID: I900808825 to your ACH Bank filters for HSA funding with your bank. Note, this identifier begins with the letter “I” not the number “1”).
Timeline
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FAQs (Transition Process and Key Dates)
Will this change require a new service contract or amendment?
No, while the HSA Custodian is changing, the Employer and Navia’s responsibilities as part of the agreement will remain the same.
When will a current employee see their new HSA online?
Employees will be able to see their accounts on their Navia employee portal on September 29th.
Will employees be able to use the same debit card?
Yes, the new WealthCare Save HSA will be linked to their existing debit card for use once opened and funds have been deposited.
What is the blackout and why is it important?
The blackout is a period of time that employees will not be able to access their Avidia HSA Balance accounts while we are transitioning it to the WealthCare Saver HSA. The blackout period will run from October 31st to November 4th. During this time, they will continue to have access to their other benefit accounts and be able to use their existing card for those accounts, if enrolled. On the evening of November 4th, Avidia HSA funds will be available in the new Wealthcare Saver HSA. This is an important period of time used to transfer over balances and audit to ensure accuracy.
When will funds be available after the transition?
Once the conversion is complete on November 4th, funds will be available after end-of-day processing, typically by 7pm CT. Account holders can use their existing card for all carded accounts with Navia, including their WealthCare Saver HSA funds. They can also select investment options through the WealthCare Saver investment solution if their balance is greater than $1,000.
Account Holder Action Items & Timeline
Key Information
- Most notable during this transition is the fact that account holders will experience a 5-day conversion period while their HSA funds are liquidated and transferred. This conversion period is scheduled to occur October 31st – November 4th. During this time, employees will be unable to access their Avidia HSAs. They will continue to have access to their other benefit accounts and be able to use their existing card for those accounts, if enrolled. On the evening of November 4th, Avidia HSA funds will be available in the new Wealthcare Saver HSA.
- While account holders will be getting a new account number associated with their HSA, they will be able to access their Wealthcare Saver HSA using their same debit card. Debit cards do not need to be reissued as a part of the conversion.
- Account holders currently investing their Avidia HSA funds will not need to take action to liquidate those investments. Investments funds will automatically be liquidated on October 24th. Through the Wealthcare Saver HSA, they will have the ability to reinvest those funds on November 4th following the conversion through the new, modern HSA investment platform.
Action Items
- Account holders that contribute outside of payroll, or otherwise have their HSA routing and account number on file for transfer or bill pay arrangements, will need to update their information with their new routing and account number for their WealthCare Saver HSA. We expect their new HSA account information to be available starting September 29th.
- Account holders should destroy any remaining paper checks they have on hand. WealthCare Saver allows account holders to issue checks through the portal; these can be mailed to their providers by indicating Pay Provider and including the address, account number, and other details.
Timeline
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Banking & Investment Details
WealthCare Saver HSA Investment Options
Click here to download details: https://www.wealthcaresaver.com/docs/WealthCare_Saver_HSA_Investment_Options.pdf
About the WealthCare Saver HSA Experience
The health savings account (HSA) market has become increasingly complex and competitive in recent years. HSAs are becoming commodities, as administrators cut fees and sacrifice value to attract more clients. In the midst of this race to zero, the WealthCare Saver HSA offers a truly different approach – one that will fuel your business growth while providing more for account holders. With Smart Account functionality, state-of-the-art investments and enhanced-yield savings, WealthCare Saver HSA delivers value at every stage of the consumer lifecycle – spending, saving and investing.
Spend
The WealthCare Saver HSA experience guides consumers to make better healthcare decisions. The Find Care feature allows consumers to search for in-network procedures, facilities and doctors with associated cost and quality information, and the Opportunities feed provides personalized actions and suggestions for smarter healthcare spending decisions.
Save
Consumers will have two ways to save HSA funds. An enhanced-yield savings option coming in 2022 will drive additional interest back to the consumer. Meanwhile, the WealthCare Saver custodial solution delivers on the important custodial requirements of an HSA in a private labeled fashion, eliminating some of the unnecessary overhead and inefficiency of third-party banks.
Invest
Alegeus has the only HSA in the market with a new, modern investment experience. Built by a deeply knowledgeable HSA and investment product team – and powered by an API-driven, cloud-based brokerage platform – the investment solution features auto-rebalancing, on-demand investment statements, historical performance of available funds, and an impressive investment stack:
- Three distinct investing models – Managed (advisor tool), Self-Directed and Brokerage – for a tailored investment experience that meets the consumer where they are
- Exchange-traded funds (ETFs) that give consumers lower costs and diversified market return
- Fractional trading up to 8 decimal points, enabling ownership of high-value stocks like Apple or Berkshire Hathaway for as little as a penny
- Convenient features, such as auto-rebalancing, real-time account opening and trading, and historical performance of available funds
A better consumer experience
The WealthCare Saver HSA experience lives within a single platform for a seamless user experience. Consumers can access their HSA account and invest in real time (on both mobile and desktop) without leaving the Alegeus platform. A simple, sleek and intuitive interface matches the online and app experience the modern consumer has come to expect.
