Acclaris to assume HSA custodial responsibilities from Bank of America in September 2017

Our spending account platform, Acclaris, received regulatory approval to become a non-bank health savings account (HSA) custodian and is ending its contract with Bank of America at the end of 2017. This includes custodial services Bank of America currently provides for the HSA.

Bank of America will assign HSA custodial responsibilities to Acclaris, which enables Independence to continue to provide customers and members who are HSA account holders with integrated online account management.

Because this is an assignment of custodial responsibilities, no account holder approval is required.

Assignment timeframe and HSA customer setup

Bank of America will assign all Independence HSAs to Acclaris. For Independence, this assignment will take place in September 2017.

Customers who are new to Independence and/or are new HSA customers will continue to be set up with a Bank of America HSA until September 2017. You can continue to add HSAs for small group (2 ‐ 50) customers through ROAM with the same manual or automatic options. There will also be a paper form available on the Sales Portal to use for setting up small and large group (51+) customers if ROAM is not available.

Key assignment activities and communications

There are no fees associated for customers or account holders. Primary account balances and any investments will transfer automatically. However, as part of the transfer, there will be a blackout period to move and verify account information.

Due to system upgrades, this blackout will include other spending accounts for customers who offer them in addition to HSAs. Once the transfer is complete, spending account management will continue to work as it does today on ibxpress.com.

Bank of America will formally notify customers and account holders 20 to 30 days prior to the transfer. We are also planning supplemental communications in advance of Bank of America’s notifications.

Customer and account holder impacts

	Customers offering HSAs	Account holders
Blackout period	HSAs and other spending accounts unavailable for enrollments or contributions	HSAs and other spending accounts unavailable for contributions, distributions (including debit card transactions), or investments
Welcome kit	N/A	Account holders receive new Acclaris-branded welcome kit before new account effective date
Debit cards	N/A	Account holders receive new debit cards ¹
Investment funds	N/A	Account holders required to direct new investment funds into new fund options
HSA contribution file	No changes to file layout and upload. Customers need to provide their bank with new bank number.	N/A
HSA reporting and billing (if applicable)	No changes to process — customers receive new bank information as applicable ²	N/A

¹Includes new debit cards for dependents who have cards today. Account holders can activate new debit cards after the blackout period.

²After the blackout period, customers whose banks use an Automated Clearing House filter will receive a new company ID number to supply to their bank. Customers who have wire transfer set up will receive new bank information.

Additional updates forthcoming

We’ll continue to update you about the Acclaris assignment and provide sales support materials and sample communications as they’re available via Independence Edge and on the Sales Portal.

Please contact your Independence account executive with questions.

Independence Blue Cross offers products directly, through its subsidiaries Keystone Health Plan East and QCC Insurance Company, and with Highmark Blue Shield — independent licensees of the Blue Cross and Blue Shield Association.