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July 2022
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Market Edge
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News for All Group Business | AmeriHealth NJ
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New WealthCare Saver investment solution for account holders with HSAs
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Alegeus (dba WealthCare Saver), a company that provides spending account services for AmeriHealth New Jersey, is launching the WealthCare Saver (WCS) investment solution for account holders enrolled in an AmeriHealth New Jersey high‑deductible health plan (HDHP) with a health savings account (HSA). The new WCS investment solution is designed to replace the Devenir investment solution that account holders currently have access to.
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This new solution makes it easier for account holders of all experience levels to invest their HSA funds.
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The WCS investment solution will be rolled out to account holders in two phases:
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- As of August 1, 2022, employees who have enrolled in an AmeriHealth New Jersey HSA, but have not opened an investment account, can choose to do so via the WCS investment solution. The only requirements are that they must maintain a balance of $500 in their HSA cash account to be eligible to invest their funds, and the stock market must be open when they open the investment account.
- For employees who already have a Devenir investment account, on September 21, 2022, if they have not chosen to voluntarily liquidate their investment account prior to that date, their funds will be liquidated on their behalf by WCS and disbursed into their HSA cash account. To ensure that affected employees are aware of this action, they will be notified by WCS 30 days prior to the liquidation. Once their funds are liquidated, they will be able to open a new investment account and begin investing on October 3, 2022 after market opening.
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Account holder outreach and support
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As the non‑bank custodian, Alegeus is required to notify existing Devenir investment account holders of the upcoming transition to the WCS investment solution and account liquidation activities. Three letters will be mailed to these account holders, and if there is an email address on file, emails will also be issued on the same date.
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- An initial announcement will be sent by August 8, 2022.
- A reminder will be sent by August 15, 2022.
- An account liquidation confirmation will be sent on October 4, 2022.
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More information
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To help you understand the transition so you can explain it to employers and employees interested in the new WCS investment solution, Alegeus has prepared helpful collateral:
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