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Effective March 13, 2021, WealthCare Saver will assume custodial responsibilities for all Health Savings Accounts (HSAs) offered through Independence. This means that PNC Bank has agreed to resign as the custodian and will assign WealthCare Saver as the successor custodian. WealthCare Saver will become the authorized, non‑bank trustee responsible for managing the funds in an HSA account on March 13.
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Customers and members do not need to take any action and there is no impact to members enrolled in a 2021 HSA plan or how they interact with their benefit or access their health savings account:
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- The balance in deposit accounts will continue to be insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum amount permitted under FDIC guidelines.
- The MasterCard® debit card issued to our members with HSAs, managed by Independence, does not change. Account holders may continue using their debit cards leading up to and following the transition.
- Online account access does not change. Account holders may continue using their ibx.com member portal account to access their HSA account. The account holder’s account history will remain intact leading up to and following the transition.
- The account is not subject to a ‘funds inaccessibility window’ or spending‑freeze as a result of the custodial transition.
- This change has no impact on the additional Spending Account types Independence offers: Health Reimbursement Accounts (HRAs) or Flexible Spending Accounts (FSAs).
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WealthCare Saver is a d/b/a of Alegeus Technologies, LLC, an Internal Revenue Service (IRS) authorized, non‑bank, passive trustee operating as the custodian of HSAs. Alegeus Technologies is a leader in the consumer‑directed account industry, supporting more than 30 million consumer and 225,000 employer health benefit accounts.
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Customer and member notifications
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In order to ensure our members are aware that WealthCare Saver will be administering their Independence HSA plans, members will be notified via mail at least 30‑days prior to the March 13 effective date, as required. Account holders will be directed to a new Terms and Conditions document in their letter and should also add WealthCare Saver as an approved sender to their email accounts to ensure any messages do not get automatically filed as junk mail.
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- We have created an FAQ to help you answer any questions account holders may have.
- In addition, we have created sample email copy that your customer may send to any of their employees enrolled in an HSA plan.
- We will be updating the impacted Health Spending Account member documents and forms and marketing materials on the member portal, the Marketplace, Broker Forms Online, Sales Portal and Employer Portal to reflect the WealthCare Saver name change by March 13.
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