Small Group News
Published February 15, 2021
For groups who offer one of our HSA-qualified plans with a ConnectYourCare health savings account. ConnectYourCare is an independent company that provides consumer-directed healthcare account solutions on behalf of Premera Blue Cross.
Does your business offer an HSA-qualified plan with a ConnectYourCare (CYC) health saving account (HSA)? Recently we shared with you that between December 2020 and January 1, 2021, employees with existing ConnectYourCare HSAs (with UMB Bank as the custodian) will have a new account opened with ConnectYourCare’s new HSA solution.
If this applies to your business, here are two important dates to keep in mind while CYC transitions to serve as both the administrator and custodian of your HSA. Mark your calendars on:
March 1, 2021
All previous CYC accounts will be considered individual accounts (not part of the employer group plan) and subject to monthly service fees. Any members who have not already transferred/closed their UMB account will become individual account holders subject to a monthly $3.95 service fee.
June 30, 2021
The last date members can consolidate their accounts and have the transfer fee as well as any monthly service fees waived is Wednesday, June 30, 2021.
How to access prior and new contribution history:
To see either your prior contribution history or new contribution history, start by going to the Personal Funding Accounts tab. You will see a notice that reads, "You have accounts under multiple employers" and a drop-down below it. Select the drop-down for which contribution you would like to see. Contributions made under each arrangement are reported separately.
- “Group Name” (This is your new CYC account contribution history)
- “Groups Name-UMB HSA” (This is your old UMB account contribution history)
Have questions or need assistance?
More information about the switch is available through the ConnectYourCare resource page. If you have additional questions, please contact your producer.