Small Group News
Published November 16, 2020
For groups who offer one of our qualified-HSA plans with a ConnectYourCare HSA. ConnectYourCare is an independent company that provides consumer-directed healthcare account solutions on behalf of Premera Blue Cross.
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.
Why the switch to ConnectYourCare?
An HSA through ConnectYourCare (CYC) provides an improved user experience for your employees. Currently, HSAs are serviced by UMB Bank as the custodian and CYC as the administrator. With the new HSA solution, CYC will serve as both the administrator and custodian of the account. This means CYC will manage funds AND handle the day-to-day administrative aspects of the accounts. This is an all-in-one HSA solution, which offers a more comprehensive and streamlined level of service and support.
In addition, a ConnectYourCare HSA offers your employees:
- A comprehensive level of service and support from just one vendor
- Electronic communications, such as Smart Statements
- Access to a large library of educational resources and the latest news affecting their account
- Smart health and wealth planning tools
Have questions or need assistance? Please visit the CYC HSA resource page or contact your Premera representative for more information.
What do I have to do?
The switch is automatic for existing clients who offer HSAs through Premera but the benefit administrators need to provide an updated ACH funding authorization form to Premera and notify their bank of the Company ID code change.
If your employee already has an HSA through UMB Bank, they will have two options:
- Consolidate their HSA accounts and move everything over to ConnectYourCare
- Keep their account with UMB open and have two HSAs to manage
CYC will send emails to impacted participants as well as post a message in the member portal the week of November 9, 2020 detailing the changes and actions needed by each accountholder.
Going forward, all new HSA plan participants will be automatically set up with an HSA through ConnectYourCare.
More information about the switch is available through the ConnectYourCare resource page, at CYC HSA resource page. If you have additional questions after visiting the CYC HSA resource page, please contact your producer.