Health savings account (HSA) implementation guide

Our streamlined process makes implementing HSAs easy for employers. With powerful technology and a dedicated implementation team, we provide a convenient launch process with three easy phases:

Preparation

  • Begins: 45+ days prior to effective date
  • Ends: 10 days prior to effective date

Integration

  • Begins: 25 to 35 days prior to effective date
  • Ends: 15 days prior to effective date

Go live

  • Begins: 15 days prior to effective date
  • Ends: 0 to 3 days prior to effective date

Preparation

Select an HSA-powered health plan – 45+ days prior to effective date
Work with your health plan representative to select an HSA-qualifying plan that meets the needs of your employees. Experience has proven that increasing employer contributions to employees’ HSAs leads to higher adoption and greater plan satisfaction. This enables you to enrich your employees’ benefits package while complying with health reform regulations and avoiding excess taxes.

Review Timeline – 45 days prior to effective date

  • Review the implementation timeline with your health plan representative and determine milestone dates.
  • Determine communications plan and how to position your HSA offering with employees for increased adoption.
  • Employee educational resources are available at: www.HealthEquity.com/HSAlearn

Group setup, employee enrollment – 10 to 45 days prior to effective date
Employees interested in participating in an HSA-qualified plan complete the health plan enrollment process. Complete the group setup through your health plan. To be eligible for an HSA, employees must meet the following requirements:

  • Enroll in an HSA-qualifying plan.
  • Have no other health coverage unless permitted by the IRS.
  • Not enrolled in Medicare.
  • Not claimed as a dependent on someone else’s return.

Integration

Your health plan sends group eligibility to HealthEquity – 25 to 35 days prior to effective date
Your health plan sends group setup and enrollment data to HealthEquity electronically via secure file transfer protocol (FTP), if applicable. After initial setup (and if your health plan integrates with HealthEquity), your health plan will send regular enrollment and claims data to HealthEquity via secure FTP.

HealthEquity creates your employer portal – 15 days prior to effective date
HealthEquity loads group setup information into our secure integrated platform. We then create a secure employer interface for managing employee eligibility, account funding and reporting.

Go live

HealthEquity opens HSAs – 15 days prior to effective date

  • HealthEquity loads eligibility data.
  • Employees must pass the Customer Identification Process (CIP) as required by federal law.
  • HealthEquity manages the entire CIP, which typically takes one business day.
  • Employees who fail the CIP are notified by mail or email.
  • Once the CIP is successfully completed, individual accounts are created by HealthEquity. No wet signatures are required to open accounts.

Employer receives welcome email – 1 to 3 days after eligibility file is uploaded
You will receive a welcome letter by mail or email, containing instructions for accessing the employer portal, making contributions and a link to the comprehensive employer welcome site.

Employees receive welcome materials – 0 to 3 days prior to effective date
You will receive a welcome letter by mail or email, containing instructions for accessing the employer portal, making contributions and a link to the comprehensive employer welcome site.

  • HealthEquity mails welcome materials to employees who pass CIP
  • Welcome materials include:
    • HealthEquity Visa® Health Account Card
    • Instructions for accessing the member portal
    • Contact information for member services
    • Tips for maximizing health savings with an HSA
  • HSA balance transfers
    • Employees may have existing HSAs with previous administrators. To take advantage of HealthEquity’s integrated claims and to avoid potential fees from other providers, we suggest consolidating into one HealthEquity account. The transfer process is simple and leads to increased satisfaction.

Download our guide that explores what to look for in an HSA provider. Topics include HSA investments, employee education and more!

Schedule a free demo of our platform! Demo includes employer and member portal experience.

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