HSA Plan Administrator Change Guide

OPTION 1: 

Employee chooses to rollover any unused funds from their current Health Equity HSA to HSA Central.

Health Equity does charge a $25 fee to close an HSA account and transfer funds.  Please keep this in mind when making your decision and what balance you are expecting to move over. If you exhaust all HSA funds, you will not be charged a $25 fee but will have to reach out to Health Equity directly to request the account be closed.  No form would be needed if you have no funds to transfer. To use the final $25 of an employees' HSA account, an HSA card purchase or direct provider reimbursment will be required.  Member reimbursement will not allow the account below at $25 balance.  HSA Eligible Expenses  

• Complete the Health Savings Account Closure Request Form and choose one of the options below for submitting. PLEASE DO NOT SUBMIT THE FORM TO TRANSFER FUNDS UNTIL 6/30/2024.  

Important Information you will need for completing this form  (click hyperlink)

• • Fax Completed Form to: (801) 846-2929 (DO NOT SUBMIT FORM UNTIL 6/30/24)

  • Mail completed form to: Health Equity, Attn: Client Services
        PO Box 14374
        Lexington, KY 40512

• Please keep in mind, as your funds are transferred, they will not be accessible.  

OPTION 2: 

Employee chooses to keep their funds in their existing Health Equity HSA account.

• No action is needed from the employee in order to leave exisiting funds in their current Health Equity HSA account.  

  • Employees will be solely responsible for any and all fees associated with this account as of July 1, 2024. 

    • Current Fee Schedule: $3.95 monthly fee if balance is less than $2500.  No fee charged if balance is $2,500 or greater. (Employee is responsible for verifying these fees with Health Equity moving forward)

  • Employer will no longer contribute any HSA funds to this Health Equity HSA as of July 1, 2024.