BlueCross BlueShield of South Carolina

Fast Money

July 15, 2011

Money sent straight to the bank gets to your account faster. Who doesn’t like getting money faster? Effective immediately, we will no longer offer administration for HSA Bank accounts. Why? Because by sending the check directly to HSA Bank, the group gets its employees’ money in its employees’ accounts faster. On behalf of BlueCross, HSA Bank administers some health savings accounts (HSAs). HSA Bank is an independent company.

We will begin notifying affected groups of this change in July. HSA Bank will contact the groups directly beginning in August. Groups will have until January 1, 2012 to take the necessary steps. HSA Banks offers four ways to administer accounts:

• Employer Check -- Group submits a check and Employer Contribution Form to HSA Bank through the mail. This option involves no set up time.
• Group Online Contribution (GOC) -- Group makes contributions through HSA Bank’s secure, online portal. Group will need to submit an Employer Sign-up Form, GOC Form (with signed ACH Agreement), GOC Instructions and a voided check from its business account. Setup time for this option is five days)
• Automated Clearing House (ACH) Direct -- Group can use its current payroll provider to make employee contributions. Set up time depends on the payroll vender.
• Data File with Wire/ACH -- This option allows group to wire or use ACH contributions to employees’ HSAs. The contribution must be made with an Electronic Transaction File each time a contribution is made. The file is uploaded and tested prior to HSA Bank setting up a clearing account to accept these transactions. Set up for this option is three weeks.

We will be sending a flier and letter to groups.

If you have any questions, please contact your marketing representative.

View a printer-friendly version of this bulletin.