Small Group News
Published October 26, 2020
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 provides an improved user experience for Premera Blue Cross Blue Shield of Alaska members. Currently, HSAs are serviced by UMB Bank as the custodian and ConnectYourCare as the administrator. With the new HSA solution, ConnectYourCare 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 that offers a more comprehensive and streamlined level of service and support.
In addition, a ConnectYourCare HSA offers members:
- 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? More details about the switch are available on the CYC HSA resource page. You may also contact your Premera representative for more information.
What do my group clients have to do?
The switch is automatic for your existing groups but the benefit administrators need to provide an updated ACH funding authorization form to Premera. They also need to notify their bank of the Company ID code change.
If a member 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 all impacted participants as well as post a message online during the week of November 9, 2020, detailing the changes and actions needed by each account holder.
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 Premera account representative for more information.