Is the HSA opened for me automatically?

If you choose the HealthSavings CDHP option, you will automatically receive a welcome letter or email from Payflex.  In order to open your HSA, Payflex has to confirm your full name, address, birth date and social security number. This is required under Section 326 of the USA PATRIOT ACT. You may have heard of it as the Customer identification Process (CIP). Be sure to use the most accurate and current information when you enroll in your benefits. For example, use your legal name, not a nickname. Also, PayFlex will need your street address, not a P.O. Box. Once your identity is confirmed, you will receive a debit card from Payflex and can set up your account online or on your mobile app. If your information does not pass the CIP, Payflex will send you a letter requesting documentation needed to confirm your identity or address. They will send up to three letters to you and if you never respond, the HSA will be closed and any funds contributed by your employer will be returned to your employer.

State and higher education employees: The state’s contribution of $250 (single coverage) or $500 (family coverage) will be deposited into your HSA once it is set up. If your coverage effective date is after September 2, 2018, the state contribution for 2018 is not available.  However, if you stay enrolled in the CDHP into 2019 then you will receive the state contribution to your HSA in early January 2019.

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