Highmark: Update to Spending Accounts

Upcoming change is expected to Highmark’s health savings account (HSA) custodian.  This change will also temporarily affect the other spending accounts; e.g., Health Reimbursement Arrangements (HRA), Flexible Spending Accounts (FSA), Dependent Care, Limited Purpose FSAs and Commuter Benefits.

Highmark’s spending account vendor, Acclaris, Inc., received regulatory approval to become a non-bank custodian and will be ending their Bank of America preferred custodian contract. A non-bank custodian is an organization that is not a bank, but is approved by the IRS to perform as a custodian by meeting certain requirements to handle HSAs.  As a result of this change, the HSA custodian will be changing from Bank of America to Acclaris, Inc.

A Pilot group of employers will be transitioned to Acclaris, Inc. in late August and these employers have been contacted regarding this change.  The remainder of employers will be transitioned in November and will receive communications prior to the transition date.


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