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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The information provided is for informational purposes only and does not constitute legal advice. The information above contains only a summary of the applicable legal provisions and does not purport to cover every aspect of any particular law, regulation or requirement. Depending on the specific facts of any situation, there may be additional or different requirements. This is to be used only as a guide and not as a definitive description of your compliance obligations.