Health Savings Account (HSA) For those enrolled in Option 3 and ...
Health Savings Account (HSA) ? For those enrolled in Option 3 and impacted by an administrator change in 2022
Did my preferred HSA administrator change for 2022?
With the transition to a new plan administrator, your HSA administrator may change. See the list below:
Medical administrator Aetna Credence BlueCross BlueShield UnitedHealthcare (UHC)
HSA administrator PayFlex BenefitWallet Optum Bank
Web site
Phone # 1-888-678-8242 1-866-274-8494 1-800-791-9361
If my medical administrators preferred HSA administrator changed, what are my options?
? If you continue to be enrolled in Option 3 and chose to open a new HSA, it will be through the new HSA administrator; you may make GE payroll deducted contributions to this account. You will receive a new HSA debit card.
? If you have an existing HSA, you may either transfer your HSA balance (if any) to your new HSA administrator or keep it with the existing HSA administrator: o If you wish to transfer your balance to the new HSA administrator, complete the new administrator's rollover/transfer forms. You would then need to provide the completed forms to the existing HSA administrator, who will then process your forms and initiate your rollover transfer. o You may still pay for eligible expenses from, and contribute on your own (i.e., not through GE payroll) to your existing HSA (if you remain enrolled in Option 3), subject to annual dollar limits. o If you wish to make contributions to an HSA through GE payroll deduction, you must open a new HSA with the new HSA administrator. Contributions to your existing HSA will not be made through GE payroll deductions. Contact the new HSA administrator to learn more.
How do I contribute funds through payroll deductions to an HSA with the new administrator?
If you haven't already made an election to contribute to an HSA during Annual Enrollment, you can do so at any time on OneHR > Enrollment > Make Benefit Changes Now and select Health Savings Account. You will receive a new HSA debit card, once the account has been opened. You will be prompted to acknowledge the HSA administrator's Bank Disclosure and Fee Schedule.
What if I don't wish to open an HSA with the new administrator?
You do not need to open an HSA. You can open the HSA account at any time during the year if you elect to contribute through payroll deductions. You can always open an HSA independently but would not be able to contribute to it through payroll deductions; also keep in mind you should not exceed annual IRS contribution limits.
What happens if I keep my existing account with the current HSA administrator?
You may still pay for eligible expenses from, and contribute on your own (i.e., not through GE payroll) to your existing HSA (if you remain enrolled in Option 3), subject to annual dollar limits.
Should you choose not to transfer to the new partner HSA administrator, GE has secured agreements to allow you to maintain any accumulated HSA balances with the prior administrator at no cost for some or all of 2022 (fee "grace periods" for GE members are as follows; PayFlex through June 30, 2022 and Optum Bank through December 31, 2022), if you were impacted by an administrator change effective January 1, 2022. You may wish to contact the prior HSA administrator to learn more about any applicable individual account holder fees that may be applicable after the noted fee grace period. Also, it's important to note that if you choose not to open an account with the new HSA administrator, any future contributions you choose to make to your existing account will not be made by GE via payroll deduction. Please contact your prior HSA administrator to learn how you can make future contributions to that account.
What if I want to rollover funds from my existing HSA administrator into my new HSA administrator?
If you wish to move your existing HSA, complete the new administrator's rollover/transfer forms after January 1, 2022. You would then need to provide the completed forms to the existing HSA administrator, who will then process your forms and initiate your rollover transfer.
Rollover forms, including instructions, are available below. If you have any additional questions, please contact the HSA administrator.
GE has secured agreements from all claims administrators to allow you to transfer any accumulated HSA balances to the new partner bank of your medical claims administrator at no cost for some or all of 2022 (PayFlex through June 30, 2022 and Optum Bank through December 31, 2022), if you were impacted by an administrator change effective January 1, 2022.
Transferring funds to the following HSA Administrator PayFlex BenefitWallet Optum Bank
Transfer to forms
Click here Click here Click here
Fee schedules
Click here Click here Click here
If you are transferring from one of the administrators below, send your completed forms to the administrator at the address below:
Transferring funds from the following HSA Administrator PayFlex
Optum Bank
Address
PayFlex Systems USA, Inc HSA Operations P.O. Box 3317 Carol Stream, IL 60132-3317 Outbound Rollover Optum Bank P.O. Box 271629 Salt Lake City, UT 84127-1629
Fax number 402-943-1567
855-244-5016
What if I want to rollover my account and I have HSA dollars in investments (e.g., mutual funds) with my current HSA administrator?
Any investment funds would need to be liquidated prior to requesting a rollover transfer to the new HSA administrator. You can initiate this transaction on your HSA administrator's web site, or by contacting them.
General Electric Company reserves the right to terminate, amend, suspend, replace or modify its benefit plans and programs at any time and for any reason, in its sole discretion. No individual has a vested right to any benefit under a GE welfare benefit plan or program.
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