Your HSA and FSA are moving!

Benefit Savings Account Transition to Fidelity


Effective January 1, 2023, Fidelity is UVA's administrator for Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA).

Employees who elected an HSA or FSA for 2023 were mailed a new Fidelity card. If you have not received your card yet, please contact Fidelity by calling 800.343.0860.

Transferring Existing HSA Funds to Fidelity? Here Are Next Steps

Employees who are currently in the Basic Health plan option and have an HSA balance with Chard Snyder had a one-time opportunity to transfer their 2022 HSA balance from Chard Snyder to Fidelity as part of a bulk transfer. The bulk transfer will take place from February 12 to March 2, 2023.  While you will have access to the funds in your Chard Snyder account up until the transfer begins, it is advised that you not use your Chard Snyder Benny card after February 10

During the bulk transfer, you will not have access to your Chard Snyder account balance. You will have access to your new 2023 HSA funds through Fidelity, and these funds can be accessed through either using the Fidelity NetBenefits Access Card or self-reimbursement. Employer HSA contributions are in place for employees paid bi-weekly and will be in place for employees paid monthly following the February 1 payslip. 

If you elected to participate in the UVA bulk transfer, your transferred 2022 HSA balances will be seen in your Fidelity 2023 HSA account on March 3. The transferred funds will be in a savings account. Employees may choose to leave the funds in the savings account or re-invest the funds in any security available on the Fidelity platform. There is no minimum to move your savings balance into Fidelity investments within your HSA, should you choose to do so. To learn more about your HSA investment options with Fidelity, visit these websites (both offer you filter criteria for which funds to view):

See a summary of the timeline below for the transfer of Chard Snyder HSA funds to Fidelity:

Jan. 6-Feb. 1

HSA 2023 employer contribution arrives in your Fidelity account 3-4 days after your first payslip of 2023. You can use your Fidelity NetBenefits Access card. You can also continue to use your Chard Snyder Benny card remaining funds until Feb. 10.

Feb. 10

Don't use your Chard Snyder Benny card past this date.

Feb. 13-Mar. 2

Your 2022 Chard Snyder HSA account funds will transfer over to Fidelity if you opted into the bulk transfer (blackout period).  You cannot access your Chard Snyder account balance during this time but you can access your 2023 HSA employer contribution in your Fidelity account.

Mar. 3

Your Fidelity HSA will now include your transferred Chard Snyder HSA funds in a cash account. There is no minimum to move them into Fidelity investments within your HSA.

Not Transferring Your Existing HSA Funds to Fidelity?

Employees who did not elect to transfer their existing HSA balance from Chard Snyder will be charged a $4 monthly service fee by Chard Snyder beginning April 2023.  You can do an individual transfer of funds from Chard Snyder to Fidelity at any point in the future but will be charged a $20 transfer fee by Chard Snyder. Contact Fidelity for more information and instructions.

Employees who have a remaining balance in a 2022 FSA should continue to use their Chard Benny card or file claims with Chard Snyder to spend the balance through the grace period, which ends on March 15.

Resources

Videos:

HSA Eligible Expenses

Learn More

Getting the Most From Your Health Savings Account

Learn More

Tips to Save Money on Healthcare Costs

Learn More

FAQs - Transferring my HSA from Chard Snyder to Fidelity

  • Why is UVA moving from Chard Snyder to Fidelity for administration of the HSAs and FSAs?

    A high quality benefits experience is important.  UVA HR made the decision to switch to Fidelity for 3 primary reasons:

    1. Fidelity is an industry leader in the HSA and FSA industry, ranking #3 nationally in terms of market share.  
    2. Many UVA employees currently invest with Fidelity, thus allowing familiar platform integration with current Fidelity retirement accounts. 
    3. Reduced fees. Fidelity does not charge account transaction fees, whereas Chard Snyder charged .25% custodian and load fees.
    4. Simplicity for those with HSAs and FSAs – employees can have HSA and Dependent Daycare Reimbursement Account FSA balances on a single card.
    5. Wider range of investment choices, with no minimum to invest.
    6. Other benefits: You'll have new health savings funds to consider and tools to help auto-invest contributions, helping you accumulate wealth faster. You’ll also have access to targeted education based on industry-leading research, market insights, and analysis of data from millions of account holders, which helps you drive your health and financial wellness outcomes.
  • Do I have to move my 2022 HSA funds over to Fidelity?

    No. You can leave your HSA funds with Chard Snyder but will be subject to a $4 monthly service fee beginning in April 2023.

  • If I don’t participate in the bulk transfer, can I transfer my Chard Snyder HSA funds to Fidelity at a later date?

    Yes. You can do an individual transfer of funds from Chard Snyder to Fidelity at any point in the future; contact Fidelity for more information and instructions. However, you will be charged a $20 transfer fee by Chard Snyder.  While your funds remain with Chard Snyder, you will be subject to a $4 monthly service fee beginning in April 2023. 

  • Is it possible for me to keep my Chard Snyder HSA account balance when my 2023 contributions are being sent to Fidelity?

    Yes. There's no limit on how many HSAs you can have. As far as the IRS is concerned, the only limit is how much money you can contribute to your HSAs each year. While your funds remain with Chard Snyder, you will be subject to a $4 monthly service fee beginning in April 2023.

  • How will HSA funds I currently have invested with Chard Snyder be handled if I participate in the bulk transfer?

    Any funds currently invested would be converted to a cash account when the transfer takes place beginning February 12. Employees can make new investment elections with Fidelity beginning March 3. 

FAQs - Receiving and Using my Fidelity Benefit Card

FAQs - Accessing my HSA Account and Funds Through Fidelity

  • If I transfer funds from Chard Snyder to Fidelity, will there ever be a time when I do not have access to my funds? 

    If you participate in the bulk transfer, you will not have access to your 2022 HSA accounts from February 12 to March 2, 2023.  If you need to pay a claim that exceeds your available funds in Fidelity during this period, you can either wait to pay any balance until after the funds are available on March 3 or pay out of pocket and reimburse yourself from your HSA on or after March 3. 

    You will continue to have access to your 2023 HSA funds through Fidelity either through using the NetBenefits Access Card or self-reimbursement.

  • What is Simple Account Opening Failure?

    During Open Enrollment, you elected the Basic Health plan option with HSA, and by signing and submitting the HSA Terms & Conditions authorization form, participated in the "Simple Account Opening" process to facilitate opening a new HSA account with Fidelity. If you received a message from Fidelity indicating that your Simple Account Opening failed or is restricted, here are the most common reasons an account fails to open via Simple Account Opening, or is opened and restricted:

    • Name or Date of Birth doesn’t match what is already on file for the participant with Fidelity. (Common causes here are changes due to marriage & divorce or nicknames in place of a full legal first name)
    • Legal Address – A valid U.S. residential address is required. (PO Box cannot be accepted)
    • Legal Name Issue – The full legal first and last name for the participant must be used. (Fidelity cannot accept initials for a first name)
    • Valid SSN or TIN
    • U.S. Tax resident – You must have a U.S. address and be a U.S. tax resident to open the account.
    • Fail CIP review – Fidelity attempts to validate the preceding required information as part of their Customer Identification Program. If they are unable to verify the accuracy of the information or see a conflict, the account is restricted.

    Anytime the account cannot be opened, or is opened and restricted, you will receive a notification. Email is the preferred contact method, but in some circumstances a letter will be sent regular mail. Depending on what the issue is, you will be given specific next steps to resolve the issue or will be asked to call into the Fidelity Service Team for additional assistance.

  • Can I self-reimburse medical expenses incurred before the Fidelity HSA account opening?

    2022 HSA participants who had a medical expense prior to the Fidelity account opening can reimburse themselves from their Fidelity HSA as funds become available in 2023.
     
    You will have access to your 2023 HSA funds through Fidelity either through using the NetBenefits Access Card or by self-reimbursement. You will have access to your 2023 HSA funds 4 to 5 business days after you receive your first paycheck of the year.
     
    If you participate in the Fidelity HSA bulk transfer, you will not have access to your 2022 HSA accounts from February 12 to March 2, 2023.  If you need to pay a claim that exceeds your available 2023 funds in Fidelity during this period, you can either wait to pay any balance until after the funds are available on March 3, or pay out of pocket and reimburse yourself from your HSA on or after March 3. 

    For information about spending 2022 FSA funds, please see the FAQ below, "Will I still have a grace period to spend funds remaining in my 2022 Healthcare FSA, Limited FSA or Dependent Care Account?"

FAQs - Spending Funds and Accessing Documents through Chard Snyder

FAQs - Eligibility

  • Who was eligible for the bulk transfer?

    Who was eligible for the bulk transfer?

    • You enrolled in Basic Health for 2023 and have a current balance greater than $0.00 in your 2022 Chard Snyder HSA
    • You signed the Terms & Conditions form in Workday during Open Enrollment to set up an HSA with Fidelity, and successfully activated your account
    • You signed the E-Consent form after November 29, 2022, authorizing Fidelity to move your HSA balance from Chard Snyder to Fidelity

    Who was not eligible?

    • You did not enroll in the Basic Health plan option for 2023
    • You did not elect to participate in the UVA bulk transfer using the electronic consent form by January 13
    • You did not activate your 2023 Health Savings Account with Fidelity in time for the transfer
    • You were newly enrolled in the Basic Health plan option for 2023 but did not spend down the account balance of your 2022 Healthcare Flexible Spending Account by December 31

FAQs - Setting up my new account with Fidelity