Benefit Savings Account Transition to Fidelity

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.

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

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. 

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.

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. 

Yes. Employees who elected an HSA or FSA for 2023 should be mailed a new Fidelity NetBenefits Access Card by the end of the year.

If you have both a Health Savings Account (HSA) and Limited Purpose Flexible Spending Account (LPFSA), this one NetBenefits Access Card will draw from either of your accounts. 

If you have concerns about not receiving your card, please contact Fidelity for more information by calling 800.343.0860.

To replace your card or order additional cards, visit the Fidelity HSA Debit Card webpage after logging in.

Employees who elected a Healthcare FSA or Limited FSA for Dental/Vision will have access to their funds on January 1, 2023. Employees who are in the Basic Plan will have access to their funds 4 to 5 business after they receive their first paycheck of the year. 

If you have both an HSA and LPFSA, this one NetBenefits Access Card will draw from either of your accounts, and it automatically decides which account to draw from based on the purchase. For a specific example, click here.

Your Fidelity HSA is a brokerage account and the funds can be invested in any security available on the Fidelity platform (individual stocks and bonds, Exchange-Traded Funds (ETFs), mutual funds, etc.).To learn more about your HSA investment options with Fidelity, visit these websites (both offer you filter criteria for which funds to view):

• Fidelity Mutual Fund Screener   
• Fidelity ETF Screener 

Your 2023 HSA employer contribution will show up in your Fidelity account 4 to 5 business days after you receive your first paycheck in January.  Please pay attention to emails you receive from Fidelity as sometimes additional information may be necessary to open your HSA.

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.

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.

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?"

Yes. Employees with a balance in their 2022 FSA will have until March 15, 2023 to spend 2022 funds. Chard Snyder will remain the vendor for 2022 FSAs and Chard Snyder Benny Cards will remain active until the grace period ends. If you enrolled in the Basic Plan for 2023, your Healthcare FSA must have a $0 balance by December 31, 2022 in order to receive your HSA employer contribution in January.

For information about spending 2022 HSA funds, please see the FAQ above, "Can I self-reimburse medical expenses incurred before the Fidelity HSA account opening?"

Yes, you will continue to have access to your Chard Snyder account.

Chard Snyder Member Services

Tel: 888.302.9805

Website: Account Login

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

The following address can be used:
 
1001 Emmet Street N.
Charlottesville, VA 22903