Do you have a Health Care FSA or HSA balance?
November 14, 2019
The administrator of your Flexible Spending Account (FSA) and/or Health Savings Account (HSA) will change from TASC to ConnectYourCare (CYC) effective January 1, 2020.
Communications regarding this change began in August 2019. To review these communications, key dates and frequently asked questions, go to the FSA & HSA – 2020 Vendor Change webpage.
Health Care FSA
Carry over: If you have funds in your Health Care FSA on December 31, 2019, that are eligible to carry over into 2020, these funds WILL carry over to CYC. However, the funds will not be available for you to use until May 1, 2020. Make sure you plan accordingly. On/after May 1, 2020, you may use your CYC payment card to access your FSA carry over funds.
Your TASC FSA payment card will be inactivated on December 31, 2019. After December 31, 2019, you will need to submit a Reimbursement Claim Form to TASC to request reimbursement for expenses incurred in 2019. You have until March 31, 2020 to submit your 2019 expenses to TASC.
Health Savings Account
Your TASC HSA payment card will be inactivated on February 3, 2020 if you electronically consent to transfer your HSA balance from TASC to CYC. Funds will be transferred between February 4, 2020 and February 29, 2020. Make sure you plan accordingly. You can expect to access your HSA balance transferred from TASC to CYC by March 1, 2020.
You may still use your TASC HSA payment card through February 2, 2020 even if you have completed the electronic consent.
Your TASC HSA payment card will remain active if you do not electronically authorize the transfer of your account from TASC to CYC by December 31, 2019. However, if you transfer your funds after December 31, 2019 or leave your funds with TASC, you may incur monthly administrative fees and an account closure fee. To avoid these fees, complete the electronic consent to transfer your balance from TASC to CYC no later than December 31, 2019. Transfers that occur after December 31, 2019 must be initiated by the employee directly with TASC.
Resources: Additional information may be found on the FSA & HSA – 2020 Vendor Change webpage.
Source: UW System Human Resources
Categories: Employee Reimbursement Account