Tips for a Great Start to the New Plan Year for your HSA and Benefit Accounts

Taking some simple steps at the beginning of each plan year can improve your experience with your HSA, HRA, FSA and/or LSA plan(s). In this article, we will review these steps and how they can set you up for success all year long.

Watch for communications from your administrator

At the beginning of each plan year, you can expect to receive communications from the administrator of your plan(s). These communications can include important information and materials you need:

• Enrollment confirmation – This notification confirms your enrollment in your chosen plan(s) for the new plan year.
• Portal login instructions – If your employer moved to a new administrator this year or you are enrolling for the first time, you will need to know how to access your participant portal so you can manage your account(s).
• Debit card – You may or may not receive a debit card at the beginning of the plan year:
  • If you are enrolling for the first time and a debit card is offered for one or more of your plans, a debit card will be sent to you. Debit cards are usually sent via mail in plain packaging to avoid having cards stolen. Be sure not to throw the card away!
  • If you are enrolling in the same plans as last year and with the same administrator, you likely won’t get a new debit card until your current card expires. Be sure not to destroy your card if it hasn’t expired!

Safeguard your account

Fraud is on the rise everywhere, and it affects every type of account, including HSAs, HRAs, FSAs and LSAs. While your administrator will have tools to prevent fraud, there are things you can do to further secure your account and reduce the likelihood of fraud. Best of all, you can usually do each of these things in your participant portal!

Create a secure username and password

If you are enrolling for the first time, the username and password to log into your account may be based on information the administrator has about you, and therefore, it may be very easy for someone to guess. Log in as soon as possible and create a new username and password for your account. Be sure the information is difficult to guess and is not the same password you use for other sites such as email, social media and/or bank accounts.

If you are an existing participant, consider resetting your password. Regular updates to your password will make it harder for people who are not authorized to guess thereby preventing them from accessing your account.

Review/update your personal information

Keep your contact information including your mailing address, personal email address and mobile phone number up to date with your administrator. This will ensure you receive future communications and materials as well as preventing them from being sent to someone other than you.

Use multifactor authentication

Have you visited a website that sends a code to your email or mobile phone when you log in to be sure it’s really you logging in? That’s multifactor authentication, and it’s a great way to prevent unauthorized access to your account. If your administrator offers multifactor authentication, be sure to enable it for your account and to provide your contact information so you can receive the code. 

Enable account notifications

Account notifications are a great way to manage your account, but they can also be a great way to detect possible fraud and prevent additional transactions. Here are some notifications you may choose to enable:

• Bank account activation – Tells you when a new external bank account has been added to your account or modified.
• Claim confirmation – Tells you when a claim has been approved and the reimbursement will be paid.
• Debit card mailed – Tells you when a debit card has been mailed. 
• Payment issued – Tells you when a payment has been initiated from your account.
• Switch to electronic communications

Update your notification preferences to choose electronic communications for all communications. This will keep your account safe by preventing sensitive information from being emailed or mailed. It’s better for you too. Electronic communications will reach you immediately so you can take action right away. Also, often there is a charge for printed and mailed communications that you can avoid by choosing to switch to electronic. And, best of all, it’s great for the environment, too!

Want more tips for keeping your accounts safe? Visit: www.AssociatedBank.com/security-center  

Prepare to pay expenses

Now that you have taken steps to safeguard your account from fraud, let’s get you ready to pay expenses or pay yourself back from your plan(s).

Review your plan elections

Confirm that you are enrolled in all the plans you elected during your enrollment period. It is also a good idea to return to the portal after your first pay period to confirm that the correct amount has been contributed to your account(s). Alert your Human Resources or Benefits Representative if you notice any issues.

Link your checking and/or savings account for quicker reimbursements

If you have a debit card for your plan, using your card will be the fastest way to pay an expense. However, there are some situations where you might not be able to use your card, or you might choose not to use your card. Examples:

• Your plan doesn’t allow a debit card.
• The provider you need to pay doesn’t accept debit cards.
• You prefer to pay using a credit card to get the rewards.

In these cases, you will need to pay the expense using another payment method and then pay yourself back from the funds in your plan(s). The fastest way to pay yourself back is using direct deposit from your plan to the checking or savings account of your choice. To avoid delays, set up your bank account in advance so it’s ready to go when you want to pay an expense.

Set up additional notifications

Earlier in this article, we discussed notifications that you can use to keep your account secure. Notifications are also a great way to manage your account. Some additional notifications you may wish to enable:

• Account statement – Lets you know when your new statement is available.
• Receipt reminders – Lets you know when an expense requires additional information for approval and payment.
• Plan year end notification – Lets you know when the deadline to submit eligible expenses is approaching.

Download the mobile app

If your administrator offers a mobile app, consider downloading to manage your account everywhere you go – check balances, take pictures of receipts, submit an expense and more!

Bonus tips for HSA participants

If you are enrolled in an HSA for the new plan year, there are a few additional steps we’d like to recommend.

Review/add beneficiaries

Unlike many other plan types, HSAs allow you to assign beneficiaries to receive the money from your account in the event of your passing. Be sure that the beneficiaries to your account reflect your current wishes. 

Consolidate your HSAs

Life is easier with one HSA! If you previously opened an HSA somewhere else, consider consolidating your accounts with your new administrator to increase your convenience, savings and earnings. Want to know how? Learn how to consolidate your Health Savings Accounts (HSAs) to maximize earnings, avoid unnecessary fees, and simplify your financial management.

Get ready for a great plan year

With a few easy and impactful steps, you can be ready for the new plan year. Make sure you’re set up for success.

If you have any questions about HSAs, or if you’re considering opening a new account, please call our Participant Services at 800-270-7719, schedule an appointment online or visit us at any of our Associated Bank locations.

Opening a new HSA doesn’t have to be difficult, and our team is here to help.