UNIVERSITY PARK, Pa. — Effective Wednesday, Jan. 1, 2020, HealthEquity is lowering and capping the monthly administrative and adviser fees associated with the investment of Health Savings Account (HSA) funds.
Investment administrative fees will be reduced from 0.033% per month to 0.03% on the average daily invested balance with a $10.00 monthly fee cap, whereas there is no monthly cap currently. Adviser fees will be reduced from 0.08% per month to 0.05% on the average daily invested balance with a $15.00 monthly fee cap, whereas there is no monthly cap currently.
Additionally, HealthEquity is improving the investment experience by:
- Improving the process for portfolio management, performance monitoring, and trading.
- Providing real-time, on-screen guidance to help employees better navigate the investment platform.
- Sharing new investment calculators, relevant blog posts, and other helpful HSA investment information for reference.
For employees who have enrolled in the PPO Savings Plan, an HSA is automatically opened on their behalf. Once the balance of the account reaches $1,000, employees can invest any amount over $1,000 in a variety of low-cost mutual fund options.
Employees considering investing their HSA, should visit the HealthEquity website or call at 1-866-346-5800 for more information or to enroll.
Employees can change their HSA contribution at any time by visiting WorkLion and logging into Workday.