Author Topic: Payflex HSA  (Read 1538 times)

J'onn J'onzz

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Payflex HSA
« on: December 08, 2014, 11:05:45 AM »
My company was acquired by a larger company earlier this year and we are in the process of switching over all our benefit programs to the ones offered by the new company during the current open enrollment.

They are now offering an HDHP with HSA. The HSA administrator is Payflex and I was wondering if anyone here has had any experience with them? Their investment offerings look terrible but I am hoping I can open my own account with HSA Bank and transfer funds from Payflex to them. Does anyone know if Payflex allows HSA to HSA transfers? I have heard some place don't but I am not really sure how that works since I have never had an HSA before.


chucklesmcgee

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Re: Payflex HSA
« Reply #1 on: December 08, 2014, 09:55:46 PM »
No experience. Can say that HSA Bank is the way to go. Their fee-free level actually includes TD Ameritrade balances. You may even be able to signup and make contributions through HSA Bank directly, unless you company has some sort of HSA matching policy you want to take advantage of.

J'onn J'onzz

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Re: Payflex HSA
« Reply #2 on: December 09, 2014, 07:59:21 AM »
Thanks for the reply. HSA Bank was one of the ones I was looking at going with. My company does add $1200 for seed and wellness incentives so I do want to be able to get that and I am pretty sure that will only be deposited to my Payflex account.

I am pretty sure my company will only allow me to contribute via payroll deduction to that account also, I guess I should probably verify that with HR though. This the main reason I wanted to be able to transfer out, so I can use payroll deduction and not have to pay FICA on that $.