Transition of Alliant Health Savings Accounts (HSAs) to HealthEquity

Get the answers to some frequently asked questions below.

Who is HealthEquity?

HealthEquity was established in 2002 with an aim to transform health care and help Americans better save and spend their health care dollars and serves over 2.3 million Americans. To learn more about HealthEquity, visit www.healthequity.com/alliant/members/

Do I have to do anything to have my HSA transferred?

You are not required to take any actions for your account to be transferred to HealthEquity. You only need to take action if you choose to select a different HSA provider. 

When will my balance be moved?

Your HSA funds will be transferred on Thursday, November 9, 2017. Funds will be available in your new HealthEquity HSA account and available to use with your debit card beginning Friday, November 10, 2017. See the full timeline: www.healthequity.com/alliant/members/ 

Will I be charged a monthly maintenance fee on my new HSA?

No, HealthEquity has agreed to waive the monthly maintenance fee. 

Will my account history be transferred to HealthEquity?

Transactions completed after November 9, 2017 will be visible on the HealthEquity portal. If you wish to review transactions that occurred prior to November 9, 2017 you will be able to access your Alliant HSA statements online for 18 months as long as you remain a member of Alliant Credit Union. If you are no longer an Alliant member, you can receive your HSA account statements by calling Alliant at 800-328-1935.

Will my current Alliant HSA debit card stop working? When?

Yes. In order for HSA balances to be transferred, your current HSA card will be deactivated on Sunday, November 5, 2017. Your HealthEquity debit card will be mailed out the week of October 16, 2017.

How do I pay for medical expenses during the transition period (until funds are available on my new HealthEquity card or within my account)?

You can use an alternate form of payment and reimburse yourself at a later time through the HealthEquity Member Portal.

Will I get a new debit card? When?

Yes. A HealthEquity® Visa® Health Account Card will arrive in the account holder’s name by early November. You will receive a welcome letter initially and then a welcome kit with your new debit card. Please note: once you receive your new debit card, you can order additional debit cards free of charge for your authorized signers through the HealthEquity portal.

Does the card work the same as my old one?

No, there are slight differences between the Alliant card and the HealthEquity card. Cards cannot be used at ATMs, and will typically only work at appropriate medical facilities. Members can pay themselves back through the online portal with a transfer to their bank account, or they may request a check be mailed to them ($2 fee for this). You can learn more about the new HealthEquity card on their website, or by calling 844-281-0928 (24/7). 

Can I withdraw funds at an ATM?

No, however, HealthEquity offers free online reimbursements for medical expenses paid out of pocket into your personal checking/savings account. You can learn more about the new HealthEquity card on their website or by calling 844-281-0928 (24/7).

Will I receive a checkbook?

No. HealthEquity offers free online bill pay through the HealthEquity Member Portal. 

When can I start to contribute to my HealthEquity HSA account?

You can start contributing on October 16, 2017. However, any contributions previously made to your Alliant HSA account should be considered so you do not exceed your annual IRS contribution limits. To view your Alliant HSA account information, visit Alliant Online Banking and under your ‘Health Savings Account,’ select ‘Options’ then ‘Account Details’ to view your ‘Contributions Year-To-Date’ and ‘Allowable Contribution This Year’. See the full timeline: www.healthequity.com/alliant/members/ 

Who will provide my tax forms for 2017?

You should expect to receive 2017 tax forms from HealthEquity. You will receive both 1099-SA and 5498-SA forms. 

Will I be charged for paper statements?

There will be no fees for paper statements for the first three months after the transition. After the initial three month period, you will be charged a $1 monthly fee if you choose not to elect electronic statements. 

Am I still a member of Alliant Credit Union?

Yes, you are still a member of Alliant Credit Union and are eligible to apply for additional products (checking accounts, credit cards, loans, mortgages). Only your HSA product will be transitioned from Alliant to HealthEquity.

How can I earn dividends?

There are 3 ways to earn money on the account: 

  • Regular savings rates: tiered accounts earning standard rates for HSAs. This is a liquid savings account.
  • Yield Plus: Annuity product that provides higher rates and is tiered. Members can keep funds and still use with the debit card as it’s liquid. 
  • Investments: Members can invest in up to 22 different Vanguard funds. Must keep a minimum of $1000 in the savings plan to use. The debit card cannot be used against the money in the investments. Members would have to liquidate those funds before spending them.
What is the minimum balance to begin investing?

Account holders must maintain a minimum cash balance of $1,000 in their HSA before they can begin investing, the same as today.

What is the cost for investing?

HealthEquity offers the Investor Choice fund lineup of low cost mutual funds with fees much lower than HSA industry averages. You may learn more about the HealthEquity Investment fees by visiting their portal or by calling 844-281-0928 (24/7).

Who do I contact with questions?

HealthEquity is available at 844-281-0928 (24/7) and can help you through the transfer. HealthEquity can help you access your account, log onto your personalized member portal and answer debit card or general account questions. 

What happens to investment accounts? Are they liquidated?

Alliant Credit Union HSA account holders with investments will be instructed to liquidate their investments no later than October 24, 2017. In the event an investment account holder does not liquidate their investments prior to the liquidation date, their investments will be liquidated and transferred as cash to their new HealthEquity HSA at conversion.

What investment options are available to members?

HealthEquity offers investment options through a portfolio of Vanguard mutual funds and has been widely recognized as a leading provider of investment options for Health Savings Accounts. You may learn more about the HealthEquity Investment options by visiting their portal or by calling 844-281-0928 (24/7).

What if I don’t want my HSA transferred to HealthEquity?

If you do not want your HSA automatically switched to HealthEquity, you may liquidate your account and move your HSA funds to an HSA custodian of your choice by November 3, 2017, using one the following options:

  • Option 1: Request a complete distribution of your HSA funds by completing the HSA withdrawal form. In this case, the funds will be distributed to you and you will be responsible for depositing the funds with your new HSA custodian within 60 days. There may be tax implications. Consult with a tax advisor prior to exercising this distribution method.
  • Option 2: Provide us with a signed  transfer request from the new custodian or trustee to directly transfer your HSA. The request must be submitted on the new custodian’s HSA transfer form. Please send the transfer request to: Alliant Credit Union, c/o HSA Transition, P.O Box 66945, 11545 W. Touhy Avenue, Chicago, IL  60666-0945 or fax to 773-462-8735