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No. To be eligible to open and contribute to an HSA, Participants must be covered under a qualified high deductible health plan (HDHP). However, you do not have to offer HDHPs to offer HSAs. Fundamentally, HSAs are savings and investment accounts, and Participants need financial expertise regarding their investment and retirement healthcare planning.
FPS Trust is our custodian. FPS Trust is a forward-thinking, nimble financial processing company with experience in the retirement planning industry. FPS Trust’s experience complements our long-term focus on maximizing HSAs as part of a comprehensive retirement planning strategy. We also share common ownership and recordkeeping platforms with FPS Trust, which means our companies are fully integrated. Learn more at fpsgroupllc.com.
We use a cloud-based custodial, trust, trading and administrative platform that links to the NSCC via Matrix/Broadridge and completely automates account opening and transaction activity. Because of this, we’re able to offer custom fund line ups with any of the more than 25,000 funds available for trading on Matrix.
For individual wealth management clients, the Advisor must set up the HSA Program for their Participants and Plan Sponsor administrators must do the same for their Participants. After the accounts are opened, each Participant or individual wealth management client should complete and submit our Transfer Request Form or Rollover Request Form located at https://HSA-xChange.com/Forms/. This will initiate the transfer/rollover from the other HSA custodian to HSA xChange. Please allow 4-6 weeks for processing transfers and rollovers.
Plan Sponsors can manage a variety of administrative functions online, including:
If Participants have a cash account, an electronic statement will be posted to their online account each month.
If Participants have investments, statements will be sent quarterly according to their preferences (paper or electronic).
If Participants have both cash and investments, they will receive both electronic monthly statements and quarterly statements according to their preferences (paper or electronic).
All statements will be sent or posted within one month following the end of the month and/or quarter.
The statement provides a summary of all activity, including but not limited to:
Participants receive IRS Form 1099-SA (reporting HSA withdrawals) at the end of January and Form 5498-SA (reporting HSA contributions) at the end of May. We keep an updated list of important HSA-related dates on our website.
Since the HSA belongs to the individual, the account must remain with the Participant. As long as the individual continues coverage under an HSA-qualified health plan, they may continue to contribute to the HSA. If the Participant enrolls in a non-HSA-qualified health plan, they are no longer eligible to contribute to the HSA; however, they may continue to use the funds to pay for qualified healthcare expenses.
Our advisor portal allows advisors to manage their clients’ investments, including employer groups as well as individual investors. Our Limited Trading Authority option allows the advisor to make allocation and election changes, transitioning participants from saving to spending to investing as their medical and financial needs change over time.
One advisor may be linked to an employer plan or individual client. This is done through our Plan Establishment Guide (PEG) for employer groups and Appointment of Financial Professional Form (AFP) for individual clients.
No. Limited Trading Authority authorizes one advisor the power to view and act on behalf of a participant, and this can’t be granted to other advisors without prior authorization from the accountholder.
We send two statements each quarter. One statement is a firm overview reflecting how the plans and product (if applicable) are producing. This is sent to the primary firm advisor(s). The second statement goes to the individual advisor providing data on each of his/her plan’s performance.
We work with both employer groups and individual clients. You are able to collect an advisory fee on both if you choose to do so.
No transaction fees are applied when making investment changes.
Once your client(s) have fully enrolled and we’ve received the appropriate documentation (our Appointment of Financial Professional Form), you will receive an email notification informing you that you now have access to view your client’s information. Please allow 2-3 business days for processing once the signed documents have been received.
Yes. Advisors can charge a wrap fee, charge a per account fee or they can add a fee to their management fee for overseeing the retirement plan. We are able to collect the wrap fee or the per account fee on behalf of an advisor, but the additional management fee would be collected by the advisor.
Yes. Advisor-related fees are initially noted for Plan Sponsors on our Plan Set Up Form and for individual Participants on our Appointment of Financial Professional (Broker of Record) Form. When fees are assessed, they appear on Participants’ quarterly statements and online in their Member Portal. Our website also contains links to Morningstar, where Participants can view fees, expenses and other information about the funds.
Yes. Participants can have as many HSAs as they want if they do not exceed the IRS annual contribution limits. Plan Sponsors and individual Participants that already have HSAs often open HSAs with us to gain access to our first dollar investment options. Participants then transfer funds from one HSA to the other to invest their funds.
Yes. Simply complete, sign and submit our Appointment of Financial Professional (Broker of Record) Form, and we’ll take care of the rest. Please allow up to 10 business days for processing your request.
No. The Appointment of Financial Professional (Broker of Record) Form enables an individual Participant to allow an Advisor access to his/her account for the purpose of providing personalized financial advice. Plan Sponsors may offer employees the Advisor’s HSA and allow them to self-direct investments without obtaining personalized advice from the Advisor. Therefore, the Advisor does not need to collect Appointment of Financial Professional (Broker of Record) Forms for every individual Participant employed by the Plan Sponsor.
Each employer you onboard will be assigned a dedicated Account Manager. They’ll provide each plan administrator with their direct contact information, as well as a general customer service number and email address.