Aetna changing to Bank of America to Administer Health Savings Accounts for Individual and Family Plans
Effective October 1st, Bank of America will administer Health Savings Accounts (HSA) for HSA-compatible Aetna Advantage Plans for Individuals, Families and the Self-Employed. There is no change to Aetna’s HSA-compatible AARP® Essential Premier Health Insurance Plans at this time.
HSAs are currently administered by JPMorgan Chase Bank. Existing members who currently have an HSA with JPMorgan will not be impacted by this change.
Through Bank of America, HSAs will automatically be set up for new members who enroll in an HSA-compatible plan effective on or after October 1st. If no action is taken on the HSA, it will automatically close after 90 days.
The new HSA website will be co-branded with Aetna and Bank of America logos and will provide more tools to help members manage and modify their account online. For example, members can issue payments to providers using an online bill-pay option. They can also set up automatic money transfers to their HSA from their checking or savings account. As another perk, members can view their cash and investment accounts on a single integrated statement.
How are Members Impacted?
- There is no impact to existing members who currently have an HSA with JPMorgan.
- For new members who enroll in an HSA-compatible plan effective on or after October 1st, an HSA will automatically be set up for them. Members will receive a debit card and a welcome package with information to get them started.
- New members can opt out of the HSA by calling Bank of America– or if they take no action, the account will automatically close after 90 days.
- New members will not be able to link to their Bank of America HSA from Aetna Navigator; however, there will still be a link to the JPMorgan website for existing members. Members must save the website link www.benefitsolutions.bankofamerica.com that’s provided in their welcome packet.
- Member customer service is provided by Bank of America from 8:00-11:00 PM EST. The dedicated phone number for Aetna HSA members is 1-866-791-0250; TTY is 1-866-867-0701.