Transcript Platform Transformation Overview

Spending Accounts
Overview & Conversion
The Next Generation of
Spending Accounts
Our new spending account products are closely
integrated with our medical products and services.
They provide plan design flexibility and ease-ofuse to employers while making it easier for
members to manage their benefits and make
informed decisions.
Product Features
A robust set of capabilities that make it easier for members
and employers to optimize spending account usage.
Employer Enhancements
• Streamlined enrollment
• New online capabilities, including robust
online reporting
• Convenient ways to fund accounts
• Simplified billing
• Consolidated plan activity statement
Employer Portal Access
• Enhanced portal available at plan renewal
– Gateway to spending account reporting, billing, and group administration
• Spending accounts require additional access permissions to access portal
– Portal of most value for HRA, FSA, and HSA with employer contributions
– Information provided in second employer mailing
– Forms will also be available in ROAM
• Broker can have access to spending accounts with appropriate approvals
Employer Portal
The employer portal offers a direct view
into spending account elections,
accounts details, status, and reports.
Reporting
Reports tab provides quick access
to your Spending Account reports.
New reports include:
• Benefit summary report
• Participant deduction details report
• Group payment summary report
• Participant payment details report
• Payment register report
Member Enhancements
• Spending accounts are integrated into
the member portal
• Pay-the-provider feature
• Rapid claim submission and reimbursement
• Content-rich plan activity statement
• Integrated feature-rich HSA from Bank of
America with no monthly member fee
Spending Accounts
Spending
accounts
incorporated
into the
member portal.
Plan Activity Statement Consolidates
Information
Information on EOBs, claims, spending
accounts, and payments are consolidated
in the Plan Activity Statement, a single,
user-friendly statement.
The Bank of America HSA
•
•
•
•
Integrates into member portal
Integrated customer support
No monthly member fee
Investments available once $500 accrued
Conversions
Transition processes for existing customers to
our new spending account solutions
Spending Account Conversions
• Spending Account conversions align with
the broader migration initiative.
• If spending accounts require additional
steps, there are specific communications
that will occur to employers
and members.
Conversion of Existing FSA / HRA
Customers
• The employer controls the spending account funding
and design. The conversion of accounts and
services aligns with the medical migration.
• Spending account conversions are part of open
enrollment meetings with IBC.
• IBC has communications materials and/or content to
facilitate the migration.
Conversion of HSA Customers
Changes that will occur with Bancorp and existing HSAs
The HSA accounts and any balances at Bancorp will continue to be available.
– Members can continue to use their HSA account and any
investment accounts.
– Customers can opt to work directly with Bancorp on
accounts/contributions.
Bancorp HSAs are not part of the new, integrated experience.
– IBC will no longer send member enrollments to Bancorp (manual or EDI)
– IBC and Bancorp will no longer reconcile accounts
Conversion of HSA Customers
What steps will be taken with Bank of America?
• By default, the decision to open an HSA account is member driven.
• At plan renewal, members will have a link they can click to initiate
account opening at Bank of America.
– Link is not available before plan renewal.
• After opening, members receive a welcome kit and an HSA debit card.
– Cycle takes 2-3 weeks, depending on how quickly the member acts.
• Customers on the “exclude” list will not be included in the HSA
conversion process.
Conversion of HSA Customers
Employers making contributions to the HSA (employer or payroll)
• Employers who do not make contributions will not be impacted.
• Employers begin making contributions once accounts are open.
• The Employer Portal is the gateway to all employer activity.
• Employers will have the option of automatic or file-fed contributions.
– There is a dedicated HSA contribution team available for support.
• Online reporting allows the employer to see the status of member
accounts.
HSA Communications
IBC outreach will keep employers and members informed
• HSA-specific mailings to customers and members currently in a QHDHP and with
Bancorp HSA.
• Customer outreach
– Before purchasing a medical plan: A letter and FAQ that explains the options and
processes and advises that there will be outreach to members.
– Post plan purchase: As appropriate, communication with detailed instructions
how to make employer contributions. Will also include information on
portal access.
• Member outreach
– Post QHDHP election: Information about HSA options, how to open a Bank of
America HSA, and information on how to consolidate HSA funds.
• Producing agents will be informed through e-bulletins.
HSA Conversion Timeline
Oct
Nov
10/25
11/1
Dec
11/15
11/29
12/6
Jan
12/13
12/20
12/27
1/1
1/15
1/29
Customer Communications
First Employer
Letter & FAQs
Member Communications
Second Employer Letter:
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•
•
•
Checklist
Service agreement
Portal access information
Link to Contribution and
Reporting Guides
Member
Notification
Letter
Employer Portal Access Employer Contributions
Member Portal Access
Members begin
opening HSAs
HSAs open
Spending Account Considerations
For successful rollout of spending accounts
Open Enrollment during Conversion
Size of
Group
Setup Options
Spending Accounts Options
2-50
• Paper application
• Through ROAM
HRA Based on medical election
HSA Member elects after plan renewal after
enrolling in QHDHP
51-99
• Paper application
• Spreadsheet*
• Through ROAM
HRA Based on medical election
HSA Member elects after plan renewal after
enrolling in QHDHP
100+
• EDI
• Paper application
• Spreadsheet*
HRA Based on medical election
HSA Work with IBC representative
FSA Work with IBC representative
21
Spending Account Setup Timeline
RENEWAL
Jan. 1, 2014
# of Business Days
to Process
Drop Dead Date to
Receive/Start
Group
12-18
Nov. 18, 2013
Enrollment
3-5
Dec. 11, 2013
HSA Opening
3-5
Dec. 16, 2013
Debit Card
7-10
Dec. 26, 2013
45 days
Jan. 1, 2014
Information Needed for Setup
INFO NEEDED
& RECEIVED
NO LATER
THAN
Provided
by Client
Other
Setup
TOTAL LEAD TIME
•
Timing varies by product and options
•
Debit card in hand for plan renewal date requires the greatest lead time
Spending Account Invoicing Is
Through e-Bill
• Employers must have access to e-bill.
• Two types of invoices:
– Administrative services invoice
Simple,
customizable
and easy
payment
process
• Monthly invoice based on
participation*
– Funding invoice
• Weekly invoice to cover claims IBC
has paid
• Only for HRA and FSA
Pay bills online
(one-time,
automatic,
recurring)
View invoice
summaries
online
Payment
with eBill
Summary and
detail-level
reports
* Does not apply for HRA/HSAs in the 2-50 market
Enhanced
notification
system
Spending Account Fees
• Fees are Per Account Per Month (PAPM)
Group Size
Single Account
- FSAs Only available for groups of 100+
2 - 49
HRA or HSA fee
included
- FSA (health and/or dependent care)
Count as one account combined
51 - 249
$3.95
250 - 499
$3.85
• Set up or Renewal Fee - No Charge
500 - 999
$3.65
• Monthly Minimum - None
1,000 - 2,499
$3.45
• External Carrier Files - $750 per file
2,500 - 4,999
$3.25
5,000 - 9,999
$3.05
10,000+
$2.85