[UCRDBR] HealthEquity - HSA Enhanced Rates for New HSP Members

[Departmental Benefits Representatives]

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November 16, 2021
To:
Department Benefits Representatives (DBRs)
From:
HR Benefits Office on behalf of the UCPath Center
Re:
HealthEquity - HSA Enhanced Rates for New HSP Members
HealthEquity announced an upcoming change to the standard Health Savings Accounts (HSAs) cash deployment program to support their commitment to helping members connect health and wealth by optimizing the value and convenience of HSAs. Starting in December 2021, new Health Savings Plan members will immediately start earning the highest interest rates available on their HealthEquity HSA cash balance, thereby accelerating the growth of their cash account through the "Enhanced Rates" program. For current members, a pop-up message will appear upon logging into the member portal advising them of the rates available to them.

What are Enhanced Rates?
Enhanced Rates is HealthEquity's new standard HSA cash deployment program for HSA cash balances. It offers up to five times the interest compared to the Basic Rates / federal insurance option on balances up to $2,000. Enhanced Rates is powered through an interest-bearing group annuity contract backed by the strength of Pacific Life Insurance Company.

Note: Rates are subject to change. Guarantees are subject to claims-paying ability of insurer and are not Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA) insured. Pacific Life Insurance Company has been a trusted provider of insurance, annuities, and other financial solutions for 150+ years.

Accelerating Health Savings
The new Enhanced Rates option was made available to existing members earlier in 2021 with an overwhelmingly positive response. Given its success, Enhanced Rates will become HealthEquity's standard cash deployment program for new members. This change will:

        *       Simplify the account setup process,

        *       Enable members to immediately start earning the highest interest rates available on their HealthEquity HSA cash balance, and

        *       Let new members focus on investing their HSA for the long-term.

Note: Investments made available to HSA holders are subject to risk, including the possible loss of the principal invested, and are not FDIC or NCUA insured, or guaranteed by HealthEquity, Inc.

Current members may change the election from Enhanced Rates to Basic Rates (federal insurance eligible option with lower interest rates) at any time on the Interest Rates & Cash Options webpage, accessible through the account dashboard.

Please contact HealthEquity with any questions regarding Enhanced Rates and about other available options at (866) 212-4729 (available 24/7) or email:  memberservices at healthequity.com<mailto:memberservices at healthequity.com>.

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