We're updating our claim payment processing to provide a faster turnaround time on claim reimbursements for employees!
Beginning in August, employee claims that are approved during the week will now be deposited on Mondays, in addition to Wednesdays and Fridays.
What does this update mean for current Pay-As-You-Go clients?
For current Pay-As-You-Go clients, this update will automatically go into effect in August with no additional action required. Click the button below to find a copy of the communication we'll be sending out to your Pay-As-You-Go clients on July 7th:
This additional reimbursement date means that your clients could see withdrawals on Mondays, Wednesdays, and Fridays, if employees have submitted claims.
If your client prefers a predictable withdrawal schedule over the Pay-As-You-Go model, they might consider our Prefunding option, now available for all clients:
Employees will still receive reimbursements on Monday, Wednesday, and Friday.
No minimum number of employees is required.
Flexible funding schedules: annual, quarterly, or monthly.
Calculated based on projected claims (80% of company allowance) + admin fees + taxes.
Year-end reconciliation for over- or under-funding.
If you have questions, or want to know more about setting up Prefunding for your clients, please get in touch with the myHSA Accounting team at accounting@getmyhsa.com.
What does this update mean for current Prefunding clients?
Clients currently on Prefunding will not see any changes to their prefunding schedule. Beginning in August, employees will be reimbursed three times a week, on Mondays, Wednesdays, and Fridays, if claims have been submitted.
What action is required?
We'll be notifying all Pay-As-You-Go clients about this update on July 7th, you can see the communication we'll be sending out here.
No action is required for Pay-As-You-Go clients and the additional Monday reimbursement date for employee claims will be effective beginning in August.
No action is required for your clients currently on a Prefunding schedule and the additional Monday reimbursement date for employee claims will be effective beginning in August.