BenefitWallet™ is an independent administrator for your Health Savings Account. BenefitWallet allows Health Savings Account holders to invest their account dollars. BenefitWallet begins with an FDIC-insured, interest- bearing checking account where all account deposits are first credited. No minimum balance is required to open and maintain the BenefitWallet HSA Checking Account.

Your BenefitWallet Health Savings Account will not become active until after the date you have completed the enrollment process, your enrollment in either the Lower Deductible HSA Plan or Higher Deductible HSA Plan has been received, and your health plan coverage becomes effective. Unless your health plan coverage begins on the first day of the month, your Health Savings Account will not be effective until the first day of the following month.

Once a Health Savings Account checking account balance reaches $1,000, you generally may set up a BenefitWallet Investment Account and begin to diversify your accumulated savings in excess of $1,000 among a selection of investment funds. This fund lineup is selected and monitored by BenefitWallet. Please note: A minimum of $1,000 must remain in your BenefitWallet HSA Checking Account. Effective January 1, 2019, BNY Mellon will pay the fee of $2.90 per month charged if you choose to use the BenefitWallet HSA investment platform. There are no additional transaction fees, loads or commissions.

If you participate in a Health Savings Account and leave BNY Mellon, you will be charged $3.25 per month as an account maintenance fee if you keep your checking account open, and an additional $2.90 per month as an investment management fee if you continue to invest your account.

Federal law states that you cannot contribute to a Health Savings Account if you:

Please note: Although you may elect health care coverage for eligible adult children up to age 26, this rule does not extend to health savings accounts. If your child does not meet the IRS definition of a "qualifying child" or "qualifying relative" (i.e., lives with you for more than half the year and provides less than half of his or her own support), any Health Savings Account amounts used to pay his or her medical expenses will be subject to taxes and IRS penalties.

If you also choose to participate in BNY Mellon's Limited Purpose Flexible Spending Account for health care reimbursement, you may use the Limited Purpose FSA for eligible dental, vision, preventive drugs and out-of-network preventive services, and (after the deductible is met) qualified medical expenses. Also, once you meet the annual deductible, you may use the Limited Purpose FSA for qualified medical expenses.

When you open your BenefitWallet Health Savings Account, you will receive a BenefitWallet Welcome Kit. Be sure to read and respond to BenefitWallet with requested information required to activate, contribute to and use your Health Savings Account.

Here's what you need to do to contribute to the Health Savings Account:

Select an annual contribution amount, up to the maximum allowable. (If you elect to cover adult children up to age 26, they may not be eligible for reimbursement from your Health Savings Account.

When you contribute by payroll deduction, your contributions are deducted from your pay before federal and Social Security taxes are deducted, to the extent such amounts do not exceed the maximum contribution limits permitted by the IRS. In most states, Health Savings Account contributions and earnings also are exempt from state income taxes.

You can change the election monthly. The new amount (if your change election is received by the fifteenth of the month) will be effective on the first day of the following month.

While BNY Mellon monitors your Health Savings Account pre-tax payroll contributions and contributions earned through the Wellbeing Rewards Program to help ensure that IRS contribution limits are not exceeded, please note that it is your responsibility to determine whether your total Health Savings Account contributions exceed the maximum IRS contribution limits in a particular year. If your total Health Savings Account contributions (including your own after-tax contributions, pre-tax payroll contributions, contributions earned through the Wellbeing Rewards Program and BNY Mellon contributions) exceed the applicable IRS limit, you may withdraw the excess without penalty until the deadline (including extensions) for filing your federal tax return for the tax year for which the excess contribution was made. After that time, any excess contributions are subject to both income taxes and an excise tax.

If you wish, you may contribute to your Health Savings Account by lump-sum payment, using either a deposit slip from a Health Savings Account checkbook or by electronic funds transfer. Both methods will be described in the Welcome Kit you will receive after enrolling. If you want to:

Please note: Lump-sum contributions are made using after-tax money, but you may deduct the after-tax Health Savings Account contributions on your 2019 federal income tax return. You also may delay making your lump-sum contribution up to the time you timely file your 2019 federal income tax return. Be sure to consult with your tax advisor if you have questions.

If you already have a Health Savings Account at another institution, you can roll over or transfer your funds to BenefitWallet Health Savings Account. More information will be provided in the Welcome Kit you will receive after enrolling.