The default setting in the Health Wallet Manager is for members to pay investment fees; however, partner administrators have the option to change this setting so that organizations are responsible for paying the fee.
Language Note: Organizations
Organizations are groups of members who access benefits on our platform. They are most commonly employers but could also be unions, professional organizations, and more
Language Note: Members
Individuals who are part of an organization are referred to as members. You may also know members as account holders, consumers, employees, or participants.
How to select who pays investment fees
Partner Administrator Feature
This feature is only available for partner administrators. It is not available for employer administrators.
Select the Organization Settings tab.
Navigate to the Health Savings Investment section.
Select Organization or Member.
Select Save Changes.
Note for Organization Administrators
If you need to edit this setting as an organization admin, reach out to your Health Wallet Manager administrator.
What investment fees are being paid?
A monthly fee of $1 is charged to investment accounts with a balance below $5,000, and a monthly balance fee of .01% is charged to investment accounts with a balance of $5,000 or more.
What happens if members are responsible for investment fees?
Members are charged on the first of the month for the prior month directly from their Health Wallet cash balance.
What happens if organizations are responsible for investment fees?
An invoice detailing the prior month's fees for members with active investment accounts will be issued at the beginning of each month.
What happens if a change is made during the middle of the month?
The system will collect fees for the previous month on the first day of each month, based on the system setting that is active on that date. Please update your documentation and notify all members of this change.
For example, if you change the setting on April 17th, you will see the change take effect on May 1st.
What happens if a change occurs during the fee collection process?
We do not allow changes during the investment fee collection process. Investment fee collection typically happens on the first of the month. If you attempt to make a change while the investment fee collection process is ongoing, you may receive an error because no changes are allowed during this time.