Health Savings Account Employer Funding Options
Pre-Paid Deposits (PPD)
Contributions are sent to HealthEquity from a payroll provider using routing and account numbers.
Initial request must be set up via the Client Services Team. Once requested it will take up to 24 hours for the PPD account numbers report to generate.
Funds post to the tax year in which they are received.
Funds take 3-5 business days to post when sent via PPD.
There is a $20 fee per PPD correction that needs to be made per line.
All contributions will be posted as “Employee” when this option is used.
Note: Do not copy and paste from the report as it will scramble the information. Instead, download the Excel file.
Electronic Funds Transfer (EFT)
Set up a verified bank account in your employer portal.
Add multiple accounts, if desired.
For example, you can add one account for employer contributions and another for employee payroll deductions.
Create an invoice in the portal by uploading a file or submit by employee listing.
Check
Create an invoice in the portal by uploading a file or submit by employee listing.
Include the invoice number on the check or include a copy of the contribution verification email.
Send the check payable to HealthEquity:
HealthEquity, Inc.
PO Box 14374
Lexington, KY 40512
Once funds are received, they are usually available within 2 business days but can be held for up to 5 days.
ACH/Wire Push
HealthEquity accepts requests for groups with 1,000 eligible employees or 500 healthcare accounts with no fees.
If the group doesn’t meet those requirements, HealthEquity will charge a $350 annual fee that must be paid before funds can be pushed.
If a wire is the preferred payment method, please contact client services to set up this option.
Note: To pay using a wire, select the check as the payment option on the employer portal and then push the payment to HealthEquity.
Integrated Contribution File
Allows contributions to be automated similar to integrated enrollment files from health plans.
Any size group can use this process.
The only option to fund will be EFT.
To set this up please contact the Client Services Team.
Administration Fee Payment Options
EFT, Check, and Wire.
Reimbursement Account Funding Options
Funding for your Reimbursement Account (RA) will be set up with your implementation specialist at the time of your onboarding or renewal.