Question 1

1. What is the minimum balance required to access the HSA investment option?

Accepted Answer

You must maintain a minimum balance of $1,000 in your HSA cash account to begin investing your funds via the WealthCare Saver solution [1]. This threshold ensures sufficient capital is available before moving funds into the three account options: Managed, Self-Directed, or Brokerage [1].

Question 2

2. Will I have access to financial advisors for investment advice through the platform?

Accepted Answer

No, the platform does not provide direct access to financial advisors for investment advice; users must consult a registered financial advisor for such guidance [1]. The solution offers educational tools and resources via the participant portal but relies on external professionals for personalized advice [1].

Question 3

3. What happens to my investment funds before I can access the new investment solution?

Accepted Answer

Prior to gaining access to the new solution, your existing investment funds will be liquidated and moved to your HSA cash account on July 11, 2022, with reinvestment options available starting July 22, 2022 [1]. You will receive a mailed notification approximately 30 days before this liquidation process occurs [1].

Question 4

4. Are there any fees associated with closing an investment account during this transition?

Accepted Answer

No, there are no account closure fees associated with this transition to the new HSA investment experience [1]. The process is designed to be seamless and cost-free for participants moving to the WealthCare Saver solution [1].

Question 5

5. What account options are available for investing HSA funds?

Accepted Answer

The new investment experience includes three account options: Managed, Self-Directed, and Brokerage, each offering different levels of control and functionality [1]. These options are fully integrated with the Flores & Associates HSA solution to support healthcare transactions like spending, saving, and investing [1].

Question 6

6. How does the investment solution support healthcare-related financial activities?

Accepted Answer

The WealthCare Saver investment solution is fully integrated with the Flores & Associates HSA system and supports all stages of healthcare transactions, including spending, saving, and investing [1]. It provides a modern experience specifically tailored to health savings accounts, distinguishing it from traditional investment platforms [1].

Question 7

7. What educational resources are available to help me understand investment best practices?

Accepted Answer

Various educational tools and resources are available via the participant portal at www.flores247.com, highlighting the benefits of investing HSA funds and offering insights into best practices [1]. These assets provide a high-level overview of investment options to help participants make informed decisions [1].

Question 8

8. Is the investment solution restricted only to HSA funds, or can it handle other types of assets?

Accepted Answer

The solution is specifically designed to invest your HSA funds and is integrated with the Flores & Associates HSA product, meaning it is focused on healthcare-related savings [1]. It does not appear to handle non-HSA assets, as it is tailored to the health savings account ecosystem [1].

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