April 27, 2017
Important update for members with an HSA from BCBSRI: Transition to UMB Bank
Effective June 23, Bancorp Bank, the HSA custodian of the Blue Cross & Blue Shield of Rhode Island (BCBSRI) integrated HSA program, is leaving the HSA custodian marketplace. HSA bank accounts and balances will be transitioned to UMB Bank. BCBSRI and London Health, BCBSRI’s HSA administrator, are actively working with both banks to make the transition seamless for accountholders and employers.
The transition of HSA funds from Bancorp Bank to UMB Bank will begin June 23, 2017 at 11:59 p.m., with funds posted to members’ new HSAs on June 26, 2017 at 12:00 a.m. During the transition period, BCBSRI debit cards, management of HSA investments, and processing of deposits will not be available. Effective June 26, 2017 at 12:01 a.m., all services to HSA members will be restored. Members who have HSA funds invested with Bancorp Bank will be required to choose new investments with UMB after the transition.
London Health will be reaching out directly to our brokers regarding this change. The communication will provide information on specific member outreach, including transition dates and copies of letters that will be mailed to members.
Please forward any questions or concerns to:
London Health Administrators, BCBSRI HSA Administrator
Dedicated Employer & Broker Support Team
Phone: (401) 435-4700, option #6