Investment Cost Reduction and Fee Removal
We are pleased to inform you that due to operational efficiencies and continued growth, we are reducing operational costs on your account by two basis points ($0.20/$1,000 invested) and removing the $24/year administrative fee that is currently being accessed. This pricing update will be effective 1/1/2019.
New Enhancements to Claims Administration
Affects terminated participants only
Effective January 1, 2019, Alerus Retirement and Benefits will be the new administrator for HCSP claims. This change only affects participants who have access to utilize their Health Care Savings Program account funds – typically this means participants who have terminated from their HCSP-providing employer and have an account balance.
What this means for eligible participants
New Debit Card
- If you currently have a mySource® debit card, it will become inactive after December 14, 2018. This card should be destroyed after this date.
- You will receive a new debit card in the mail around January 1, 2019, even if you did not previously have a debit card. This card will be loaded with your current HCSP balance and should only be used to pay for services incurred on and after January 1, 2019.
- Between December 15, 2018 and January 1, 2019, claims can still be submitted through your online portal, or by using the paper claim form.
- Any claims submitted between December 22 and December 31 will be processed after January 1, 2019.
- Beginning January 1, 2019, all claims should be submitted to Alerus, including claims for services that took place before this time, unless they have already been reimbursed. Please destroy any blank claim forms you may currently have.
- You will be required to submit documentation for some of your debit card purchases.
- Claims will be paid on a daily basis. The submission deadline is 1:00 p.m. EST each day for your request to be processed the following business day. Claims received after that time will be included with the following day's processing.
- New feature! Alerus will directly reimburse your provider upon request.
- You will have continued access to your HCSP account through myMERS – there are no changes to your log in information. Don't have a myMERS account? Visit mersofmich.com and click the "First time user or need help? link under "Account Access".
- You will notice an improved online user experience in the HCSP claims site, including access to a mobile app where you can file a claim, manage expenses and view your account information.
Money Market Fund
- On January 2, 2019 you will have a transfer of $1,000 into the Alerus Money Market Fund in your online account (this will show as a "transfer" from your Activity Summary). This ensures that there is sufficient funds to process reimbursements. Note that your overall account balance will not change as a result of this transfer.
If you have any questions on this transition, please contact the MERS Service Center at 800.767.MERS (6377).