Product: Health Care Savings Program
Date Sent: 1/14/20
Beginning February 2020, MERS will begin applying an annual low balance fee of $15 to HCSP accounts that meet the both of following criteria:
Participants is in terminated status with a balance of $1,000 or less; AND
Participant is not flagged as participating a retiree health care stipend arrangement
Alerus mailed a letter to participants affected by this new policy on January 14, 2020. The letter notified participants that the fee will be applied in February 2020 and encouraged them to use funds before the end of the calendar year to avoid incurring the fee next year. A sample of that letter can be found here.