Verizon TPA Change-Health Care and Dependent Care Spending Accounts

You may recall last year that there was a planned Health Care Spending Account and Dependent Day Care Spending Account administrator change which was subsequently delayed and then cancelled.  Verizon notified us today that the change in administrator is now planned to be effective July 1, 2020.  Attached are summary slides for your reference and the communication that will be sent to participants.  A few key points are below.
  • Letters will be emailed and mailed to participants beginning Friday, May 15th.
  • There are two versions of the letters - one for those enrolled in Dependent Day Care and one for those enrolled in Health Care only or Health Care and Dependent Day Care.  The difference in letters being reference to the spending account card as that only applies to HealthCare Account.  
  • Blackout Period: June 11 through June 30
  • New Chip-enabled Spending Account Debit Card
  • Updated Spending Account Portal on BenefitsConnection
  • If registered for direct deposit on BenefitsConnection, need to re-register after July 1.