What's new
Your HSA investment options
Fidelity provides broad investing options for your HSA, including:
-
Fidelity HSA Funds to Consider — funds selected by Fidelity for HSA investing, all with waived investment minimums and no transaction fees1.
-
Single-fund options, such as target date funds and target allocation funds.
-
Fidelity’s entire brokerage lineup — mutual funds, ETFs, stocks, bonds, U.S. Treasuries, FDIC-insured CDs and more.
Your debit card
You will be mailed a new debit card, the NetBenefits AccessCard®, as part of this transition to Fidelity. This special-purpose Visa® debit card provides an easy and automatic way to pay for eligible expenses. The same card will give you access to your HSA funds and, if applicable, to any other spending account funds you may have (except the commuter account). When you use your NetBenefits AccessCard® to pay for eligible expenses, the amount is automatically deducted from the appropriate spending account.
Your debit card is generated once you open your Fidelity HSA and will be mailed no later than mid-December 2023. Your new debit card will be ready for use on Jan. 11, 2024, following the transition blackout period (more details below). You also can request additional cards for eligible family members once you have received and activated your card.
Your contact for account support
The service center you’ve come to rely on for your American Airlines-sponsored 401(k) and pension is now here to help you with your spending accounts: the American Airlines Service Center at Fidelity at 800-354-3412. You can also use the online live chat feature on NetBenefits® to get support for your accounts.
Your online account access
Beginning the week of Jan. 1, 2024, you will be able to access your accounts online at NetBenefits (netbenefits.com/aa), where you can try new planning tools. Fidelity also offers an easy-to-use NetBenefits app for your phone or tablet that you can download from the Apple App Store® or Google PlayTM.
1Transaction fees refers to fees for account features such as account opening, funds transfer, debit cards, excess contributions, etc., and does not include recordkeeping fees, which may be charged to employers.
Actions to take
Action 1:
Provide consent to transfer your assets, i.e., include your existing HSA in American's group transfer to Fidelity.
No later than Dec. 8, 2023, by 2 p.m. CT
If you wish to consolidate your existing HSA with a new Fidelity HSA, your consent is required to transfer your existing HSA to Fidelity.
If you did not provide consent during Annual Enrollment, you can still provide consent to be part of American's group transfer process to Fidelity. In the Benefits Service Center, click the Transfer of Assets and Account Closure Authorization tile and follow the prompts to provide your consent. By consenting to participate in the group transfer process, you will not have to pay any account closure fees to Smart-Choice.
Action 2:
Open your Fidelity HSA.
No later than Dec. 15, 2023, by 2 p.m. CT
If you have an existing HSA or elected the Core medical option for 2024, you will need to open a Fidelity HSA to allow American to transfer your existing HSA balance or deposit payroll contributions starting with your first paycheck in 2024.
If you agreed to open your Fidelity HSA in the Benefits Service Center during Annual Enrollment, you will receive an email from Fidelity in November with instructions for how to activate your new HSA.
If you did not agree to open your Fidelity HSA in the Benefits Service Center during Annual Enrollment, you will need to open your Fidelity HSA directly by logging in to NetBenefits and following the prompts.
Action 3:
Get your existing HSA ready to transfer to Fidelity.
No later than Dec. 20, 2023, by 2 p.m. CT
If you choose to have your existing HSA consolidated with your new Fidelity HSA as part of the group transfer process, you must:
-
Turn off all automatic investments that you have set up (how-to instructions). Otherwise, a new purchase of an investment may occur, which will prevent your account from being included in the group transfer to Fidelity.
-
Liquidate any existing investments (how-to instructions). Converting your investments into cash will generally take one to two business days but depends on your particular investments.
-
Stop making any ad hoc contributions that you may have set up outside of existing payroll contributions to your current HSA. These contributions will not post to your account after Dec. 20.
IMPORTANT: If you do not take action to liquidate your existing HSA investments, including any subsequent automatic investments, your existing HSA balance will not transfer to Fidelity, even if you provided your consent during Annual Enrollment.
Other important information
Individual transfers and Alight Smart-Choice HSA fees
If you do not open a Fidelity HSA or if you choose not to participate in the group transfer, you do have the option to transfer your existing HSA to Fidelity on your own at a later time. However, there are a few things to keep in mind about individual transfers:
-
If your account remains at Smart-Choice, you will be subject to up to $4.50 per month ($54 per year) in administrative and investment fees. Plus, if you choose to transfer your account at a later time, you will be subject to an account closure fee ($25).
-
The individual transfer process can take six to eight weeks to complete.
-
You won’t be able to initiate the individual transfer process until Jan. 2, 2024.
Learn more about the individual transfer process in our HSA FAQs.
Blackout period for your HSA funds
In order to complete the transition to Fidelity, there will be a short “blackout” window from Jan. 2 at 2 p.m. CT through Jan. 10, 2024, during which time you will not be able to access the funds in your current HSA. Please find more details under the Key Dates below and on the Frequently Asked Questions page.
Your annual goal amount
As a reminder, if you do elect the Core medical option for 2024, contributing to an HSA provides you the opportunity to experience a triple tax advantage. If you didn't set your annual goal amount during Annual Enrollment, you have the flexibility to adjust your goal amount generally any time during the year. Visit American’s Benefits Service Center to learn more.
Key dates
Below are some important dates to be aware of regarding the HSA transition to Fidelity:
November 2023
- November 2023: Fidelity HSA communications begin, including your activation email if you opened your Fidelity HSA during Annual Enrollment.
December 2023
- Dec. 8, 2023 (2 p.m. CT): Deadline to provide consent through the Benefits Service Center to include your existing HSA in American's group transfer to Fidelity.
- Dec. 15, 2023 (2 p.m. CT): Deadline to go to NetBenefits and open an HSA with Fidelity.
- Dec. 20, 2023 (2 p.m. CT): Deadline to prepare your existing HSA for consolidation (i.e., turn off automatic investments, liquidate any HSA funds you have invested, and stop any ad hoc contributions you may have set up).
- Mid-December 2023: Your new NetBenefits AccessCard® is expected to ship to your home no later than this date. Please be sure to activate your card.
January 2024
- Jan. 2 (2 p.m. CT)–Jan. 10, 2024: HSA blackout period, during which you will not be able to access the funds from your existing HSA. Your Smart-Choice HSA debit card will also be shut off starting Jan. 2 at 2 p.m. CT, and point-of-purchase transactions will be declined. For more information about the blackout period, please refer to the Frequently Asked Questions.
- Jan. 11, 2024: Date on which your current HSA funds will be available at Fidelity, if you participate in the group transfer.
Review the Key Dates page for more details on transition milestones and what you can expect at each stage.