The most recent update for members is in March 2025.
We are adding a MyChoice Accounts Balance Widget to the system. It will be displayed on the Benefitsolver member home layout, as well as any applicable MyChoice Accounts microsites, like the FSA, HSA, Commuter Benefits pages.
In addition to displaying all current account balances, it also contains a hot link to get the member directly to their MyChoice Accounts. This is in addition to the usual "piggy bank" icon present on most home layouts.
As this is a widget, it can be moved or deleted by anyone with layout editing rights.
Best practice would be to include it, as members who have an active account will be able to access their information immediately upon login.
This widget will not show to anyone who does not have an active MyChoice Account.
For 2025, we are looking to expand our investment opportunities for members. In addition to our self-directed track that we launched in 2024, we will now be able to offer a managed track. We expect this feature to be available in Q2 and will give you further updates on timing as those details become available.
Please access the member-facing investment site for more details on the member experience.
A managed track will be another option for HSA holders who want to invest.
HSA participants will have two options if they select "Start Investing."
Self-directed and managed.
Each button will have explanation about how to use and what it is. Members are able to split their invested funds and do both tracks, or just one track. They have complete flexibility.
For the managed track, members will answer a short questionnaire designed to gauge their risk tolerance, age, and other factors. Once they submit their answers, they will be matched with a prescribed investment line up that meets their needs.
Just like the self-directed track, members may choose to manually add funds to this track or set up an auto-sweep, whereby incoming contributions over their preferred threshold are automatically invested.
Investment line-up is subject to change to align with the market and best practices.
We are moving from mutual funds to ETFs for a number of reasons.
An exchange-traded fund (ETF) is a type of pooled investment security that operates much like a mutual fund. Typically, ETFs will track a particular index, sector, commodity, or other assets, but unlike mutual funds, ETFs can be purchased or sold on a stock exchange the same way that a regular stock can. An ETF can be structured to track anything from the price of an individual commodity to a large and diverse collection of securities. ETFs can even be structured to track specific investment strategies.
- An exchange-traded fund (ETF) is a basket of securities that trades on an exchange just like a stock does.
- ETF share prices fluctuate all day as the ETF is bought and sold; this is different from mutual funds, which only trade once a day after the market closes.
- ETFs can contain all types of investments, including stocks, commodities, or bonds; some offer U.S.-only holdings, while others are international.
- ETFs offer low expense ratios and fewer broker commissions than buying the stocks individually. (Investopedia)
- ETFs use fractional shares to help investors maximize their investing. This is especially important for investors for HSAs, as they are still able to purchase high-performing and well-known stocks but using smaller investment amounts.
We are moving to ETFs because they provide more “bang for the buck,” with lower expense ratios and are considered a more modern approach to this type of investing. Members will get better dividends in the long run.
Members who invest in the self-directed track are charged $2.50/month from their HSA account.
Managed track investment fees are still being determined (2/25).
Yes. Members will now be able to initiate or manage their investments directly within the mobile app. Members who have not yet invested will see a prompt to “Start Investing.” This functionality is available now.
Here is a video demonstration of the self-directed investment functionality.
Watch the investment experience (1:40)
Prototypes are subject to change based on end-user testing before release.
For 2025, we are expanding our capabilities for activating the card by adding online and mobile options for activation in addition to the existing phone method.
We expect this update during the month of May 2025. Additionally, once this change is in place, members will have a prompt on their "To Do" widget upon log in to activate their card if they have received one and not done so yet.
The phone number for activation will be changing, but the old number will continue to work for members who might still have an older card that is unactivated. The new activation number will be printed on the sticker that comes on the card.
Here are some examples of what this flow will look like (pending final development).
Members who received a card before Oct. 15, 2023, have a purple card:
Cards issued after October 15, 2023:
Members will receive a new card mailer with a QR code directing them to get more details about card usage at our MyChoiceAccounts.com member website.
- The turquoise MyChoice Accounts card will have the chip-enabled contactless pay feature, allowing members to use the tap-to-pay features at retailers when available.
- Every new card issued has an individual card number, allowing an individual card to be locked in case of loss/theft. This will allow members to continue using other cards attached to their account.
- Moving our card program to the processor also provides a near real-time data exchange, providing a better balance update throughout each day. All cards (older and newer) will benefit from the faster debit processing time.
The touchless pay card is great for commuter benefits members. It's easy for them to request a replacement card AFTER Oct. 9.
Here are the member instructions.
- Log in to your benefits portal or open the MyChoice Mobile App and navigate to your MyChoice Accounts (On the web: Look for the piggy bank icon. On the app: Select the Accounts tab located at the bottom of the screen.]
- Click on the Manage tab and select Cards, then choose the card you need to manage by selecting the three-dot menu to the right of your card. Or on the app, select the image of the card.
- Select reissue card next to the name of the member who has commuter benefits (remember, these benefits are individual and do not extend to dependents).
- The new card will be mailed in 7-10 business days.
Members can log in to the portal and navigate to MyChoice Accounts via their home page, by selecting the piggy bank icon or MyChoice Accounts from their profile drop-down.
They should select Manage > Cards. If they need to replace a card for an existing cardholder, they should select the three-dot menu beside the name of the cardholder and select "Reissue Card." If they need a net new card for an eligible dependent, they should select + Issue Card and select the dependent from the drop-down menu and submit the request.
(note: if the member does not have eligible dependents without a card, they will not be able to use the Issue Card function. They should use the three-dot menu beside each name to replace their card.)
The card mailer directs members to mychoiceaccounts.com and a page specifically for cardholders.
This page is also accessible by just navigating to mychoiceaccounts.com.
At this time, the MyChoice Accounts VISA debit card is not compatible with Apple Pay or Google Pay electronic/device payment options. We are scoping this as an enhancement, and will keep our clients posted on our progress.
Yes. We are looking to launch a redesign of the member dashboard in Q2-Q3 of 2025.
No functions are being removed, but we are creating a more visual experience for members to view their balances and recent claims directly on the home dashboard of MyChoice Accounts. In addition, based on testing, we are moving our "shortcuts" menu out of the drop-down where it currently lives, and into a tile in the top right corner. These items are the most frequently used shortcuts when members enter the MyChoice Accounts dashboard.
View a video of the current member experience on the web portal.
Here is a sneak peek of what we plan to release in 2025.
