The HSA Report Card

Avidia Bank S

Avidia Bank

 

Avidia Health is a division of Avidia Bank, a bank in Hudson, Mass. Despite it originating in a community bank, Avidia Health operates and has HSA accounts in all 50 states. For someone looking for a no-fee HSA provider that still offers various features, Avidia is it.

 

 

Report Card for Avidia Bank as a Spending Vehicle

 
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Fees

Avidia Health is very transparent about their fees. They don't charge any monthly recurring fees, but account holders are subject to a few fees that are avoidable. Fortunately the list of avoidable fees is short compared to other HSA administrators.   

Monthly Recurring Fees

Maintenance / Administrative $0
*Paper Statements $2
*Free electronic statements

Behavioral Fees

Excess Contribution $0
Overdraft / NSF $30
Stop Payment Request $25

Transaction / Reimbursement Fees

Point of Sale $0
ATM Withdrawal Native $0
ATM Withdrawal Foreign $0
Check Distribution $0

Termination Fees

Transfer $0
Rollover $0
Closing $0

Miscellaneous Fees

Debit Card Issuance $0
 
 

In the chart below you can compare Avidia Bank's fees to those of its competitors. 

Highcharts Tutorial
 
 

 
 

Payments & REIMBURSEMENT

Debit Card

You can use an Avidia Bank HSA debit card to pay for all your eligible medical expenses.

HSA Checks

Avidia Bank HSA checks are also a convenient way to pay for eligible medical expenses. You can also use them to reimburse yourself for medical expenses paid out-of-pocket.

Internet & Mobile Access

If you have enrolled for internet and/or mobile banking with the bill payment feature, you can use either access channel to conveniently pay eligible medical expenses. You can also make internal or external transfers to reimburse yourself for medical expenses paid out-of-pocket.

Manual Withdrawal

A manual withdrawal form is ideal for large medical expenses or to reimburse yourself for medical expenses paid out-of-pocket.

 
 

 
 

Features

Online Banking

Online Banking gives you unparalleled freedom when it comes to managing your HSA. With Internet banking, you can check your account activity, transfer funds, pay bills, receive your statements electronically, and set up alerts.

Mobile Banking

Your Avidia Health HSA is as close as your mobile phone so you can securely view balances and activity as well as receive account alerts.

eClaims Manager

Fully integrated and HIPPA compliant solution that enables participants to automatically manage healthcare expenses in one place.  The eClaims management service empowers you to use your insurance EOB data with your HSA account. Once your account is linked, all newly received claims will be automatically displayed in the eClaims manager. Once your insurance account is linked, your EOB data will start populating automatically. The eClaims manager allows you to request reimbursement using the "$" icon next to the expense. Also track progress to your deductible and store receipts.

 
 

 
 
Pros
  • No maintenance fees
  • Multiple reimbursement methods
  • Receipt storage tool
  • Mobile app
Cons
  • Potential to eventually "run into" a few non recurring fees
 
 

 
 

Which participants are best suited for an Avidia Health HSA?

  • Participants looking for a fee-free, feature rich HSA offering.
  • Dual-purpose use (spender/investor). Avidia Health also offers a decent  pre-selected investment lineup.  
 
 

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