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
Standard Plan Fees (Non-Employer Group)
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. Below we have reconstructed Avidia Bank's fee schedule to exhibit fees spenders are most likely to encounter.
Monthly Recurring Fees
Transaction / Reimbursement Fees
In the chart below you can compare Avidia Bank's fees to those of its competitors.
Payments & REIMBURSEMENT
You can use an Avidia Bank HSA debit card to pay for all your eligible medical expenses.
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.
A manual withdrawal form is ideal for large medical expenses or to reimburse yourself for medical expenses paid out-of-pocket.
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.
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.
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 & Cons
1. No maintenance fees
2. Multiple reimbursement methods
3. Receipt storage tool
4. Mobile app
1. 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.