Avidia Health is a division of Avidia Bank, a bank in Hudson, Mass. Despite originating as a community bank, Avidia Health operates and has HSA accounts in all 50 states. Avidia services more than 275,000 accounts and holds $378 million in HSA deposits. For someone looking for a no-fee HSA provider that still offers various features, Avidia is it.

Standard Plan Fees (Non-Employer Group)

The best HSAs for spenders are characterized by low maintenance fees. Avidia Health does not charge a monthly maintenance fee.

The best HSAs for spenders also have very few behavioral fees. Behavioral fees are not recurring in nature, but can be incurred by the account holder when a certain action is executed. Avidia Health’s fee schedule has a moderate amount of additional fees.

Below we have reconstructed their fee schedule to exhibit fees spenders are most likely to encounter.

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

Value Added

This is a new criteria we added to our analysis of HSAs for spenders. We realize that fees charged by administrators are important for account holders, but that is the lowest hanging fruit. Participants can achieve greater savings when administrators give healthcare consumers everything they need to make smart health care spending choices including digital tools and informative spending account resources.

First and foremost, account holders need a readily available tool that exhibits eligible expenses. The list of expenses is ever growing and consumers should be equipped with an easy to use tool. Also, a tool that combs through a participants credit cards and bank accounts for eligible expenses is a nice feature.

Administrators can go even further to help spenders save money on healthcare expenses by partnering with healthcare companies providing eligible medical expenses on the servicing or product side of the equation.

Payments

When you, your spouse, and your dependents have qualified medical expenses that aren’t covered by your health care plan, you can use your HSA money tax-free to pay for them. There are multiple ways you can spend from your HSA. Avidia allows participants to pay for qualified medical expenses with a debit card, bill pay, and checks.

Reimbursement

You can pay for qualified medical expenses out-of-pocket and reimburse yourself anytime using your HSA money. As long as you opened your HSA before the expense was incurred, your reimbursement will be tax-free.

When you pay for qualified medical expenses out-of-pocket, you should be able to access your HSA dollars multiple ways whether it be via online transfers, check disbursements, or ATM withdrawals.

Generally speaking, the best way to reimburse yourself is with electronic funds transfers (EFTs) that are processed through the Automated Clearing House (ACH) network. EFTs are easy, speedy, cost-effective, paperless, safe and secure.

Avidia participants can reimburse themselves via transfers and checks. No ATM withdrawals allowed with the Avidia HSA debit card.

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.

• Mobile Scanning: Scan a product barcode at the store to see if the item is HSA eligible.

• Account Information: View your contribution amounts, investments, transactions and previous years’ HSA information.

• My Expenses: Examine your individual claims, including when you received service, who provided it and the amount you’re responsible for.

• Account Information: View your contribution amounts, investments, transactions and previous years’ HSA information.

In the graphic below, you can see existing users ratings. Safe to say that users are not impressed with the Avidia Health mobile app.

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 Explanation of Benefits (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 reimbursements using the "$" icon next to the expense. It also tracks the progress of your deductible and stores receipts.

Pros & Cons

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.

• Participants with a family HSA.

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