Avidia Health HSA for Small Business

Partners

Avidia does not own their HSA platform. They have chosen to license the Alegeus Technologies HSA platform. The HSA team at Avidia works hand-in-hand with Alegeus daily to provide superior service in this fast-growing, ever-changing consumer-driven healthcare industry.

Avidia last updated their platform in early 2019.

Avidia’s updates come hand in hand with Alegeus Technologies new product rollouts. In Q1 2020 Alegues will deploy their Smart HSA, which is expected to include machine learning and artificial intelligence (AI). Expected features on the new Alegeus Smart HSA include:

• Data-driven tools, including a personalized 'Smart Score,' that guide consumers to make intelligent choices on where to best spend and save their healthcare dollars

• AI-based recommendations that use historical spending to drive better future outcomes (e.g. "You might have paid too much for this service.")

• A virtual medicine cabinet for managing monthly drug costs

• Long-term saving recommendations based on healthcare spending habits (e.g. “You have a chronic condition that will require you to have X dollars saved for retirement.”)

• Intelligent prompts throughout the app to optimize the member experience for existing self-service functions beyond HSAs (e.g. "It looks like you need to provide a receipt for your latest debit card swipe.”)

• Year-end recommendations about funding and account enrollment that are based on the past year of health and wealth activity (e.g. “It looks like you didn't hit your deductible or max out your HSA. Next year, we recommend the following funding levels.”)
  

Investments

Investment FAQs

Q: Does Avidia offer a pre-selected investment lineup? Self-directed brokerage account? Or both?

Avidia offers a pre-selected investment lineup composed of mutual funds. Avidia does not offer a self-directed brokerage account.

Q: Does Avidia charge a fee to access the pre-selected investment lineup?

Avidia charges participants $2.50 per month to access investments (waived if monthly cash balance is $3,000 or greater). All mutual funds are offered as a no-load or no-fee to purchase fund.

Q: What is the minimum balance threshold in order to make investments?

Once an employee’s HSA reaches the $1,000 balance threshold, within the Avidia Health portal they can self-enroll for the Devenir investment account.

Q: Which mutual funds are included in the Avidia pre-selected investment account?

Avidia offers participants a pre-selected investment lineup composed of mutual funds from an array of asset classes. View the investment options here.

Q: If an employer wanted to customize a pre-selected investment lineup, would Avidia be able to carry this out?

A few administrators offer an open architecture framework that allows for investment lineup customization enabling 401K mirroring. Avidia does not offer an open architecture platform.

Q: Is the investment account tightly integrated with the HSA platform? Does it require one or two passwords to get to the investment account?

Only one sign on is required to access investments. From the main portal employees can click on investments and are redirected to a secure site where their investment account information will be hosted.

Q: Does Avidia Health have an investment sweep feature?

No. To transfer funds from the HSA to the investment account, participants must initiate a manual transfer. They can use the transfer feature within the portal to move funds between the investment and transactional component of their HSA.

Q: What are the the interest rates offered by Avidia?

Avidia offers participants an FDIC-insured, interest bearing account. This is the default option when opening an HSA with Avidia. Click here to see HSA deposit rates offered by Avidia.

Payments

The overwhelming majority of HSA users are spenders and they’re going to want to pay their healthcare bills with familiar and convenient methods such as debit cards, online bill pay, and checks.

Employers should partner with administrators that are quickly evolving with the digital transformation taking place in healthcare payments. For example, a trend we are currently seeing is the adoption of virtual cards (Apple Pay and Android Pay). Online bill pay has also been gaining traction as more and more providers—and payers—are moving to electronic payments every day. On ther other side of things, check payments are slowly being phased out as the healthcare payment revolution has progressed.

Avidia allows participants to pay for qualified medical expenses with a debit card, bill pay, and checks.

Reimbursement

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

Generally, the best way for employees to reimburse themselves is with electronic funds transfers (EFT) 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.

Participants will receive a personalized Avidia branded MasterCard for qualified medical expenses. They can use the card at the doctor's office, pharmacy, or any other qualified medical expense provider where MasterCard is accepted.

Employees will undoubtedly want a mobile app that allows them to securely access their HSA account by providing real-time, convenient access when they need it most. A robust mobile application will result in a positive employee experience.

The Avidia Health mobile app allows employees to securely access their HSA while they are on the go! They make it easy for employees to manage their account from a mobile device by providing real-time, convenient access when they need it most.

Avidia makes it easy for employers to contribute through a number of contribution options including:

Maintaining records for HSA-qualified expenses are made easier by providers who offer an “electronic shoebox” feature. HSA owners need to keep accurate records, making a receipt storage and expense tracking tool a must to substantiate qualified medical expenses with receipts and appropriate documentation when the IRS comes knocking on the door.

Avidia allows participants to keep great records! Keep track of your expenses and payments by using the My SmartCare to see balances, view transactions, create reports and upload receipts.

When evaluating an administrator, It's important to take into account the amount of education the administrator offers. An HSA administrator should make employee education a top priority, so each employee is able to make the best decision possible for his or her situation and maximize the benefits of an HSA. To that end, an effective administrator should offer engaging information in several formats, such as print, internet and social media, and provide updates to this information throughout the year.

Education and communication are key components of Avidia Health HSA programs. They combine in-person, web-enabled, electronic and print media to assist employers in the selection and rollout of their HSA program. Additionally, Avidia Health will collaborate with your health insurance carrier to evaluate their HSA program annually and provide follow-up visits to ensure its success.

Avidia invests heavily in HSA employee education. This includes having a robust learning center and resources for employees to get the most out of their HSA. Items include:

• HSA FAQs

• HSA Topics (Videos)

• Contributuon, Tax Savings, and Plan Comparison Calculators

• A Searchable Real-Time HSA Eligible Expense List

• Emma, the voice-activated assistant from Alegeus, is designed to help workers quickly get information about their offerings and make the most of their healthcare money. Think Apple’s Siri — but for benefits.

An HSA administrator should provide a comprehensive range of support services for employers and employees. Once employees sign up and are presented with the benefits of an HSA, they are sure to have a lot of questions. An HSA administrator should have an experienced, dedicated support team and provide top-notch customer service and account management.

• Avidia has been in the HSA space since 2006. They’ve been around long enough to have developed expertise in handling all aspects of HSA administration. In an industry increasingly dominated by large, impersonal organizations, Avidia has been able to provide customers with the best of both worlds—the reliability and product offerings of a big bank, and the personalized service and flexibility of a local one.

• Avidia’s singular focus is HSAs. This is important because all of Avidia’s time and energy goes towards improving their HSA offering. They are not part of a conglomerate trying to compete for capital and resources.

• Avidia has a dedicated expert support team to help answer all HSA related questions. They offer on-demand support via phone and e-mail.

The MyMedicalShopper platform is tightly integrated with Avidia Health’s HSA member portal and provides access to a full suite of healthcare cost-saving solutions. MyMedicalShopper is a revolutionary healthcare comparison shopping platform. They make shopping for medical tests and procedures as easy as a Google search, unleashing billions in savings on healthcare costs.

Avidia Health HSA holders must register in order to use the MyMedicalShopper Claims Flow. While most major insurances are integrated to MyMedicalShopper, not all insurances may be available for this product at this time. It is recommended to check the list of insurance providers on the Avidia Health website prior to signing up for these services. If you do not see your carrier, check back at a later time as the list is continually being updated.

HSAs need to work with your existing benefits and payroll systems to enable automated scheduled HSA contributions and eliminate paperwork. Through payroll integration, the burden of calculations, remittance and compliance is taken off the small business person's hands. For this reason, it’s important to choose an administrator that integrates with your payroll provider.

Avidia can accept payroll deposit from any payroll provider in the country so they do not have a specific list.

In today’s world, managing health care claims is becoming more and more complex. With claims integration your employees’ insurance information is fed directly to their HSA, which gives them easy access to their health records and medical claims in one place. Employees’ can see if they’re using in-network providers, which provider is billing for each individual service, and if the right codes have been applied to ensure proper coverage. Additionally, employees are also provided with information regarding their deductibles, co-pays, and out-of-pocket maximums.

With their free eClaims Manager Avidia lets your employees see and manage every aspect of their HSA, in one place, by linking their health insurance. The eClaims Manager provides employess with access to real-time tracking of their medical claims, online medical bill payments and automatic reimbursements. Avidia Health HSA holders must register in order to use the free eClaims Manager service. While most major insurances are integrated to the eClaims Manager, not all insurances may be available for this product at this time. It is recommended to check the list of insurance providers prior to signing up for these services. If you do not see your carrier, please check back at a later time as the list is continually being updated.

How complex (or not) is your benefits strategy and structure? If your benefits are fairly simple – medical/prescription insurance only; one plan; one set of rates; one uniform contribution strategy; one carrier… you get the point – your benefits administration needs are fairly simple too, and your technology solution doesn’t have to carry a lot of firepower.

On the other hand, if you offer your employees multiple lines of coverage and multiple plan options within some of those lines; you have multiple divisions and/or employee classes, each with a unique premium contribution strategy; and you layer on top of that wellness incentives, spousal surcharges, voluntary benefits, employer funding of an HRA or HSA, and more, well then, you have an entirely different benefits administration need and your technology solution has to be robust.

Avidia’s sole focus is HSAs. They focus on one product, to deliver the best product.

Vendor Strengths and Cautions

Strengths (+)

• Experienced administrator

• Fee Free

• Single Sign-On - Integrated. One password to access all accounts.

• Multiple access channels to HSA funds

• Receipt storage tool

• Robust Mobile app

Cautions (-)

• Platform is not proprietary

• Potential to eventually “run into” a few non-recurring fees

• No first dollar investing. $1,000 investment threshold

• Lacks investment sweep feature

Contacts

Lynda Westbrook - Vice President - Healthcare Solutions

l.westbrook@avidiabank.com | 978.875.2435 www.avidiahealth.com