The HSA Report Card

Fidelity S

Fidelity

 

Headquartered in Boston, Fidelity is one of the largest mutual fund companies and the leading provider of workplace savings plans in the nation. Since 2005, Fidelity has offered a Health Savings Account (HSA) to companies and organizations that have their defined contribution plan(s) recordkept by Fidelity. Previously, only individuals who were employed by these companies and organizations were eligible to open a Fidelity HSA, but as of November 15, 2018, individuals can now self-enroll.  

 

Report Card for Fidelity as a Spending Vehicle

 
 

Fees

A

Reimbursement

A

Features

B

Overall

A-

 
 
 

FEES FOR INDIVIDUALS

The best HSAs for spenders are characterized by low or no monthly maintenance fees. Fidelity doesn’t charge a monthly maintenance fee.

The best HSAs for spenders also have very few additional fees that are layered on top of the maintenance fee. These fees are not recurring in nature, but can be incurred by the account holder if they undertake a certain action. Fidelity has no such fees, except a closing fee.

Below we have reconstructed Fidelity’s fee schedule to exhibit fees spenders are most likely to encounter.

 
 

Fidelity Reconstructed Schedule of Fees (Non-Employer Group)

Monthly Fees
Maintenance $0
1Paper Statements $0
Other Fees
Excess Contribution $0
Overdraft $0
Stop Payment Request $0
Point of Sale $0
2ATM Withdrawal N/A
Check Distribution $0
Rollover $0
Transfer $0
Closing $25
3Replacement Card $0

1 Electronic or paper, free of charge
2 You cannot use the Fidelity HSA® debit card at an ATM.
3 No charge for initial, extra (e.g. spousal) or replacement cards.

 
 
Highcharts Tutorial
 

PAYMENTS

 

Debit Card ☑

Checks ☑

BillPay ☑

 
 
 

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.

Debit cards

Your Fidelity HSA® debit card is a simple way to pay for your qualified medical expenses on-the-spot. Just swipe it at your participating health care provider, and the money debits directly out of your HSA balance.

Checks

If you’d prefer to write a check to pay your health care provider, that’s an option too. Checks are free of charge.

Fidelity BillPay®

Fidelity BillPay® for HSAs is a simple online service enabling you to pay bills for qualified medical expenses electronically. You can use BillPay to pay your electronic bills with your HSA money anytime, anywhere you have an internet connection, with just a few clicks. Choose a one-time payment or automatic recurring payments to save you time—both options are free.

 
 

 REIMBURSEMENT

 

Transfers ☑

Check Distribution ☑

Write Check ☑

 
 
 

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. You can:

  • Transfer money online from your HSA to your personal bank account using an electronic funds transfer (EFT). You can establish a direct connection between your Fidelity HSA and your bank account to reimburse yourself for qualified medical expenses you paid from a taxable account.

  • Mail yourself a check through the transfer money feature. Request distribution check—You may call Fidelity directly to request a distribution check be mailed to you directly

  • Checkbook—You can request a checkbook to pay qualified medical expenses directly, or to reimburse yourself for qualified medical expenses you paid from a taxable account.

* You cannot use the Fidelity HSA® debit card at an ATM. Your Fidelity HSA debit card can be used only to pay for goods and services that are qualified medical expenses; it will not be accepted, for example, at ATMs, restaurants, and gas stations.

 
 

FEATURES

 

Direct & Payroll Deposit

You can contribute to your HSA using electronic funds transfer (EFT). You can make one time or recurring direct deposits from a linked bank account.

What about payroll deductions?

In some cases, employers may allow pre-tax payroll contributions to a personal Fidelity HSA. Check with your employer to see if that’s an option for you.

Member Services

Call Center staffed 24/7 by HSA representatives and series 7 licensed investment professionals.

Mobile Banking

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

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

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

  • Pay bills: Receive a notification when your bills are available and pay on the go with your Fidelity® Cash Management Account.

HealthExpense

Simplify how you manage your HSA-Eligible Health Plan and Fidelity Health Savings Account (HSA) by handling your expenses, payments, claims, and receipts all in one place, on any device—smartphone, tablet, or computer. With HealthExpense, you can:

  • Track your deductible, HSA balance, and health expenses.

  • Upload receipts from your mobile device and manage them from a single location.

  • Link your insurance carrier, and claims automatically appear.

  • Pay bills with a single click.

 
 

PROS & CONS

 
Pros
  • 100% fee-free

  • Multiple reimbursement methods

  • Receipt storage tool
Cons
  • Goliath in the benefits industry. May not provide the best customer service.
 
 
 

Who does it suit?

 

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