HSA Bank began offering Medical Savings Accounts (MSAs) in 1997. In 2004, the Bank provided an exclusive focus on Health Savings Accounts and quickly gained a nationwide reputation. In 2005, HSA Bank became a division of Webster Bank, N.A., a subsidiary of Webster Financial Corporation, incorporated in Connecticut. HSA Bank currently administers 3 million HSA accounts and holds 10 billion in HSA deposits.

Report Card for HSA Bank

as a Spending Vehicle

Fees for Individuals (Non-Employer Group)

The best HSAs for spenders are characterized by low maintenance fees. HSA Bank has eliminated their maintenance fee. This is a nice development for HSA Bank customers.

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 a certain action is executed. HSA Bank subjects account holders to no behavioral fees.

Below we have reconstructed HSA Bank's fee schedule to exhibit fees spenders are most likely to encounter.

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

The chart below shows maintenance fees charged for account balances ranging from $0 to $10,000 for the 10 best HSAs for spenders. As you can see in the chart HSA Bank charges a maintenance fee to account holders with balances in the HSA checking ranging from $0 - $3,000. Once account holders accumulate more than $3,000 in their HSA checking account they are no longer charged a maintenance fee.

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.

HSA Bank does a good job of introducing resources and services available to healthcare consumers. When HSA Bank account holders click on the Healthcare Decision Tools link they are presented with a list of companies and organizations that provide useful tools to manage healthcare related expenses. Companies and organizations presented to account holders include:

• Mayo Clinic Health Information - This award-winning consumer website offers health information and self-improvement tools. VISIT WEBSITE

• WebMD - This award-winning consumer website offers health information and self-improvement tools. VISIT WEBSITE

• Healthcare Bluebook - A free consumer guide to healthcare service prices in your area. VISIT WEBSITE

• HSAStore.com - Visit this site to purchase Health Savings Account (HSA) qualified products. VISIT WEBSITE

• ZendyHealth - Shop and compare prices for medical services. VISIT WEBSITE

• GoodRx - Save up to 80% on prescription drugs. VISIT WEBSITE

• Blink Health - Visit this site to access low prices on prescription drugs. VISIT WEBSITE

• eHealth - Find a short-term or individual health insurance plan. VISIT WEBSITE

• eHealth Medicare - Find a Medicare Advantage or Medicare. Supplement insurance plan. VISIT WEBSITE

HSA Bank has also partnered with Medical Cost Advocate, a company specializing in helping consumers negotiate medical bills and payment plans.

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. HSA Bank allows participants to pay for qualified medical expenses with a debit card, bill pay, and checks. Also, you can now pay with your debit card using Apple Pay® & Samsung Pay®.

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 their HSA dollars multiple ways whether it be via online transfers, check disbursements, or ATM withdrawals.

Generally, the best way for you to reimburse yourself 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.

HSA Bank participants can reimburse themselves via transfers, ATM withdrawals and checks.

Features

myHealth Portfolio

myHealth Portfolio is a self-service dashboard located in the HSA Bank member website that allows you to: 

• Store health expense data and receipts.

• File claims or distribution requests.

• Initiate a provider payment.

• Consolidate health expenses and claims from multiple insurance providers. (This functionality may not be available to all members.)

• View an easy to read snapshot of your healthcare finances with charts and graphs.

Experienced HSA Team 

Access to a team of HSA expert customer service representatives that employ a proactive educational approach to teaching participants the ins and outs of HSAs.  

Expense Tracker

Use HSA Bank's Expense Tracker to help you organize and store healthcare receipts, medical claims, premiums, and other important documents in one place. You can take a picture of the documents from your mobile device or scan them with a printer or scanner. You can decide to pay from your account now, pay later, or store for your records.

HSA Bank Mobile App

HSA Bank Mobile is all about giving you the tools to take control of and better manage your health accounts. Safe and secure, HSA Bank Mobile offers real-time access for all your account needs, 24 hours a day, seven days a week. It’s simple, intuitive, and convenient. Use your Apple or Android powered device to:

• Check account balances.

• View account activity.

• Move money to your HSA by scheduling a contribution.

• Schedule an HSA distribution to pay a provider or reimburse yourself for an IRS-qualified medical expense.

• Review and verify IRS-qualified medical expenses.

• File FSA/HRA claims with receipt images.

• Enter a new health expense into the Expense Tracker.

• Easy access to the Client Assistance Center.

As you can see from the graphic below, iOs and Android users are satisfied with the HSA Bank mobile app.

Pros & Cons

Which participants are best suited for an HSA Bank HSA?

• Those who plan on holding at least $5,000 in their deposit account. No monthly maintenance fee would be incurred under these circumstances.

• Participants looking for a well rounded HSA offering.

• Dual-purpose use (spender/investor). HSA Bank is a top 10 investment HSA.

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