The HSA Report Card

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Further (Formerly SelectAccount)

 

Further is a non-bank health care accounts administrator, based in Eagan, Minnesota. In 2004 Further introduced its first HSA product, making it one of the first companies to administer HSAs nationwide. It has earned a reputation as one of the most experienced and trusted account administrators in the country. Of note is their exceptional service model. The entire customer service team is certified as HSA experts and is continuously trained in spending account rules and regulations. They claim a 96% customer satisfaction rating.

 

 

Report Card for Further

as a Spending Vehicle

 
Fees

B+

Fund Access

A

Features

A-

Overall

A-

 
 

Fees

Choose from three HSA plan designs, with varying administrative fees and interest rates on account balances. Further offers a range of HSA options, all with low fees and competitive interest rates.

  • Premium
  • $ 4 / Month
  • High Interest Rates
  • No FDIC Insurance
  • Value
  • $ 1 / Month
  • Average Interest Rates
  • No FDIC Insurance
  • Select
  • $ 3 / Month
  • Average Interest Rates
  • FDIC Insured
 
 

The best HSAs for spenders are characterized by low maintenance fees. Further charges participants $1/month for the Value HSA plan. Two important things to note about the Value HSA Plan.

  1. The Value HSA plan is not FDIC insured.

  2. The monthly maintenance fee cannot be avoided by achieving a certain threshold in the HSA checking account. This is an unavoidable 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. Further delivers on this front. Each HSA account comes equipped with ZERO fees for account opening and closing, replacement debit card(s), over contribution fees, online and paper account enrollment and tax statements, debit card, Automated Clearing House (ACH) or check contributions and withdrawals. Below is Further’s fee schedule:

Further Fee Schedule
  • Monthly Fees

  • Maintenance$1-$4

  • Investment$1.50

  • Paper Statements$0

  • Behavioral Fees

  • Excess Contribution$0

  • Overdraft$0

  • Stop Payment$0

  • Point of Sale$0

  • ATM Withdrawal$0

  • Check Distrtibution$0

  • Rollover$0

  • Transfer$25

  • Closing$0

  • Replacement Card$0

As you can see in the chart below, from a fee standpoint, Further's offering is attractive.

 
Highcharts Tutorial
 

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.

(✔) Debit Card

With the debit card, Further transfers money directly from your account to the provider to pay for medical expenses. You don’t have to pay cash up front, submit a claim, or wait to be reimbursed. No ATM withdrawals.

(✔) Bill Pay

Further offers the ability to pay a provider directly from www.hellofurther.com or the Further mobile app.

(✖) Checks

Not available with the Further Value HSA Plan.

 

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. You can:

(✔) Transfers

Further can send reimbursement payments directly to the checking or savings account you designate.

(✖) ATM Withdrawls

No ATM withdrawals allowed.

(✖) Checks

Under the Further Vlaue HSA Plan Further does NOT allow individuals to reimburse themselves with checks.

 
 

 
 

Features

Intuitive Website 

The Further Online Member Service Center allows account holders to make one-time or recurring deposits, get reimbursed for out-of-pocket health care expenses, open and manage their investment account, manage their personal profile, and track and manage claims.

HSA Certified Experts

Access to a team of HSA expert customer service representatives. Further places all of its reps through a course that covers the basics of HSA plans and eligibility, Medicare, divorce and death, as well as HSA strategies to help account holders understand all aspects of HSA benefit plans.

My Records and Receipts

Manage all of your receipts online using My records and Receipts, Further's electronic document storage system. Simply take a photo on your phone or upload a scanned document from your computer to store for future tax free reimbursement, submit with a new claim or match with an existing claim

 
 

Doctor on Demand

Visit the doctor without ever leaving the couch. Get advice and diagnosis on over 300 ailments. When you use Doctor on Demand, you speak to board-certified doctors and therapists over live video using your computer or mobile device. After learning more about your history and symptoms, the doctor performs an exam, and may recommend treatment that could include prescriptions and lab work. You'll pay less than urgent care and in-pharmacy clinics, and they accept most major insurance.

Pick Your Price

Name a price that works for your budget on cosmetic and minor procedures as vendors bid for your business. Pick Your Price lets you to choose your desired procedure when and where you want and at a price that you can afford. You are matched with a pre-screened Certified Provider in your area who meets your criteria.You'll know the cost of each procedure up front, and they can save you 20-80% on many HSA and FSA approved procedures, including MRI Scans, CT Scans, and tooth extractions.

Further App

  • Scan a product's barcode to see if it's a covered expense

  • Take a picture of your receipt with your camera and upload it

 
 
 

Pros & Cons

Pros
  • Receipt storage tool

  • HSA certified experts

  • Feature rich mobile app

  • Long history of administering HSAs
Cons
  • Value HSA Plan is internet only

  • Value HSA Plan is not FDIC insured. FDIC insured plan costs $3/month
 
 

 
 

Which participants are best suited for a Further HSA?

  • Those who are seeking a feature rich, almost fee-free HSA.

  • Those who are comfortable with online only HSA management.

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

 
 

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