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. Further services more than 800,000 accounts and holds $1.5 billion assets under management in HSA deposits.

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.

The best HSAs for spenders are characterized by low maintenance fees. Further charges participants $1 per 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 behavioral fees. Behavioral fees are not recurring in nature, but can be incurred by the account holder they execute a certain action. Further delivers on this front. Each Further 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:

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

The chart below shows maintenance fees charged for account balances ranging from $0 to $10,000 for the 10 best HSAs for spenders. Further’s maintenance fee does not change as participants reach different account balances. The monthly maintenance fee is unavoidable - a stark difference between Further and 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.

Further does a decent job of equipping spenders with the right tools to make them smarter healthcare consumers. A nice tool that is available to Further account holders is a product barcode scanner tool that is accessed through their app, which is used to see if an expense is covered. Further also provides participants with an easy to use eligible expense list.

Further also introduces account holders to Doctor on Demand, a telehealth provider and Zendy, a tool used for price comparison purposes.

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.

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.

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.

Mobil App

Further’s mobil app provides a powerful, simple and easy-to-use modern healthcare savings tool that adds to the repertoire of fintech solutions customers use every day.

As you can see from the graphic below, iOs and Android users are extremely satisfied with the Further app.

Pros & Cons

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.

More Administrator Reviews