Further is a non-bank health care accounts administrator, based in Minneapolis, 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
FreeSaver PLan Fees
Many HSAs claim to be fee-free, but few truly are. Further's FreeSaver plan truly is fee-free. No fees of any kind, no minimum balance and no obligations! Below we have reconstructed Further's fee schedule to exhibit fees spenders are most likely to encounter.
Monthly Recurring Fees
Transaction / Reimbursement Fees
As you can see in the chart below, from a fee standpoint, Further's offering is hard to beat.
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.
The Further debit card will NOT work for cash withdrawals from an Automated Teller Machine (ATM), from a Point-of-Sale (POS) device, or by any other means.
Pay the Provider - Further can pay a provider directly for medical expenses on your behalf. This feature is only available when crossover is offered as part of a Blue Cross and Blue Shield of Minnesota health plan.
Crossover - This feature allows Further to receive your health plan claims automatically from your insurance carrier. You do not need to submit any paperwork to Further, with the exception of expenses not covered under your health plan. In some cases, dental and vision crossover may also be available (employer group option).
Direct Deposit - Further can send reimbursement payments directly to the checking or savings account you designate.
Under the FreeSaver Plan Further does NOT allow individuals to reimburse themselves with checks.
No ATM withdrawals allowed.
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.
e-Vault - Manage all of your receipts online using e-vault, 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
WalletDoc - For only $18 a year you can access a suite of consumerism tools to help you make informed decisions regarding your health care. With WalletDoc's consumerism tools, people can now save and shop for health care expenses, just like they do with anything else. This platform option helps people navigate their health care with decision support, procedure cost comparison, online care, medical discounts, bill negotiation and health management tools.
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
1. Fee Free
2. Receipt / document storage tool
3. Feature rich mobile app
4. HSA certified experts
5. Long history of administering HSAs
1. FreeSaver is internet only
2. No investment option with FreeSaver
3. No interest accruing products with FreeSaver
Which participants are best suited for a SelectAccount HSA?
Those who are seeking a feature rich, fee-free HSA. No monthly recurring fees.
Those who are comfortable with online only HSA management. FreeSaver is an online only account – all transactions (aside from debit card transactions) and communications are via the online member service center.
Dual-purpose use (spender/investor). Further is a top 3 investment HSA. In order to gain access to investments, enroll in the ThriftSaver plan ($18 per year)