The HSA Report Card

SelectAccount S

Further (Formerly SelectAccount)

 

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

 
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Further Value HSA PLan

The best HSAs for spenders are characterized by low maintenance / administrative fees. Further recently did an about face. They changed their fees. They used to offer a FreeSaver plan, which was fee-free. Under the new fee structure, the best plan for spenders is the Value HSA Plan. Further charges participants $1/month for the Value HSA plan, which is still a pretty good deal when compared to other top HSAs for spenders. Two important things to note.

  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 a permanent and unavoidable fee.  

The best HSAs for spenders also have very few additional fees that are layered on top of the maintenance / administrative 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. They have no additional fees.

Further gets a passing grade when it comes to fee transparency. The website clearly discloses relevant fees. Below we have reconstructed Further's fee schedule to exhibit fees spenders are most likely to encounter.

Monthly Recurring Fees

Maintenance / Administrative $1
Paper Statements $0

Behavioral Fees

Excess Contribution $0
Overdraft / NSF $0
Stop Payment Request $0

Transaction / Reimbursement Fees

Point of Sale $0
ATM Withdrawal $0
Check Distribution $0

Termination Fees

Transfer $0
Rollover $0
Closing $0

Miscellaneous Fees

Debit Card Issuance $0

 

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

 
 
Highcharts Tutorial
 

 
 

Payments

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).

 

Reimbursement

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.

 
 

 
 

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 SelectAccount 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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