Criteria for Evaluating HSA Plans
as a Spending Vehicle
The following list of HSA providers is for HSA spenders. These account holders treat their HSAs as pseudo checking accounts, paying for health care expenses as they occur. When evaluating HSAs as a spending vehicle we focused primarily on the following:
Fees
Ease of access to funds (payment and reimbursement)
Features that make it easy for spenders to manage all aspects of their HSA
Fees
When you open an HSA, you are subject to a long list of potential fees, especially as an HSA spender. The majority of HSA spenders are subject to the following fees:
Maintenance / Administrative
Paper Statement
Point of Sale (POS) / Transaction
ATM Withdrawal
Debit Card Issuance
Check Distribution (Reimbursement)
Overdraft / Non-Sufficient Funds (NSF)
Stop Payment Request
Closing / Transfer / Rollover
Excess Contribution
Etc.
The best HSAs for Spenders:
have no monthly administrative/maintenance fees.
give participants a chance to evade the maintenance fee by attaining certain cash level in the account.
have very few fees that participants can potentially "run into."
have transparent fee disclosures
Fund Access
Ease of access to funds is of the utmost importance for HSA spenders, whether it be for payments or reimbursements.
The best HSAs for Spenders:
offer a hassle-free reimbursement and payment experience.
allow participants to reimburse themselves in multiple ways (check, ATM withdrawal, ACH transfer, etc.)
allow participants to pay for qualified medical expenses in multiple ways (check, debit card, virtual card, bill pay)
Features
In our search of the very best HSAs for spenders, we looked for administrators with the following features:
Intuitive websites/apps. Modern platforms that are continually being updated to improve the customer experience.
Receipt / document storage tool to record and upload related medical invoices
Useful planning and consumerism tools
Robust mobile app that allows on the go management of all aspects of HSA account
Comprehensive education! HSAs are complex. HSA administrators should provide educational resources to educate their account holders. Educational resources should be available in multiple formats whether it be live webinars, recorded presentations, videos, informative blog posts, or infographics.
Dedicated customer service team with administrative expertise. When evaluating the best HSAs for spenders we opted to only recommend HSA providers whose core business is HSAs. HSA administrators with other lines of business usually don't allocate the required resources to adequately serve HSA spenders. For HSA spenders, the HSA offering must be comprehensive, and therefore we only recommend administrators who have dedicated HSA teams that are focused on providing the best experience for account holders.
The Best HSAs for Spenders
Standard Plan (Non-Employer Group)
| Fees | Fund Access | Value Added | Features | Overall | |
|---|---|---|---|---|---|
Lively
| A | B+ | B+ | A- | A- |
First Dollar
| A | B+ | B+ | B+ | A- |
Further
| B+ | A | B | A- | A- |
Fidelity
| A | A | C | B | B+ |
HSA Bank
| A | A | C | B+ | B+ |
 HealthEquity
| A- | A | C | B+ | B+ |
 Bend
| B- | A- | B | A | B+ |
| | B- | A | B+ | B+ | B+ |
 Avidia Health
| A- | A | C | B | B+ |
The HSA Authority
| A- | A | C | B | B+ |
Disclosure: The HSA Report Card rankings are not recommendations to enroll in a particular HSA plan. Your unique HSA needs cannot be summed up by any rating or score. Instead, The HSA Report Card offers an easy to use snapshot of expert opinion and information to make analyzing and understanding your HSA plan options a simpler, more informed experience.
In Depth Reviews
First Dollar was created for conscientious health care consumers. They offer participants exclusive discounts on medications, at home lab tests and telehealth through partner companies.
Further is an experienced administrator that consistently ranks in the top tier for their unmatched customer service.
HSA Bank has been offering HSAs since their inception in 2004, quickly gaining a nationwide reputation for their comprehensive offering.
[ Pur - Puhl ] adjective - notably or conspicuously unusual; extraordinary. Since its inception HealthEquity has strived to develop a ‘purple’ culture.
Avidia Bank is a small community bank in Masssachussetts that specializes in HSAs. Their fee-free HSA is a solid pick for spenders.
Lively is disrupting the HSA industry with their quickly evolving, fee-free HSA. Lively offers particiapnts exclusive discounts on purchases and new services from their marketplace providers at competitive prices.
Optum Bank is the largest HSA administrator in the nation with more than 12 billion in assets. This arm of UnitedHealthcare boasts reasonable fees and a nice suite of consumerism tools.
The HSA Authority has been a forerunner in providing HSAs and expertise in the marketplace, and is recognized as a leading provider year after year.
This startup leverages the latest technologies, including AI and machine learning, to offer an entirely new and truly unique approach to engagement, funding, saving and payment.