The HSA Authority is the name for the HSA program at Old National Bank. Old National Bank was established in 1834 and it has offered HSAs since their inception in 2004. Old National Bank is headquartered in Evansville, Indiana but many HSA team members are in Fort Wayne, Indiana.
Currently, The HSA Authority serves clients in 50 states, comprising of over 2,600 employer groups and over 135,000 account holders. Since 2004, The HSA Authority has grown to become one of the 15 largest HSA providers in the country. Individuals, small businesses, large corporations and multiple government entities including universities, municipalities and the State of Indiana are serviced through The HSA Authority. The HSA Authority services all entities; there is no minimum group size requirement.
The HSA Authority management team attributes its growth over the years to an understanding that an HSA is more than just a checking account. They believe it is an opportunity to help educate customers about their current and future healthcare finances.
The HSA Authority program is based upon 3 core goals:
Providing a feature rich product – Features that employers and HSA owners want and use without burdening them with costly upgrades that are seldom, if ever, used.
Being an educational resource – The HSA Auhority customizes content and delivery of educational meetings to address the needs of a company and its employees.
Providing administrative expertise – They have a dedicated HSA team that prides itself on being HSA experts and a support network for all clients regardless of size.
Platform
The HSA Authority uses the Old National Bank core banking platform to house and manage the HSA program. This gives them a tremendous advantage over their peers because many HSA providers these days are just transaction service hubs that outsource the banking functions to other companies. When clients call, they know they are speaking to the team that manages their HSA program at all stages. Also, because The HSA Authority owns their technology, you don’t have to worry about third-party issues.
The HSA Authority platform is monitored and updated multiple times per year. They have a dedicated legal, compliance and IT team to make sure they far exceed all banking regulations and security concerns.
For the most part we feel that The HSA Authority keeps their technology up to date and up to industry standards. That said, we did notice that the investment website is not fully integrated with the HSA platform and thus requires a separate password, a minor inconveninece for investors. Another feature that would create a more frictionless investment experience for investors is an investment sweep feature. In previous years participants had to call an investment representative to have funds swept over to the investment account. In the last year, The HSA Authority made it possible for participants to initiate manual transfers from the HSA account to the investment account.
Partners
Devenir
The HSA Authority partners with Devenir LLC, the leading HSA investment advisor in the country, to provide investment capabilities to their HSA participants. Devenir’s primary focus is to provide investment solutions for HSA accounts.
Old National
Old National is a regional bank based in Evansville, Indiana and is the parent comapny of The HSA Authority. With nearly 200 retail branches and assets of $20.9 billion, ONB is the largest bank holding company headquartered in Indiana.
Fees
Q: What is the monthly maintenance fee charged by The HSA Authority?
No monthly maintenance fee. The majority of HSA clients never pay a fee. There are no employer fees for the program.
Q: Is the employee or the employer expected to pay the maintenance fee?
N/A, No monthly maintenance fee.
Q: What is the balance required to avoid the maintenance fee?
N/A, No monthly maintenance fee.
Q: What other fees are on the The HSA Authority fee schedule?
The HSA Authority fee schedule has a few potential fees account holders can incur if they get sloppy with their HSA management. Below is the HSA Authority’s fee schedule:
Investments
Investment FAQs
Q: Does The HSA Authority offer a pre-selected investment lineup? Self directed brokerage account? Or both?
The HSA Authority offers a 401k-like easy-to-use platform with a pre-selected investment lineup composed of 31 mutual funds. Fund performance is reviewed quarterly and changes to the lineup are made when necessary.
Q: Does The HSA Authority charge a fee to access the pre-selected investment lineup?
The HSA Authority charges participants a $36 annual fee, which allows unlimited transactions in, out, and between funds. The fee is only charged if the account owner elects to take advantage of investment options. No fee is charged to the employer.
Q: What is the minimum balance threshold in order to make investments?
The HSA Authority gives employees access to an investment account once their HSA balance reaches $1,000. The employee is not required to leave any money in the HSA checking account. Once opened, the account holder may invest all HSA funds. No balance required in HSA checking. There is no minimum investment required.
Q: Which mutual funds are included in The HSA Authority pre-selected investment account?
The HSA Authority investment lineup is composed of 31 mutual funds. Index fund options are available for every major asset class. The HSA Authority has done a great job assembling a top notch investment lineup.
Q: If an employer wanted to customize a pre-selected investment lineup, would The HSA Authority be able to carry this out?
A few administrators offer an open architecture framework that allows for investment lineup customization enabling 401K mirroring. At this time The HSA Authority does not offer an open architecture platform.
Q: What are the the interest rates offered by The HSA Authority?
Deposit rates at The HSA Authority are competitive. That said, deposit rates everywhere are at historical lows. The HSA Authority educates account holders about their investment options.
Q: Does The HSA Authority have an investment sweep feature?
The HSA Authoirty does not have an investment sweep feature. To transfer funds from the HSA to the investment account, participants must initiate a manual transfer. They can use the transfer feature within the portal to move funds between the investment and transactional component of their HSA. Funds are easily transferred to and from HSA checking and investment account online.
Q: Is the investment account tightly integrated with the HSA platform? Does it require one or two passwords to get to the investment account?
The HSA Authority uses a third party’s investment platform. Two separate passwords are required.
Payments
The overwhelming majority of HSA users are spenders and this group is going to want to pay their healthcare bills with familiar and convenient methods such as debit cards, online bill pay, and checks. However, their is a digital transformation taking place in healthcare payments and in our society as a whole. For example, a trend we are seeing right now is the adoption of virtual cards (Apple Pay and Android Pay). Online bill pay has also been gaining traction as more and more providers—and payers—are moving to electronic payments every day. That said, employers should seek an administrator that is quickly evolving with the digital payment transformation taking place.
Check payments are slowly being phased out as a method of payment as the healthcare payment revolution has progressed, but some still use this form of payment.
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The HSA Authority currently allows participants to pay for qualified medical expenses via debit card, bill pay, checks and digital wallet.
Reimbursement
When employees pay for qualified medical expenses out-of-pocket, they should be able to access their HSA dollars multiple ways whether it be via online bank transfers, check disbursements, or ATM withdrawals.
Generally, the best way for employees to reimburse themselves is with electronic funds transfers (EFTs) that are processed through the Automated Clearing House (ACH) network. EFTs are easy, speedy, cost-effective, paperless, safe and secure.
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ATM Withdrawal |
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Checks |
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The HSA Authority participants can reimburse themselves via ACH bank transfers, ATM withdrawals, checks and even bill pay (account owner may set themselves up as payee and have checks mailed to them for free).
Features
Participants will receive a personalized branded Visa debit card for qualified medical expenses. They can use the card at the doctor's office, pharmacy, or any other qualified medical expense provider where Visa is accepted.
Employees will undoubtedly want a mobile app that allows them to securely access their HSA account by providing real-time, convenient access when they need it most. A robust mobile application will result in a positive employee experience.
Participants can access their HSA through the Old National Bank app available on the App Store, Google Play or Amazon Appstore. Features of the app include:
Check balances
View transactions
View copies of checks
Pay medical bills
Set debit card alerts
Turn debit card on and off
Deposit checks / contributions via image capture
Send HSA funds to yourself via check
Transfer to and from your account at another institution
Initiate Stop Payment
Enroll in and view eStatements
Send Secure email to Client Care
Live Chat with Client Care
Access our Money Management personal financial management tool to track your medical expenses
Locate Old National Bank branches and ATMs
We wish The HSA Authority would have their own app with HSA specific features account holders could enjoy on the go. At this time though, most necessary functions can be accomplished via the Old National Bank app.
The HSA Authority lets employers manage contributions in the way(s) that work best for them including:
Direct deposit via payroll provider
Direct deposit via online banking (bank to bank transfers)
Employer check submitted with employer contribution worksheet
Mail in contributions
Free online employer contribution portal (HSA Express Deposit) . The HSA Authority’s Express Deposit is a simple and secure website that makes HSA contributions easy. They offer quick setup and ongoing personal assistance. It allows a company to deposit both employer and employee contributions directly into their employees’ HSA accounts, on the day they choose. One ACH debit for the total will be charged to the company’s bank account, even if they maintain their account at another financial institution. This service is provided free of cost.
Maintaining records for HSA-qualified expenses are made easier by providers who offer an “electronic shoebox” feature. HSA owners need to keep accurate records, making a receipt storage and expense tracking tool a must to substantiate qualified medical epenses with receipts and appropriate documentation when the IRS comes knocking on the door. Unfortunately, The HSA Authority does not have a receipt storage tool at this time.
When evaluating an administrator, It's important to take into account the amount of education the administrator offers. An HSA administrator should make employee education a top priority, so each employee is able to make the best decision possible for his or her situation and maximize the benefits of an HSA. To that end, an effective administrator should offer engaging information in several formats, such as print, internet and social media, and provide updates to this information throughout the year.
We asked The HSA Authority to share their thoughts on HSA education and they responded with the following statement:
“HSA education is an absolute essential for a successful HSA program. This is neglected severely in our industry. That is why less than ½ of HSA eligible households open and fund an HSA. This is not the case at The HSA Authority. HSA Education is one our 3 core strengths. We customize the content and delivery of educational meetings to address the needs of each company and its employees. Our education not only focuses on how an HSA works but also teaches account holders how to manage their unique medical expenses. This can include attending open enrollment meetings, providing customized enrollment packets and flyers, being onsite to interact one on one, and hosting live and recorded webinars. We also provide free online enrollment, quarterly newsletters, and a wide variety of website tools (contributuon, tax savings, and plan comparison calculators and a searchable real-time HSA Eligible Expense List), videos, and resource materials.”
An HSA administrator should provide a comprehensive range of support services for employers and employees. The HSA Authority offers the HSA product in a different manner than most banks. Most banks sell their HSA as just another checking account opened by branch employees with limited HSA administration knowledge. At the HSA Authority, there is a dedicated HSA team of HSA experts that cover sales, service, and provide year-round support.
Once employees sign up and are presented with the benefits of an HSA, they are sure to have a lot of questions. An HSA administrator should have an experienced, dedicated support team and provide top-notch customer service and account management.
The HSA Authority has been in the HSA space since 2004, when HSAs were introduced.
The HSA Authority’s singular focus is HSAs. They have an exclusive team dedicated to the service and support of HSAs.
They have a dedicated Client Care team available via phone, website, and email to answer account holder questions. The toll-free line offers extended hours to access HSA service experts.
In terms of support services for an employer you want an administrator that appoints a relationship manager to help with day-to-day questions.
The HSA Authority will assign an assigned HSA specialist will walk the employer’s human resource and payroll departments through all aspects of the initial set-up, regulations, contribution process, and ongoing administration.
Look for HSA administrators that have established partnerships that create meaningful value for employees. Whether it be discounted rates for tele-medicine, medical supplies and equipment, or advice pertaining to insurance or investments.
The HSA Authority has established a close a partnership with the HSA Store to provide HSA eligibility search tools, HSA planning calculators, and discounts on HSA eligible purchases.
The HSA Authority has also partnered with Devenir to offer an enhanced investment experience. Devenir is the premier HSA investment provider in the country. This relationship included a comprehensive website to help account holders make quality investment choices and monitor performance.
HSAs need to work with your existing benefits and payroll systems to enable automated scheduled HSA contributions and eliminate paperwork. Through payroll integration, the burden of calculations, remittance and compliance is taken off the small business person's hands. For this reason it’s important to chose an administrator that integrates with your payroll provider.
The HSA Authority can accept payroll deposit from any payroll provider in the country. They do not charge any fees for payroll / ACH transactions.
The HSA Authority also offers their Express Deposit tool for HSAs contributions as described earlier.
In today’s world, managing health care claims is becoming more and more complex. With claims integration your employees’ insurance information is fed directly to their HSA, which gives them easy access to their health records and medical claims in one place. Employees’ can see if they’re they’re using in-network providers, which provider is billing for each individual service, and if the right codes have been applied to ensure proper coverage. Additionally, employees’ are also provided with information regarding their deductibles, co-pays, and out-of-pocket maximums. Certainly there numersous advantageous to integrating a health plan with an HSA, but should not be the most inportant factor in chosing an HSA administrator.
The HSA Authority does not integrate with any health insurance carriers. “All insurance carriers already offer a website and apps to view medical billing information. The redundancy and cost of integration would limit our ability to provide our program and outstanding client support free of charge. Our client surveys also indicate there was very little interested in adding this functionality,” said Ruste Pontenberg, HSA Sales Manager and VP at The HSA Authority.
The HSA Authority is carrier agnostic, capable of administering any plan from any carrier an employer chooses to offer. A carrier agnostic platform can provide an employer with the flexibility to change and improve their benefits offering at any time.
The HSA Authority lets individuals make their own decisions on how and when they want to pay the medical service providers.
How complex (or not) is your benefits strategy and structure? If your benefits are fairly simple – medical/prescription insurance only; one plan; one set of rates; one uniform contribution strategy; one carrier… you get the point – your benefits administration needs are fairly simple too, and your technology solution doesn’t have to carry a lot of firepower.
On the other hand, if you offer your employees multiple lines of coverage and multiple plan options within some of those lines; you have multiple divisions and/or employee classes, each with a unique premium contribution strategy; and you layer on top of that wellness incentives, spousal surcharges, voluntary benefits, employer funding of an HRA or HSA, and more, well then, you have an entirely different benefits administration need and your technology solution has to be robust.
The HSA Authority’s singular focus is HSAs. They don’t offer any other benefit programs. The HSA Authority does not offer FSA, HRAs or COBRA administration.
Vendor Strengths and Cautions
Strenghts
Best fee-free HSA option for employers on the market
Proprietary platform
Singular focus on HSAs
Experienced HSA administrator that offers administrative expertise
Customer service team is comprised of dedicated HSA experts
Product meets needs of both spenders and investors
Best-in-class list of mutual funds
Education is a core strength
Multiple payment and reimbursement methods
Carrier agnostic
Cautions
Operates under the umbrella of a big bank and resources may not be allocated toward growth and development of The HSA Authority brand.
Lacks investment sweep feature - systems in place should allow frictionless movement of money
The HSA Authority has not established close partnerships with health product and service providers that are attractive to HSA spenders.
Does not offer other benefit programs
Mobile app lacks HSA specific features
Does not offer document storage solution
Contacts
Ruste Pontenberg, Vice President and HSA Sales Manager
116 E Berry St. Suite 101 Fort Wayne, IN 46802
Ruste.Pontenberg@theHSAauthority.com - 260-310-6630