High-deductible health plans—or HDHPs—paired with a health savings account—or HSA—are continuing to surge in popularity and availability. HSA-eligible HDHPs are quickly becoming one of the most common types of health insurance plans offered by employers, as well as chosen by small businesses and those who are self-employed. The numbers don’t lie—there are expected to be more than 30 million HSA accounts opened by 2022.
Whether you already have an HSA or whether you’re simply exploring your HSA options, you need to take note—not all HSA providers are created equal. It pays in more ways than one to search out the best HSA provider, since ultimately it is your choice.
Evaluating HSAs Like a Pro
No HSA provider is quite the same, but luckily, there are some common things to consider when evaluating and comparing one to the next. As you compare HSA providers, you might be surprised in the differences between them. Because HSAs are still relatively new and in their growth phase, they’re not yet as “standardized” as traditional health insurance plans and other types of investment accounts. That’s why it’s extra important that you be informed to ensure you make the right choice for your HSA provider. You don’t want to be stuck with a subpar account that’s difficult to use and manage and loaded with fees.
From setup fees, annual fees, monthly maintenance fees to account-use fees like debit card replacement fees, paper statement fees, and investment fees— be sure you understand all the fees associated with your account. Every HSA provider is different when it comes to the transparency around fees, interest rates and other account details continues to remain cloudy, but not for Bend. When you partner with Bend, there are no gimmicks, surprises or hidden fees. Everything is disclosed clearly upfront so you’re always in the know. You get an innovative HSA with no monthly fee and no hidden fees. Our full list of accountholder fees can be found here.
Knowing your money is safe is paramount. Look for HSA providers that are FDIC insured or, if looking at credit unions as an HSA provider, are NCUA insured. Bend is FDIC-insured—providing you the financially security and peace of mind you deserve.
Opportunities for Growth
When considering HSA providers look at both their interest rate and investment options. If the HSA provider offers investment options, you also need to find out:
The HSA provider’s investment menu design
The quality and performance of the investment options offered
The fees associated with investing your HSA funds, along with any other investment details
Bend offers a variety investment options – whether you’re looking for allocation, equity, fixed income or other investment options for your HSA funds, Bend has you covered. And if you choose to invest your HSA funds, all you pay are underlying investment fees – no additional fees to invest are charged, unlike most other HSA providers who tack additional fees onto investments.
Go Beyond the Basics and Discover the Bend Difference
You need to dig deeper than the accounts terms and conditions when deciding which HSA provider to choose—because you need to be concerned about more than just fees and interest rates. How a health savings account is set up and functions can be equally, if not more, important than fees and rates. Even established, well-reviewed HSA providers offer passive, transactional accounts. HSAs are more than a standard deposit account so you want to find a HSA provider that gives you the tools and resources to really maximize the benefits of the HSA.
Bend is different across the board. Along with no monthly fees and attractive interest rates, we offer a proactive, intuitive HSA platform loaded with features and automations that get you engaged in your healthcare saving and spending, while bettering your overall financial well-being.
So what exactly sets Bend apart? Plenty.
Bend Advisor – Your guide along the HSA journey. The Bend Advisor provides personalized recommendations based on your unique situation.
Contribution Calculator – Understanding the value of your HSA now and into the future is critical in planning for retirement health expenses.
Recordkeeping – Keeping accurate records is necessary to maximize the tax benefits of an HSA. Our system can help find eligible medical expenses, file receipts and track reimbursed and un-reimbursed expenses.
From our innovative use of AI and machine learning, to our always available Bend Advisor, the Bend HSA platform has been thoughtfully designed to help you make the most of your HSA, regardless of your knowledge of health savings accounts. And with our leading-edge educational resources and customer support, we’re able to simplify HSAs and offer personalized guidance for your unique circumstances through every step of your HSA journey.
Take Advantage of the Next Generation HSA
Hopefully this has helped you understand just how important it is to do your research and make the right choice when it comes to your HSA provider.
With Bend, we’re here to help you make the most of your health savings account—no matter who you are or where you’re at in life. We offer a simple-to-use, secure HSA with a superior user experience and unmatched customer service and support—because we’re here to make HSAs easy for everyone.