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Top HSA Providers — November 2020

Everything you need to know about HSA providers so you can offer employees more cost-saving benefits, increase employee satisfaction, and attract more top talent

Health Savings Accounts (or HSAs) are common benefits at companies large and small. In a nutshell, an HSA allows employees to set aside pre-tax dollars to cover qualified medical expenses, like doctor visits, prescriptions, lab fees, even dental- and vision-related costs. As an employer, you can offer HSAs to employees with HSA-eligible high-deductible health plans (HDHP) to help reduce their — and your — overall healthcare costs. 

So which HSA provider is right for your company and how do you actually set up a company-wide HSA plan? In this guide, we’re breaking it all down. Let’s get started.

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The Best HSA Providers & Health Savings Administrators

We track thousands of HR Tech solutions. Here are the best HSA providers and Health Savings Administrators as of November 2020.

BenefitWallet helps over 1 million employees manage their health and wealth through their platform that caters to companies of all sizes.  They are one of the smaller players in the space, but partner with Bank of New York Mellon to custody their accounts.

BenefitWallet

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BenefitWallet

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HealthEquity has a variety of employee benefit products from commuter reimbursements and COBRA to HSAs and FSAs. Their hands on approach means your HSA admin will integrate with your various other vendors (payroll, retirement, etc) and backed by 24/7 phone support. They administer benefits for over 12 million employees.

HealthEquity

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HealthEquity

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Further helps over 10,000 employers manage their HSAs. They have competitive interest rates for balances that approach 1% (as of 2020), and an easy to use debit card/mobile app/web interface for employees to use when spending through their account.

Further

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Fidelity is one of the most reputable financial services companies in the world with a rich history and an evolved product suite that has kept up with the pace of technology.

Employees that use their HSA can invest unused balances into hand selected funds that are transaction and fee free.

Fidelity

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Fidelity

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As the name suggests, HSA Bank has a broad offering of products that include HSAs, FSAs, and HRAs.  They have over $7 Billion in accounts at any given time, and are backed by their parent company Webster Bank (NYSE: WBS).

HSA Bank

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HSA Bank

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Optum Bank has over $12 billion in assets across over 5 million accounts.  They are one of the leaders in this space, and even have their own digital “academy” to educate employees and employers on HSAs. 

While they are a for profit backed by UnitedHealth, they have given over $45 million to support low income communities since their founding in 2003.

Optum Bank

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Optum Bank

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This is a great HSA for companies that want to have a single source of truth across their HSA management in one dashboard.  They have paperless onboarding for new employees, automated alerts, and always on customer support.

Lively Is one of the few venture backed companies in this space, which generally correlates with an easy to use technology interface.

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Next Steps for HSA benefits

Because of the many tax benefits that HSA accounts provide for both employers and employees, it’s important to maintain your compliance. Getting the most out of your HSA benefit of course depends on the provider you choose, which is why it’s always a good idea to use one with low fees and good investment options. To ensure you make the right choice, you might want to consider talking to a financial advisor, accountant, and/or lawyer. From there, you’ll be able to arrow down your choices and book demos.

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