An HSA (Health Savings Account) allows you to contribute pre-tax money right from your paycheck into a special account that is used for medical expenses. Instead of paying out of pocket for qualified medical expenses, you can use your HSA debit card to cover those expenses while taking advantage of tax savings. And your HSA funds grow tax-free.
For 2020, you can contribute up to $3,550 in an HSA for individuals and $7,100 for families. For those aged 55 or older, you can take advantage of the $1,000 “catch- up” contribution. Contribution limits usually adjust upward every year.
Bend HSA is an HSA provider that uses AI to improve HSA engagement and employee financial wellness. They simplify the process of using and managing an HSA account. As an employee, using Bend as your HSA provider won’t cost anything. Continue reading our full Bend HSA review to learn more about what they offer.
Quick Summary
- No monthly fee for individuals
- AI-powered engagement helps you get the most out of your HSA
- Limited investing options
Bend HSA Details | |
|---|---|
Product Name | Bend HSA |
Employee Monthly Fee | $0 |
Employer Monthly Fee | $2.50 per employee |
Investment Options | Yes, through UMB Bank |
Promotions | None |
Who Is Bend HSA?
Bend HSA is part of Bend Financial, Inc. It is located in Boston, MA and was founded in December 2017. It’s president and CEO is Tom Torre. The company’s goal is to improve HSA engagement through the use of technology and financial wellness.
"Lack of financial literacy is an epidemic in the United States, making it more important than ever for organizations to arm themselves with the tools necessary to make positive changes in the financial lives of their employees," said Torre in a press release. "By leveraging behavioral economics, employers have the unique opportunity to increase HSA adoption, improve program engagement, and influence positive decision-making for employees."
What Do They Offer?
Bend HSA is an insurtech company that offers HSA and financial wellness solutions to individuals, companies, and organizations. Through the use of artificial intelligence and machine learning, it helps companies and employees better utilize HSAs. In this article, we’ll focus on the offerings for individuals.
Employer Benefits
One reason you may be able to go with Bend HSA is that your employer may not be partnered with Bend. Besides appealing to your employer, there isn’t much you can do to change that.
However, there are several reasons employers may want to use Bend HSA. These include automated, paperless employee setup (which can be done in less than 30 minutes), and quick payroll integration. Bend also says employers should expect better employee engagement with their HSA account.
Employee Benefits
There are plenty of reasons, as an employee, to use Bend HSA. First, it's completely free to you. You won’t have to worry about monthly fees.
Behind the scenes, the AI-powered Bend Advisor will work to ensure you are getting the most out of your HSA by identifying qualified medical expenses. The more you use your Bend HSA, the more the Advisor will benefit you by recognizing patterns and suggesting optimizations.
Also, Bend HSA is all about the user experience and encouraging employees to get the most out of their HSA. Many employees with an HSA account don’t fully utilize them, causing those employees to miss out on tax savings. Bend HSA wants to ensure that you get the most out of your HSA.
HSAs are also FDIC insured since they're basically a savings account. Note that HSAs are only available to those with an HSA-eligible high deductible health plan (HDHP).
Investing
Not all HSAs allow you to invest your funds. But, with Bend HSA, once your account reaches $1,000, you can invest in mutual funds, bonds, and stocks. Investments are made through Bend’s partner custodian bank, UMB Bank.
While it's great that Bend does offer investment options, it's not a point of emphasis or focus on its site. Plus, employees are charged a $3 monthly fee if they choose to take advantage of Bend's investment options.
If you're primarily looking to use your HSA for investing, you might want to consider a provider like Lively HSA, which offers a great variety of free investment choices through TD Ameritrade.
Are There Any Fees?
Out of the box, there aren't any monthly fees for employees. However, the monthly cost for employers is currently $2.50 per employee.
There are other fees to be aware of. If you switch employers and want to transfer your HSA or close it, the cost will be $15. And paper statements cost $1.50 per quarter.
Finally, if employees decide to take advantage of the investing options provided by UMB Bank, they'll be charged an Investment Access Fee of $3/month.
How Do I Open An Account?
You can visit https://www.bendhsa.com to open an account. Once your account is open, you can link it to your checking account for reimbursements.
Is My Money Safe?
Yes, funds kept in the savings portion of your HSA are FDIC-insured. However, any funds that you invest are not FDIC insured. Bend HSA also takes numerous security precautions to protect your data including utilizing malware protection, leading-edge firewalls, keyless computing, and serverless computing.
Is It Worth It?
With its unique AI-powered advisory service, Bend HSA can help ensure you’re taking full advantage of your HSA account and tax-savings benefits at no additional cost. Given it is also very easy to use and manage, we believe Bend HSA is well worth it.
However, if you plan to do a lot of investing in your HSA account, you may want to consider a different provider that offers more investment flexibility. Compare Bend HSA with our complete list of top HSA providers.
Bend HSA Features
Employee Monthly Fee | $0 |
Employer Monthly Fee | $2.50/employee |
Investment Access Fee | $3/month |
Paper Statements Fee | $1.50/quarter |
Wire Transfer Fee | $15 |
Account Closing Fee | $15 |
APY On Cash Deposits | 0.50% to 0.50% |
Debit Cards Issued? | Yes |
ATM Withdrawals? | No |
Investing Options? | Yes, through UMB Bank |
Customer Service Number | 1-877-201-3235 |
Customer Service Hours | 7 am-7:30 pm. CT, Mon-Fri |
Customer Service Email | support@bendhsa.com |
Mobile App Availability | iOS and Android |
FDIC Certificate | 8273 |
Promotions | None |
Bend HSA Review
- Commissions and Fees
- Ease of Use
- Investment Options
- Customer Service
- Tools and Resources
Overall
Summary
Bend HSA uses innovative AI technology to help employees maximize their HSA tax savings and to minimize administrative hassle for employers.
Pros
- No monthly cost to employees
- Bend Advisor uses AI technology to help employees reach their HSA goals.
- Automated, paperless HSA enrollment saves employers’ time
Cons
- Investment access only available through UMB Bank and costs $3 per month
- No high-yield option for cash deposits
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.