HSA admin

May 17, 2008

  1. somarco
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    somarco GA Medicare Expert

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    What should be evaluated in picking an HSA administrator other than fees, interest credited and investment options.

    I am of the opinion you should also consider the services, and level of expertise, but am at a loss to quantify the value of "intangible" services.

    There is a fiduciary responsibility, and tracking is required for tax purposes, but how do you put a face on these additional services?
     
    somarco, May 17, 2008
    #1
  2. Sam
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    Sam Founder Administrator

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    I have used eight or nine providers and the only one that really does a great job is a local bank (Local to the client) where one of our clients banks, and they set one up internally. HSAbank, Tasc, CCC, Flex America, NY Mellon Bank, Sovereign and Saturna have all been mediocre for us thus far. There is a good list here. Directory of HSA Administrators

    If you or anyone finds one that really stands out, please let me know.
     
    Sam, May 17, 2008
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  3. xrac
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    xrac Guru

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    Do you have any experience with Health Equity? I know American Community uses them. They do not pay good interest now but they have investment options. I have really been impressed with the look of their website which shows a running total of claims and usage when you log on. If you are one of their account holders they also have a toll free number staffed 24/7. I was thinking of switching from Bancorp to them.
     
    xrac, May 18, 2008
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  4. moonlightandmargaritas
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    moonlightandmargaritas Guru

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    Very difficult to affix a "face" to a commoditized product such as an HSA. "Intangible services" are only valuable if the client perceives that they are.

    All things being equal - I'd go with the low cost provider...
     
  5. retread
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    retread Guru

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    I think your prime 3 is about the best I can support. My state (KS) has a list of "approved" carriers with HDHPs and another "approved" list of banks offering HSAs. I plan to construct a matrix of those "approved" plans and the prime 3 values. This is a big enough project for me, since there are a lot of other things pressing me for time. I am not going to go deeper than the prime 3 because I can picture in my mind a client telling me "I don't care what you say about Abc Bank, I used to have an account there and they suck!", or "I have always liked Xyz Bank, I don't care what the others offer, they are the only bank I will do business with." etc. etc. etc.

    I stick with "Cost, Coverage, and Convenience" with my Medicare plans. Banging the drum louder or longer won't make a better song.
     
    retread, May 18, 2008
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