Bend Financial is a Boston-based technology and services company that provides health savings account and financial wellness solutions to individuals, employers and organizations in the group benefits distribution market. Its innovative approach and product offerings simplify the use of HSAs while making the product attractive to all types of health care consumers.

Fees For Individuals

The best HSAs for spenders have no monthly maintenance fees. Bend charges a $29.40 annual maintenance fee for customers with balances below $3,000.

The best HSAs for spenders also have very few behavioral fees. Behavioral fees are not recurring in nature, but can be incurred when a certain action is executed. Bend only charges a few of these behavioral fees.

Below we have reconstructed Bend’s fee schedule to exhibit fees spenders are most likely to encounter.

As you can see in the chart below, from a fee standpoint, Bend's offering is quite appealing. 

Value Added

This is a new criteria we added to our analysis of HSAs for spenders. We realize that fees charged by administrators are important for account holders, but that is the lowest hanging fruit. Participants can achieve greater savings when administrators give healthcare consumers everything they need to make smart health care spending choices including digital tools and informative spending account resources.

First and foremost, account holders need a readily available tool that exhibits eligible expenses. The list of expenses is ever growing and consumers should be equipped with an easy to use tool. Also, a tool that combs through a participants credit cards and bank accounts for eligible expenses is a nice feature.

Administrators can go even further to help spenders save money on healthcare expenses by partnering with healthcare companies providing eligible medical expenses on the servicing or product side of the equation.

Bend uses artificial intelligence to help consumers find eligible expenses for them. Account holders link personal credit cards and checking accounts to the Bend system so that if a health-care transaction is made, the Bend Advisor will alert them that it is eligible for pre-tax treatment.

Payments

When you, your spouse, and your dependents have qualified medical expenses that aren’t covered by your health care plan, you can use your HSA money tax-free to pay for them. There are multiple ways you can spend from your HSA. Bend allows participants to pay for qualified medical expenses with a debit card. Bill pay and checks are not available at this time.

Reimbursement

You can pay for qualified medical expenses out-of-pocket and reimburse yourself anytime using your HSA money. As long as you opened your HSA before the expense was incurred, your reimbursement will be tax-free. When you pay for qualified medical expenses out-of-pocket, you should be able to access their HSA dollars multiple ways whether it be via online transfers, check disbursements, or ATM withdrawals.

Generally speaking, the best way to reimburse yourself 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.

With Bend you can reimburse yourself via bank transfers. Bend participants cannot reimburse themselves via ATM withdrawls or checks.

Bend Advisor

The Bend HSA comes equipped with the Bend Advisor, a unique tool that takes advantage of leading technologies. Bend leverages Artificial Intelligence (AI) and machine learning to recognize patterns and suggest optimizations. The Bend Advisor learns individual behaviors and situations, predicts outcomes and delivers actionable advice that helps you manage your HSA.

Link Personal Credit Cards to Take Advantage of Cash Back and Travel Rewards

You can link any personal credit cards you have to the Bend system so that you can categorize spending as eligible and get reimbursed for expenses which allows you to take advantage of card benefits like cash back or travel miles. This way no expense is left behind, helping you maximize your HSA. Bend does all the work by finding your eligible expenses for you.

Bend also lets participants link their checking accounts so that if a health-care transaction is made, the Bend Advisor will alert them that it is eligible for pre-tax treatment.

Deductible Tracker

Bend has made it easy to see precisely what you have paid and your remaining healthcare deductibles for the year. This enables you to see your current healthcare plan spend details categorized by in-network and out-of-network designations. Bend updates this data every day, so you can track your progress throughout the year.

Education and Resources

Bend’s platform, the Bend Advisor, is uniquely capable of employing a learn-as-you go approach to enrolling and participating in an HSA. The Bend Advisor takes a step-by-step approach, intelligently providing timely suggestions so even the least knowledgeable HSA users are able to work toward optimizing their accounts.

Receipt Storage & Categorization

Electronically upload and categorize receipts and other documents so you can view them later. You can add an expense and save it for reimbursement at any time in the future.

Contributions

Bend will set up recurring or one-time contributions for you without any annoying paperwork (employer contributions or link your bank account).

Dedicated Customer Service Team

Bend’s singular focus is HSAs. Their team is ready to help you whether it’s by phone, email, or chat

Easy to Use Platform

Easy, hassle-free HSA account management. Convenient, responsive platform with one-click access to:

• Fund your account

• Get reimbursed for eligible medical expenses

• Track HSA expenses

• Monitor tax savings

Mobile App

The Bend HSA mobile app allows you to conveniently and securely access your Bend HSA.

• Access your account balance and transaction history

• View, initiate, and update contributions

• Request reimbursements

• Link your preferred method of payment to easily identify and track eligible healthcare expenses

• Take pictures of receipts, explanation of benefits (EOB), etc.

In graphic below you can see that it is too early to tell if users are satisfied with the Bend iOs and Android mobile app.

Pros & Cons

Which participants are best suited for a Bend HSA?

• Those seeking a fee-free HSA. No monthly recurring fees.

• Those who are comfortable with online-only HSA management. The Bend HSA is an online-only account.

• Those who understand that Bend is a startup. If Bend fails to secure funding going forward, they may

• Dual-purpose use (spender/investor). Backdoor way to access UMB Bank’s solid investment platform.

• Those who are comfortable with interactive communication software guiding and educating them about HSAs.    

💡 Pro Tip

Bend is perfect for non-funders. Non funders are HSA eligible participants that for some reason or another do not pre-fund their HSA. Bend’s solution is perfect for this group of people because it alerts them of HSA eligible expenses. When alerted of an eligible expense, non-funders can do a one-time contribution and take advantage of the pre-tax savings.

⚡HSA Hack

Even if you do not have an employer HSA with Bend, remember that you can have multiple HSAs. Thus, you can open up an HSA with Bend, link your credit cards and checking account with them and take advantage of the Bend Advisor. The Bend Advisor will alert you of all the HSA eligible expenses.

More Administrator Reviews