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.
Report Card for Bend
as a Spending Vehicle
Fees For Individuals
The best HSAs for spenders have no monthly maintenance fees. Bend doesn’t charge a monthly maintenance fee.
The best HSAs for spenders also have very few behavioral fees. These fees are not recurring in nature, but can be incurred by the account holder if they undertake a certain action. 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.
- Monthly Fees
- 1Paper Statements1.50/quarter
- Behavioral Fees
- Excess Contribution$0
- Stop Payment$0
- Point of Sale$0
- ATM Withdrawal$0
- Check Distrtibution$0
- Full Balance Transfer$15
- Replacement Card$0
As you can see in the chart below, from a fee standpoint, Bend's offering is quite appealing.
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. You can pay for qualified medical expenses with a Bend debit card. At this time Bend does not offer bill pay or checks.
(✔) Debit Card
Use your card at your doctor's office, pharmacy, or any other qualified medical expense provider. The card will not work at ATMs and will typically only work at appropriate medical facilities.
(✖) Bill Pay
Not avaiable at this time.
Not available at this time.
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. With Bend you can reimburse yourself via bank transfers. Bend participants cannot reimburse themselves via ATM withdrawls or checks.
Bend connects your HSA account to your bank, making reimbursements for expenses easy and straightforward. This makes it easy to reimburse yourself for medical expenses paid out-of-pocket.
(✖) ATM Withdrawls
No ATM withdrawals allowed.
Bend does NOT allow individuals to reimburse themselves with checks.
The Bend HSA comes equipped with the Bend Advisor, a unique tool that takes advantage of leading technologies. Bend leverages AI (Artificial Intelligence) 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 health savings.
Bend's intuitive dashboard makes HSA accounts simple to manage.
Bend will set up recurring or one-time contributions for you without any annoying paperwork (employer contributions or link your bank account).
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.
You will receive a personalized Bend branded MasterCard for your qualified medical expenses. Use your card at your doctor's office, pharmacy, or any other qualified medical expense provider where MasterCard is accepted.
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. From proactively identifying HSA-eligible expenses to prompting employees to link personal bank accounts and credit or debit cards, 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.
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
iOS Mobile App
Pros & Cons
- 100% fee-free
- Interactive communication software
- Receipt storage tool
- Unproven customer service team
- Short operating history
- No price transparency tools
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.