HealthEquity, Inc. is an American financial technology and business services company that is designated as a non-bank health savings trustee by the
IRS
The Internal Revenue Service (IRS) is the revenue service for the Federal government of the United States, United States federal government, which is responsible for collecting Taxation in the United States, U.S. federal taxes and administerin ...
. This designation allows HealthEquity to be the custodian of
health savings account
A health savings account (HSA) is a tax advantage, tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan (HDHP). The funds contributed to an account are not subject t ...
s regardless of which financial institution the funds are deposited with.
As of July 31, 2022, HealthEquity managed 7.5 million HSA accounts, plus 7 million other consumer-directed benefits ("CDBs") for total accounts of 14.5 million. Total HSA assets as of July 31, 2022 were $20.5 billion, including $13.1 billion of HSA cash and $7.4 billion of HSA investments.
History
HealthEquity was incorporated in January 2002 in
Tucson, Arizona
Tucson (; ; ) is a city in Pima County, Arizona, United States, and its county seat. It is the second-most populous city in Arizona, behind Phoenix, Arizona, Phoenix, with a population of 542,630 in the 2020 United States census. The Tucson ...
by Stephen Neeleman, Nuno Battaglia, and David Hall to re-introduce
consumer-driven health care
Consumer-driven healthcare (CDHC), or consumer-driven health plans (CDHP) refers to a type of health insurance plan that allows employers or employees to utilize pretax money to help pay for medical expenses not covered by their health plan. Thes ...
(CDH). It moved its incorporation to Utah in February 2004. HealthEquity went public via an IPO on July 31, 2014, under the symbol "HQY". Healthequity had a massive data breach in March 2024 exposing addressees, social security numbers, as well as HIPAA protected patient information such as diagnoses and medications, of over 4 million patients.
Acquisitions
In August 2019, HealthEquity acquired WageWorks.
In March 2021, HealthEquity acquired Luum and expanded the Commuter benefit offering. In November 2021, HealthEquity acquired Further.
In May 2024, HealthEquity acquired BenefitWallet, a
Health Savings Account
A health savings account (HSA) is a tax advantage, tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan (HDHP). The funds contributed to an account are not subject t ...
(HSA), owned by Conduent Inc.
References
External links
*
User Experience Benchmarks and Best Practices: Inside Bank Health Savings Account Servicing Web Sites''The Complete HSA Guidebook''
{{DEFAULTSORT:Healthequity
Medicare and Medicaid (United States)
Medical and health organizations based in Utah
Health care companies established in 2002
2014 initial public offerings
Companies in the S&P 400