HealthEquity was incorporated in January 2002, in Tucson, Arizona, by Stephen D. Neeleman MD and David Hall to re-introduce consumerism into health care (known as consumer-driven health care [CDH]). It moved its incorporation to Draper, Utah in February 2004. HealthEquity offers a complete line of integrated health care accounts. It administers 7.5 million health saving accounts and has over $20+ billion in deposits.

Fees for Individuals (Non-Employer Group)

The best HSAs for spenders are characterized by low maintenance fees. HealthEquity recently eliminated its monthly maintenance fee for non-employer group HSAs.

The best HSAs for spenders also have very few behavioral fees. Behavioral fees are not recurring in nature, but can be incurred by the account holder a certain action is executed. HealthEquity’s fee schedule has a moderate amount of behavioral fees.

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

 In the chart below you can compare HealthEquity's fees to those of its competitors.

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.

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. HealthEquity allows participants to pay for qualified medical expenses with a debit card, bill pay, and checks.

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 your 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.

HealthEquity participants can reimburse themselves via transfers and checks. No ATM withdrawals allowed with the HealthEquity HSA debit card.

Features

Intuitive Website

The HealthEquity member portal provides a user-friendly interface for easy, self-service account management. Using the HealthEquity member portal, you can check your balance, review transactions, view insurance claims, invest in mutual funds, pay providers and submit for reimbursement. 

Customer Service Team

Access to a team of HSA expert customer service representatives. Live service 24/7/365—get the same service at 2 am or 2 pm from knowledgeable, US-based HealthEquity Member Services specialists.

Mobile App  

The HealthEquity mobile app provides easy, on-the-go access to all of your health accounts. The free app provides comprehensive tools to help you manage transactions and maximize your health savings. The HealthEquity mobile app features include:

• Photo Documentation - Simply take a photo with your device to initiate claims and payments.

• Payments & Reimbursements -You can send payments to providers or reimburse yourself for out-of-pocket expenses from your HSA.

• Manage Debit Card Transactions - Link your debit card transactions to claims and documentation.

• View Claims Status - View the status of claims as well as link payments and documentation to claims

In the graphic below, you can see existing users ratings. Safe to say that users are not impressed with the HeealthEquity mobile app.

Automatic Health Plan Integration

The unique relationship between over 120 health plans and HealthEquity allows for true data integration. HealthEquity’s proprietary technology allows claims, eligibility, and other data to be imported directly into their flexible system. This results in a smooth experience with less paperwork and powerful tools. Their flexible platform also allows integration with third-party engagement applications, such as price transparency tools and telemedicine.

Documentation Library

• Archive and manage receipts, explanations of benefits (EOBs), invoices, and more in one central location

• Intuitive, step-by-step process

• Documents archived on safe, secure servers

• No need to keep originals that can get lost or damaged

Pros & Cons

Which participants are best suited for a HealthEquity HSA?

• Those who plan on having at least $2,500 in base HSA account. No monthly maintenance fee would be incurred under these circumstances.

• Participants looking for a feature-rich HSA offering. HealthEquity HSA is a premium offering with tons of bells and whistles.

• Dual-purpose use (spender/investor). HealthEquity is a top 10 investment HSA.

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