The HSA Report Card

HealthEquity S



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 3.6 million health saving accounts and has over $7 billion in deposits.



Report Card for HealthEquity as a Spending Vehicle



STANDARD PLAN Fees (Non-Employer Group)

The best HSAs for spenders are characterized by low maintenance / administrative fees. HealthEquity’s $3.95 monthly maintenance fee is the steepest of all the top administrators in our study. The monthly maintenance fee can be avoided by holding $2,500 in the HSA checking account. To avoid this fee, consider maxing out your HSA as quickly as possible.  

The best HSAs for spenders also have very few additional fees that are layered on top of the maintenance / administrative fee. These fees are not recurring in nature, but can be incurred by the account holder if they undertake a certain action. HealthEquity’s fee schedule has a moderate amount of additional fees.

On the transparency front, HealthEquity discloses their additional fees, but not the maintenance fee. Below we have reconstructed HealthEquity's fee schedule to exhibit fees spenders are most likely to encounter.


Monthly Recurring Fees

*Maintenance / Administrative $3.95
**Paper Statements $1.00
*Free when HSA checking balance exceeds $2,500
**Free Electronic Statements

Behavioral Fees

Excess Contribution $20
Overdraft / NSF $20
Stop Payment Request $20

Transaction / Reimbursement Fees

Point of Sale $0
ATM Withdrawal $0
Reimbursement Check $2

Termination Fees

Transfer $25
Rollover $25
Closing $25

Miscellaneous Fees

*Debit Card Issuance $5
*3 free; $5 for each additional card if three originals are lost, stolen or damaged


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

Highcharts Tutorial



Payment Direct to Provider

After you have received an invoice from your provider and matched it with an EOB from your health plan, you are ready to make a payment. You can use the HealthEquity member portal to set up a direct payment using their online payment tool. HealthEquity will send the payment to the provider and include all of the information necessary to apply the payment to your bill.

Debit Card

You can also use your HealthEquity debit card to make payments to your providers. This is especially convenient at the pharmacy. Most providers will also accept the card over the phone, online or written-in on the statement for payment.

  • You can spend up to the available balance in your HSA; no overdraft is available.

  • The card will not work at ATMs and will typically only work at appropriate medical facilities.

  • The card should always be run as "credit" and no PIN is required.

  • Daily card spending limit can be up to $5,000, but is subject to change based on transaction criteria



Account Transfers ☑ - Checks - ATM Withdrawals

Account Transfers

HealthEquity 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.


HealthEquity can also send you a check in the amount you authorize to reimburse yourself. $2 reimbursement check fee.




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

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

  • 24/7 access to customer service team

  • Multiple reimbursement methods

  • Receipt storage tool

  • Feature-rich mobile app
  • Maintenance fees can only be avoided if HSA balance is greater than $2,500

  • Opaque maintenance fee disclosures


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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