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 2.9 million health saving accounts and has over $5.4 billion in deposits.
Report Card for HealthEquity as a Spending Vehicle
Fees (STANDARD PLAN)
HealthEquity's fees are fair, save the $3.95 monthly maintenance fee. The monthly maintenance fee can be avoided if one holds more than $2,500 in the HSA checking account. To avoid this fee, max out your HSA as soon as possible. Front-loading an HSA at the beginning of the year is a good habit anyway. Fortunately, the list of avoidable fees is short compared to other HSA administrators. In the chart below you can compare HealthEquity's fees to those of its competitors.
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.
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 $5000, but is subject to change based on transaction criteria
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.
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.
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
With Balance Booster™ HSA funds are made available before they are contributed to your account. This allows you to pay for qualified expenses with tax-free money before your HSA balance has time to grow. You no longer need to worry about having enough saved in your HSA for immediate costs (employer group option).
- 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
- Multiple reimbursement methods
- 24/7 access to customer service team
- Long history of administering HSAs
- Feature rich mobile app
- Integrated platform
- Maintenance fees can only be avoided if HSA balance is greated than $2,500
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 a ton of bells and whistles.
- Dual-purpose use (spender/investor). HealthEquity is a top 10 investment HSA.