Communities: HSA/HRA/FSA Admin & Finance
Health Savings Accounts Record Unprecedented Growth
SALT LAKE CITY – “Health Savings Accounts, an innovative tool in the battle against the high cost of health care, are growing at an unprecedented rate,” says Steve Neeleman, MD, CEO-HealthEquity. “HealthEquity, a Utah-based company serving accounts nationally, is leading that growth.”
HealthEquity has experienced a three year growth rate of more than 300 percent as cited by Interpro Publications Research, using self-reported numbers from the nation’s 12 largest financial institutions managing health savings accounts.
“While commercial banks such as JP Morgan Chase and Wells Fargo do provide health savings account options, companies such as HealthEquity are dedicated to specializing in this service by integrating with insurers and employers,” Neeleman said.
Craig Keohan, senior vice president of sales and marketing for HealthEquity, says its his company's expertise in health savings accounts that has led to the firm's unprecedented growth.
“Our expertise regarding health savings accounts and the fact that it is the primary focus of our business, as opposed to commercial banks who manage checking, savings, mortgages and a slew of other products, is what is propelling HealthEquity to the top,” Keohan said.
He went on to explain that the company’s focus on consumer education and ease of use are key factors in the success of these accounts.
“Our technology platform educates members on the advantages of these accounts and provides a single session sign-on to view account balances, investments and medical claim information. These features are driving the growth and direction of the market,” Keohan explained.
He identified these advantages:
- Tax-free savings and expenditures on qualified health care expenses
- Accounts that roll over and grow as an investment against future health care expenses
- Active management of these assets
Win – Win
This arrangement is increasingly attractive to employers as well. Coupled with a high-deductible health plan and backed with employer participation, employers can actually reduce the costs of providing health care for their employees while increasing their employees’ satisfaction with their benefit.
As changes in health care continue to progress, experts anticipate that the balance of health savings accounts will continue to grow as well.
It is a recognized financial tool developed to aid both consumers and employers in managing the complex finances of health care.
HealthEquity was founded in 2002, with a simple mission: HealthEquity is committed to assisting account holders in building health savings. We will continue to create new tools and products, and to engage our customers on how to better save on health care expenses and taxes, as well as position their HSA for future growth. Serving our customers 24/7 with this type of information and meeting their HSA needs is our business model.
Today, HealthEquity has over 500,000 accounts, and works with more than 20,000 employer clients and 60 health plans throughout the country to bring its solution to market. HealthEquity is based in Draper, Utah, with offices in Kansas City, Kansas, Reading, Penn., and locations throughout the country. Learn more about HealthEquity at www.healthequity.com
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