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HealthEquity, Inc.

HealthEquity, Inc. promotes itself as the oldest and largest dedicated health savings trustee in America. Its corporate office is in Draper, UT.

HealthEquity is designated as a non-bank health savings trustee by the IRS.[1][2] This designation allows HealthEquity to be the custodian of health savings accounts regardless of which financial institution the funds are deposited with.


HealthEquity was originally incorporated in January 2003, in Tucson, Arizona,[3] 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 Utah in February 2004,[4] where it remains a privately held company funded by investor capital. Investors include Berkley Capital Investors LP, a subsidiary of WR Berkley Corporation.[5]

HealthEquity has made significant inroads into the integrated health care account administration arena. It self-reports that it partners with 40 different health plans, brokers and consultants, services more than 12,000 employers, and manages more than 259,000 individual accounts. Known partners include Aetna,[6] eHealthInsurance,[7] First HSA, Optima Health,[8] and The Regence Group.[9]

Additionally, in April 2010, HealthEquity entered into a partnership with First HSA,[10][11] making HealthEquity custodian for $84 million in assets held in 37,000 HSAs. First HSA services the accounts on HealthEquity’s platform from their offices in Reading, PA.

Business Model[edit]

HealthEquity acts as custodian or administrator of a variety of benefit accounts and arrangements. It is not a bank, but a non-bank trustee that can administer accounts regardless of where the funds are ultimately deposited.

HealthEquity acts as an intermediary administrator between the bank, the health plan, the employer, and the employee. Its backend technology facilitates integration among the different parties, creating a single point of access—on the web or through live customer service representatives—that allows members to:

  • Enroll in both the health plan and the benefit account.
  • Access account balances and health plan claims and explanation of benefits.
  • Request reimbursement for non-reimbursed claims.
  • Pay health care providers.
  • Manage contributions to health savings accounts if applicable.
  • Invest eligible funds, if enrolled in an HSA, through a partnership with Charles Schwab.
  • Access information and tools that assist with saving their health care dollars.

In addition to online account integration, HealthEquity advertises that it offers 24/7/365 live customer support in both English and Spanish, and actively helps employer clients teach employees about provided services via onsite trainings and communications.


Management and Governance[edit]


  • Jon Kessler, Executive Chairman
  • Stephen D. Neeleman MD, Chief Executive Officer
  • Darcy Mott, Chief Financial Officer
  • Steve Lindsay, Senior Vice President of Operations
  • David Hall, Senior Vice President, West Region Sales
  • Matt Sydney, Senior Vice President, East Region Sales
  • Mike Chapman, Chief Technology Officer

Board of Directors[edit]

  • Jon Kessler, Chairman
  • Daniel J. Kittredge
  • Michael O. Leavitt
  • Frank T. Medici
  • Stephen D. Neeleman, MD
  • Ian Sacks
  • Kenneth T. Woolley


The HealthEquity member portal ( was ranked third overall best HSA online servicing site and best in the market in terms of managing health care financial information and getting help in the 2010 Kantuit User Experience Benchmarks and Best Practices: Inside Bank Health Savings Account Servicing Web Sites research report from Change Sciences Group Inc.[12]

HealthEquity was ranked a strong performer in the Forrester Research The Forrester Wave: CDH Platforms Q2 2009.[13]

HealthEquity CEO Stephen Neeleman, MD was named one of Utah Business Magazine’s 40 Under 40 in 2008.[14]

See also[edit]


External links[edit]