HealthEquity Inc. (HQY)

Overview

HealthEquity, Inc., based in Draper, Utah, leverages technology to offer a broad spectrum of health-related financial services and solutions across the United States. Founded in 2002, the company has carved a niche for itself by providing intuitive, cloud-based platforms that assist individuals and employers in managing healthcare expenses effectively. HealthEquity focuses on simplifying the healthcare saving and spending process through its comprehensive platforms, facilitating informed decision-making and financial wellness in healthcare management.

Products and Services

• Health Savings Accounts (HSAs)

  A cornerstone of HealthEquity's offerings, HSAs allow individuals to save pre-tax dollars for current and future medical expenses, fostering a culture of saving while offering tax advantages. Users can easily manage their accounts, track spending, and make investments, all designed to grow their healthcare savings over time.

• Investment Advisory Services

  HealthEquity offers a robust investment platform complemented by Advisor, an online tool providing automated investment advice. This service is designed for individuals seeking to maximize their health savings through informed investment choices, enabling them to invest HSA funds in a variety of options based on their risk tolerance and financial goals.

• Flexible Spending Accounts (FSAs)

  FSAs offer another pre-tax benefit for employees, allowing them to set aside funds for healthcare and dependent care expenses. HealthEquity administers these accounts, enabling individuals to manage their funds effectively for eligible expenses, thus maximizing their financial resources.

• Health Reimbursement Arrangements (HRAs)

  These employer-funded plans help employees pay for qualified medical expenses not covered by their health insurance plans. HealthEquity's management of HRAs ensures that employees receive the benefits of these arrangements efficiently and hassle-free.

• COBRA Continuation Services

  The Consolidated Omnibus Budget Reconciliation Act (COBRA) gives employees and their families who lose their health benefits the right to choose to continue group health benefits provided by their group health plan. HealthEquity administers these continuation services, ensuring seamless continuation of coverage for individuals undergoing transitions.

• Commuter Benefit Programs

  By administering pre-tax commuter benefit programs, HealthEquity supports employees in saving on public transit and parking costs associated with commuting to work. This service is aligned with the company's overarching goal of providing tax-efficient savings solutions to its clients.