HealthEquity said Monday it has surpassed $1 billion in health savings account assets, making it the latest company statement to signal massive growth in account use.
The Salt Lake City-based health savings trustee works with more than 60 health plan partners and services more than 760,000 health care accounts for employees at more than 23,000 companies across the United States.
Bank of America, Wells Fargo and JP Morgan all reported HSA record growth this year, as more employees open accounts to help cut ever-rising medical expenses.
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"This milestone shows more Americans understand that allocating a part of their savings to a tax-free HSA is a no-brainer," says Jon Kessler, executive chairman of HealthEquity.
HealthEquity founder Stephen Neeleman says that HSAs are "a simple yet powerful way to fight rising costs," especially with upcoming tax rate increases and changes to health insurance.
An HSA is an individually owned savings and investment account coupled with an HSA-powered health plan. Unlike flexible spending accounts, there is no 'use-it or lose-it' rule and qualified medical expenses can be withdrawn tax-free year after year.
In addition to their own tax-free contributions, HealthEquity says many of its members also receive tax-free contributions from their employers. Additionally, HSA deposits earn tax-free interest and can be withdrawn without penalty to pay for medical expenses.
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