Health Equity building

HealthEquity: Changing the Face and Future of Healthcare

Kaitlyn ClarkeWhere Are They Now?

Note: This article is part of a series providing updates from companies that received an EDTIF tax credit. Our office has an ongoing partnership, through a post-performance incentive, with the company. The story is the company’s narrative and may not reflect the methodology of standardized legislative reporting requirements published in our Annual Report. We do not certify or independently verify any company’s data as part of this ‘Where are they now?’ series.

As a practicing surgeon at Intermountain Healthcare for over a decade, Dr. Steve Neeleman saw firsthand the shortcomings of America’s healthcare system. In 2002, healthcare costs were only headed up – and Dr. Neeleman was determined to do something about it. That same year, he founded HealthEquity, with the vision to empower patients with their health care dollars. 

The company quickly became dedicated to exploring and furthering available financial tools for health care expenses. However, the team soon realized they needed to push the boundaries of what was available to consumers. Dr. Neeleman and his team began advocating for federal regulatory changes that would expand medical savings accounts and pave the way for a new account, the Health Savings Account (HSA). 

Their work ensured the passage of the Medicare Modernization Act in 2003, the legislation that created HSAs. As the only financial account that offers a triple-tax advantage, HSAs allow account holders to do three things — all tax-free:

  • Make contributions
  • Withdraw funds for qualified medical expenses 
  • Earn interest on investments

Today, HealthEquity is the number one provider of HSAs in the country. 

“HSAs can help return balance to our system and empower patients,” Dr. Neeleman said. “For too long, consumers have lacked choice and control over their health care and financial future. At HealthEquity, we aim to re-introduce consumerism to healthcare.” 

By 2030, HealthEquity strives to make HSAs more popular than 401(k)s. 

Connecting Health and Wealth 

HSAs are more than a spending account. They are a healthcare-focused saving mechanism that addresses short-term medical expenses and post-retirement costs. They allow account holders to withdraw funds tax-free for qualified medical expenses, making it easier for individuals and families to save on medical expenses by using pre-tax earned income. 

By bringing together intuitive technology and remarkable service, HealthEquity enables millions to achieve wellness today and financial well-being tomorrow.

Purple Culture 

Headquartered in Draper, Utah, HealthEquity employs more than 3,467 teammates, with 1,076 of those being Utahns. These teammates are not only central to its business but also its “Purple Culture.”  

“At HealthEquity, ‘Purple’ means we are passionate about serving our partners, clients, members, and fellow teammates,” Dr. Neeleman said. “We strongly believe in treating each other with kindness, respect, empathy, and equality.” 

Earlier this year, HealthEquity was recognized as a USA 2022 Top Workplace, solely based on employee feedback. The company was also named to the Bloomberg Gender-Equality Index and Human Rights Foundation Corporate Equality index for transparency in gender-data reporting and advancing LGBTQ+ workplace equality. 

Additionally, HealthEquity was honored with two awards from the Utah Worksite Wellness Council for its healthy workplace practices and commitment to employee well-being. In May, the company will receive the 2022 Utah Business of the Year award from the Utah Governor’s Office of Economic Opportunity at Gov. Cox’s One Utah Summit.

HSAs Continue to Rise in Popularity

As of January 2022, HealthEquity administers 7.2 million HSAs, an increase of 25% from the year prior. As more employers and employees become educated on the benefits of HSAs, enrollment and investments will continue to increase. 

From its 2022 Utah startup roots to managing $19.6 billion in assets today, HealthEquity’s mission has remained the same: connecting health and wealth to empower Americans while providing more choice and control over their healthcare and financial future.

HealthEquity and its subsidiaries administer HSAs and other consumer-directed benefits for more than 14 million accounts in partnership with employers, benefits advisors, and health and retirement plan providers who share its mission to connect health and wealth.

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