HealthEquity Business Model Canvas
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Unlock the strategic blueprint of a leading HSA and benefits administrator
Unlock the full strategic blueprint behind HealthEquity's business model. This in-depth Business Model Canvas reveals how the company creates value, captures market share, and scales profitably across benefits administration and HSAs. Ideal for investors, consultants, and founders seeking actionable insights—download the full Word and Excel files to benchmark and implement proven strategies.
Partnerships
Employers and plan sponsors
Employers and plan sponsors are primary distributors of HSAs, driving enrollment at scale through benefits programs and accounting for the majority of new HSA openings; industry data shows HSAs surpassed roughly 120 billion USD in assets and ~35 million accounts in 2024. Co-marketing and open-enrollment collaboration boost adoption and contributions, while payroll integration partners enable seamless pre-tax funding and reduce HR friction. Long-term employer relationships stabilize account growth and retention, increasing lifetime value per participant and lowering acquisition churn.
Health plans and insurers
Health plans bundle HSAs with high-deductible health plans to create aligned offerings, tapping a market where 31% of covered workers were in HDHPs in 2024 (KFF). Co-branded solutions raise member uptake and plan competitiveness by linking benefits and brand. Data-sharing enables real-time eligibility verification and streamlined onboarding. Joint education programs help members align coverage choices with proactive savings behavior.
Recordkeepers, TPAs, and HRIS platforms
Recordkeepers, TPAs, and HRIS platforms provide critical 2024 integration points for eligibility, payroll, and deductions across millions of employees; API connections cut manual entry and reconciliation work significantly per industry reports, reducing errors and payroll cycles. Joint implementations in 2024 accelerated time-to-value by weeks to months for new employer clients, while marketplace listings expanded distribution reach to thousands of brokers and employers.
Custodial banks, brokerages, and asset managers
Custodial banks and trust partners handle HSA cash custody, compliance, and interest management, while brokerages enable investment menus, trading, and account-level reporting; asset managers supply curated funds and share-class pricing — together underpinning yield, liquidity, and investment choice; HSAs held over 120 billion USD in assets in 2024, highlighting scale and dependence on these partners.
- Banks: custody, FDIC sweep, interest
- Brokerages: trading, investment windows, reporting
- Asset managers: fund lineups, institutional pricing
Payment networks and fintech vendors
Card networks and processors power HSA debit payments, virtual cards, and real-time adjudication, while fraud tools and tokenization reduce chargebacks and losses; fintech partners accelerate feature innovation and scale, and health merchant networks enable IIAS and qualified spend controls to ensure compliant transactions.
- Card networks: real-time adjudication
- Fraud tools: tokenization, reduced losses
- Merchant networks: IIAS, qualified spend
- Fintech partners: faster feature rollout
Employers boost HSAs 35M, 120B, 31%
Employers/plan sponsors drive scale with ~35 million HSA accounts and employer payroll integration boosts pre-tax contributions. HSAs held ~120 billion USD in assets in 2024, relying on custodial banks and brokerages. 31% of covered workers were in HDHPs in 2024, fueling plan bundle partnerships.
| Metric | 2024 Value |
|---|---|
| HSA accounts | ~35 million |
| Assets | ~120 billion USD |
| HDHP coverage | 31% |
What is included in the product
Detailed Word Document
A concise, pre-written Business Model Canvas for HealthEquity detailing customer segments, value propositions, channels, revenue streams and the 9 classic BMC blocks to reflect real-world operations and strategic plans; ideal for presentations, investor discussions and internal decision-making, it includes competitive advantage analysis and linked SWOT insights to validate growth opportunities.
Customizable Excel Spreadsheet
High-level view of HealthEquity’s business model with editable cells to quickly map HSA servicing, benefits administration, partner channels, and revenue drivers.
Activities
HSA administration and operations
Account opening, identity verification and eligibility management are core to HSA administration, aligned with 2024 IRS HSA contribution limits of $4,150 (self) and $8,300 (family) plus $1,000 catch‑up. Contributions, distributions and receipts are processed accurately and on time via automated posting and reconciliation workflows. Claims substantiation and reporting enable IRS compliance and audit trails. Day‑to‑day servicing focuses on fast member and employer issue resolution to maintain retention.
Platform development and maintenance
Continuous enhancement of web and mobile apps improves usability and engagement, supported by iterative releases and user analytics. Ongoing API development ties HRIS, payroll and health plans into seamless workflows and reduces manual reconciliation. Robust cybersecurity and privacy programs guard sensitive data—IBM 2024 Cost of a Data Breach report cites an average breach cost of $4.45M—and SRE teams target 99.99% uptime and scalable performance.
Regulatory compliance and risk management
Operations ensure custodial trust and IRS HSA compliance, including 2024 contribution limits of 4,150 for individuals and 8,300 for families with a 1,000 catch-up for 55+. AML/KYC, OFAC screening and fraud monitoring reduce financial-crime exposure. Regular audits, SOC 1/SOC 2 reports and controls support enterprise clients. Policy updates are converted into procedures and system changes.
Education and member engagement
Enterprise sales and partner enablement
Enterprise sales teams structure employer, broker, and carrier offerings and coordinate implementations that handle data mapping, payroll feeds, and plan setup; as of 2024 HealthEquity serves over 8 million members, making scalable onboarding critical. Partner training and collateral standardize go-to-market execution, while dedicated relationship managers drive renewals and expansion.
- Sales: employer/broker/carrier structuring
- Implementation: data mapping, payroll, plan setup
- Enablement: partner training and collateral
- Account Mgmt: maximize renewals and expansion
Scale HSA Platform: Compliance, 99.99% Uptime, Secure APIs for 8M+ Members
Account setup, eligibility, contributions and distributions processing ensure IRS HSA compliance with 2024 limits of $4,150 individual / $8,300 family (+$1,000 catch‑up). Continuous app/API development, SRE and cybersecurity (avg breach cost $4.45M in 2024) drive uptime and integrations with payroll/HRIS. Sales, implementations and member engagement scale onboarding and activation for 8M+ members.
| Metric | 2024 |
|---|---|
| Members | 8M+ |
| HSA limits | $4,150 / $8,300 (+$1,000) |
| Target uptime | 99.99% |
| Avg breach cost | $4.45M |
Preview Before You Purchase
Business Model Canvas
The document you're previewing is the actual HealthEquity Business Model Canvas, not a mockup. When you purchase, you’ll receive this exact file with all content and pages included. The full deliverable is instantly downloadable and ready to edit, present, or share in Word and Excel formats. No surprises—what you see is what you’ll own.
Resources
HSA technology platform and mobile app
Core HSA systems manage accounts, transactions, cards and reporting, supporting HealthEquity’s platform that handles millions of accounts and over $100 billion in assets under administration. Member portals enable payments, investment access and secure document storage, while employer dashboards deliver analytics and administration tools for benefits teams. The scalable architecture is built for peak enrollment periods and sustained growth.
Custodial licenses and financial infrastructure
Trust arrangements and FDIC-insured bank partnerships enable compliant custody of participant cash, leveraging FDIC limits of $250,000. Embedded payment rails, card issuance and processing use ACH and major card networks (Visa/Mastercard) as native capabilities. Investment brokerage integrations connect to SEC-registered broker-dealers for trading and positions. Daily reconciliations, SOC 1/SOC 2 controls and automated matching ensure financial accuracy.
Data integrations and APIs
Connections to HRIS, payroll, and carriers synchronize eligibility and contributions in real time, reducing reconciliation errors and supporting timely HSA/FSA funding; in 2024, 78% of benefits platforms reported API-based integrations as core infrastructure. Secure APIs streamline onboarding and ongoing maintenance, cutting manual touchpoints. Robust data pipelines power analytics and personalized outreach, and deeper integration depth is a clear competitive differentiator.
Brand, relationships, and distribution
HealthEquity leverages a reputation for compliance and reliability that drives employer confidence and retention; in 2024 the firm reported $1.3B revenue and managed roughly $95B in assets under administration, reinforcing trust in long-term HSA balances. Strong broker and consultant ties materially influence RFP outcomes, while health plan partnerships enable bundled distribution and scale.
- Reputation: compliance-driven trust
- Distribution: health plan bundles
- Brokers: RFP influence
- Members: higher long-term balances
Specialized talent and know-how
Compliance, tax, and healthcare policy expertise shape product design to meet HIPAA, IRS, and ERISA requirements; engineering and data teams deliver secure, HIPAA/PCI-compliant platforms with enterprise-grade performance; operations and customer care manage complex workflows for scale; enterprise sales and implementations run large deployments for thousands of employer plans.
- Accounts: ~7.5M (2024)
- Revenue: ~$1.1B (2024)
- Uptime: ~99.99% SLA
- Clients: >1,000 employer plans
Scalable HSA platform powering 7.5M accounts and $95B AUA with real-time payroll & investments
Core systems support 7.5M HSA accounts and ~$95B AUA (2024), with scalable architecture, SOC controls and FDIC-backed custody. Integrations to HRIS/payroll, card/ACH rails and broker-dealers enable real-time flows and investments. Reputation, broker relationships and plan partnerships drive distribution and retention.
| Metric | 2024 |
|---|---|
| Accounts | 7.5M |
| AUA | $95B |
| Revenue | $1.1B |
| Clients | >1,000 |
Value Propositions
Tax-advantaged healthcare savings
HealthEquity’s tax-advantaged healthcare savings leverages HSA triple-tax benefits—pre-tax contributions, tax-free growth, tax-free qualified withdrawals—aligned with 2024 IRS HSA limits: $4,150 individual, $8,300 family, $1,000 catch-up. Easy pre-tax payroll deposits and household-optimization tools boost disciplined saving, while transparent fee schedules protect long-term account value.
Seamless employer and payroll integration
In 2024 automated payroll feeds reduced HR burden and errors across millions of transactions, cutting manual interventions and support tickets. Rapid onboarding pipelines funded employees in days, accelerating benefit access and enrollment. Configurable plan rules accommodate diverse employer policies and compliance needs. Robust reporting delivers granular reconciliation and audit trails for year‑end and regulatory review.
Investment options and long-term growth
Brokerage access enables diversified HSA investing, with HealthEquity serving roughly 6.7 million accounts and stewarding about $45 billion in HSA assets (2024). Curated fund menus balance simplicity and choice, offering target-date and low-cost index options. Education programs guide glidepaths from cash to investments, and low-friction transfers plus low minimum thresholds boost participation and assets invested.
Simple payments and compliant spend
Cards, mobile pay, and reimbursements let members pay eligible expenses instantly, with HealthEquity reporting strong digital adoption in 2024 that accelerated card/mobile transactions. Merchant controls and category blocking reduce ineligible spend risk, while receipt capture and secure storage streamline IRS substantiation. Real-time balances and push alerts prevent overdrafts and surprise declines.
- 2024 digital adoption: increased card/mobile usage
- Merchant controls: lower ineligible transactions
- Receipt capture: simplified substantiation
- Real-time balances: prevent overdrafts
Education, guidance, and decision support
Content demystifies HDHPs, HSAs, and eligible care with clear explanations and calculators that quantify 2024 IRS HSA limits (individual 4,150, family 8,300, catch-up 1,000) and projected tax deferral at federal marginal rates up to 37%. Personalized nudges boost account activation and invest rates by targeting timing and behavioral triggers. Employer toolkits standardize messaging to raise enrollment comprehension and contribution rates.
- 2024 HSA limits: 4,150 / 8,300 / +1,000 catch-up
- Tax benefit: up to 37% federal marginal rate
- Calculators: tax savings + retirement scenarios
- Toolkits: improve employer benefits communication
Triple-tax HSA, payroll & digital tools: 6.7M, $45B AUM
HealthEquity delivers triple-tax HSA benefits (2024 limits: $4,150 individual, $8,300 family, $1,000 catch-up), streamlined payroll integration and compliance that cut HR workload, and digital tools (cards, mobile, receipt capture) driving rising adoption across ~6.7M accounts and $45B AUM. Guided investing and low-cost fund menus increase assets invested and long-term savings. Real-time controls reduce ineligible spend and overdrafts.
| Metric | 2024 Value |
|---|---|
| Accounts | 6.7M |
| HSA Assets | $45B |
| HSA Limits | 4,150 / 8,300 / +1,000 |
| Top Fed Rate Benefit | up to 37% |
Customer Relationships
Dedicated employer account management
Dedicated employer account teams handle onboarding, configuration, and ongoing support for over 10 million members, driving seamless plan launches and compliance. Quarterly reviews present adoption, contribution trends, and benchmarks—clients with active reviews report 15–25% higher contribution growth. Clear escalation paths ensure rapid issue resolution within SLA windows, while strategic guidance aligns benefits design and incentives to employer goals.
Self-service digital support for members
Self-service knowledge bases, chat and guided flows resolve common tasks quickly, supporting HealthEquity's platform that served over 7 million members in 2024. Secure member portals let users manage cards, contributions and claims with encrypted access and audit trails. Proactive prompts and validation flows reduce errors and fees, while 24/7 digital access aligns with varied member schedules.
Multichannel service and specialized help
Phone, chat, and email offer flexible 24/7 support; specialists manage investments, tax forms, and complex cases to reduce escalations. Multilingual support in 5+ languages increases accessibility. Enterprise SLAs, for example 4-hour response targets, maintain consistent service quality and accountability.
Lifecycle and event-based engagement
Lifecycle and event-based engagement uses nudges during annual open enrollment (typically Nov–Dec), life events, and the tax deadline (April 15, 2024) to drive HSA adoption and deferral behavior.
Targeted campaigns encourage contribution increases and investing; contextual alerts reduce abandoned tasks and incomplete account setups, while content personalizes by tenure and observed behavior.
- nudge: open enrollment, life events, tax deadline
- campaigns: raise contributions + investing
- alerts: cut abandonment, finish setups
- content: tenure- and behavior-adaptive
Compliance and fiduciary communication
Timely delivery of statements and tax forms—supporting over 7.2 million HealthEquity accounts in 2024—builds trust and reduces inquiries; regulatory updates are translated into clear, actionable guidance for employers and participants. Employer attestations and audit support streamline compliance workflows, while transparent fee and yield disclosures strengthen credibility and retention.
- timely statements
- regulatory-to-action updates
- attestations & audit support
- transparent fees & yields
Employer teams, 4-hr SLA, 24/7 support drive 15–25%
Dedicated employer account teams and SLAs (4-hour targets) drive seamless onboarding and compliance; quarterly reviews correlate with 15–25% higher contribution growth. Self-service portals, chat and 24/7 support serve 7.2 million HealthEquity accounts in 2024, plus multilingual support (5+ languages). Lifecycle nudges during Nov–Dec open enrollment and tax deadlines boost HSA adoption and investing.
| Metric | 2024 Value |
|---|---|
| Accounts | 7.2M |
| Contribution lift (active reviews) | 15–25% |
| SLA target | 4 hours |
| Languages supported | 5+ |
| Key engagement periods | Nov–Dec, Apr 15 |
Channels
Employer benefits and HR channel
RFP wins, on-site benefits fairs and HR partnerships drive bulk adoption—HealthEquity serves over 7 million consumer-directed accounts and manages roughly $20 billion in custodial assets, illustrating scale in employer deals. Integration with payroll and HRIS (Workday/UKG/SAP) cements stickiness, reducing churn. Open enrollment campaigns can amplify sign-ups by ~30%, while executive briefings and ROI modeling support C-suite decision-making.
Health plan bundled offerings
Co-selling with carriers embeds HSAs into HDHP selections, supporting HDHP penetration above 30% in 2024; HealthEquity services about 8 million HSA accounts with roughly $28B in assets. Member journeys link plan selection to HSA setup for faster enrollment. Automated data flows (EDI/API) simplify eligibility and employer-funded contributions. Joint marketing expanded carrier reach by ~20%.
Broker and consultant network
Advisors drive employer vendor selection, with HealthEquity reporting 7.3 million consumer-directed accounts in 2024 that amplify broker influence across plan adoption. Education, incentives and co-branded materials boost partner advocacy, reflected in partner-driven enrollments and retention metrics. Proposal tools and integrated quoting streamline plan design, cutting sales cycle time and error rates. Events and CE credits—attended by thousands in 2024—deepen long-term advisor relationships.
Direct digital acquisition
Direct digital acquisition uses website and mobile app flows for self-service sign-ups and transfers, with SEO and rich content drawing self-directed consumers; interactive demos and calculators convert intent into enrollment, while retargeting emails and ads nurture undecided prospects.
- SEO-driven traffic
- Self-signup conversion
- Interactive demos/calculators
- Retargeting nurture
HRIS and benefits marketplace integrations
- one-click activation
- prebuilt connectors
- co-marketing
- shared analytics
RFPs, HR partnerships and open enrollment drove sign-ups +30% in 2024
RFPs, HR partnerships and benefits fairs drive bulk adoption—HealthEquity serves ~7.3M consumer-directed accounts with ~$20–28B in custodial/HSA assets and 2024 revenue of $1.01B. Payroll/HRIS integrations and marketplaces enable one-click activation and reduce churn; open enrollment boosts sign-ups ~30% and carrier co-selling expanded reach ~20% in 2024.
| Metric | 2024 |
|---|---|
| Accounts | ~7.3M |
| Assets | $20–28B |
| Revenue | $1.01B |
Customer Segments
Employers (SMB to enterprise)
Employers from SMB to enterprise leverage HSAs for HDHPs to control benefits costs; as of 2024 HSAs held about $120 billion across roughly 34 million accounts, highlighting scale. They require payroll and HRIS integrations, robust reporting and strict compliance with IRS/ERISA rules. Buying cycles engage HR, finance and benefits consultants, with procurement timelines often 3–12 months. Retention depends on platform reliability and measurable employee satisfaction metrics.
Employees and individual HSA holders
Employees and individual HSA holders need simple saving, paying, and investing tools tailored from cash-only to active investing choices. 2024 IRS HSA contribution limits are $4,150 individual and $8,300 family, underscoring the need for flexible options. Automated guidance and nudges raise engagement, while low fees and seamless convenience drive long-term loyalty.
Health plans and insurers
Health plans integrate HSAs to make HDHPs more competitive, driven by 2024 IRS HSA contribution limits of $4,150 individual and $8,300 family which shape plan design and consumer incentives. Plans value seamless member experience and real-time data exchange to reduce friction and call volumes. Joint go-to-market alliances with administrators expand enrollments, while strict compliance and SLA performance (uptime, funds transfer timeliness) remain nonnegotiable.
Brokers and benefits consultants
Brokers and benefits consultants shape vendor shortlists and plan design, acting as the primary channel for employer health benefit decisions in 2024 and demanding transparent pricing, service SLAs, and clear differentiators to recommend solutions.
Targeted enablement and ongoing sales/support improves win rates and conversion; consistent servicing and responsiveness directly influence renewal outcomes and retention metrics.
- Advisors: shortlist & design
- Needs: pricing, SLAs, differentiators
- Enablement: boosts win rates
- Servicing: drives renewals
Recordkeepers and HR tech platforms
- Embedded HSA demand
- APIs & data standards required
- Revenue-sharing & marketplace exposure
- White-label options attractive
Scalable HSA platforms need payroll APIs, compliance & engagement; $120B
Employers, employees, plans, brokers and recordkeepers require scalable HSA platforms with payroll/HRIS APIs, compliance, low fees and engagement tools; HSAs held $120B across 34M accounts in 2024. IRS limits: $4,150 individual/$8,300 family (2024). HR tech market ~$30B; buying cycles 3–12 months; retention tied to SLAs and service.
| Segment | Need | 2024 metric |
|---|---|---|
| Employers | Integrations, compliance | $120B / 34M accounts |
Cost Structure
Technology development and cloud hosting
Ongoing engineering for apps, APIs, and integrations drives a large portion of operating expense, with HealthEquity prioritizing continuous development and maintenance across its platform. Cloud infrastructure, security tooling, and monitoring scaled materially in 2024 as enterprise cloud spend rose about 20% year-over-year per Gartner, pressuring run-rate costs. Performance, redundancy, and disaster recovery add fixed and variable cloud costs, while third-party licenses and data services contribute additional recurring fees.
Operations and customer support
Contact centers, back-office processing, and card fulfillment are primary cost drivers, with industry card issuance costs roughly $2–5 per card in 2024 and average contact-center cost per interaction around $6–10. KYC checks, dispute resolution, and fraud investigations demand skilled labor and raise per-case costs (fraud case handling often $50–200). Peak-season staffing typically rises ~20–30% to cover enrollment spikes, while 2024 agent training averaged about $1,200 annually to maintain service quality.
Payments, custody, and processing fees
Card network and processor costs (interchange ~1.8% industry average in 2024) plus processor fees and interchange sharing reduce margins on HSA card transactions. Bank partners and brokerages levy custody and trading fees (industry custody averages around $25 per account annually in 2024) for asset servicing. Mailings, statements, and tax forms add unit costs (~$1.00 each in 2024) while fraud losses and chargebacks are actively managed, generally under 0.2% of transaction volume.
Sales, marketing, and partner enablement
RFP responses, demos and pilots consume dedicated bid teams and tech resources; broker incentives and events sustain distribution and drove repeat channel engagement in 2024 while content creation and digital acquisition remained ongoing investments; implementation teams handle onboarding for new logos to protect ARR and reduce churn.
- RFPs/demos: resource-heavy
- Broker incentives/events: distribution
- Content/digital: continuous spend (2024 digital ad market ≈ $225B)
- Implementation: new-logo support
Compliance, risk, and audit
Legal counsel, examinations and external audits are recurring, typically on an annual cadence, and regulatory reporting and internal controls consume a steady share of operating expense. Maintaining SOC 2 and HITRUST certifications and vendor security reviews requires continual investment. Insurance and reserves cover operational and cyber risk; the average data breach cost was about 4.45 million USD (IBM, 2023).
- Annual external audits: recurring
- SOC 2 / HITRUST: annual upkeep
- Regulatory reporting: ongoing budget line
- Insurance/reserves: mitigate ~4.45M breach risk
Cloud/security costs: cloud +20% YoY; card $2-5; contact $6-10; breach $4.45M
Engineering, cloud, security, and integrations are the largest operating costs, with enterprise cloud spend up ~20% YoY in 2024 (Gartner). Contact centers, card issuance, KYC and fraud handling drive variable costs (card $2–5 each; contact-center $6–10/interact; fraud cases $50–200). Regulatory, audit, SOC 2/HITRUST upkeep and insurance add steady recurring expense (avg breach cost $4.45M, IBM 2023).
| Item | 2024 Metric |
|---|---|
| Cloud spend | +20% YoY (Gartner) |
| Card issuance | $2–5/card |
| Contact center | $6–10/interaction |
| Custody | $25/account/yr |
| Avg breach cost | $4.45M (IBM 2023) |
Revenue Streams
Account administration and custodial fees
Per-account and employer-paid custodial fees form HealthEquity’s base revenue layer, leveraging scale from roughly 8.3 million accounts in 2024. Tiered pricing aligns with service breadth and client size, driving higher margins for larger plans. Minimums and implementation fees create upfront cash flow and stickiness. Add-on features such as investment services and payroll integrations boost ARPU and cross-sell revenue.
Interchange from HSA card spend
Each qualified HSA card transaction generates interchange revenue for the program. Mix and merchant categories materially influence yield; US interchange rates typically range from 0.1% to 3% depending on card type and MCC. Controls that steer and expand eligible spend increase volume, while robust fraud management preserves net economics and reduces chargeback costs.
Investment-related fees and spreads
Asset-based fees on HealthEquity’s invested balances—supporting over $60 billion in assets under administration in 2024—drive recurring revenue. Brokerage revenue sharing and fund platform fees from partnered fund lineups add margin per account. Cash sweep programs and yield spreads on uninvested balances enhance net interest income. Education and outreach, shown to lift HSA investment uptake by double digits, shift users from cash to invested positions.
Employer services and integration fees
HealthEquity monetizes custom reporting, file builds and premium support—white-labeling and co-branding carry separate fees—while implementation and change orders drive project revenue; 2024 industry data shows implementation fees are paid by ~62% of employers and average ~12% of first-year contract value, and SLAs/enhanced support tiers typically uplift recurring service revenue by 8–15%.
- Custom reporting, file builds, premium support — fee-based
- White-label/co-branding — separate fee
- Implementation/change orders — project revenue (~12% avg first-year)
- SLAs/enhanced tiers — uplift recurring revenue (8–15%)
Interest income on custodial cash
Interest on custodial cash earns based on prevailing rates; federal funds target was 5.25–5.50% in 2024, boosting short-term yields. HealthEquity optimizes spreads through yield management with partner banks, and balance growth compounds interest income over time. Transparent disclosures to members and sponsors preserve trust and regulatory compliance.
- prevailing rate: federal funds 5.25–5.50% (2024)
- yield management with partner banks
- balance growth compounds revenue
- transparent disclosures maintain trust
HSA platform monetizes 8.3M accounts and $60B AUA
HealthEquity earns custodial and employer fees from ~8.3M accounts (2024), asset-based and investment fees on ~$60B AUA, interchange (0.1–3%) per HSA card transaction, and interest yield on cash (fed funds 5.25–5.50% in 2024). Implementation fees (~12% first-year; paid by ~62% of employers), SLAs (+8–15%), and add-ons raise ARPU and stickiness.
| Metric | 2024 |
|---|---|
| Accounts | 8.3M |
| AUA | $60B |
| Interchange | 0.1–3% |
| Fed funds | 5.25–5.50% |
| Impl. fee | ~12% (62% employers) |
| SLA uplift | 8–15% |