HealthEquity is a financial technology and business services company based in the United States. It is designated as a non-bank health savings trustee by the IRS, which allows it to hold health savings accounts for clients without having to go through a bank. This allows its clients to keep their account funds at any bank, and they are free to choose any beneficiary they want.
HealthEquity integrates with HealthEquity
When you need to make a payment or request reimbursement from your HealthEquity account, you can do so with the help of a phone number. First, you need to log in using your health account’s member portal. To do so, select your account and type of expense. From there, you can choose to either send a payment using existing information or enter new information.
The phone number for HealthEquity allows you to add new claims and review existing claims. This is an excellent option for anyone who wants to stay on top of their insurance claims. The program will guide you through the process of creating a new claim. Simply follow the prompts to input the required information and tap “Finalize”. You can add documentation and take pictures of receipts.
HealthEquity earns compensation from cash assets held in your HSA
The distributions from HealthEquity accounts are reported to you on an IRS Form 1099-SA. Although these amounts are not considered taxable income, they must be reported on your tax return. You can obtain your form electronically or receive it by mail. If you are concerned that the form may contain errors, HealthEquity provides tax advisors to help you determine whether the information provided is accurate.
HealthEquity makes money by collecting interest from HSA cash assets and administering investment programs. In fiscal 2019, HealthEquity oversaw $8 billion of HSA assets and generated $126 million in revenue from these assets. This revenue is increasing rapidly over time. The company also collects a portion of the transaction revenue from the debit card associated with your HSA account.
As an HSA custodian, HealthEquity has a proven track record with over 4.9 million HSA accounts. It currently manages $8.1 billion in custodial assets. As such, it was recognized by Kiplinger as the “Best HSA” for 2017. The company also makes investing in mutual funds easier for HSA account holders. Like building a house, building an investment portfolio in an HSA requires time and careful planning.
When transferring your HSA account to HealthEquity, make sure that your account information is accurate. If you change your address, HealthEquity will not be able to establish beneficiaries for your HSA account. In addition to fees, HealthEquity will receive other revenue.
The cash assets held in your HSA can be used for near-term medical expenses, but you can also invest the balance to grow your savings and build your retirement strategy. An average American couple will need $301,000 during retirement. And, by investing the balance in an investment portfolio, HealthEquity does not charge you a penalty for withdrawing the invested dollars. In addition, investment gains are tax-free and can be rolled back into HSA cash without penalty.
HealthEquity does not invest in the Money Market Fund
If you are a member of HealthEquity, you can view your account balance and investment options on the company’s website. You can check the amount of money in your investment and HSA accounts and view your total Available Balance. You may also use the account to invest in several low-cost mutual funds. In order to invest in these funds, you must log into your account and agree to the investment terms. The company reserves the right to add and remove funds at any time.
If you are a member of HealthEquity, you can reinvest your HSA cash into other investment options. The money that you invested in Day 1 will be transferred to the Schwab Retirement Government Money FundTM on HealthEquity’s investment platform. However, you should remember that after February 28, 2022, the Money Market Fund will no longer exist and any remaining funds in the account will be allocated to your HSA cash balance.
HSA holders who currently invest in UMB HSA funds will continue to be able to do so. But on December 9, 2021, HealthEquity will take over the custodianship of HSA accounts. You can liquidate your investments prior to this date if you wish to remain in your HSA.
HealthEquity’s investment platform is easy to use and provides a variety of investment options at the best possible price. The company also offers low-cost cash accounts for its members. With no hidden fees, you can manage your account yourself, or you can enroll in Advisor(tm) for automated investment advice. This investment advisor will monitor your account and recommend a portfolio for you.
HealthEquity also has a long history as a HSA custodian. Currently, the company manages over 4.9 million HSA accounts and $8.1 billion in custodial assets. In addition, HealthEquity has recently been recognized by Kiplinger as one of the nation’s best HSA providers. The company’s mission is to make investing in mutual funds easier for HSA account holders. Like building a home, building an investment portfolio will take time.
HealthEquity does not establish beneficiaries for your HSA
HealthEquity is a health savings account (HSA) provider. The company consolidates HSAs, but does not establish beneficiaries. Instead, it uses the most recent information regarding address changes. If you decide to use HealthEquity, make sure that your beneficiary designations are current.
HSA members can use a debit card to make payments to providers. This is especially convenient for pharmacy payments, as most providers accept this payment method. You can pay with this card online or by phone, or simply write in the amount on your statement. However, be aware that the debit card is not accepted at ATMs. To avoid problems, it is best to run it as credit instead of debit, and avoid using the PIN. Be sure to keep receipts so you can document any expenses. Then, you can upload the receipts to HealthEquity’s documentation library.
If you have a child or spouse, make sure that you designate a legal guardian to manage the account. You can change this beneficiary if necessary. The guardian can also change the address on the account. If the child or spouse passes away, the balance will be paid to the legal spouse, estate, or other designated beneficiaries. HealthEquity will review the form within two business days and mail the check to the person named as beneficiary.
The money you contribute to your HSA is tax-free when used for qualified medical expenses. These funds can be paid directly to your provider or to your dependents. You can transfer your account balance to another HSA custodian if you choose. But keep in mind that you must comply with all the terms and conditions of your old account.
In addition to establishing your beneficiaries, you can also add your dependents or beneficiaries. The beneficiary form will ask for information such as the person’s first and last names, SSN, address, and relationship. All of this information is needed for your beneficiary to receive funds. When adding beneficiaries, you must also specify the primary and contingent percentages. Make sure that the percentages equal 100% before saving your changes.
A HealthEquity HSA is a personal account that works with most HSA-qualified health plans. It’s important to note that some health plans are not compatible with HSAs. You need to check with your health insurance provider to ensure you’re HSA-qualified. If you’re not sure, it’s best to consult with a tax advisor.