HealthEquity announces HSA sales outlook

HealthEquity announced estimates of HSAs, HSA assets and total accounts for its fiscal year ending January 31, 2024, reflecting a strong sales year with new HSAs and custodial asset growth. Estimated HSAs to be approximately 8.7 million by January 31, 2024, up from 8.0 million a year earlier. Estimated HSA assets to be approximately $24.5 billion, up from $22.1 billion at the end of fiscal year 2023, with approximately $15 billion of HSA cash. Invested balances included in the estimated assets are subject to market fluctuation. Estimated total accounts to be approximately 15.6 million compared to 14.9 million at the end of fiscal year 2023. These estimates do not include the BenefitWallet HSA portfolio acquisition that is expected to close in fiscal 2025. Commenting on the results, Jon Kessler, President and CEO said, “Together with an integrated network of over 200 health and retirement plan partners, brokers and benefit advisors, Team Purple delivered strong new logo growth, opening approximately 900,000 new HSAs this year and providing a base for continued growth in FY25 and beyond.” The Company also announced that it expects to beat its full-year goals for its Enhanced Rates offering, with over 30% of HSA cash assets expected to be in Enhanced Rates and a 40% increase in capacity with highly rated insurance partners in fiscal 2024.