What's the deal with HealthEquity?

HealthEquity provides service platforms enabled by technology and acts as a health savings trustee for individuals and businesses. But it's unclear if this is a legitimate business. The organization was the victim of a cyberattack and phishing scheme only recently. The facts about health equity must be known before any investment is made.

Health savings accounts are managed by HealthEquity, Inc., a financial technology and business services firm. Its main purpose is to give people more options for how to spend their HSA money. It provides numerous options for getting at your money, including debit cards, paper checks, and electronic transfers. The HealthEquity mobile app makes it easy to submit payments and check the status of claims on the go. What's more, consumers can use the camera on their mobile devices to make payments through the app.

HealthEquity is a Utah-based company that provides 24/7 support to its clients. facilitates the creation of and access to health savings accounts for its members and provides health savings account administration services. A Net Promoter Score of -48 means that there are not many people who like the product and a lot of people who don't like it.

Consumers can use the cloud-based technologies provided by HealthEquity to better inform their healthcare decisions. Their services aid customers in weighing the pros and disadvantages of various treatments, controlling healthcare expenditures, and qualifying for wellness discounts. Additionally, they provide computer-generated recommendations for financial investments. The company's origin date is 2002, and it is located in Draper, Utah.

Earlier this week, HealthEquity said that it would be acquiring Further for $500 million. Further, HSA services and direct benefit administration for consumers are provided (CDBA). There are 550 thousand HSA customers, and the firm is responsible for $1.7 billion in HSA funds. HealthEquity, by contrast, has 6.3 million HSA members with $16 billion in assets. HealthEquity anticipates yearly income of $60 million and an annual cost savings of $15 million as a result of the transaction. A total of $55 million in one-time costs will be avoided over the next three years as a result.

Unfortunately, HealthEquity has fallen victim to a phishing assault, which has exposed the private health information of its users. The hacker may have gotten access to the company's member-communication email accounts. Names, email addresses, and member ID numbers were among the data that may have been compromised. The attacker may also have gained access to sensitive member health data, including Social Security numbers, included in email messages. HealthEquity is making efforts to win back users' faith in its services at present.

Many consumers' account information may have been compromised as a result of this incident, including account type, connected employer, and health plan. HealthEquity will contact affected users. A notification to be sent to affected clients by health plan partners has been developed by the company. There have been notifications sent to former employees, their families, and anyone else connected to their accounts.

This week, HealthEquity, a non-bank health savings trust, revealed that it had fallen prey to a phishing scam. A spreadsheet containing employees' personal information was obtained from the company email account, which had been hijacked. Names, addresses, phone numbers, email addresses, employers, types of health accounts, the amount of pretax income subject to deduction, Social Security numbers, and more were all part of the data collected.

On April 11, 2018, a security flaw was introduced, and it was only found on April 13. The corporation contracted an outside computer forensics organization to look into the matter. Thankfully, the hacker only gained access to a single email address. HealthEquity has not acknowledged whether or not the PHI was downloaded, but the company has said it is taking steps to mitigate the fallout. Customers will receive a notification from HealthEquity, and the company strongly recommends that they sign up for identity theft protection services. The company has also said it will improve its email infrastructure and train its employees on security.

HealthEquity offers competitive salaries to its workers. With a median salary of $50,776, there is a wide range of occupations that pay more than the average. The roles of director of sales and operations, director of marketing, and chief knowledge officer are among the best paid in any organization. These jobs can pay over $134,771 annually, compared to the minimum wage of $32,056 for a waitress.

The company's core values stress the importance of providing all applicants with a level playing field. Its staff consistently make extra efforts to improve the company. HealthEquity has a number of perks, such as a gym and regular parties. It also has subsets for those with specific passions.

When it comes to HSAs and CDBs, HealthEquity is one of the most trusted administrators in the country. A "Top Workplace USA" award for 2022 was just given to the organization. Employees' responses to a poll on their engagement, the company's culture, and the advantages and diversity offered to them were used to determine this award. From what this survey tells us, it seems like working for HealthEquity is a good thing for its employees.

HealthEquity staff members are content in their roles, optimistic about the future of the organization, and enthusiastic about showing up to work each day. Worker satisfaction and contentment at HealthEquity are above average compared to those at competing companies. Additionally, it is a top-tier provider in terms of products and services, pricing, and customer service. It also ranks highly on diversity and inclusion metrics.