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HealthEquity: The 5.4M Visit HSA Monopoly
How a single platform captured 72% direct traffic in the HSA race
HealthEquity isn't just another fintech player—it's the default gateway for over 5 million Americans managing tax-advantaged healthcare dollars. With 72% direct traffic, they've achieved what most brands dream of: becoming a verb in their users' daily financial lives.
"The most telling metric isn't their 5.4M monthly visits—it's that 72% arrive directly, bypassing search entirely. This isn't brand awareness; it's brand dependency."
The Silent Monopoly Play
HealthEquity has built an empire on a deceptively simple premise: become the single chokepoint between employers, employees, and healthcare savings. With 117K monthly searches for 'healthequity' alone, they've achieved escape velocity from the generic 'HSA' keyword battle, where they'd compete against 171K monthly searches. This is textbook platform lock-in—when your brand name becomes more searched than the category itself.
The Direct Traffic Moat
The 72% direct traffic rate is the real story here. For context, most financial services sites see 30-40% direct traffic at best. This suggests HealthEquity has successfully transitioned from a B2B solution to a daily-use consumer platform. Their users aren't browsing—they're logging in to manage real money. That's why they're spending $12.5M in funding to scale a 2,361-person operation: they're not building a product, they're building a habit.
The tech stack reveals a fascinating contradiction. They're running jQuery, Bootstrap, and Tailwind CSS—workhorse technologies for rapid scaling—yet their 1.1/5 Trustpilot rating from 285 reviews suggests the user experience hasn't kept pace with their growth. This is the classic scaling paradox: they've won the market capture game but are losing the customer satisfaction battle.
- Brand dominance over category search (117K vs 171K monthly searches)
- Unusual B2B-to-B2C transition with 72% direct traffic
- Platform lock-in through employer partnerships
- Scale vs. experience tension evident in Trustpilot scores
The Empire Built on Employer Mandates
HealthEquity's 5.4M visits aren't earned—they're assigned. Their real product isn't an HSA platform; it's the administrative relief that makes them irreplaceable to HR departments nationwide. That's a moat no startup can cross with better UX alone.
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HealthEquity®️ | HSA and Employee Benefits Solutions
HealthEquity offers more than an industry-leading Health Savings Account (HSA). Browse all benefits solutions for employers, financial advisors, and brokers.
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HealthEquity
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Reviews (20)
WageWorks frustrating but can't even log into HealthEquity
Have been using WageWorks for FSA for years, which was bad enough. But now transferred to / renamed to HealthEquity and I can no longer even sign in, the site can't verify me to find my password, username, etc., doesn't let me register a new account because it can't find me, and then when I try to contact their "365/24/7" service line, I'm told that they are off business hours.* Meanwhile the clock is ticking on getting reimbursed for the year. Are they scam artists or just incompetent? *And no it isn't 2/29 in a leap year.
In 2025 I received a mailing packet to…
In 2025 I received a mailing packet to submit documentation for reimbursement of expenses. When I didn’t hear from them I called. They say I’m not in their system but somehow they can mail me the forms. They opened a case number but never provide an update and now I learned it’s been closed. I have been submitting claims for nine years with Further without any issues. This company is awful.
Denied claims
Denied claims after being sent the documents they specifically asked for. Representative was rude. I wish the state would find someone else for our fsa. This is the 3rd time for me. From my doctor's office. What do they think the purchase was???
Hidden fees
Hidden fees, no disclosure about the electronic options for the monthly statement and VERY hard to find on their website (there are no search options). Will be cancelling any HSA contributions at once. App and portal cumbersome to navigate, and that's after your spend an excessive amount of time to log in with 40 security measures that don't work despite all the correct passwords, passkeys, and emails (To your "engineers" - do you know the KISS method? It works, really.). Uninstalled the app which is useless. Paying a fee for biweekly CONTRIBUTIONS when there has been no service is absurd. They are completely out of their mind--a scam and worthy of reporting to regulatory authorities. Will be calling my HR department on Monday morning. We have 55000 employees. Also, had I read all these reviews before actually signing up, I would have foregone the sign-up. I can save my money and don't need the "benefits" of this "HSA" account service. Wake up call. Scott Cutler and Dr. Stephen Neeleman - level up. Also, does Health Equity get a kick back for referrals to the HSA store and the Prescription portal? Just asking for a friend.
I wish I could give this company 0…
I wish I could give this company 0 stars. Please stay away from this company!! I have been trying to close my account for over a month but it has been impossible!! I call every week to get an update and they give me different information. I was offered a passkey which I never received, then linked my account to my bank and now it’s a totally different story . They are still charging me the maintenance fee. I have involved the BBB and following their steps for a resolution but this company is a SCAM. Horrible experience!!! Stay away from this company and do your research if offered by your employer.
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About healthequity.com
HealthEquity offers more than an industry-leading Health Savings Account (HSA). Browse all benefits solutions for employers, financial advisors, and brokers.
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Technology Stack
healthequity.com uses 25 technologies across their website including Font Awesome, Adobe Fonts, HSTS, Laravel, Ruby on Rails, and more.
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Font Awesome, Adobe Fonts
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HSTS
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Laravel, Ruby on Rails
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Squarespace
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jsDelivr
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AWS CloudFront, Cloudflare
Traffic & Audience
healthequity.com receives approximately 5.4M monthly visitors and ranks #5,583 globally. The website has a bounce rate of 21% with visitors viewing an average of 11.6 pages per visit. Users spend an average of 6:12 on the site.
The majority of healthequity.com's traffic comes from undefined, undefined, .
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