HealthEquity Review
HealthEquity is a NASDAQ-listed benefits administrator whose COBRA service handles notices, premium billing, eligibility and termination processing and case management, with a SOC 2 Type II report.
- Company size
- Small businesses, mid-market companies, enterprises
- Pricing model
- Quote only
Best for
- Employers that need a SOC 2 Type II audited COBRA administrator
- HR teams that want to see each participant case in real time
- Employers that also offer HSAs or FSAs through HealthEquity
Not ideal for
- Buyers who need a published fee before a demo
How we evaluated HealthEquity
This review rests on 12 facts checked against HealthEquity’s official pricing pages and documentation, most recently on . We did not test the product hands-on: the score and the pros and cons use only those verified facts, as our methodology explains, and third-party ratings are quoted, never scored.
Our verdict
HealthEquity is a NASDAQ-listed benefits administrator, founded in 2002, whose COBRA service covers notice fulfillment and return mail, premium billing, eligibility and termination processing and real-time case management, with a full audit trail. It publishes a SOC 2 Type II report and HIPAA compliance and offers participants free transition help from licensed advisors. It also administers Minnesota state continuation. It is less suited to buyers who want published fees.
Strengths
SOC 2 Type II and HIPAA
Security page lists SOC 2 Type II, HIPAA, NIST CSF and HITRUST, with a trust center.
Evidence: SOC 2 Type II: Yes
Full audit trail
Consolidated reporting with copies of every notice sent.
Evidence: Notice and payment audit trail: Yes
Real-time case management
Employers see each participant case and its status.
Evidence: Key features: Dedicated implementation manager for setup and go-live, Real-time case management visible to the employer, Consolidated reporting with a full audit trail and copies of notices, No-cost transition assistance from licensed benefit advisors, Mobile and online self-service plus live agents for participants
Transition assistance
Licensed advisors help participants compare other coverage at no cost.
Evidence: Key features: Dedicated implementation manager for setup and go-live, Real-time case management visible to the employer, Consolidated reporting with a full audit trail and copies of notices, No-cost transition assistance from licensed benefit advisors, Mobile and online self-service plus live agents for participants
Weaknesses
No published fee
Pricing comes with a proposal after a demo.
Evidence: Price transparency: Quote only
State continuation documented for Minnesota
Its help center documents Minnesota state continuation; other states are not listed.
Evidence: State continuation administration: Yes
Price at a glance
Pricing model
Quote only
Quick answers
- How much does HealthEquity COBRA administration cost?
- HealthEquity does not publish COBRA fees: its COBRA page leads to a demo, and pricing comes with the proposal.Based on Pricing model: Quote only
- Is HealthEquity SOC 2 Type II audited?
- Yes. Its security page lists a SOC 2 Type II report, NIST CSF, HIPAA and the HITRUST Common Security Framework, with a trust center for due diligence documents.Based on SOC 2 Type II: Yes
- What does HealthEquity COBRA administration include?
- Notice fulfillment and return mail processing, premium billing and collection, eligibility reporting and termination processing, and real-time case management.
- Does HealthEquity help COBRA participants find cheaper coverage?
- Yes. Participants get no-cost transition assistance from licensed benefit advisors who help them look for more affordable coverage.Based on Key features: Dedicated implementation manager for setup and go-live, Real-time case management visible to the employer, Consolidated reporting with a full audit trail and copies of notices, No-cost transition assistance from licensed benefit advisors, Mobile and online self-service plus live agents for participants
Coverage of core COBRA administration capabilities
Each core capability we evaluate in COBRA Administration, checked against HealthEquity’s own documentation. “Not verified yet” means we have not confirmed it either way, not that it is missing.
9 verified of 10 core capabilities
COBRA Administration
- Qualifying event intake
- General notices · not verified yet
- Election notices
- Participant elections and portal
- Premium billing and collection
- Premium remittance
- Carrier eligibility updates
- Coverage period tracking
- State continuation administration
- Notice and payment audit trail
Specifications
Pricing
- Price transparency
- Quote only
Product
- Modules
- COBRA, HSA, FSA, HRA, Health payment accounts, Lifestyle spending accounts, Commuter benefits
- Mobile apps
- HealthEquity Mobile (iOS, Android)
Where it ranks
- #3 of 3 scoredCOBRA Administration
- #2 of 3 scoredCOBRA Administration for Enterprises
- #3 of 3 scoredCOBRA Administration for Mid-Sized Companies
- #3 of 3 scoredCOBRA Administration for Small Business
HealthEquity alternatives
BPAS100% similar
CobraHelp100% similar
Security and compliance
- SOC 2 Type IIYes
- HIPAAYes
Implementation and support
- Support channels
- Phone, email, chat
- Support hours
- COBRA and direct bill line Monday-Friday 7am-7pm CT
About HealthEquity
- Founded
- 2002
- Ownership
- Publicly traded
Official profiles
HealthEquity: frequently asked questions
Does HealthEquity administer Minnesota state continuation?
Yes. HealthEquity runs Minnesota state continuation for employers under 20 employees and alongside federal COBRA for larger employers, with an election packet after each qualifying event.
Can COBRA participants elect coverage online with HealthEquity?
Yes. Participants can return the mailed election form or elect online in the Enroll COBRA section of MyBenefits.WageWorks.com.
When is HealthEquity COBRA support open?
The COBRA and direct bill line answers Monday to Friday, 7am to 7pm Central time; members can also chat from their online or mobile account.
Who is HealthEquity owned by?
HealthEquity, Inc. is publicly traded on NASDAQ (HQY); it was founded in 2002.
Is HealthEquity legit?
HealthEquity is sold by the company of the same name, which was founded in 2002 and is publicly traded. HealthEquity states that it holds a current SOC 2 Type II report.
What are the best alternatives to HealthEquity?
In our COBRA administration ranking, the highest-scored products other than HealthEquity are BPAS and Rippling. Compared side by side, by reason to switch: HealthEquity alternatives.
What are the pros and cons of HealthEquity?
Strengths documented on the vendor’s own pages: SOC 2 Type II and HIPAA, full audit trail, and Real-time case management. It is less suited to buyers who need a published fee before a demo.
Does HealthEquity have a mobile app?
Yes. HealthEquity lists mobile apps: HealthEquity Mobile (iOS, Android).
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