Healthequity, Inc.

Healthequity, Inc., doing business as Healthequity HSA Administrators, is the sole prime contractor administering the Federal Flexible Spending Account Program (FSAFEDS) across the federal government, delivering third-party account and benefits administration services to approximately 2 million federal civilian employees and uniformed service members on a full-and-open competitive basis, with no set-asides.

The company operates from its headquarters in Draper, Utah, under primary NAICS 541611 (Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds). Healthequity's core capability is comprehensive FSAFEDS third-party administration: account establishment, contribution processing, claims processing, customer service, reimbursement management, debit card issuance, enrollment marketing, data security, and fraud prevention. Representative work includes a $21.999 million OPM risk-reserve buydown delivery order issued January 1, 2026, a $1 million OPM debit-card infrastructure buildout task order awarded September 23, 2025, a $2.7 million Department of Veterans Affairs annual administration fee delivery order, and a $767.395 million Department of the Army FY24 FSAFEDS administration award. The company bills individual federal agencies on a per-agency, per-employee basis throughout each calendar year.

Customer concentration is extreme and intentional. The Office of Personnel Management dominates the portfolio: 13 awards carrying a combined potential value of $436.5 million (90% of total portfolio value). This reflects Healthequity's role as the established sole administrator under OPM's master Indefinite Delivery Contract — a single-award vehicle valued at $131.78 million through December 31, 2029 — which serves as the binding vehicle through which all other federal agencies issue task orders and delivery orders. The remaining 8% of portfolio value is distributed across the Department of Defense (through Washington Headquarters Service, $3.5 million across 9 awards), Defense Finance and Accounting Service ($2.9 million across 17 awards), Department of Agriculture ($2.8 million across 6 awards), and dozens of smaller civilian agencies. All 365 awards in the recent portfolio are prime awards; Healthequity does not subcontract on federal work.

Healthequity's position rests on two parent vehicles. The primary vehicle is OPM's GWAC 24361820D0002 (Indefinite Delivery Contract for FSAFEDS administration), which spawned 321 task orders valued at $76.8 million. A secondary vehicle, OPM's IDC 24322625D0002, generated 24 task orders worth $26.4 million. These vehicles are the mechanism through which every customer agency — from the White House Office of Administration to small independent agencies like the Advisory Council on Historic Preservation — places orders. Healthequity does not compete in open contract competitions; it executes task orders under these delegated authority vehicles.

Activity has remained stable. The vendor received 60 awards in 2022, 65 in 2023, 70 in 2024, 68 in 2025, and 40 in 2026 (as of mid-July, reflecting partial-year data). Combined potential value across all 365 awards is $485.1 million, with $101.9 million obligated to date (21%). Forty-one awards (combined potential value $25.8 million) reach ultimate completion within the next twenty-four months, representing routine recompete exposure under the FSAFEDS task-order framework.

Service Contract Inventory data show limited federal-services-contract scope. The vendor reported $31.4 million in SCI-reportable invoiced revenue across 22 prime records spanning FY2022–FY2024: $5.8 million in FY2022, $2.8 million in FY2023 across 11 FTEs, and $22.8 million in FY2024 across 100 FTEs. Government-paid hourly rates on federal services contracts run a median of $120.34/hr, with rates spanning $100/hr (10th percentile) through senior labor at higher tiers. Across SCI-reportable prime contracts, subcontractors perform 0% of hours; Healthequity delivers all work in-house.

Healthequity operates as a specialist monopoly. It holds no other major federal contracts, receives no set-aside preferences, and competes on the strength of its operational expertise as the incumbent FSAFEDS administrator. The company has no named federal subcontractors and does not appear as a subcontractor to other primes in the source data. Its entire federal footprint is tied to flexible spending account administration under OPM delegation.