Healthequity, Inc.

Healthequity, Inc., operating as Healthequity HSA Administrators, administers the Federal Flexible Spending Account Program (FSAFEDS) as the sole third-party prime contractor across the federal government, delivering account establishment, contribution processing, claims processing, customer service, reimbursement management, and debit card issuance services to approximately 2 million federal civilian employees and uniformed service members on a full and open competitive basis with no set-aside designations. The Draper, Utah-based for-profit corporation holds a single-award Indefinite Delivery Contract (IDC) with the Office of Personnel Management valued at $131.78 million through December 31, 2029, which serves as the master vehicle through which participating agencies issue task orders and delivery orders.

Healthequity's federal footprint is narrow and specialized. The company does not serve as a subcontractor to other primes, nor does it employ subcontractors on federal work—all FSAFEDS administration is performed in-house across 372 recent awards spanning 84 customer agencies. Representative work includes the primary OPM IDC (24361820D0002), valued at $131.78 million through December 31, 2029, under which the Department of the Navy issued a $941.9 million delivery order for FY24 FSAFEDS administration; the Department of the Air Force issued a $529.9 million delivery order for FY24 healthcare and dependent care account services; the Department of the Army issued a $767.4 million delivery order for FY24 FSAFEDS administration; and the Defense Finance and Accounting Service issued a $374.6 million delivery order for DOD Working Capital Fund FSAFEDS FY26 healthcare and dependent care administrative fees. The company also holds a secondary IDC (24322625D0002) with OPM, through which federal agencies issue task orders covering FSAFEDS administration services across civilian and defense sectors.

Customer concentration is extreme and deliberate. The Office of Personnel Management accounts for 13 awards and $436.5 million combined potential value (92% of portfolio dollars), anchored by the master FSAFEDS administration contract that OPM itself issues alongside task orders to federal agencies for fee reimbursement. The DOD Washington Headquarters Service (9 awards, $3.5 million), Defense Finance and Accounting Service (17 awards, $2.9 million), Department of Agriculture Office of Human Resource Management (6 awards, $2.8 million), and Department of Transportation Federal Aviation Administration (6 awards, $2.1 million) round out the top five customers by potential value; these rankings reflect Healthequity's role as the pass-through administrator issuing federal agencies task orders under the OPM master vehicle.

Activity has remained consistent across the past five years (60 awards in 2022 to 70 in 2024), with 47 awards completing in the next twenty-four months carrying combined potential value of $26.3 million. SCI-reported invoicing for federal service contracts above the $150,000 threshold shows $68.5 million across FY2022–FY2025, with FY2025 invoicing of $37.2 million across 159 full-time equivalents. The FTE trajectory—11 FTEs in FY2023, growing to 159 FTEs in FY2025—reflects Healthequity's scaled staffing to handle growing federal FSAFEDS enrollment. Government-paid hourly rates on SCI-reportable contracts run a median of $120.34/hr across a wide range reflecting both administrative labor and specialized program management work.

Healthequity holds no meaningful subcontractor network and does not subcontract on any federal FSAFEDS work—a strategic choice reflecting the compliance, data security, and fraud prevention responsibilities embedded in the FSAFEDS master contract. The company's portfolio is concentrated across two parent vehicles: the $131.78 million primary GWAC (24361820D0002, 325 task orders, $77.4 million combined potential value) and the secondary IDC (24322625D0002, 27 task orders, $26.4 million). All awards are categorized under NAICS 561620 (Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds), reflecting the specialized nature of federal benefits administration. Healthequity's federal revenue is entirely driven by FSAFEDS delivery orders issued by customer agencies; the company does not compete in open federal procurements outside this framework and maintains no teaming arrangements with other primes.