Acquisitions have helped Optum Bank become the nation’s largest HSA administrator by assets, ahead of HealthEquity and HSA Bank, a division of Webster Financial, according to researchers at Devenir Group.
The HSA account business has grown roughly 25 percent annually, but the industry could be poised for even bigger growth under the Trump administration and Republican-controlled Congress, which are signalling that HSAs could be a key part of their health-reform plans.
“It has the potential to grow even faster — could it be 30 to 50 percent?” said Eric Remjeske, Devenir Group president and co-founder, who says expansion of health savings accounts could see major banks trying to come back into the market after shedding assets in recent years.
“I think at some point they’re going to realize that this is a product and a business line that’s here to stay,” said Remjeske. “The assets are pretty sticky.”