HealthEquity Introduces GLP-1 Telehealth and Direct HSA Enrollment Platforms

Rhea-AI Summary

HealthEquity (Nasdaq: HQY) on Oct 14, 2025 launched two consumer offerings: a curated GLP-1 telehealth platform (live today) that enables HSA payment for weight-management medications via a partnership with Agile Telehealth, and a direct HSA enrollment platform integrated into its mobile and web channels.

Key facts: HSA assets reached nearly $147 billion across >39 million accounts by year-end 2024, with members spending $42 billion in 2024 (up 10% vs 2023). Regulatory changes qualifying Bronze plans for HSAs beginning 2026 create eligibility for >7 million newly eligible Americans.

Positive

• HSA assets nearly $147 billion by year-end 2024
• HSA member spending $42 billion in 2024 (+10% YoY)
• Direct HSA enrollment unlocks >7 million newly eligible Americans (2026 Bronze rule)
• GLP-1 telehealth launches Oct 14, 2025 with Agile Telehealth integration and HSA payment

Negative

• GLP-1 medications represent 6.7% of total drug costs
• Five GLP-1 drugs account for 21% of overall prescription costs

Insights

Healthcare payments strategist

HealthEquity launches GLP-1 telehealth and direct HSA enrollment, unlocking a large newly eligible population and integrated HSA payments.

HealthEquity expands its consumer-facing ecosystem by adding a curated GLP-1 telehealth pathway and a direct HSA enrollment flow. The GLP-1 offering, built with Agile Telehealth, lets members access consultations, prescription management, and HSA payment processing for weight-management GLP-1 medications that now represent 6.7% of total drug costs and where five GLP-1 drugs account for 21% of prescription spend in some coalitions. The direct enrollment product leverages recent ACA regulatory changes that make Bronze plans HSA-qualified beginning 2026, which the release says creates eligibility for over 7 million Americans based on 2025 open enrollment data.

The initiative links clear revenue and engagement levers to member needs: enabling HSA-funded transactions for a high-cost drug category and simplifying account acquisition during open enrollment. Key dependencies include member take-up of the GLP-1 pathway, conversion rates on the direct-enroll funnel, and traction from health-plan integrations and Passkey security adoption. Watch measurable early indicators such as first‑quarter enrollment volumes, GLP-1 telehealth visit counts, HSA-funded prescription spend, and partner referral conversion within the next 12 months.

New Offerings Bring Millions Affordable Healthcare Solutions During Open Enrollment Season

DRAPER, Utah, Oct. 14, 2025 (GLOBE NEWSWIRE) -- HealthEquity, Inc. (Nasdaq: HQY), the nation’s largest Health Savings Accounts (HSAs) and consumer-directed benefits administrator, today announced two consumer-focused initiatives designed to expand access to affordable healthcare solutions for millions of American families: a curated platform connecting HealthEquity HSA members with affordable healthcare solutions beginning with GLP-1 weight management medications, and a direct HSA enrollment platform. The new offerings coincide with National HSA Awareness Day and the start of open enrollment season.

HSAs are experiencing unprecedented growth as Americans seek solutions to rising healthcare costs that leave 44% of adults struggling to afford care. By year-end 2024, HSA assets reached nearly $147 billion across over 39 million accounts, with HSA members spending $42 billion in 2024 alone (up 10% from 2023). These tax-advantaged accounts have become a primary mechanism for healthcare purchasing, signaling a need for increased access to affordable solutions.

"Healthcare costs continue to outpace wage growth, forcing families into impossible choices between their health and their financial security," said Scott Cutler, President and CEO of HealthEquity. "HSA members are already spending $42 billion annually on medical expenses, including GLP-1 medications. Our new initiatives make these essential purchases more accessible, integrated, and cost-effective—all within the platform our members already use. We're not changing behavior; we're amplifying cost-saving opportunities by bringing solutions directly into our ecosystem, making it easier for individuals and families to access solutions that help them better save, spend, and invest for health."

Introducing HealthEquity GLP-1 Telehealth Offering
HealthEquity’s newest offering is a curated platform connecting HSA members with affordable healthcare solutions, beginning with GLP-1 weight management medications, which goes live today. The offering addresses one of healthcare's fastest-growing cost categories while providing members seamless, tax-advantaged payment options through their HSAs.

GLP-1 medications for weight management now represent 6.7% of total drug costs, with some pharmacy coalitions reporting that five GLP-1 drugs account for 21% of overall prescription costs. The new offering, provided in partnership with licensed telehealth provider Agile Telehealth, gives individuals and families access to weight management solutions that are payable using HSA funds for potential tax advantages.

The integrated experience enables members to access GLP-1 physician consultations, prescription management, and ongoing care coordination through the HealthEquity app and web portal, with seamless HSA payment processing.

Expanding HSA Access Through Direct Enrollment
HealthEquity also unveiled a direct HSA enrollment platform, a streamlined digital experience enabling individuals to open and fund HSAs directly through HealthEquity's mobile and web platforms. The platform supports a new opportunity created by recent ACA regulatory changes that make Bronze plans HSA-qualified beginning in 2026.

This regulatory shift makes over 7 million Americans newly eligible for HSAs, based on 2025 open enrollment data, representing the largest expansion of HSA eligibility since the program's inception. This population—households earning $75,000-$120,000 annually—faces financial pressure as many approach or exceed premium subsidy thresholds while still struggling with healthcare costs.

"The intersection of regulatory change and economic pressure creates an unprecedented opportunity to help individuals and families build health savings while managing Bronze plan costs," said Dr. Steve Neeleman, HealthEquity Founder. “Our direct enrollment platform and new GLP-1 telehealth offerings are tailored solutions built around real consumer behaviors and preferences, optimized to deliver value exactly when and how Americans need it most."

It also features advanced security through Passkey technology and integrates with HealthEquity's partner network of leading health plans to offer seamless enrollment options during open enrollment.

Both initiatives support HealthEquity's broader focus to help people better save, spend, and invest for health and are available through the HealthEquity mobile app and HealthEquity.com.

About HealthEquity
HealthEquity and its subsidiaries administer HSAs and other consumer-directed benefits for more than 17 million accounts in partnership with employers, benefits advisors, and health and retirement plan providers who share our mission to save and improve lives by empowering healthcare consumers. For more information, visit www.healthequity.com.

Media Contact
Atiya Easterling
pr@healthequity.com

FAQ

What did HealthEquity (HQY) announce on Oct 14, 2025?

HealthEquity launched a curated GLP-1 telehealth platform payable via HSAs and a direct HSA enrollment platform integrated into its app and website.

How do HealthEquity's GLP-1 telehealth services work for HQY HSA members?

Members can access telehealth consultations, prescription management, and ongoing care coordination with HSA payment processing through the HealthEquity app and portal.

How large are HSAs before HealthEquity's new offerings (HQY)?

By year-end 2024 HSAs held nearly $147 billion across over 39 million accounts, with members spending $42 billion in 2024.

What regulatory change increases HSA eligibility relevant to HQY?

Starting in 2026 Bronze ACA plans become HSA-qualified, creating eligibility for more than 7 million Americans based on 2025 enrollment data.

Does HealthEquity's announcement address cost pressures from GLP-1 drugs (HQY)?

The company cites that GLP-1s now represent 6.7% of drug costs and that five GLP-1 drugs account for 21% of prescription costs, framing the offering as an affordability response.