Rethinking the HSA

As healthcare costs continue to rise and employees shoulder more financial responsibility, the Health Savings Account (HSA) has become a powerful tool in the employer benefits portfolio. Yet despite the HSA’s growing strategic importance, some organizations likely default to offering an HSA embedded or included within their medical carrier’s plan.

On the surface, this seems efficient, but employers may be missing out on the benefits of a carrier-agnostic HSA.

The HSA landscape is evolving — fast

According to the Devenir’s 2025 midyear report, HSA enrollment has grown steadily, with more than 40 million accounts now holding over $159 billion in assets. Importantly, Devenir notes a 30% year-over-year rise in HSA investments, reflecting a shift toward HSAs as long‑term financial vehicles rather than short‑term spending accounts.¹

At the same time, the Kaiser Family Foundation (KFF) reports that high‑deductible health plans with HSAs continue to expand across employer groups of all sizes. As adoption grows, so does the need for HSAs that can drive engagement and support long-term financial wellness.²

This evolution raises a critical question for brokers and employers: What should we be looking for in an HSA provider?

Transparency and cost clarity are becoming non-negotiable

One of the most consistent themes in employer feedback is the need for clearer, more predictable benefits costs.

A 2025 survey of employers highlighted that employers increasingly expect itemized, transparent pricing across all benefit programs to better evaluate ROI and negotiate improvements.³

HSAs administered outside of a medical carrier offer:

• Clear administrative fee structures
• Visibility into what employers and employees are paying
• The ability to benchmark value across vendors

For brokers, this transparency can help strengthen the advisory relationship. For employers, it can support budgeting and governance efforts.

Medical carrier changes shouldn’t disrupt employee savings

Medical carrier turnover is a reality of today’s benefits cycle. KFF data shows that employers — especially mid‑sized groups — regularly change carriers to manage cost trends or network performance.²

When an HSA is tied to the medical carrier, these transitions can result in:

• Multiple employee HSA accounts
• Confusion about balances and transfers
• Increased HR workload

A carrier‑agnostic HSA model can help to minimize this friction. Employees maintain continuity, HR avoids administrative noise, and brokers can recommend medical plan changes without worrying about downstream disruption.

HSAs are now part of financial wellness — not just healthcare

The IRS increases HSA contribution limits annually, reinforcing the account’s role as a long‑term savings opportunity. Devenir research shows that employees who invest their HSA balances have larger account balances over time, helping to prepare them for healthcare costs in retirement.¹

But investment behavior depends heavily on:

• Curated investment account options
• The digital experience
• Education and engagement
• Integration with broader financial planning tools⁵

Employees increasingly view HSAs as part of a holistic financial wellness strategy. A medical carrier-agnostic, purpose‑built HSA provider may be comfortably positioned to help support that shift.

A fragmented benefits ecosystem can contribute to administrative drag

Today’s benefits environment is complex. Employers often need to manage Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), commuter benefits, COBRA plans, billing, and more — often across multiple vendors and providers.

A carrier‑embedded HSA can create another silo.

A unified health account ecosystem — where HSAs, FSAs, HRAs and other accounts operate on a single platform — may help by creating:

• Fewer handoffs
• Cleaner data that considers multiple products
• More consistent employee education opportunities

The employee experience is now a competitive advantage

Employees expect consumer‑grade digital tools. They expect clarity. They expect personalization.⁴

According to Voya’s own State of Employee Benefits 2026 survey, 77% of employees were interested in personalized guidance services for benefit choices, and another 82% say they want help in building their emergency savings.⁴

An HSA experience that is intuitive, educational and integrated into broader financial wellness programs can materially improve employee engagement and satisfaction.⁵

The strategic imperative for brokers and employers

The HSA is no longer a “nice‑to‑have” add‑on to a high‑deductible plan. It is a cornerstone of a modern benefits strategy — one that has the potential to impact financial wellness, employee retention and long‑term healthcare affordability.

A carrier‑embedded HSA may offer convenience, but it may also limit transparency, flexibility and strategic value.

A carrier‑agnostic HSA provider, such as Voya, can offer:

• Clear fee structures
• Stability during medical carrier transitions
• A modern, engaging participant experience
• Integrated investment and financial wellness support
• A streamlined experience across a broader benefits ecosystem

For brokers, this helps to offer more strategic advisory opportunities. For employers, it means a resilient, future‑ready benefits program.

Ready to learn more about partnering with a carrier-agnostic HSA provider?

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The information provided does not, and is not intended to, constitute legal or tax advice; instead, all information and content herein is provided for general informational purposes only and may not constitute the most up-to-date legal or other information.