It’s my sincere pleasure to share the newest report that captures the efforts HealthEquity is working on in terms of being a good corporate citizen. I’ll run through the highlights and how I view things through my lens of corporate social responsibility.
You’ll notice I often refer to what we accomplished and our work. I’m just one person, and the collective results are a true group effort. I would miss most of the story if I didn’t include the larger group of teammates who contributed to the work and the report.
Revealing the 2023 accomplishments
HealthEquity has had a momentous year since we last released our corporate social responsibility (CSR) report. In September, we celebrated 20 years of helping Americans connect health and wealth. It’s hard to believe it’s been so long, but we’re very pleased with all we’ve accomplished—and the truth is, we’re no longer a small company. This same year, HealthEquity became the largest provider of Health Savings Accounts (HSAs) in the country, according to Devenir Group.1
That makes our latest CSR report, released on May 15, 2023, even more important. This year’s edition of Sustainably Purple details our work on environmental, social, and governance (ESG) efforts to give you greater insight into our behaviors and attitudes as a corporate citizen.
This year’s report carries over much of the foundation of the 2022 edition of Sustainably Purple, with some important updates and changes. What remains unchanged is our commitment to transparency with regard to ESG topics. In this post, we’ll review three things you should know about the 2023 CSR report from HealthEquity.
1. The HealthEquity commitment to ESG issues is represented by our CSR report
At HealthEquity, we take our mission seriously. We help working American families connect health and wealth, and plan to make HSAs as widespread as 401(k)s by 2030. That mission is only as valuable as our business is sustainable.
To ensure our work remains beneficial to society, while also mitigating risks and generating long-term value, we prioritize ESG issues and overall corporate social responsibility.
That starts with our products and services, of course, but is also represented publicly in our annual CSR reports. In each edition of Sustainably Purple—including this year’s—you’ll find detailed information on how our products and services impact people’s lives, how our work in the industry is moving the benefits space forward, and how our corporate policies govern responsible growth.
2. The 2023 edition of Sustainably Purple has important new information
Each year, we assess the content and structure of our CSR report and look for ways to provide even more value.
In the 2023 edition of Sustainably Purple, we maintain the foundation of the Global Reporting Initiative (GRI) and Sustainable Accounting Standards Board (SASB). We also continue to utilize the materiality report prepared by an independent third-party, which was built on an industry benchmarking assessment and collected feedback from more than 150 stakeholders.
This materiality report uncovered six issues we continue to report on:
• Customer privacy
• Employment and employee benefits
For this year’s report, we added sections covering:
• HealthEquity governance and corporate policies. This section acknowledges the importance of strong corporate governance in guiding HealthEquity toward responsible growth. It covers the current composition of the Board of Directors and standing Board committees, and explains how these groups oversee ESG topics material to the company.
• HealthEquity policies, practices, and industry participation. We cover several codes and policies that guide every level of our work at HealthEquity, including the Code of Business Conduct and Ethics, The People Handbook, Corporate Governance Guidelines, the Anti-Corruption Policy, and the Lobbying Policy.
• The new advocacy organization PurplePAC. This section gives insight into the formation of the HealthEquity PurplePAC, a bipartisan political advocacy initiative that supports candidates for political office who will lead the mission of connecting health and wealth.
• Information on two new HealthEquity Connections groups. We cover the formation of Unidos, a Connections group for Hispanic/LatinX team members and others that are interested in learning more about the Hispanic/LatinX culture. As well as Veterans at HealthEquity, a Connections group that provides support, knowledge, and comradery for service members, military family members, and allies.
This new information gives a better picture of HealthEquity, both in 2023 and overall, that readers can use to assess our corporate sustainability. This is a good time for me to share that I’m a member of our Unidos Connections group. I truly enjoy working with teammates to bring in talented speakers and share our culture.
3. HealthEquity products and services impact society, and have an important place in corporate social responsibility
One key piece of corporate social responsibility and sustainability at HealthEquity is our products and services. Detailed in Sustainably Purple and evident in all aspects of our business, the HealthEquity lineup of benefits products, client and member education and engagement, and responsible industry advocacy empowers millions of individuals to gain confidence and skills in managing their healthcare costs and building financial security.
HSAs lead our portfolio of services and are a powerful tool in promoting positive social outcomes. According to two recent nationwide surveys, working Americans using HSAs are more likely to price-shop for healthcare, express confidence about their retirement readiness, and feel peace of mind about the COVID-19 pandemic. Organizations can also tailor HSA plan design to support groups like low-income workers, as seen recently by pharmaceutical corporation and HealthEquity client Pfizer.
The Pfizer benefits team designed an HSA that aligned with their goal to provide affordable, comprehensive medical coverage that delivered value to all employees. The plan categorizes employees according to four separate income tiers. Lower income earners get the largest employer HSA contributions, with contributions tapering off at each higher tier. The full employer contribution is also available on the first day of the plan year.
Our other products, including Flexible Spending Accounts (FSAs), COBRA support, Health Reimbursement Arrangements (HRAs), and wellbeing services offer similar social value and are detailed in Sustainably Purple.
The report also covers industry education and advocacy at HealthEquity. Because the benefits space is sensitive and dynamic, HealthEquity works to stay abreast of shifting governmental policy and—where appropriate—advocate for change.
You can check out Sustainably Purple for more details on both our benefits products and our work to improve the industry.
Making progress now and for the future
The 2023 edition of Sustainably Purple is a snapshot in time of our efforts to advance corporate social responsibility at HealthEquity. But it is also a window into our wider work on ESG issues and corporate sustainability.
I hope you’ll take the time to learn more about how HealthEquity operates. Download the full report and thank you for reading.
HealthEquity does not provide legal, tax or financial advice.
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