The competitive landscape of health savings accounts has seen a dynamic period of change and expansion in the last two years as financial advisors, retirement planners, life insurers, and other financial institutions have started to step into the HSA market. In doing so, they are not only raising the visibility of these accounts but also redrawing old borders and claiming land away from traditional players. A new Aite Group report, HSA Competitive Landscape: Redrawing the Battle Lines, examines the evolving competitive landscape of HSAs.
“The HSA landscape is undergoing a period of change, with a growing number of stakeholders entering the scene; each of those stakeholders brings onto the field its own strengths but also the critical blind spots and threats it is not aware of,” explains Inci Kaya, senior analyst at Aite Group. “As each group stakes its claim on HSAs, those that pay attention to those blind spots and act accordingly will accumulate more power to redraw the HSA battle lines in their favor,” she adds.
This report reviews stakeholders active in HSAs, explores their legacy orientation, and lays out their strengths, weaknesses, opportunities, and threats. It is based on Q2 and Q3 2020 Aite Group interviews with 58 executives who hold senior management, marketing, customer relations, strategy, and development roles at health plans, technology platforms, TPAs, financial advisors and retirement planners, benefit brokers, and bank and nonbank custodians.
