Morningstar Publishes 2025 HSA Landscape Report: Fidelity Leads Industry with High Assessments for Spending and Investment Accounts

Morningstar published its 2025 HSA Landscape Report, evaluating 11 providers on two use cases: current medical costs and long-term investments. HSA assets grew to $146 billion in 2024, driven by attractive tax benefits and widespread adoption of high-deductible health plans. Fidelity leads the industry with a High assessment, followed by HealthEquity, HSA Bank, and Saturna. The report highlights the need for improved transparency and ease of use, with potential industry improvements through AI advancements.

Morningstar, Inc. (Nasdaq: MORN) has published its ninth annual Health Savings Account (HSA) Landscape Report, offering a comprehensive evaluation of the top 11 HSA providers. The report, released on October 16, 2025, highlights the industry's growth, policy changes, and advancements in artificial intelligence (AI) that are shaping the HSA landscape.

Industry Growth and Policy Changes

The report notes that HSA assets grew to $146 billion in 2024, marking an 18% year-over-year increase. This growth is attributed to the attractive tax benefits of HSAs and the widespread adoption of high-deductible health plans (HDHPs). The enactment of the One Big Beautiful Bill Act in July 2025 is expected to broaden HSA accessibility and increase the number of participants by three to four million, according to the report.

Top Providers and Assessments

Fidelity maintains its position as the industry leader, receiving a High assessment for its spending and investment account offerings. It stands out with transparent, low-cost pricing, no investment minimums, and the highest available interest rate among the providers evaluated. Four other providers—HealthEquity, HSA Bank, and Saturna—also received Above Average assessments or better across both spending and investment accounts, the report shows.

Need for Improved Transparency and Ease of Use

The report emphasizes the need for improved transparency and ease of use in the HSA industry. While some providers excel in specific areas, the overall performance indicates room for improvement. AI advancements are seen as a potential catalyst for enhancing user experience and providing more personalized data and recommendations, the report notes.

AI's Role in Industry Improvement

Several provider executives have indicated increased investment in AI technology to improve online experiences and offer more personalized services. This shift could lead to more efficient and user-friendly HSA platforms, potentially driving further growth and adoption, according to Morningstar's analysis.

Conclusion

Morningstar's 2025 HSA Landscape Report provides valuable insights into the current state of the HSA industry. The report underscores the significant growth driven by policy changes and attractive tax benefits, while also highlighting areas for improvement. As AI continues to play a more prominent role, the industry is poised for further innovation and expansion.

References

Morningstar Publishes 2025 Health Savings Account Landscape With New Provider Assessments and Market Insights — https://www.stocktitan.net/news/MORN/morningstar-publishes-2025-health-savings-account-landscape-with-new-6isz78ocgwg5.html