Optum says the enhancement has already shown results; accountholders who were targeted with new messages increased their balances, became eligible to invest, and chose to open investment accounts.
However, Morningstar found fees remain elevated and transparency remains poor.
Those who have HSA assets invested have a $16,007 average total balance, more than eight times larger than a non-investment holder’s average account balance, Devenir finds.
The SEC says if investors plan to use the money in their HSA soon, different account features may be useful than if they plan to invest the money for the future.