HealthEquity Inc., a privately held health care company focusing on health savings accounts (HSA), announced Tuesday that it has closed a series B round of financing at $6.6 million.
The Salt Lake-based company said it will use the financing to further expand its business.
A health savings account is a tax-exempt account that is paired with a high deductible health plan. It is used to pay routine medical expenses, while the health plan pays for the costs of major medical events and chronic medical care.
Balances in the HSA that are not spent during the year roll over to be used at a later date or are saved for retirement.