Health Matching Account Services, also known as HMA, is going through a lot of legal heat right now, and, as per many people’s opinion, that is valid and justified. Why? Well, the allegations against them are really big, like a company this big has allegedly been running a type of Ponzi scheme. Though the case is still ongoing, and it hasn’t been proven that the allegations are true, but just keep on reading to find out more about this Health Matching Account Class Action Lawsuit.
What Was HMA’s Business Model?
The starting point of this issue was when HMA marketed something known as a Health Matching Account. And? Well, on the very surface of it all, it resembled a Health Savings Account but, in reality, it was not regulated as such. Yup! Customers made deposits monthly and were shown account balances that seemingly increased through matching credits. All good? Right? Nah! Actually, the credits were just theoretical. Not an actual thing. They were not withdrawable as cash and had no backing. HMA in 2022 claimed a total of over 50,000 active users spread all over the country, who were all paying monthly fees and contributions without the safety normally provided by banks or insurers.
And this very loophole became the main basis for legal disputes down the line.
Early Warning Signs (2022-2023)
Not a single doubt in the fact that the signs of trouble began to show towards the end of 2022, and yet it all came crashing down just later down the line. Talking about the starting signs, see, HMA had taken away the debit card feature and had customers submitting manual claims for medical payments. This switch caused postponement and misunderstandings. But do you know which was the most alarming part? Oh, that was the thing that HMA was frequently taking the entire medical bill from the patients while the providers were only paid in part.
Doctors were contacting patients over the phone with unpaid balance notices, while the money had already been taken from their accounts. That sounds super unfair, and sure enough, because of this, the complaints soon increased rapidly.
Just a few months later, like, after getting over 100 unresolved complaints, the Better Business Bureau decided to repeal the accreditation of HMA in January 2023. The company was blamed for their inadequate response and lack of dispute resolution.
The Class Action Lawsuit (2024)
After the issues getting worse in 2022, it took actually till November 22, 2024 when a federal class-action suit was lodged in Texas. They had it coming, though, like, the suit alleged that HMA misled customers and unlawfully kept their money. Plaintiffs sought a sum of $50 million in damages.
And just so you know, the allegations are plain and simple that HMA’s system was at its most profitable when customers failed to make payments. That’s not how it should play out in legal terms, and it was then that the company allegedly kept its balances. The whistleblower reported that the company’s top management was openly talking about profiting from customer defaults. So it was an actual sketchy thing going on behind the scenes.
Federal Charges and Government Action (2025)
Looking at the drama growing around this issue, it was actually back in October 2025 that the Department of Justice of the United States initiated a separate federal lawsuit against HMA and its top executives. Why? Well, the attorneys, the government ones, are alleging that this is nothing short of a “Ponzi-like scheme.”
Current Status
Well, as we’re closing in on 2026 and just a few days left now, see, these civil and federal cases are still active as of the end of December 2025. So far, it is true that there have been no disclosures about agreements. But the noteworthy thing to focus on here is that HMA is clearly denying of any wrongdoing and it looks like this matter will drag on further in the court.
