HSA assets reach $42.7 billion in June

Health savings accounts (HSA) have grown to an estimated $42.7 billion in assets and 21 million accounts as of June 30, 2017, according to the 2017 Midyear Devenir HSA Survey. Devenir is projecting that the HSA market will exceed $60 billion in HSA assets held amongst nearly 30 million accounts by the end of 2019.

The survey found the following:

  • Strong HSA asset growth. The number of HSAs surpassed 21 million, holding about $42.7 billion in assets, a year over year increase of 23 percent for HSA assets and 16 percent for accounts for the period of June 30, 2016, to June 30, 2017.
  • HSA investments see substantial growth. HSA investment assets reached an estimated $6.8 billion in June, up 44 percent year over year. The average investment account holder has a $15,146 average total balance (deposit and investment account).
  • Unfunded accounts come down. Less HSAs (20 percent) were unfunded halfway through 2017, compared to 24 percent at the end of 2016.
  • Health plans remain the largest driver of account growth. Health plan partnerships continued as the leading driver of new account growth, accounting for 36 percent of new accounts opened in 2017 so far.

“We continue to see impressive HSA growth, especially amongst those HSA assets held in investments as consumers begin to understand how HSAs can help them save for both their current and future healthcare expenses,” said Jon Robb, senior vice president of research and technology at Devenir.

SOURCE: www.devenir.com
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