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Benefits February 17, 2016
HSAs Are Growing Savings Vehicles
The number of accounts continues to grow as well as the amount of assets.
Reported by PLANSPONSOR staff
The number of health savings account (HSA) accounts rose to 16.7 million, holding nearly $30.2 billion in assets, a year over year increase of 25% for HSA assets and 22% for accounts for the period of December 31, 2014 to December 31, 2015, according to data from Devenir.
Nearly one-quarter (24%) of accounts at year-end were unfunded, compared to 10% at mid-year 2015. Devenir says health plans remain the largest driver of growth for HSAs; during 2015 health plans accounted for 36% of new accounts.
HSA investments also continue to grow. HSA investment assets reached an estimated $4.2 billion as of December 2015, up 33% year over year. The average investment account holder has a $14,035 average total balance (deposit and investment account).
Devenir projects that by the end of 2018, the HSA market will likely exceed $50 billion in HSA assets covering almost 30 million accounts.
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