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The Number of Health Savings Accounts Exceeds 25 Million

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MINNEAPOLIS — Devenir, a national leader in providing investment solutions for health savings accounts (HSAs), released today the results of its 17th semi-annual health savings account survey and resulting research report. Devenir found that the number of HSAs grew to 25 million, holding an estimated $53.8 billion in assets at the end of 2018.

HSA Industry Assets

The survey data was collected in February of 2019 and primarily consisted of top 100 HSA providers in the health savings account market, with all data being collected for the period ending on December 31st, 2018.

Key findings from the Devenir 2018 Year-End HSA Survey and resulting research report:

  • HSA accounts exceed 25 million. The total number of HSAs grew to 25 million at the end of 2018, up 13% from a year ago.
  • Stable asset growth. HSA consumers had accumulated $53.8 billion in their HSAs at the end of 2018, a year over year increase of 19%. Devenir expects this number to grow to $75 billion by the end of 2020.
  • HSA investment assets surpass $10 billion mark. Despite strong market headwinds, HSA investment assets reached an estimated $10.2 billion at the end of December, up 23% year-over-year. On average, investment account holders hold a $14,617 total balance (deposit and investment account).
  • HSA contributions jump. HSA account holders contributed almost $33.7 billion to their accounts in 2018, up 22% from the year before.
  • Increase in employer contributions. For accounts receiving an employer contribution in 2018, the average contribution amount rose to $839 (up from $604 in 2017).

“In a competitive economic environment with low unemployment, we saw employers contribute almost $9 billion to their employees’ HSAs in 2018, a meaningful increase from the previous few years,” said Jon Robb, SVP of research and technology at Devenir.

Devenir projects that, by the end of 2020, the HSA market will approach $75 billion in HSA assets covering roughly 30 million accounts.

Click here to view the Executive Summary

Projections derived from 2018 Year-End Devenir HSA survey, press releases, previous market research, and market growth rates. Projections are barring any regulatory or market environment changes.

Forward-looking statements are based on current expectations and assumptions based on historical growth, the economy, other future conditions and forecasts of future events, circumstances and results.

About Devenir

Devenir is a national leader in providing customized investment solutions for HSAs and the consumer directed health care market. When health savings accounts first emerged in 2004, Devenir built its expertise around delivering cutting-edge investment solutions. As the consumer driven health care industry grew, so did Devenir’s reputation as a leading researcher and award-winning investment consultant. Today, Devenir continues to lead the way in the rapidly growing HSA market. A research driven perspective makes Devenir the go-to investment advisor, HSA investment platform and consultant to employers, banks, third party administrators, health plans and technology providers. Learn more at devenir.com

Contact
Devenir
Eric Remjeske
952-446-7400
research@devenir.com

The post The Number of Health Savings Accounts Exceeds 25 Million appeared first on Devenir.


Devenir Releases Viewpoints White Paper – Best Practices: HSA Investment Menu Design

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MINNEAPOLIS — Devenir, a market leader in HSA investments, has released a white paper Viewpoint exploring best practices for HSA investment menu design.

Wide-spread interest has put HSA investments, an important aspect of HSAs, in the spotlight. Several recent reports, publications and articles have featured HSA investing as a promising tool for improving health and wealth. Devenir leverages its HSA research and experience in creating cutting-edge HSA investment solutions to identify key considerations for HSA menu design. By offering best-practice marketplace conventions, Devenir Research aims to empower stakeholders to form more comprehensive and healthier assessments of the HSA investment landscape.

Highlights from the Viewpoint include:

  • Menu Size – It may be advantageous to include more funds in an HSA menu than a traditional 401(k) menu due to the wider range of use cases for HSAs, among other factors.
  • Asset Class Selection – Menus should include a mix of asset classes that may contribute to the long-term upside potential of a portfolio without introducing excessive risk. The menu should provide the ability to create portfolios geared towards various HSA objectives.
  • Product Mix – Product mix should complement selected asset classes through active or passive options where appropriate and provide single-fund portfolio options such as allocation and target-date funds.

Access the Full Report Here

For more information on Devenir and our HSA research visit www.devenir.com.

About Devenir

Devenir is a national leader in providing customized investment solutions for HSAs and the consumer directed health care market. When health savings accounts first emerged in 2004, Devenir built its expertise around delivering cutting-edge investment solutions. As the consumer driven health care industry grew, so did Devenir’s reputation as a leading researcher and award-winning investment consultant. Today, Devenir continues to lead the way in the rapidly growing HSA market. A research driven perspective makes Devenir the go-to investment advisor, HSA investment platform and consultant to employers, banks, third party administrators, health plans and technology providers. Learn more at www.devenir.com

Contact
Devenir
Eric Remjeske
952-446-7400
research@devenir.com

The post Devenir Releases Viewpoints White Paper – Best Practices: HSA Investment Menu Design appeared first on Devenir.

Health Savings Accounts Hold Over $61 Billion For Future Medical Expenses

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MINNEAPOLIS — Devenir, a national leader in providing investment solutions for health savings accounts (HSAs), released today the results of its 18th semi-annual health savings account survey and resulting research report.  Devenir found that the number of HSAs has grown to now exceed 26 million, holding an estimated $61.7 billion in assets halfway through 2019.

HSA Industry Assets

The survey data was collected in July of 2019 and primarily consisted of top 100 HSA providers in the health savings account market, with all data being collected for the period ending on June 30th, 2019.

Key findings from the Devenir 2019 Midyear HSA Survey and resulting research report:

  • HSA assets surpass $60 billion.  There are now over 26 million health savings accounts, holding $61.7 billion in assets, a year-over-year increase of 12% for accounts and 20% for HSA assets for the period ending June 30th, 2019.
  • HSA investment asset growth rebounds.  Strong market tailwinds propelled HSA investment assets to an estimated $13.3 billion at the end of June, up 35% year-over-year. On average, investment account holders hold a $15,982 total balance (deposit and investment account).
  • Over one million HSAs investing.  There are now over one million accounts that are investing a portion of their HSA dollars, representing a little over 4% of all accounts.
  • HSA contributions continue to rise. Account holders contributed over $22 billion to their accounts in the first six months of 2019, up 12% from the year prior.

“Health savings account holders are increasingly aware of their healthcare costs in retirement.  To help meet those future healthcare expenses, over one million accounts are now investing their HSA dollars,” said Jon Robb, SVP of research and technology at Devenir.

Devenir projects that, by the end of 2021, the HSA market will approach $88 billion in HSA assets held by over 30 million accounts.


Click here to view the Executive Summary

Projections derived from 2019 Midyear Devenir HSA survey, press releases, previous market research, and market growth rates. Projections are barring any regulatory or market environment changes.

Forward-looking statements are based on current expectations and assumptions based on historical growth, the economy, other future conditions and forecasts of future events, circumstances and results.

About Devenir

Devenir is a national leader in providing customized investment solutions for HSAs and the consumer directed health care market. When health savings accounts first emerged in 2004, Devenir built its expertise around delivering cutting-edge investment solutions. As the consumer driven health care industry grew, so did Devenir’s reputation as a leading researcher and award-winning investment consultant. Today, Devenir continues to lead the way in the rapidly growing HSA market. A research driven perspective makes Devenir the go-to investment advisor, HSA investment platform and consultant to employers, banks, third party administrators, health plans and technology providers. Learn more at devenir.com

Contact
Devenir
Eric Remjeske
952-446-7400
research@devenir.com

The post Health Savings Accounts Hold Over $61 Billion For Future Medical Expenses appeared first on Devenir.

HSA Assets Approach $100 Billion Through First Half of 2021

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  • Total HSA assets reached $92.9 billion, 26% increase year-over-year
  • HSA dollars that are invested soared to $30.4 billion, up 73% year-over-year
  • There are now over 31 million health savings accounts, a 6% increase year-over-year
  • Almost $24 billion was contributed to health savings accounts in the first half of 2021

MINNEAPOLIS (September 16, 2021) – Devenir, a national leader in providing investment solutions for health savings accounts (HSAs), released today the results of its 22nd semi-annual health savings account survey and resulting research report. Devenir found that there is now almost $93 billion saved in over 31 million HSAs halfway through 2021.

The survey data was primarily collected in July of 2021 and largely consisted of top 100 HSA providers in the health savings account market, with all data being collected for the period ending on June 30th, 2021.

“An increasing awareness of the role HSAs can play in planning for retirement healthcare costs and a strong stock market led to HSA investment assets soaring higher, with over 2 million accounts holding over $30 billion in invested assets at the 2021 midyear point,” said Jon Robb, SVP of research and technology at Devenir.

Key findings from the Devenir 2021 Midyear HSA Survey and resulting research report:

  • Strong HSA asset growth.  Led by strong investment growth, health savings accounts grew to $92.9 billion in assets held in over 31 million accounts, a year-over-year increase of 26% for assets and 6% for health savings accounts for the period ended June 30th, 2021.
  • HSA investment asset growth doesn’t slow down.  Fueled by continued strong market gains, HSA investment assets soared to an estimated $30.4 billion at the end of June, up 73% year-over-year. On average, investment account holders hold a $17,954 total balance (deposits and investments combined).
  • Interest in HSA investing continues to grow.  There are now almost 2 million accounts that are investing a portion of their HSA dollars, representing over 6% of all accounts.
  • HSA contribution and withdrawal growth flat.  Account holders contributed almost $24 billion to their accounts in the first half of 2021 (up 1% from the year prior) and withdrew over $16 billion from their accounts in the first half of 2021 (down 1% from year prior).

Click here to view the Executive Summary

Devenir currently projects that the HSA market will exceed 36 million accounts by the end of 2023, holding over $131 billion in assets.

Projections derived from 2021 Midyear Devenir HSA survey, press releases, previous market research, and market growth rates. Projections are barring any regulatory or market environment changes.

Forward-looking statements are based on current expectations and assumptions based on historical growth, the economy, other future conditions and forecasts of future events, circumstances, and results.

About Devenir

Devenir is a national leader in providing customized investment solutions for HSAs and the consumer directed health care market. When health savings accounts first emerged in 2004, Devenir built its expertise around delivering cutting-edge investment solutions. As the consumer driven health care industry grew, so did Devenir’s reputation as a leading researcher and award-winning investment consultant. Today, Devenir continues to lead the way in the rapidly growing HSA market. A research driven perspective makes Devenir the go-to investment advisor, HSA investment platform and consultant to employers, banks, third party administrators, health plans and technology providers. Learn more at devenir.com.

Contact
Devenir
Eric Remjeske
952-446-7400
research@devenir.com

The post HSA Assets Approach $100 Billion Through First Half of 2021 appeared first on Devenir.

2021 Devenir & HSA Council Demographic Survey Findings

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MINNEAPOLIS (July 11, 2022) – Devenir and the American Bankers Association’s Health Savings Account Council released the results of the 2nd annual Devenir & HSA Council Demographic Survey and resulting research report. The survey found that the 32.5 million health savings accounts that existed at the end of 2021 helped cover an estimated 67 million Americans.

The survey data was primarily collected in April of 2022 and largely consisted of top 20 providers in the health savings account market, with all data being collected for the period ending on December 31st, 2021.

“Over one third of privately insured American’s have access to a health savings account and we continue to see that HSAs are being utilized by a broad spectrum of working Americans to help cover healthcare expenses both today and in the future,” said Jon Robb, SVP of research and technology at Devenir.

Key findings from the 2021 Devenir & HSA Council Demographic Survey and resulting research report:

  • Over 67 million covered by an HSA.  Devenir estimates that the 32.5 million health savings accounts as of December 31st, 2021 helped cover 67 million people.
  • Millennials embrace HSAs.  Younger consumers have embraced health savings accounts, with about 1 in 5 Americans in their 30s having an HSA.
  • Older Americans continue to accumulate meaningful HSA savings.  Accountholders older than 50 years old held almost $53 billion in their accounts at the end of 2021 (up 19% from the year prior), with an average balance of $4,758.
  • HSAs utilized across income spectrum.  78% of health savings accountholders have a household income of less than $100,000.

“Devenir is the HSA industry’s top score keeper, and their findings show that almost 4 out of 5 households using health savings accounts to pay for current and future healthcare expenses earn less than $100,000 per year,” said Kevin McKechnie, ABA HSA Council Executive Director. “An HSA plan is the only health insurance product in America that help’s you save for retirement while taking care of you while you work. More and more Americans are switching to Health Savings Accounts with their future in mind.”

Devenir

Devenir is a national leader in providing customized investment solutions for HSAs and the consumer directed health care market. When health savings accounts first emerged in 2004, Devenir built its expertise around delivering cutting-edge investment solutions. As the consumer driven health care industry grew, so did Devenir’s reputation as a leading researcher and award-winning investment consultant. Today, Devenir continues to lead the way in the rapidly growing HSA market. A research driven perspective makes Devenir the go-to investment advisor, HSA investment platform and consultant to employers, banks, third party administrators, health plans and technology providers. Learn more at devenir.com.

About the American Bankers Association

The American Bankers Association is the voice of the nation’s $24 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $19.9 trillion in deposits and extend $11.4 trillion in loans.

Contacts
Devenir
Eric Remjeske
research@devenir.com

ABA HSA Council Media Contact
Blair Bernstein
bbernste@aba.com

The post 2021 Devenir & HSA Council Demographic Survey Findings appeared first on Devenir.

HSA Contribution & Withdrawal Activity Rebounds During the First Half of 2022

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MINNEAPOLIS (September 20, 2022) – Devenir, a national leader in providing investment solutions for health savings accounts (HSAs), released today the results of its 24th semi-annual health savings account survey and resulting research report. Devenir found that there is about $100 billion saved in almost 34 million HSAs at the end of June 2022.

A chart showing a large increase in HSA deposit and investment assets.  It forecasts in the chart that total HSA assets will reach $142.3 billion in 2024

The survey data was primarily collected in July of 2022 for the period ending on June 30th, 2022.

“As we continue to emerge from the pandemic, we saw a significant year-over-year increase in both HSA contributions and withdrawals during the first half of 2022. Accountholders increasingly recognize the role HSAs can play in both saving for future healthcare expenses and helping pay for today’s expenses,” said Jon Robb, SVP of research and technology at Devenir.

Key findings from the Devenir 2022 Midyear HSA Survey and resulting research report:

  • Stock market headwinds stunt asset growth. Hindered by market headwinds, health savings accounts grew to $98.8 billion in assets held in almost 34 million accounts, a year-over-year increase of 6% for assets and 9% for health savings accounts for the period ending June 30th, 2022.
  • HSA investment assets contract. With stocks seeing their worst first half of the year since 1970, HSA investment assets were down almost 10% from the end of 2021, totaling an estimated $31 billion at the end of June (up 2% from the year prior). On average, investment account holders held a $16,220 total balance (deposits and investments combined) at the end of June.
  • More HSAs investing. Over 2.4 million health savings accounts have at least a portion of their HSA dollars invested, representing over 7% of all accounts.
  • HSA contribution and withdrawal activity picks back up. Account holders contributed over $26 billion to their accounts in the first half of 2022 (up 11% from the year prior) and withdrew $18 billion from their accounts in the first half of 2022 (up 12% from year prior).

Devenir currently projects that the HSA market will reach 39 million accounts by the end of 2024, holding $142 billion in assets.

Click here to view the Executive Summary

Projections derived from 2022 Midyear Devenir HSA survey, press releases, previous market research, and market growth rates. Projections are barring any regulatory or market environment changes.

Forward-looking statements are based on current expectations and assumptions based on historical growth, the economy, other future conditions and forecasts of future events, circumstances, and results.

About Devenir

Devenir is a national leader in providing customized investment solutions for HSAs and the consumer directed health care market. When health savings accounts first emerged in 2004, Devenir built its expertise around delivering innovative investment solutions. As the consumer driven health care industry grew, so did Devenir’s reputation as a leading researcher and award-winning investment consultant. Today, Devenir continues to lead the way in the rapidly growing HSA market. A research driven perspective makes Devenir the go-to investment advisor, HSA investment platform and consultant to employers, banks, third party administrators, health plans and technology providers. Learn more at devenir.com

Contact
Devenir
Eric Remjeske
952-446-7400
research@devenir.com

The post HSA Contribution & Withdrawal Activity Rebounds During the First Half of 2022 appeared first on Devenir.

$104 Billion Saved In Health Savings Accounts For Future Medical Expenses

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MINNEAPOLIS (March 30, 2023) – Devenir, a national leader in providing investment solutions for health savings accounts (HSAs), released today the results of its 25th semi-annual health savings account survey and resulting research report. Devenir found that there is about $104 billion saved in 35.5 million HSAs at the end of 2022.

The survey data was primarily collected in early 2023 for the period ending on December 31st, 2022.

“Despite significant market headwinds, we saw more health savings accounts utilizing investments than ever before as account holders continue to recognize the long-term growth potential that HSAs offer,” said Jon Robb, SVP of research and technology at Devenir.

Key findings from the Devenir 2022 Year-End HSA Survey and resulting research report:

  • Account growth remains strong. While health savings account asset growth in 2022 was held back by significant stock market headwinds, the growth in the number of HSAs accelerated. At the end of 2022, there were $104 billion in HSA assets held among 35.5 million accounts, a year-over-year increase of 6% for assets and 9% for accounts.
  • HSA investment assets resume growth. After enduring one of the worst stock markets in decades during the first half of the year, HSA investment assets resumed their growth during the 2nd half of the year, growing 9% during the period to end 2022 with $33.8 billion (down 2% from the end of 2021).
  • Growth of HSA accounts investing slows. More HSAs than ever are investing but the rapid growth seen over the last few years has slowed as we saw significant market headwinds and rising rates in 2022. Almost 2.6 million health savings accounts have at least a portion of their HSA dollars invested, representing over 7% of all accounts.
  • HSA contribution and withdrawal activity remains strong. Account holders contributed $47 billion to their accounts in 2022 (up 11% from the year prior) and withdrew $34 billion from their accounts during the year (up 11% from year prior).

Devenir currently projects that the HSA market will approach 43 million accounts by the end of 2025, holding almost $150 billion in assets.

Click here to view the Executive Summary

Projections derived from 2022 Year-End Devenir HSA survey, press releases, previous market research, and market growth rates. Projections are barring any regulatory or market environment changes.

Forward-looking statements are based on current expectations and assumptions based on historical growth, the economy, other future conditions and forecasts of future events, circumstances, and results.

About Devenir

Devenir is a national leader in providing customized investment solutions for HSAs and the consumer directed health care market. When health savings accounts first emerged in 2004, Devenir built its expertise around delivering innovative investment solutions. As the consumer driven health care industry grew, so did Devenir’s reputation as a leading researcher and award-winning investment consultant. Today, Devenir continues to lead the way in the rapidly growing HSA market. A research driven perspective makes Devenir the go-to investment advisor, HSA investment platform and consultant to employers, banks, third party administrators, health plans and technology providers. Learn more at devenir.com

Contact
Devenir
Eric Remjeske
952-446-7400
research@devenir.com

The post $104 Billion Saved In Health Savings Accounts For Future Medical Expenses appeared first on Devenir.

Devenir Releases Viewpoints White Paper – Best Practices: HSA Investments Menu Design

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MINNEAPOLIS — Devenir, a market leader in HSA investments, has released a white paper Viewpoint exploring best practices for health savings account (HSA) investment menu design.

HSA investments have seen significant growth since the inception of HSAs nearly 20 years ago and continues to draw wide-spread interest throughout the industry. HSA investing is commonly featured as a promising tool for improving health and wealth outcomes. Devenir leverages its HSA research and experience in creating cutting-edge HSA investment solutions to identify key considerations for HSA menu design. By offering best-practice marketplace conventions, Devenir aims to empower stakeholders to form more comprehensive and healthier assessments of the HSA investment landscape.

Highlights from the Viewpoint include:

  • Menu Size – It may be advantageous to include more funds in an HSA menu than a 401(k) menu due to the wider range of use cases for HSAs, among other factors.
  • Asset Class Selection – Menus should include a mix of asset classes that may contribute to the long-term upside potential of a portfolio without introducing excessive risk. The menu should provide the ability to create portfolios geared towards various HSA objectives.
  • Product Mix – Product mix should complement selected asset classes through active and/or passive options where appropriate and provide single-fund portfolio options such as allocation and target-date funds.

For more information on Devenir and our HSA research visit www.devenir.com.

About Devenir

Devenir is a national leader in providing customized investment solutions for HSAs and the consumer directed health care market. When health savings accounts first emerged in 2004, Devenir built its expertise around delivering cutting-edge investment solutions. As the consumer driven health care industry grew, so did Devenir’s reputation as a leading researcher and award-winning investment consultant. Today, Devenir continues to lead the way in the rapidly growing HSA market. A research driven perspective makes Devenir the go-to investment advisor, HSA investment platform and consultant to employers, banks, third party administrators, health plans and technology providers. Learn more at devenir.com

Contact
Devenir
Eric Remjeske
952-446-7400
research@devenir.com

Investments are not FDIC Insured and may lose value. The information above is intended to be used for educational purposes only and is not to be construed as investment or tax advice, or as tailored to any specific investor. Consult a financial advisor or tax professional for more information.

The post Devenir Releases Viewpoints White Paper – Best Practices: HSA Investments Menu Design appeared first on Devenir.


New Survey: Health Savings Accounts Cover Record Number of Americans in 2022

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MINNEAPOLIS (July 13, 2023) – Devenir and the American Bankers Association’s Health Savings Account Council today released the results of the 3rd annual Devenir & HSA Council Demographic Survey and resulting research report. The survey found that the 35.5 million health savings accounts that existed at the end of 2022 helped cover a record number Americans at almost 72 million, a 6.5% increase from 2021.

Survey responses primarily consisted of the top 20 providers in the health savings account market, with all data having been collected for the period ending on December 31st, 2022.

“With nearly 72 million Americans tapping into the benefits of health savings accounts, these accounts are proving to be more than just a supplemental financial tool – they have become a critical element in managing healthcare costs. Serving a diverse range of working Americans, HSAs not only provide essential financial support today but also contribute to securing a healthier future,” said Jon Robb, SVP of research and technology at Devenir.

Key findings from the 2022 Devenir & HSA Council Demographic Survey and resulting research report:

  • Nearly 72 million covered by an HSA. Devenir estimates that as of December 31st, 2022, there were 35.5 million HSAs, covering almost 72 million people, up from 67 million in 2021.
  • Millennials continue to embrace HSAs. Health savings accounts continue to be embraced by younger consumers. About 1 in 5 Americans in their 30s had a health savings account at the end of 2022.
  • Significant HSA savings accumulated by older Americans. Accountholders over the age of 50 had amassed over $56 billion in their accounts at the end of 2022 (a 7% increase from the previous year), with an average balance of $4,642.
  • HSAs broadly used across the income spectrum. 75% of health savings accountholders live in a zip code with a median household income of less than $100,000.

“As the HSA industry’s top score keeper, Devenir reports that a record number of Americans are covered by HSA-qualified plans and that 3 out of 4 households using health savings accounts to pay for current and future healthcare expenses live in a zip code with a median income of less than $100,000 per year,” said Kevin McKechnie, ABA HSA Council executive director. “An HSA plan is the only health insurance product in America that helps you save for retirement while also taking care of you while you work. The Devenir/HSA Council study shows that more and more Americans are switching to Health Savings Accounts with their future in mind.”

Devenir

Devenir is a national leader in providing customized investment solutions for HSAs and the consumer directed health care market. When health savings accounts first emerged in 2004, Devenir built its expertise around delivering cutting-edge investment solutions. As the consumer driven health care industry grew, so did Devenir’s reputation as a leading researcher and award-winning investment consultant. Today, Devenir continues to lead the way in the rapidly growing HSA market. A research driven perspective makes Devenir the go-to investment advisor, HSA investment platform and consultant to employers, banks, third party administrators, health plans and technology providers. Learn more at devenir.com.

About the American Bankers Association

The American Bankers Association is the voice of the nation’s $23.7 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2.1 million people, safeguard $18.7 trillion in deposits and extend $12.2 trillion in loans.

Contacts
Devenir
Eric Remjeske
research@devenir.com

ABA HSA Council Media Contact
Blair Bernstein
bbernste@aba.com

The post New Survey: Health Savings Accounts Cover Record Number of Americans in 2022 appeared first on Devenir.

Devenir Reports HSA Industry Holds $116 Billion as it Approaches 20th Anniversary

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MINNEAPOLIS (September 21, 2023) – Devenir, a national leader in providing investment solutions for Health Savings Accounts (HSAs), released today the results of its 26th semi-annual health savings account survey and resulting research report. Devenir found that there is about $116 billion saved in almost 36 million HSAs at the halfway point of 2023.

The survey data was primarily collected in July of 2023 for the period ending on June 30th, 2023.

“As Health Savings Accounts near their 20th year, they have become a vital financial tool for nearly 36 million people, holding $116 billion in assets designated for healthcare expenses now and in the future, said Jon Robb, SVP of research and technology at Devenir.

Key findings from the Devenir 2023 Midyear HSA Survey and resulting research report:

  • Robust asset growth. Aided by stock market tailwinds, HSA assets saw strong growth during the first half of 2023. Growth in the number of HSAs slowed. At the midyear point of 2023, there were $116 billion in HSA assets held in almost 36 million accounts, a year-over-year increase of 17% for assets and 6% for accounts.
  • HSA investment assets soar. After enduring one of the worst stock markets in decades during the first half of 2022, HSA investment assets have seen rapid growth. During the first half of 2023, HSA investment assets grew 20%, totaling $40 billion at the end of June (up 30% from the year prior).
  • Growth of HSA accounts investing slows. The number of HSAs investing continues to grow but the rapid growth seen over the last few years has slowed. Almost 2.7 million HSAs, representing over 7% of all accounts, have at least a portion of their HSA dollars invested.
  • Strong contribution and withdrawal activity. Account holders contributed $29 billion to their accounts in the first half of 2023 (up 11% from the year prior) and withdrew $21 billion from their accounts during the first half of 2023 (up 16% from year prior).

Devenir currently projects that the HSA market will exceed 40 million accounts by the end of 2025, holding over $150 billion in assets.

Click here to view the Executive Summary

Projections derived from 2023 Midyear Devenir HSA survey, press releases, previous market research, and market growth rates. Projections are barring any regulatory or market environment changes.

Forward-looking statements are based on current expectations and assumptions based on historical growth, the economy, other future conditions and forecasts of future events, circumstances, and results.

Devenir

Devenir is a national leader in providing customized investment solutions for HSAs and the consumer directed health care market. When health savings accounts first emerged in 2004, Devenir built its expertise around delivering cutting-edge investment solutions. As the consumer driven health care industry grew, so did Devenir’s reputation as a leading researcher and award-winning investment consultant. Today, Devenir continues to lead the way in the rapidly growing HSA market. A research driven perspective makes Devenir the go-to investment advisor, HSA investment platform and consultant to employers, banks, third party administrators, health plans and technology providers. Learn more at devenir.com

Contact
Devenir
Eric Remjeske
952-446-7400
hsa@devenir.com

The post Devenir Reports HSA Industry Holds $116 Billion as it Approaches 20th Anniversary appeared first on Devenir.





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