According to the 6th semi-annual Health Savings Accounts (HSAs) survey and resulting research report conducted by Devenir, HSAs have grown to an estimated $18.1 billion in assets representing over 9.1 million accounts at midyear 2013.
The survey data was collected in July 2013 and primarily consisted of the top 50 HSA providers in the health savings account market, with all data being collected for the June 30th, 2013 period.
"We are encouraged by the trend we see in large company adoption of consumer driven HSA qualified health plans and the company contributions to their employee HSAs," says Eric Remjeske, President and Co-Founder of Devenir.
Information Strategies, Inc., parent of HSAFinder.com estimates there are 15 million Americans who now have HSA coverage.
Key findings from the Devenir Midyear 2013 HSA survey and research report:
- Convincing account and asset growth. The total number of HSA accounts rose to more than 9.1 million with assets totaling nearly $18.1 billion, a year over year increase of 29% for both accounts and assets for the period of June 30th, 2012 to June 30th, 2013.
- Average account balance continues gradual growth. The average account balance halfway through 2013 grew to $1,981 from $1,879 at the end 2012, over a 5% increase. When you eliminate identified zero balance accounts that average rises to $2,228, an almost 3% year over year increase.
- HSA contributions rise sharply. Total contributions to HSA accounts from June 2012 to June 2013 are estimated to have reached $16.7 billion, with accountholders retaining about 23% of those contributions.
- HSA investment dollars see steady growth. HSA investment assets reached an estimated $2 billion in June, up 14% from the end of 2012 and 26% year over year. The average investment account holder has a $10,484 average total balance (deposit and investment account).
"Both employers and employees contributed record amounts to HSAs over the last year, with large employers in particular making significant contributions to their employee's HSA accounts in an effort to help drive adoption," said Jon Robb, Vice President of Research at Devenir.
Devenir projects that by the end of 2013 the HSA market will likely approach $20 billion in HSA assets held amongst 10+ million accounts. HSA investment dollars are projected to grow rapidly as the balances of HSA users become larger, with estimates of current investment assets doubling by the end of 2015.
Projections derived from Devenir Midyear 2013 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, provides customized investment solutions to the HSA custodian marketplace. www.devenir.com.