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

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

Eric Remjeske
[email protected]