Devenir HSA Newsletter: May 2026

HSA Assets Reach Nearly $174 Billion at Year-End 2025 as Investment Assets Rise to $85 Billion

Devenir released its 2025 Year-End HSA Research Report, finding that Health Savings Accounts held nearly $174 billion across 41.7 million accounts at year-end 2025. Total assets rose 19% year over year, while the number of accounts grew 6%, continuing a recent pattern of strong asset expansion alongside more moderate account growth.

Investment adoption remained a major driver of growth. HSA investment assets reached nearly $85 billion, up 33% from a year earlier, and approximately 4.2 million accounts, or about 10% of all HSAs, held invested dollars at year-end. Nearly half of all HSA assets, 49%, are now held in investments.

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EBRI: 2025 Consumer Engagement in Health Care Survey

The Consumer Engagement in Health Care Survey (CEHCS) is a survey of privately insured adults conducted by the EBRI and Greenwald Research, an independent research firm. The survey has been conducted annually since 2005. The CEHCS provides reliable national data on the growth of consumer-driven health plans and high-deductible health plans and their impact on the behavior and attitudes of health care consumers.

Employment-based health coverage remained the dominant source of health insurance for privately insured adults, with six in 10 receiving coverage through their own job. Coverage patterns have been largely stable, with about one-third enrolled in individual-only coverage and most others covering a spouse or partner.

Deductibles remained a common feature of health coverage. More than three-quarters of enrollees had a deductible for medical care, including 70 percent of traditional plan enrollees. The share of traditional plan enrollees with deductibles increased in 2025, reinforcing the idea that exposure to upfront costs is not limited to high-deductible plans.

Enrollment in high-deductible health plans declined slightly in 2025, and enrollment in consumer-directed health plans and HSAs appeared to be relatively stable. Non–HSA eligible high-deductible plans continued to represent a small share of coverage.

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Americans’ Fears Over Retirement Healthcare Costs Outpace Planning

Rising medical expenses are weighing heavily on Americans’ minds, but many still are not building those costs into their retirement plans, according to new survey findings from D.A. Davidson.

Nearly four-fifths of respondents (78%) said they were concerned about how rising healthcare costs could affect their retirement. Yet just around half (48%) reported that they have explicitly accounted for higher healthcare expenses in their retirement planning, and only one-sixth (16%) said they feel very knowledgeable about what they are likely to pay for healthcare in retirement.

The research also highlights a missed opportunity around health savings accounts. Just 21% of Americans reported having an HSA, a tax-advantaged account available to those with high-deductible health plans. Among those who do have an HSA, only 40% said they are using it as a long-term savings vehicle for future healthcare costs rather than simply a pass-through for current expenses.

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After 25 Years Of Consumer-Directed Healthcare, What’s Missing?

For more than two decades, health policy has experimented with a simple idea: give patients more financial responsibility and they will become more discerning consumers of care.

HSAs and high-deductible health plans were supposed to encourage exactly that. Instead, the evidence has been mixed at best. Studies show that when patients face higher out-of-pocket costs, they cut back on both low-value and high-value care. Critics have taken this as evidence that consumer-directed healthcare was a mistake from the start.

But that conclusion goes too far. It assumes patients are incapable of making better decisions and treats two decades of experience as a fair test, when what we have actually observed is a partial, not fully functioning, consumer market.

A more useful question is: If consumer-directed healthcare has been around for more than 20 years, why hasn’t the market responded?

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HSA Deposit Rate Update – March 2026

The first quarter of 2026 showed HSA deposit rates unchanged across balance tiers, with the exception being the $1,000 threshold, which decreased 0.01%. The $1,000 balance declined from 0.46% to 0.45%, while the $10,000 and $25,000 balance tiers remained constant at 0.55% and 0.60%, respectively. For three consecutive quarters, the rates for $10,000 and $25,000 tiers have had no movement demonstrating stability for the higher tier balances. However, for the $1,000 tier, the rate decreased by 0.01% after a rate increase over the past three quarters.

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Inspira Financial Enters 2026 With New Leadership and AI-Powered Benefits Platform to Better Connect Americans with Their Health and Retirement Assets

In March 2026, Matt Marek was named Chief Executive Officer of Inspira Financial, stepping into a role he had been building toward since joining as President in September 2024 and continuing the momentum built by his predecessor, Dan Laszlo. Marek brings more than two decades of health care and financial services leadership, and a firsthand understanding of what happens when systems that are meant to help people fall short.

“We have an extraordinary opportunity in front of us,” said Marek. “The people on this team have spent their careers working toward exactly this kind of moment – where the technology, talent, and the demand all point in the same direction. I’m proud of what we’re building. Working people deserve a benefits experience that actually works for them. That’s what we’re here to deliver.”

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