Devenir HSA Newsletter: October 2019

  • October 1, 2019

Subscribe to Devenir’s monthly newsletter and stay up to date with the latest HSA news! Each month Devenir highlights a selection of articles to keep you abreast of the latest trends and developments in the HSA marketplace.

A summary of the articles included in the October 2019 edition:

  • Lawmakers Aim to Make It Easier to Save for Health Care Expenses
  • KFF 2019 Employer Health Benefits Survey: High-Deductible Health Plans with Savings Option
  • HSA Bank Report Explores Health Plan Understanding as It Relates to Engagement
  • Employers Expect Health Benefit Costs to Rise 3.9% in 2020, Mercer Annual Survey Finds
  • HealthEquity Completes Acquisition of WageWorks
  • Investing HSA Savings Is Key to Building Accounts


Lawmakers Aim to Make It Easier to Save for Health Care Expenses

On Friday, Reps Jennifer Wexton (D-Va.), Earl Blumenauer (D-Ore.) and Mike Kelly (R-Penn.) introduced the Health Savings for Families Act. The new bipartisan bill would allow families to utilize both HSA and FSA accounts without any tax consequences.



KFF 2019 Employer Health Benefits Survey: High-Deductible Health Plans with Savings Option

Employer-sponsored insurance covers over half of the non-elderly population; approximately 153 million nonelderly people in total. To provide current information about employer-sponsored health benefits, the Kaiser Family Foundation (KFF) conducts an annual survey of private and non-federal public employers with three or more workers. This is the twenty-first survey and reflects employer-sponsored health benefits in 2019. Section 8 covers HDHPs paired with a savings option.



HSA Bank Report Explores Health Plan Understanding as It Relates to Engagement

HSA Bank released a report addressing how health plan understanding differs for consumers based on generation, income and education level. According to the breakout report titled, “Health Plan Knowledge Is Power,” of the 2,000 individuals surveyed in the HSA Bank Health & Wealth Index, millennials trail baby boomers by over 25 percent knowing what type of health plan they are enrolled in.



Employers Expect Health Benefit Costs to Rise 3.9% in 2020, Mercer Annual Survey Finds

Health benefit costs will grow by nearly 4% in 2020, according to early results from the latest Mercer National Survey of Employer-Sponsored Health Plans. “While this continues the trend of low single-digit increases that began in 2012, health benefit costs are still rising faster than overall inflation. And with the economy slowing, employers know they can’t afford to be complacent,” said Tracy Watts, Mercer’s National Leader for US Health Policy.



HealthEquity Completes Acquisition of WageWorks

HealthEquity completed its acquisition of WageWorks on August 30th, 2019. HealthEquity also announced details of a $80-100 million investment in service. HealthEquity expects to bring all WageWorks customer care back to the United States, expand its digital and live member engagement capabilities, including benefits experts available every hour of every day, simplify administration for employers through a unified platform, and strengthen data security and privacy protections across all of its new CDB offerings.



Investing HSA Savings Is Key to Building Accounts

According to Devenir’s 2019 Midyear HSA Market Statistics & Trends report, there are now over 26 million health savings accounts (HSAs), holding $61.7 billion in assets, a year-over-year increase of 12% for accounts and 20% for HSA assets for the period ended June 30, 2019. The Devenir report suggests HSA providers, employers and employees are seeing the advantage of being able to invest their HSA savings. HSA investment accounts have an average total balance of $15,982-six times larger than a non-investment holder’s average account balance.




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