- Total HSA assets reached $73.5 billion, 19% increase year-over-year
- HSA dollars that are invested continue to rise, reaching $17.6 billion, up 32% year-over-year
- There are now over 29 million health savings accounts, a 12% increase year-over-year
- Almost $24 billion was contributed to health savings accounts in the first half of 2020
MINNEAPOLIS — Devenir, a national leader in providing investment solutions for health savings accounts (HSAs), released today the results of its 20th semi-annual health savings account survey and resulting research report. Devenir found that the number of HSAs has grown to now exceed 29 million, holding an estimated $73.5 billion in assets halfway through 2020.
The survey data was primarily collected in July of 2020 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, 2020.
“With over 1.5 million health savings account investors, more Americans than ever are investing in their HSA, realizing the power of HSAs to help save for future health care expenses,” said Jon Robb, SVP of research and technology at Devenir.
Key findings from the Devenir 2020 Midyear HSA Survey and resulting research report:
- HSA asset growth remains strong. Health savings account asset growth remained strong, increasing to $73.5 billion in assets held in over 29 million accounts, a year-over-year increase of 19% for assets and 12% for health savings accounts for the period ended June 30th, 2020.
- HSA investment asset growth continues. Despite a turbulent start to the first half of 2020, HSA investment assets increased to an estimated $17.6 billion at the end of June, up 32% year-over-year. On average, investment account holders hold a $15,445 total balance (deposits and investments combined).
- HSA investing accelerates. There are now approximately 1.5 million accounts that are investing a portion of their HSA dollars, representing more than 5% of all accounts.
- HSA contributions continue to rise. Account holders contributed almost $24 billion to their accounts in the first half of 2020, up 7% from the year prior.
Devenir currently projects that the HSA market will be approaching 35 million accounts by the end of 2022, holding over $100 billion in assets.
Projections derived from 2020 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 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