Devenir Reports HSA Industry Holds $116 Billion as it Approaches 20th Anniversary

MINNEAPOLIS (September 21, 2023) – Devenir, a national leader in providing investment solutions for Health Savings Accounts (HSAs), released today the results of its 26th semi-annual health savings account survey and resulting research report. Devenir found that there is about $116 billion saved in almost 36 million HSAs at the halfway point of 2023.

The survey data was primarily collected in July of 2023 for the period ending on June 30th, 2023.

“As Health Savings Accounts near their 20th year, they have become a vital financial tool for nearly 36 million people, holding $116 billion in assets designated for healthcare expenses now and in the future, said Jon Robb, SVP of research and technology at Devenir.

Key findings from the Devenir 2023 Midyear HSA Survey and resulting research report:

  • Robust asset growth. Aided by stock market tailwinds, HSA assets saw strong growth during the first half of 2023. Growth in the number of HSAs slowed. At the midyear point of 2023, there were $116 billion in HSA assets held in almost 36 million accounts, a year-over-year increase of 17% for assets and 6% for accounts.
  • HSA investment assets soar. After enduring one of the worst stock markets in decades during the first half of 2022, HSA investment assets have seen rapid growth. During the first half of 2023, HSA investment assets grew 20%, totaling $40 billion at the end of June (up 30% from the year prior).
  • Growth of HSA accounts investing slows. The number of HSAs investing continues to grow but the rapid growth seen over the last few years has slowed. Almost 2.7 million HSAs, representing over 7% of all accounts, have at least a portion of their HSA dollars invested.
  • Strong contribution and withdrawal activity. Account holders contributed $29 billion to their accounts in the first half of 2023 (up 11% from the year prior) and withdrew $21 billion from their accounts during the first half of 2023 (up 16% from year prior).

Devenir currently projects that the HSA market will exceed 40 million accounts by the end of 2025, holding over $150 billion in assets.

Click here to view the Executive Summary

Projections derived from 2023 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

Eric Remjeske
[email protected]