Health Savings Accounts Continue Strong Growth: HSA Assets Reach a Record $65.9 Billion

  • Total HSA assets reached $65.9 billion, a 23% increase year-over-year
  • HSA dollars that were invested soared to $15.7 billion, up 54% year-over-year
  • There are now 28.3 million health savings accounts, a 13% increase year-over-year
  • Over $38.8 billion was contributed to health savings accounts in 2019

MINNEAPOLIS — Devenir, a national leader in providing investment solutions for health savings accounts (HSAs), released today the results of its 19th semi-annual health savings account survey and resulting research report. Devenir found that the number of HSAs has grown to now exceed 28 million, holding an estimated $65.9 billion in assets at the end of 2019.

The survey data was primarily collected in January 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 December 31st, 2019.

“Planning for healthcare expenses and saving for retirement are top priorities for many American families. While these costs have continued to grow, investors are increasingly realizing the triple tax benefits of HSAs make them a powerful investment vehicle through which to prepare for their healthcare and retirement futures,” said Jon Robb, SVP of research and technology at Devenir.

Key findings from the Devenir 2019 Year-End HSA Survey and resulting research report:

  • HSA asset growth accelerates.  Health savings account growth accelerated in 2019, jumping to almost $66 billion in assets held in over 28 million accounts, a year-over-year increase of 23% for assets and 13% for health savings accounts for the period ended December 31st, 2019.
  • HSA investment asset growth continues.  Strong market tailwinds continued, as HSA investment asset growth surged to an estimated $15.7 billion at the end of December, up 54% year-over-year. On average, investment account holders hold a $16,012 total balance (deposits and investments combined).
  • More HSAs investing.  There are now approximately 1.2 million accounts that are investing a portion of their HSA dollars, representing more than 4% of all accounts.
  • HSA contributions continue to rise.  Account holders contributed over $38 billion to their accounts in 2019, up 14% from the year prior.

Devenir projects that, by the end of 2020, the HSA market will exceed $77 billion in HSA assets held by over 30 million accounts.

Click here to view the Executive Summary

Projections derived from 2019 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 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

Contact
Devenir
Eric Remjeske
952-446-7400
[email protected]