MINNEAPOLIS — According to the 10th semi-annual Health Savings Accounts (HSAs) survey and resulting research report conducted by Devenir, HSAs have grown to an estimated $28.4 billion in assets and 14.5 million accounts as of June 30, 2015.
The survey data was collected in July of 2015 and primarily consisted of top 100 HSA providers in the health savings account market, with all data being collected for the June 30, 2015 period. “Our research shows that HSA consumers are utilizing their HSA for current healthcare expenses and saving for future healthcare expenses as well, with average balances increasing every year the HSA has been open” said Jon Robb, Senior Vice President of Research at Devenir.
Key findings from the Devenir 2015 Midyear HSA Survey and resulting research report:
- HSA assets exceed $28 billion. The number of HSA accounts rose to 14.5 million, holding over $28.4 billion in assets, a year over year increase of 25% for HSA assets and 23% for accounts for the period of June 30th, 2014 to June 30th, 2015.
- Health plans remain as largest driver of growth During first half of 2015, health plans were the leading driver of new account growth, accounting for 43% of new accounts.
- HSA investments continue to grow. HSA investment assets reached an estimated $3.8 billion in June, up 34% year over year. The average investment account holder has a $14,654 average total balance (deposit and investment account).
- Investors show compelling returns. Investors achieved an average annualized return of 11.3% on their HSA investments over the last 3 years.
“We continue to see steady growth in the adoption of HSAs as a helpful tool for managing today’s healthcare expenses as well as utilizing their HSA as a longer term investment vehicle” says Eric Remjeske, President and Co-Founder of Devenir.
Devenir projects that by the end of 2015 the HSA market will likely approach $30 billion in HSA assets covering more than 16 million accounts.
Projections derived from 2015 Midyear Devenir HSA Market 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, based in Minneapolis, is a national leader in providing customized investment solutions to the HSA custodian marketplace. As an HSA industry leading investment firm, Devenir offers a host of investment options to suit the unique needs of employers, banks, third party administrators and plan participants. www.devenir.com