MINNEAPOLIS — According to the 11th semi-annual Health Savings Accounts (HSAs) survey and resulting research report conducted by Devenir, HSAs have grown to an estimated $30.2 billion in assets and 16.7 million accounts at year-end 2015 and have grown to over $33 billion in assets during the month of January.
The survey data was collected between January and February of 2016 and primarily consisted of top 100 HSA providers in the health savings account market, with all data being collected for the December 31st, 2015 period as well as top line data for month-end January 2016. “With over 16 million health savings accounts holding over $33 billion dollars at the end of January, consumers are generating meaningful savings for future healthcare expenses” said Jon Robb, Senior Vice President of Research at Devenir.
Key findings from the Devenir 2015 Year-End HSA Survey and resulting research report:
- HSA accounts exceed 16 million. The number of HSA accounts rose to 16.7 million, holding almost $30.2 billion in assets, a year over year increase of 25% for HSA assets and 22% for accounts for the period of December 31st, 2014 to December 31st, 2015.
- Health plans remain as largest driver of growth During 2015, health plans were the leading driver of new account growth, accounting for 36% of new accounts.
- HSA investments continue to grow. HSA investment assets reached an estimated $4.2 billion in December, up 33% year over year. The average investment account holder has a $14,035 average total balance (deposit and investment account).
“Our findings continue to validate the large scale convergence from traditional defined benefit co-pay based health plans to HSA based defined contribution health plans at a consistent year over year pace” says Eric Remjeske, President and Co-Founder of Devenir.
Devenir projects that by the end of 2018 the HSA market will likely exceed $50 billion in HSA assets covering almost 30 million accounts.
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Projections derived from 2015 Year-End 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