HSA Contribution & Withdrawal Activity Rebounds During the First Half of 2022

MINNEAPOLIS (September 20, 2022) – Devenir, a national leader in providing investment solutions for health savings accounts (HSAs), released today the results of its 24th semi-annual health savings account survey and resulting research report. Devenir found that there is about $100 billion saved in almost 34 million HSAs at the end of June 2022.

A chart showing a large increase in HSA deposit and investment assets.  It forecasts in the chart that total HSA assets will reach $142.3 billion in 2024

The survey data was primarily collected in July of 2022 for the period ending on June 30th, 2022.

“As we continue to emerge from the pandemic, we saw a significant year-over-year increase in both HSA contributions and withdrawals during the first half of 2022. Accountholders increasingly recognize the role HSAs can play in both saving for future healthcare expenses and helping pay for today’s expenses,” said Jon Robb, SVP of research and technology at Devenir.

Key findings from the Devenir 2022 Midyear HSA Survey and resulting research report:

  • Stock market headwinds stunt asset growth. Hindered by market headwinds, health savings accounts grew to $98.8 billion in assets held in almost 34 million accounts, a year-over-year increase of 6% for assets and 9% for health savings accounts for the period ending June 30th, 2022.
  • HSA investment assets contract. With stocks seeing their worst first half of the year since 1970, HSA investment assets were down almost 10% from the end of 2021, totaling an estimated $31 billion at the end of June (up 2% from the year prior). On average, investment account holders held a $16,220 total balance (deposits and investments combined) at the end of June.
  • More HSAs investing. Over 2.4 million health savings accounts have at least a portion of their HSA dollars invested, representing over 7% of all accounts.
  • HSA contribution and withdrawal activity picks back up. Account holders contributed over $26 billion to their accounts in the first half of 2022 (up 11% from the year prior) and withdrew $18 billion from their accounts in the first half of 2022 (up 12% from year prior).

Devenir currently projects that the HSA market will reach 39 million accounts by the end of 2024, holding $142 billion in assets.

Click here to view the Executive Summary

Projections derived from 2022 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.

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 innovative 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
research@devenir.com