- The 30 million health savings accounts are helping cover eligible healthcare expenses for an estimated 63 million people.
- Almost 1 in 5 Americans in their 30s have a health savings account.
- Account holders older than 50 years old have stashed away over $44 billion in their HSAs for future healthcare expenses.
- HSAs are being utilized in every state and territory of the United States.
MINNEAPOLIS — Devenir and the American Bankers Association’s Health Savings Account Council released today the results of the inaugural Devenir & HSA Council Demographic Survey and resulting research report. They found that 30 million health savings accounts that existed at the end of 2020 helped cover an estimated 63 million Americans.
The survey data was primarily collected in April of 2021 and largely consisted of top 20 providers in the health savings account market, with all data being collected for the period ending on December 31st, 2020.
“Our research shows that Americans of every age group and all across United States are leveraging health savings accounts to help cover today’s healthcare expenses and just as importantly, save for future healthcare expenses,” said Jon Robb, SVP of research and technology at Devenir.
Key findings from the 2020 Devenir & HSA Council Demographic Survey and resulting research report:
- Over 60 million covered by an HSA. Devenir estimates that the 30 million health savings accounts as of December 31st, 2020 helped cover 63 million people.
- Millennials embrace HSAs. Younger consumers have embraced health savings accounts, with almost 1 in 5 Americans in their 30s having an HSA.
- Older Americans accumulate meaningful HSA assets. Account holders older than 50 years old held over $44 billion in their accounts at the end of 2020, with an average balance of $4,321.
- Across the country. HSAs are being utilized in every state and territory of the country. In some states, as much as 77% of the privately insured population is covered by an HSA.
“Devenir is our industry’s top score keeper, and their findings show that an increasing number of Americans prefer health insurance that allows them to pay for their current and future healthcare expenses tax-free,” said ABA HSA Council Executive Director Kevin McKechnie. “An HSA plan is the only health insurance product in America that can help you save for retirement while taking care of you while you work. More and more Americans are switching to health plans with their future in mind.”
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
About the American Bankers Association
The American Bankers Association is the voice of the nation’s $22.5 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $18 trillion in deposits and extend nearly $11 trillion in loans.
ABA HSA Council