2022 Year-End Devenir HSA Research Report

The majority of this report was derived from the 2022 Year-End Devenir HSA Market Survey. This survey was conducted to shed light on the rapidly growing and evolving health savings account market. The survey was carried out in early 2023, with data requested for the period ending on December 31st, 2022.

Key Findings

  • Account growth remains strong. While health savings account asset growth in 2022 was held back by significant stock market headwinds, the growth in the number of HSAs accelerated. At the end of 2022, there were $104 billion in HSA assets held among 35.5 million accounts, a year-over-year increase of 6% for assets and 9% for accounts.
  • HSA investment assets resume growth. After enduring one of the worst stock markets in decades during the first half of the year, HSA investment assets resumed their growth during the 2nd half of the year, growing 9% during the period to end 2022 with $33.8 billion (down 2% from the end of 2021).
  • Growth of HSA accounts investing slows. More HSAs than ever are investing but the rapid growth seen over the last few years has slowed as we saw significant market headwinds and rising rates in 2022. Almost 2.6 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 remains strong. Account holders contributed $47 billion to their accounts in 2022 (up 11% from the year prior) and withdrew $34 billion from their accounts during the year (up 11% from year prior).

Devenir currently projects that the HSA market will approach 43 million accounts by the end of 2025, holding almost $150 billion in assets.


For more details, download the report

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