Following the 2012 Year-End Devenir HSA Research Report Executive Summary, Devenir conducted a follow up with survey participants to gain a better understanding of the large January asset growth many HSA providers see at the beginning of the year.
Key findings from the January 2013 Survey Supplemental:
- Strong Asset Growth in January. HSA assets grew an estimated $2.5 billion in January 2013 to reach almost $18 billion, up 16.2% since the end of 2012. Accounts grew an expected 5.7%, with the total number of HSA accounts rising to almost 8.7 million.
- Employers Drive January Contributions. While the number of employer HSA contributions consisted of only 37% of all January contributions, they contributed almost 60% of all HSA dollars contributed to HSA accounts during the month of January, with an average contribution of $668.
- $0 Balance Accounts Contract Greatly. At the end of 2012, $0 balance accounts represented about 17.7% of all accounts but by the end of January 2013 that number has come down to reach 5.8% of total accounts. This data point continues to reaffirm our belief that the high $0 balance account percentage found during year-end survey was largely due to accounts being opened near the end of 2012, but not funded until the beginning of 2013.