HSA Assets Reach $100 Billion Milestone
The total amount saved in health savings accounts (HSAs) reached over $100 billion at the end of January 2022, according to a report from Devenir, an HSA investment provider. These funds are spread across more than 33 million accounts.
At the end of 2021, total HSA funds hovered around $98 billion—a year-over-year increase of 19%.
HSA contributions and withdrawals in 2021 were similar to the previous year, with a year-over-year increase of around 2%. HSA holders contributed more than $42 billion and withdrew nearly $31 billion in 2021, according to Devenir.
“Over the past 11 years, health care consumers have contributed almost $300 billion to their HSAs, used their HSA to pay for over $200 billion in medical expenses and have now accumulated over $100 billion in savings for future medical expenses.” - Jon Robb, Devenir senior vice president of research and technology
Additionally, over 2 million accounts (7% of total HSAs) invest a portion of their assets rather than letting them sit in the HSAs. In terms of HSA investments, those figures rose to approximately $34.4 billion by the end of 2021—a 45% year-over-year increase.
Devenir predicts HSA asset growth to continue into the near future. By 2024, the company predicts there will be 38 million HSAs holding $150 billion in total. Considering this, HSAs will likely continue to be adopted as powerful health care solutions for the foreseeable future.
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