By David Slaughter, JD, Senior Legal Editor
Data collected from Devenir Group, by surveying top health savings account (HSA) providers, reflects both a consistent trend toward account growth and a “savings mindset” taking root among healthcare consumers. The new study shows the popularity of HSAs and their continued to grow, with the number of accounts now exceeding 18 million and total assets approaching $35 billion, according to the study.
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“We are seeing consistent growth in new HSA accounts at a growth rate in excess of 20 percent year over year and we expect that to continue for the next couple of years,” said Jon Robb, Devenir’s senior vice president of research and technology, in announcing the results of the 12th semiannual Midyear HSA Survey.
As of June 30, there were 18.2 million HSAs, up 25% from one year earlier, Devenir found. Likewise, the total assets of $34.7 billion represented a 22% rise from June 30, 2015, levels, and $4.7 billion of this total took the form of investment assets.
Meanwhile, only 20% of HSAs were unfunded in the first half of 2016, down from 24% at the end of 2015. By the end of 2018, the HSA market was projected to exceed $50 billion in assets, spread over more than 27 million accounts.