As employees are expected to pick up more of their healthcare tab and healthcare benefits costs are rising for employers, a new survey assessing the state of HSAs finds that both groups contributed in record amounts over the last year.
Health savings accounts are now valued at an estimated $18.1 billion in assets as of June 30 and the number of accounts has grown by 29 percent to 9.1 million, according to a semi-annual survey by Devenir, a provider of HSA investment services.
[See also: Fidelity sees more health savings accounts]
"Both employers and employees contributed record amounts to HSAs over the last year, with large employers in particular making significant contributions to their employee’s HSA accounts in an effort to help drive adoption," said Jon Robb, Devenir vice president of research, in a press release announcing the research.
In July, Devenir collected data from 50 leading HSA providers for the period ending June 30, 2013. Key findings include:
- The average account balance at midyear rose 5 percent to $1,981 from $1,879 at the end of 2012.
- If identified zero balance accounts are eliminated, the average account balance rises to $2,228, which amounts to nearly a 3 percent year-over-year increase.
- Total HSA account contributions from June 2012 to June 2013 were estimated at $16.7 billion. Account holders held on to about 23 percent of those contributions.
Devenir projects that by the end of the year, HSA assets will grow by 25 percent (up from 2012’s 22 percent growth) to reach $19.4 billion – $17 billion in employee deposits and $2.3 billion in investments – among 10 million accounts.