MINNEAPOLIS (July 22, 2024) – Devenir and the American Bankers Association’s Health Savings Account Council released the results of the 4th annual Devenir & HSA Council Demographic Survey and resulting research report. The survey found that the 37 million Health Savings Accounts that existed at the end of 2023 helped cover over 61 million Americans.
Survey responses primarily consisted of the top 20 providers in the health savings account market, with all data having been collected for the period ending on December 31st, 2023.
“Health Savings Accounts remain a cornerstone of Americans’ healthcare financial planning. Our 2023 survey highlights the cross-generational appeal of HSAs: 30% of accounts are held by millennials in their 30s, demonstrating strong engagement from younger workers, while Americans 55 and older have built over $52 billion in assets, showcasing these accounts’ power for long-term planning. This broad adoption underscores how HSAs effectively balance immediate healthcare needs with future financial security,” said Jon Robb, SVP of research and technology at Devenir.
Key findings from the 2023 Devenir & HSA Council Demographic Survey and resulting research report:
- Over 61 million covered by an HSA. Devenir estimates that as of December 31st, 2023, there were 37.4 million HSAs, covering over 61 million people.
- Millennials drive HSA growth. Health savings accounts continue to be embraced by younger consumers. About 30% of accounts at the end of 2023 were held by accountholders in their 30s.
- Older Americans amass significant HSA savings. Accountholders aged 55+ had accumulated over $52 billion in their accounts at the end of 2023 (a 20% increase from the previous year). The average balance for this age group reached $5,739.
- HSAs demonstrate broad adoption. 68% of health savings accountholders live in a zip code with a median household income of less than $100,000.
“Health Savings Account adoption continues to be strong. Devenir’s 2023 findings show that nearly 7 out of 10 households using HSAs to pay for current and future healthcare expenses earn less than $100,000 per year,” said Kevin McKechnie, ABA HSA Council Executive Director. “Our hope is that Congress will allow older Americans on Medicare, veterans and other populations access to the only health insurance product in the country that helps you save for retirement while taking care of you as you work. More and more Americans are switching to Health Savings Accounts with their future in mind.”
Devenir
Devenir is a national leader in providing customized investment solutions for HSAs and the consumer directed health care market. When health savings accounts first emerged in 2004, Devenir built its expertise around delivering cutting-edge investment solutions. As the consumer driven health care industry grew, so did Devenir’s reputation as a leading researcher and award-winning investment consultant. Today, Devenir continues to lead the way in the rapidly growing HSA market. A research driven perspective makes Devenir the go-to investment advisor, HSA investment platform and consultant to employers, banks, third party administrators, health plans and technology providers. Learn more at devenir.com.
About the American Bankers Association
The American Bankers Association is the voice of the nation’s $24 trillion banking industry, which is composed of small, regional and large banks that together employ approximately 2.1 million people, safeguard $19 trillion in deposits and extend $12.4 trillion in loans.
Contacts
Devenir
Eric Remjeske
[email protected]
ABA HSA Council Media Contact
Blair Bernstein
[email protected]