Each month Devenir highlights a selection of articles to keep you abreast of the latest trends and developments in the HSA marketplace.
A summary of the articles included in the Septemer 2018 edition:
- Health Savings Account Assets Surpass $50 Billion
- Health Insurance Coverage: Early Release of Estimates From the National Health Interview Survey, January-March 2018
- Millennials Most Confident in Savings Accounts and Want More Personal Communication, According to National Broadridge Study
- Vista Equity Partners to Acquire Leading Consumer Directed Healthcare Firm Alegeus
- Matt Marek, CEO at Blue Cross Affiliate, On the Growth of Health Savings Accounts
- Employees Overestimate Knowledge About HSAs
Health Savings Account Assets Surpass $50 Billion
Devenir, a national leader in providing investment solutions for health savings accounts (HSAs), released the results of its 16th semi-annual health savings account survey and resulting research report. Devenir found HSAs grew to an estimated $51.4 billion in assets across more than 23 million accounts halfway through 2018.
Health Insurance Coverage: Early Release of Estimates From the National Health Interview Survey, January-March 2018
Early 2018 (Jan-Mar) estimates released from the CDC’s National Health Interview Survey finds in the first 3 months of 2018, 47.0% of persons under age 65 with private health insurance were enrolled in an HDHP, including 21.3% who were enrolled in a CDHP (an HDHP with a health savings account [HSA]) and 25.7% who were enrolled in an HDHP without an HSA.
Millennials Most Confident in Savings Accounts and Want More Personal Communication, According to National Broadridge Study
Broadridge Financial Solutions announced the results of custom research conducted through The Center for Generational Kinetics, which uncovered unexpected wealth management trends in Millennial preferences related to investing, financial communication, and saving for retirement. Health Savings Accounts (HSAs) prove to be a blind spot for Millennials. More than half of this generation is interested in HSAs, but only one-third of Millennials are taking advantage of them.
Vista Equity Partners to Acquire Leading Consumer Directed Healthcare Firm Alegeus
Alegeus announced that Vista Equity Partners (Vista) has signed a definitive agreement to acquire Alegeus from investment funds affiliated with Lightyear Capital LLC (Lightyear), a New York-based private equity firm investing in financial services companies. Vista is a market-leading private equity firm that invests in, empowers and grows software, data and technology companies that are reinventing industries and catalyzing change. Lightyear Fund III, L.P., along with other investors, acquired Alegeus in August 2012.
Matt Marek, CEO at Blue Cross Affiliate, On the Growth of Health Savings
The share of workers in health plans that offer health savings accounts jumped from 4 percent in 2008 to 19 percent last year, according to a Kaiser Family Foundation survey. The growth comes as rising health costs push more people into high-deductible health plans, said Matt Marek, the chief executive at Further, the business at Eagan-based Blue Cross and Blue Shield of Minnesota that administers health savings accounts.
Employees Overestimate Knowledge About HSAs
According to Bank of America Merrill Lynch’s 2018 Workplace Benefits Report, health care costs are a huge blind spot for employees when it comes to increasing financial wellness.
The report also suggests that employees lack an understanding of one of the most powerful planning tools they can use to help them save for and manage health-related expenses—health savings accounts (HSAs). According to the survey, 76% of employees say they understand the salient features of HSAs, yet only 12% could correctly identify the common attributes of an HSA in a simple quiz.