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A summary of the articles included in the September 2020 edition:
- Devenir Report Forecasts Health Savings Account Assets to Exceed $100 Billion in 2022
- A New Look for HSAs – Retirement Savings
- Lively Expands HSA Investment Offering with HSA Guided Portfolio by Devenir
- Top 20 HSA Providers Average Deposit Rate Update
- How Financial Institutions Can Be HSA Champions
- Employees Need HSA Education, Especially Now
Devenir Report Forecasts Health Savings Account Assets to Exceed $100 Billion in 2022
Devenir, a national leader in providing investment solutions for health savings accounts (HSAs), released today the results of its 20th semi-annual health savings account survey and resulting research report. Devenir found that the number of HSAs has grown to now exceed 29 million, holding an estimated $73.5 billion in assets halfway through 2020.
A New Look for HSAs – Retirement Savings
More than half of employers (51.5%) now position the Health Savings Account (HSA) as a retirement savings vehicle according to the Plan Sponsor Council of America’s second annual HSA benchmarking survey, sponsored by Empower Retirement, reinforcing the notion that HSAs can be a powerful retirement savings tool.
Lively Expands HSA Investment Offering with HSA Guided Portfolio by Devenir
Lively, Inc., announced the launch of its HSA Guided Portfolio investment feature, by Devenir. HSA Guided Portfolio provides account holders access to personalized investment guidance that helps them capitalize on the HSA’s unique tax advantages, with no investment threshold. With this feature, Lively is expanding its HSA investment options, and removing barriers for consumers to optimize the functions of their HSAs and work toward their retirement goals.
Top 20 HSA Providers Average Deposit Rate Update
Devenir, as part of our continued monitoring of the health savings account (HSA) marketplace, has been tracking HSA deposit rates. Since our last update, average deposit rates for the top 20 HSA providers in the marketplace have remained fairly steady with only a slight decline for both the one-thousand and ten-thousand dollar balance levels.
How Financial Institutions Can Be HSA Champions
Financial institutions like banks and credit unions have a unique opportunity to become champions of health savings accounts, commonly referred to as HSAs. These allow individuals to put aside money pretax to pay for qualified medical costs, such as prescription medication or copays.
Employees Need HSA Education, Especially Now
Fidelity Investments has published a new report showing 89% of employees with a health savings account (HSA) believe the savings account has positively affected their livelihood. At the same time, 72% agree that holistic financial wellness programs that consider things like health care expenses are valuable. While 92% of those surveyed say they are aware their company offers HSAs, only 50% have signed up for the savings vehicle.