The majority of this report was derived from the 2022 Midyear Devenir HSA Market Survey. This survey was conducted to shed light on the rapidly growing and evolving health savings account market. The survey was carried out in July 2022, with data requested for the period ending on June 30th, 2022.
Key Findings
- Stock market headwinds stunt asset growth. Hindered by market headwinds, health savings accounts grew to $98.8 billion in assets held in almost 34 million accounts, a year-over-year increase of 6% for assets and 9% for health savings accounts for the period ending June 30th, 2022.
- HSA investment assets contract. With stocks seeing their worst first half of the year since 1970, HSA investment assets were down almost 10% from the end of 2021, totaling an estimated $31 billion at the end of June (up 2% from the year prior). On average, investment account holders held a $16,220 total balance (deposits and investments combined) at the end of June.
- More HSAs investing. Over 2.4 million health savings accounts have at least a portion of their HSA dollars invested, representing over 7% of all accounts.
- HSA contribution and withdrawal activity picks back up. Account holders contributed over $26 billion to their accounts in the first half of 2022 (up 11% from the year prior) and withdrew $18 billion from their accounts in the first half of 2022 (up 12% from year prior).
Devenir currently projects that the HSA market will reach 39 million accounts by the end of 2024, holding $142 billion in assets.
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