The majority of this report was derived from the 2024 Year-End Devenir HSA Market Survey. This survey was conducted to shed light on the rapidly growing and evolving Health Savings Account (HSA) market. The survey was carried out in early 2025, with data requested for the period ending on December 31st, 2024.
Key Findings
- Consistent strong asset growth. Aided by favorable stock market conditions, HSA assets expanded significantly during 2024. Account growth continued at a steady pace. By year-end, HSA assets reached nearly $147 billion across over 39 million accounts, reflecting a year-over-year increase of 19% for assets and 5% for accounts.
- Robust growth in HSA investment assets. HSA investment assets maintained strong growth, supported by positive market returns and growing recognition of HSAs’ long-term benefits. During 2024, HSA investment assets increased by 38%, reaching $64 billion by the end of the year.
- Gradual investment adoption. The number of HSA holders choosing to invest continued to rise. Approximately 3.5 million HSAs, representing about 9% of all accounts, had invested a portion of their HSA dollars.
- Balanced contribution and withdrawal activity. Account holders contributed almost $56 billion to their accounts in 2024 (up 11% from the previous year) and withdrew $42 billion during the same period (up 10% from the prior year).
Devenir currently projects that the HSA market will grow to exceed 45 million accounts by the end of 2027, holding $199 billion in assets.
