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Benefits August 6, 2025
Health Savings Account Adoption Spans Socioeconomic Spectrum
HSA growth continued in 2024, balances topped $146 billion, data collected by the Devenir Group show.
Reported by Yasin Mohamud
Assets in health savings accounts reached $146.64 billion at the end of 2024, according to the 2024 Devenir & HSA Council Demographic Survey, an increase of almost 16% from the year-end 2023 total of $123 billion.
Data from the Devenir Group, LLC estimates as of December 31, 2024, there were 39.3 million HSAs in the U.S., collectively providing coverage for roughly 59.3 million people.
HSAs are especially popular with Millennials: By the end of 2024, individuals in their 30s held approximately 30% of all HSAs.
Devenir also reported that older account holders (aged at least 55) contributed heavily to their accounts and accumulated more than $63 billion in their accounts by the end of 2024, a 21% increase from the previous year. Almost one-third (29%) of HSA assets are held by accountholders aged 55 to 64 years old. Those aged 65 to 69 have the largest average account balance at $7,585, with those age 70 to 74 ranking second with an average of $7,207.
Interestingly, HSA adoption spans the socioeconomic spectrum. According to the Devenir data, 28% of account holders live in a zip code with a median household income of less than $70,000; 64% of HSA account holders live in areas with median household incomes of less than $100,000; and 92% of account holders live in a zip code with a median household income of less than $150,000. Devenir reported that 29.5% of account holders live in zip codes with a median household income of $60,000 to $90,000.
Perhaps not surprisingly, states with the most HSAs and people covered by HSAs were the country’s three most populous states: Texas (3.63 million accounts, 5.64 million people covered), California (2.9 million accounts, 4.57 million people covered) and Florida (2.26 million accounts, 3.4 million people covered). The three states with the largest percentage of its privately insured population covered by an HSA were: Colorado (62%), Minnesota (55%) and Arizona (51%).
Responses from the survey were collected mostly from the 20 largest HSA providers, according to Devenir. All data reflect account status as of December 31, 2024.