Health savings accounts (HSAs) have grown to an estimated $34.7 billion in assets and 18.2 million accounts for the period ending June 30, 2016, according to results of the 12th semi-annual Midyear HSA Survey by Devenir, a provider of investment solutions for HSAs.
This represents a year-over-year increase of 22% for HSA assets and 25% for accounts.
The survey was conducted in July 2016 and reflected data from primarily top 100 HSA providers in the country. Recent data reflects a consistent growth trend for spending accounts and a shift toward a savings mindset for health care consumers.
Fewer HSAs (20%) were unfunded in the first half of 2016, compared to 24% at year-end 2015. HSA investment assets reached an estimated $4.7 billion in June; a 23%, year-over-year increase. The average HSA investment account holder had a $15,092 total balance (HSA deposit and investment account combined).HSAs are now being touted as a way to save for health care costs in retirement. A survey shows investment options in HSAs improve savings potential.