HSA Assets Reach Nearly $192B at Mid-Year 2026

For the first time in history, more than half (52%) of health savings account assets were held in investments, as of June 30, according to the Devenir Group LLC’s “2026 Midyear HSA Research Report.” About 4.7 million accounts—11% of all HSAs—held invested assets at that point.

Investment-holding accounts owned 59% of all HSA assets when their deposits and investments were combined, Devenir’s report showed. The accounts’ average combined balance of $23,837 was nearly nine times that of the average funded deposit-only account.

Meanwhile, HSAs held nearly $192 billion across 42.6 million accounts as of June 30. Balances were up 20% year-over-year, while account growth accelerated modestly to 7%.

Devenir reported earlier this year that HSAs held $174 billion across 41.7 million accounts at the end of 2025, a 6% increase in accounts from the end of 2024.

Employers Drive HSA Growth

Employers have been the primary drivers of HSA growth, with employer-affiliated accounts comprising 61% of all accounts and holding 65% of all HSA assets, the report stated.

As of June, only 12% of employer-sponsored HSAs were unfunded, compared with 33% of non-employer HSAs. Among funded accounts, however, non-employer HSAs had a slightly higher average balance of $5,937, compared with $5,496 for employer-affiliated accounts. Overall, the average funded account balance rose 14% to $5,642 through June 30.

Rising Balances, Contributions

Devenir’s report also revealed strong growth among accounts with larger balances. The number of HSAs with at least $10,000 in assets rose to 4.4 million as of mid-year 2026, a 29% increase from the share one year earlier. Accounts holding at least $25,000 grew to almost 1.9 million, a nearly 50% increase.

Account holders contributed $35.2 billion to their HSAs and withdrew $23.8 billion in the first half of 2026, netting $11.5 billion into their accounts. Contributions grew 7% from the first half of 2025, and withdrawals grew 5%.

In the first half of 2026, when tracing the origins of HSA assets, 60% of HSA dollars were contributed by an employee to an employer-sponsored account; 25% went from an employer to an employer-sponsored account; and 13% were funded by individuals into a non-employer account. Individuals contributing to non-employer accounts made an average contribution of $2,417, compared with an average contribution of $1,458 by employees with employer-sponsored accounts and $676 made by employers.

The holders of the accounts saved the most relative to what they spent. Accounts opened in 2026 took in $4.10 for every dollar withdrawn, compared with $2.40 for accounts opened in 2025 and $1.40 for those opened in 2024.

Projecting Future Growth

Industry providers have told Devenir they project HSA industry asset growth of 12% for 2026, as well as account growth of 6%, unchanged from year-end 2025, the report stated.

This year, what the Affordable Care Act refers to as “bronze” and “catastrophic” health insurance plans began to be treated as HSA-compatible high-deductible health plans, as authorized by the One Big Beautiful Bill Act. Devenir predicted in the report that the effects of the legislation would be seen more in the long run than in the near term, but the effects of expanded HSA eligibility could show up sooner through account growth and contribution activity.

Devenir projected that by the end of 2028, the HSA market will exceed 49 million accounts and $246 billion in assets.