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J.P. Morgan: Americans Relying More on HSAs

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Health savings account (HSA) contributions and balances increased in 2010, according to J.P. Morgan Treasury Services.

J.P. Morgan Treasury Services, a unit of JPMorgan Chase & Company, New York., has published that assessment in a summary of results from an analysis of the performance of 700,000 HSAs managed by JPMorgan affiliates.

JPMorgan now administers HSAs with about $1.1 billion in assets.

The average HSA balance at JPMorgan increased 7% in 2010, to $1,494, and the average HSA contribution increased 3.7%, to $1,884.

Other JPMorgan HSA program findings:

  • 73% of accountholders contributed more than they spent during each month in 2010, up from 68% in 2009.
  • The average accountholder age is 43.
  • The average annual total of HSA distributions increased 5.5% in 2010, to $1,377.

- Warren S. Hersch

Other HSA coverage from National Underwriter Life & Health: