Health savings accounts have grown to an estimated $22.8 billion in assets and roughly 11.8 million accounts as of the end of June, according to the latest figures from Devenir. The investment consulting firm said that’s a year over year increase of 26 percent for HSA assets and 29 percent for accounts.
“Accountholders are both utilizing their HSA for current medical expenses as well as saving for future health care expenses,” said Jon Robb, senior vice president of research at Devenir. “HSAs appear to be working and that’s exciting.”
The report is the latest indicator of growth for the health savings vehicle, which have been increasing in popularity since their inception a decade ago. In June, analysis from The Institute for HealthCare Consumerism, Consumer driven and HSA Consulting Services predicted 50 million Americans will be covered by HSA-qualified health plans by Jan. 1, 2019, and that HSA adoption will grow to 37 million.