Despite the COVID-19 pandemic, holders of health savings accounts continued to build up savings in their HSAs, with the average HSA balance increasing over the course of 2020, rising more than one-third from $2,412 at the beginning of 2020 to $3,290 by year-end, according to data released by the Employee Benefits Research Institute in early December.
The average balance increase was even larger when analyzing only accounts that had received either an employee or employer contribution in 2020, EBRI reported.
EBRI found that there were nearly 7 million accounts that received either an employee contribution or an employer contribution and that the average balance of these accounts grew more than 50% in 2020: from $2,454 at the beginning of 2020 to $3,825 at the end of 2020.
EBRI bases its research on its database of more than 11.4 million HSAs.
Sen. Marco Rubio, R-Fla., proposed this year a sweeping overhaul of HSAs with his Health Savings Act of 2021.
See the gallery above for 10 HSA-related bills introduced this year.
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