Driven by robust investment growth, health savings accounts grew to $98.0 billion in assets held in more than 32 million accounts, a year-over-year increase of 19% for assets and 8% for accounts, for the period ended Dec. 31, 2021. In January, HSA assets reached $100 billion and accounts totaled 33 million, according to Devenir, a Minneapolis-based firm that provides investments for HSAs and gathered the data.
The company found that more than two million HSAs have at least a portion of their money invested, representing over 7% of all accounts.
On average, investment account holders have a $19,224 total balance (deposits and investments combined).
Account holders contributed more $42 billion to their accounts in 2021, up 2% from the year prior, and withdrew almost $31 billion, also up 2% from 2020.
Devenir expects that by the end of 2024, there will be 38 million HSAs holding $150 billion in assets.
Separately, Fidelity Investments reported 23% growth in the number of plan sponsors using its HSA offering in 2021, bringing the total to nearly 1,400 employers.
Fidelity said its average HSA account balance rose to $6,200. In 2021, Fidelity’s HSA retail business reported $3.1 billion in assets, a 78% year-over-year growth, the company said in a release.
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Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.
“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.
Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.
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