There was roughly $123 billion saved in over 37 million health savings accounts at the end of 2023, a year-over-year increase of 19% for assets and 5% for accounts, according to a new report by the HSA investment firm Devenir. The firm projects that the HSA market will approach 44 million accounts by the end of 2026, holding $168 billion in assets.
HSAs opened during 2023 had an average balance of $1,598 at the end of the year, compared to a $1,436 average balance at the end of 2022 for accounts opened that year, according to Devenir. Roughly a quarter (26%) of all HSA dollars contributed to an account came from employers, who contributed an average of $929, while employees contributed 64% of all HSA dollars, for an average of $2,269, with the remainder coming from individual accounts not associated with an employee. Account holders contributed $50 billion to their accounts in 2023, up 7% from the prior year, and withdrew $39 billion.
