Health savings accounts have grown to more than $14.1 billion in assets, representing 7.1 million accounts through June 30, according to research from broker/dealer Devenir.
That’s a 12 percent increase in accounts and a nearly 21 percent jump in assets from just a year ago.
Average account balances in the first half of 2012 grew to $1,996 from $1,807 at the end of 2011, a 10 percent increase, the research shows. By eliminating identified zero balance accounts that average rises to $2,176.
HSA investment dollars also continue to grow. HSA investment assets reached an estimated $1.3 billion in June, a 35 percent increase since the end of 2011 and 51 percent increase from June 2011. Additionally, HSA accountholders have retained 30 percent of their contributions so far in 2012, up from 24 percent during 2011.
Devenir surveyed the top 50 HSA providers in the health savings account market.
The numbers are even a significant jump from the firm’s last HSA report in February, which found by year-end 2011, HSAs surpassed $12.4 billion in nearly 6.8 million accounts.
Industry insiders have long promoted these accounts for consumers as a way to take control of their health care dollars.
“Future health care costs and funding retirement consistently rank among individuals’ top financial concerns, with health and wealth becoming two sides of the same coin,” Justin Raniszeski, health benefit solutions executive for Bank of America Merrill Lynch said earlier this year. “Approaching your financial life in this integrated fashion, and using multiple tax-advantaged saving vehicles in the workplace, can help chip away over time at what may seem like insurmountable savings needs.”