J.P. Morgan has exceeded more than one million health savings accounts, the largest pool in eight years, the firm said Wednesday.

They cited a number of factors—including health care reform, higher deductibles, rising health care costs and continued tax benefits—as reasons that have spurred HSA growth.

The average balance in 2012 for new HSA accounts also rose to its highest level in eight years growing 2 percent from 2011 to $1,009. And the average HSA balance in 2012 was $1,736, up 6 percent from 2011.

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