EBRI: Seven findings on HSA utilization

  1. Modest balances: Between 2011 and 2019
  2. end-of-year account balances increased but remained low.
  3. Contributions below the maximum: Average total contributions increased between 2011 and 2019
  4. but this average was just above the minimum allowable deductible amount for family coverage.
  5. High incidence of withdrawals: Overall
  6. 60 percent of accountholders withdrew funds.
  7. Low use of investments: Very few account owners invested their HSA balance in investments other than cash despite the tax-saving possibilities.
  8. Over time
  9. increased size of balance: Accounts opened in 2019 had an average $1
  10. 056 year-end account balance
  11. while accounts opened in 2009 had an average $9
  12. 398 year-end account balance.
  13. Over time
  14. larger annual contributions: Annual 2019 contributions were higher the longer an account owner had an account.
  15. Over time
  16. greater use of investments: Over time
  17. account owners appear to see the value in investing their HSA balances.

Source: EBRI, Trends in Health Savings Account Balances, Contributions, Distributions, and Investments, 2011‒2019 - https://www.ebri.org/publications/research-publications/issue-briefs/content/su…

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