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Workers with older health savings accounts are building up significant amounts of savings, according to new HSA data from Devenir.
The country had 40 million HSAs in January, with a total of $155 billion in assets and an average of $3,846 in assets per account.
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Only about 80% of the HSAs were "funded," meaning that they had a balance greater than $0.
For funded HSAs, the average balance was just $2,415 for an account opened in 2024, but the average balance was $8,745 for an account opened in 2014 and $29,869 for an account opened in 2004.
Related: HSA balances increase, with owners socking away almost $42B: Devenir
The numbers show "the cumulative effect of long-term HSA ownership," according to Devenir, which found that a strong job market contributed to solid HSA growth.
Total HSA contributions increased 11% in 2024, to $56 billion, or an average of $1,806 per funded HSA.
Employers' share of the HSA contributions fell to 24% of the total, from 26% in 2023.
The new Devinir HSA report has come out as Republicans in Congress and in the White House are thinking about ways to overhaul the U.S. health care system.
Traditionally, many Republicans, and some Democrats, have seen expanding use of HSAs and similar accounts as a good way to help people pay for health care while reducing the involvement of government agencies and big health insurers in the doctor-patient relationship.
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Allison Bell
Allison Bell, a senior reporter at ThinkAdvisor and BenefitsPRO, previously was an associate editor at National Underwriter Life & Health. She has a bachelor's degree in economics from Washington University in St. Louis and a master's degree in journalism from the Medill School of Journalism at Northwestern University. She can be reached through X at @Think_Allison.
