RIDGEFIELD, N.J. — Predictions of the Health Savings Account boom may exceed expectations this fall.
A recent Information Strategies, Inc. survey of over 150 HSA bank custodians finds that growth in these accounts has deepened. From the end of April to the beginning of July, almost all providers reported an increase in the total number of HSA accounts with average deposits growing to $1,940 for those accounts opened over a year and $1,090 for those opened less than a year.
In general, HSA bank deposits ranged from $450 to $2,316 with at least 40% of deposited funds remaining in the account. Of the providers tracking such information, the majority report more family than individual HSAs. The survey also finds that employers and companies continue to be the source of HSAs for the majority of providers.
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