Despite the ongoing debate over health care reform, health savings accounts continue to grow.
According to a recent report by HSA investment service provider Devenir, at year-end 2010, the number of HSAs rose to 6.2 million, with assets totaling some $10.1 billion, representing a year over year increase of 27% for accounts and a 41% increase in assets.
The top five custodians hold over $4.4 billion in HSA assets with almost 2.7 million accounts and account for 44% of all HSA assets. In addition, the average account balance grew almost 11% in 2010 to $1,627 and HSA investment assets reached an estimated $725 million in 2010 with projections to reach $10.3 billion by end of 2015.
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According to the investment firm, the HSA market will reach $61 billion in assets by the end of 2015. Devenir also predicted that HSA investment dollars will continue to grow quickly as HSA users' balances become larger, representing 17% of all HSA assets by the end of 2015.
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