Health Savings Accounts (HSAs) continued to spread over the 12-month period ending on June 30, as more employers and workers consider them a useful tool in the effort to improve employee benefit plan administration and design.
The number of accounts increased by about 12 percent to 7.1 million, with total assets growing 21 percent to $14.1 billion in that time, according to Devenir. Average account balances increased by 10 percent during the first half of this year alone. Account holders are retaining significantly more of their contributions so far in 2012.
"We continue to be very interested in understanding how HSAs are being funded and used, finding that both employers and employees are playing a significant role in contributing to HSAs to help save for future medical expenses," said Jon Robb, lead research associate with Devenir.
HSA account balances will continue to grow during the rest of the year, the report estimates. Employees are growing enthusiastic and seem eager to participate in health plans with HSAs, regarding their advantages highly.
Employers who have not done so already may wish to look into the advantage of HSA-compatible plans to consider whether they might better meet employee needs and help employers reach their own goals, such as limiting health insurance costs.
