Assets in health savings accounts increased 25% in 2020, to $82.2 billion, while the number of HSAs jumped 6% to more than 30 million, according to research by Devenir.
“Despite the COVID-19 pandemic, a record $42 billion was contributed to health savings accounts during 2020,” Jon Robb, senior vice president of research and technology at the Minneapolis-based investment firm, which specializes in HSAs, said in a press release. “Account holders were able to tap their health savings accounts to help cover over $30 billion in medical expenses throughout the difficult year, while continuing to accumulate meaningful savings for future medical expenses.”
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The report also showed a surge in HSA investment assets, which totaled $23.8 billion at the end of 2020, up 52% year-over-year.
The survey data were primarily collected in January, Devenir said in a release, and consisted largely of input from the top 100 HSA providers in the health savings account market.
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As our second lead editor, Cindy Hamilton covers health, fitness and other wellness topics. She is also instrumental in making sure the content on the site is clear and accurate for our readers. Cindy received a BA and an MA from NYU.