Health Insurance Daily

HSA Deposits Near $1 billion

Americans have stashed a sizable amount of cash in health savings accounts, according to a recent study of 60 financial and health institutions by the newsletter Inside Consumer-Directed Care. Users have deposited almost $1 billion in HSAs since they were established three years ago, the study finds.

More than 820,000 accounts have been opened across the nation and about 60 new accounts are being added each month. The average amount in each account is $1,181, the study shows.

Observers expect heated competition for HSA deposits among banks, credit unions and other financial organizations as the balances continue to grow. The number of HSA administrators or custodians could grow from 300 to 400 by the end of this year, the study indicates. In fact, the BlueCross BlueShield Association plans to launch its own Blue Healthcare Bank early next year.

Article published by BenefitNews - March 9

posted by Mike @ 10:25 AM