2024 Year-End Devenir HSA Research Report
Key Findings
Consistent strong asset growth
Aided by favorable stock market conditions, HSA assets expanded significantly during 2024. Account growth continued at a steady pace. By year-end, HSA assets reached nearly $147 billion across over 39 million accounts, reflecting a year-over-year increase of 19% for assets and 5% for accounts.
Robust growth in HSA investment assets
HSA investment assets maintained strong growth, supported by positive market returns and growing recognition of HSAs’ long-term benefits. During 2024, HSA investment assets increased by 38%, reaching $64 billion by the end of the year.
Gradual investment adoption
The number of HSA holders choosing to invest continued to rise. Approximately 3.5 million HSAs, representing about 9% of all accounts, had invested a portion of their HSA dollars.
Balanced contribution and withdrawal activity
Account holders contributed almost $56 billion to their accounts in 2024 (up 11% from the previous year) and withdrew $42 billion during the same period (up 10% from the prior year).
Source: Devenir Research
HSA Industry Level Account Data
The pace of account growth has continued to moderate, growing about 5% year-over-year. There continues to be some seasonality in the percentage of accounts that are unfunded. Accounts are often opened during the fall open enrollment season, but remain unfunded until early the following year. At the end of 2024, about 21% of all accounts were unfunded, unchanged from the previous year.
Source: Devenir Research
Source: Devenir Research
Source: Devenir Research
A clear correlation is seen between account age and balance size. Funded accounts opened in 2004 have the highest average balance at $29,869, while those opened in 2024 average $2,415. This pattern holds consistently across the years, with a gradual decline in average balances for more recently opened accounts. The data demonstrates the cumulative effect of long-term HSA ownership, with older accounts benefiting from extended periods of potential contributions and possible investment growth.
Source: Devenir Research
Industry Contributions & Withdrawals
Source: Devenir Research
Industry Estimate of HSA Contributions and Withdrawal Activity for the period 1/1/2024 - 12/31/2024.
| 2024 Activity | Contributions | Withdrawals | Retained Assets |
|---|---|---|---|
| Estimated Industry Totals | $55,806,000,000 | $42,337,000,000 | $13,469,000,000 |
Industry Contributions
Source: Devenir Research
Industry Withdrawals
Source: Devenir Research
Source: Devenir Research
2024 Withdrawal Methods Breakdown
Debit Card
Check
Online Bill Pay
ATM
Unknown
Note: Due to rounding, the above table may not total 100%.
HSA Investments
- $63.9 billion estimated in HSA investment assets as of December 31st, 2024, which is an increase of 38% year-over-year.
- 44% of all HSA assets are in investments as of December 31st, 2024.
- $22,032 average total balance (deposits and investments combined) for HSA investment accounts, almost 9 times larger than an average funded non-investment holder’s account balance.
Source: Devenir Research
Source: Devenir Research
Looking Forward
HSA providers project HSA industry asset growth of 15% in 2025, while anticipating their own business will grow by 21% during the same period. Historically, HSA providers have been fairly accurate with their asset growth forecasts, demonstrating an impressive understanding of the outlook for their book of business. However, as a greater share of HSA assets are held in investments, market movement will make forward looking asset projections more difficult
We recently began asking HSA providers to project industry account growth as well. At the end of 2024, HSA providers anticipated we will see industry HSA account growth of 6%.
Devenir currently projects that the HSA market will grow to exceed 45 million accounts by the end of 2027, holding $199 billion in assets.
Report Methodology
The majority of this report was derived from the 2024 Year-End Devenir HSA Market Survey. The survey was carried out in early 2025 and all data was requested for the period ending on December 31st, 2024.
All estimates and projections reflect the current environment surrounding health savings accounts and do not contemplate any future regulatory changes to the market. Certain data points from the survey were omitted from this report due to inconclusive data or an incomplete sample set. All statistics are produced using the best available data set, which may at times produce statistics which do not reconcile, either with other statistics in this report or with previous reports.
Survey responses are self-reported by each HSA provider. When possible Devenir attempts to verify responses through a variety of channels, including but not limited to, press releases, annual reports, prior research, and FDIC filings.
About Devenir
Devenir is a national leader in providing customized investment solutions for HSAs and the consumer directed health care market. When health savings accounts first emerged in 2004, Devenir built its expertise around delivering cutting-edge investment solutions. As the consumer driven health care industry grew, so did Devenir's reputation as a leading researcher and award-winning investment consultant. Today, Devenir continues to lead the way in the rapidly growing HSA market. A research driven perspective makes Devenir the go-to investment advisor, HSA investment platform and consultant to employers, banks, third party administrators, health plans, and technology providers. Learn more at devenir.com.
Devenir Research Team
- Jon Robb — Senior Vice President, Research & Technology
- Eric Remjeske — President, Founder
- Garrick Fults — Investment Analyst
© Devenir Group, LLC (Devenir). All Rights Reserved. Reproduction or redistribution of this report by any means is strictly prohibited. The information, data, analyses, and opinions presented herein do not constitute business or investment advice; are provided solely for informational purposes; and is not warranted to be correct, complete, or accurate. The opinions are expressed as of the date written and are subject to change without notice. Except as otherwise required by law, Devenir, shall not be responsible for any decisions, damages, or other losses resulting from, or related to, the information, data, analyses, or opinions or their use. The information contained herein is the proprietary property of Devenir and may not be reproduced or redistributed, in whole or in part, or used in any manner, without the prior written consent of Devenir.
For further information, please contact Devenir Research at 952-446-7400 or [email protected]