Devenir tracks health savings accounts in the credit union industry closely through NCUA filings and a variety of other sources.
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The coronavirus pandemic in the United States forced the Federal Reserve to cut rates close to zero in order to dampen the effect of the virus on the U.S. economy. In this unique time, Devenir has been observing how health savings account (HSA) providers have reacted to the rate cut. In the past, during times of economic expansion, we have observed that the deposit rates offered in health savings accounts have been less reactive to raises in the Federal Funds rate.
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HSA investments have grown rapidly in recent years, reaching 24% of total assets and over 1.2 million (4%) accounts as of 12/31/2019. The average investment balance for investment account holders has grown to $12,695 in 2019, from roughly $5,000 in 2011.
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We recently released a white paper outlining best-practices related to HSA menu design we have developed over the past 15 years of designing menus for HSAs. An important aspect of the menu design process is sizing the menu to optimize the availability of core asset classes while also limiting excessive overlap or overly risky asset classes that can overwhelm the typical investor. This blog considers four important factors that impact sizing decisions of HSA menus.
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HSA investors have long been a key element of the HSA industry. According to Devenir Research, the average HSA investor held roughly $10,948 in investments at the end of 2018. In addition, these investors held $3,580 in cash, more than double the funded deposit balance of non-investors.
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Health savings accounts received record-breaking contributions in 2018 with accountholders and employers pouring $33.7 billion into HSAs, up 22% from 2017.
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HSAs are becoming more mainstream. Studies suggest that over 20 million families have HSAs and total cash and investment balances are now approaching $50B…
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