A Report on HSA Balances and Contributions

The Employee Benefit Research Institute (EBRI) released its HSA Database on 1.5 million accounts with total assets of $2.7 billion as of December 31, 2013. The following are EBRI’s findings:
• Enrollment in HSA-eligible health plans is estimated to range from 15.5 million to 20.4 million policyholders and their dependents. Estimates are that there are 10.7 million accounts holding $19.3 billion in assets as of Dec. 31, 2013. Seventy percent of HSAs have been opened since 2011.
• The average HSA balance was $1,766 at the end of 2013, up from $1,280 at the beginning of the year. Average account balances increased with the age of the owner of the account. Account balances averaged $697 for owners under age 25 and $4,460 for owners ages 65 and older.
• HSAs with individual or employer contributions accounted for 69% of accounts and 87% of assets. Six percent of these accounts ended the year with a zero balance.
• Individuals who made contributions deposited an average of $2,032 to their account. HSAs receiving employer contributions received $1,184, on average.
• Four-fifths of HSAs with a contribution also had a distribution for a health care claim during 2013.
• Among HSAs with claims, the average amount distributed for health care claims was $1,953.
• Distributions for health care claims increased with age, with the exception of those ages 65 and older. Average annual distributions were $667 for account owners under age 25, $2,335 for account owners ages 55 to 64, and $2,017 for account owners ages 65 and older. Average annual distributions were higher for older accounts. However, the likelihood of taking a distribution for health care claims was higher among newer accounts.
• HSAs are likely to keep growing. Thirty percent of larger employers are expected to offer an HSA-eligible health plan or HRA as the only plan option by 2015.

Last Updated 11/25/2020

Arch Apple Financial Services | Individual & Family Health Plans, Affordable Care California, Group Medical Insurance, California Health Insurance Exchange Marketplace, Medicare Supplements, HMO & PPO Health Care Plans, Long Term Care & Disability Insurance, Life Insurance, Dental Insurance, Vision Insurance, Employee Benefits, Affordable Care Act Assistance, Health Benefits Exchange, Buy Health Insurance, Health Care Reform Plans, Insurance Agency, Westminster, Costa Mesa, Huntington Beach, Fountain Valley, Irvine, Santa Ana, Tustin, Aliso Viejo, Laguna Hills, Laguna Beach, Laguna Woods, Long Beach, Orange, Tustin Foothills, Seal Beach, Anaheim, Newport Beach, Yorba Linda, Placentia, Brea, La Habra, Orange County CA

12312 Pentagon Street - Garden Grove, CA 92841-3327 - Tel: 714.638.0853 - 800.731.2590
Email:
Jay@ArchApple.com
Copyright @ 2015 - Website Design and Search Engine Optimization by Blitz Mogul