Richmond, VA, Sept. 12, 2019 (GLOBE NEWSWIRE) -- HealthSavings Administrators (HealthSavings), a top health savings account (HSA) provider, outperformed all other HSA providers when it comes to investment-focused health savings accounts in the latest Devenir Research report.
“Americans are missing out on an incredible opportunity to grow health savings accounts into a substantial nest egg for retirement as many HSA providers, employers and accountholders still do not take advantage of the long-term investment potential of health savings accounts,” said Dean Mason, president and CEO, HealthSavings. “Demonstrating our leadership as the investor’s health savings account partner, HealthSavings yet again surpassed all industry averages tied to leveraging the investment power of HSAs.”
While Americans now hold over $61.7 billion in HSA assets, the Devenir report revealed a continued industry concentration on relegating HSAs to simple savings accounts. Industry-wide, Devenir found only four percent of accounts are currently invested. Similarly, the top 20 largest health savings account providers report 76 percent of assets in cash accounts and only 24 percent in investment accounts, even though investment account holders achieved average total balances six times greater than non-investment holders.
HealthSavings takes a radically different, long-term investment approach to help account holders build substantial retirement savings:
- In sharp contrast to the industry averages noted in the Devenir report, HealthSavings boasts 89 percent of funds in investment accounts and only 11 percent in demand deposit accounts.
- Unlike the mere four percent of accounts industry-wide that are currently investing a portion of their health savings account dollars, more than half (51 percent) of HealthSavings customers invest.
- In addition, HealthSavings account holders achieved 645 percent higher six-month account balance growth over three years, averaging $432 compared to the $58 industry average.
- Overall, HealthSavings account holders average $20,918 in deposit and investment accounts – more than 30 percent higher than the Devenir industry standard.
HealthSavings encourages account holders to invest all health benefit dollars in institutional-class fund shares from the start with no minimum balance requirements or hidden fees. View the infographic for a visual look at how HealthSavings’ investment-focused approach to health savings accounts compare to industry norms. For more information on HealthSavings’ investment-focused health savings account options, including its complete fund lineup, please visit: https://healthsavings.com/investorfocus/.
About HealthSavings Administrators
HealthSavings empowers consumer-driven health plan participants to invest all their health benefit dollars in institutional-class fund shares so they can grow their savings tax-free and meet their financial goals for a happy, healthy future. By choosing from a carefully curated selection of funds with lower expense ratios and no trading fees, HealthSavings accountholders have historically saved five times more than the industry average. Visit HealthSavings.com to learn more.