Devenir Group News Today

Health Savings Account assets have grown steadily in 2023, but growth in the number of HSA accounts has begun to wane, Devenir data showed. 

The business process provider is transferring to HealthEquity more than $2 billion of assets held in its BenefitWallet Health Savings Account portfolio.

A health savings account, or HSA, is a tax-advantaged savings account that lets people with high-deductible health plans set aside pre-tax dollars to pay for qualified medical expenses. 

U.S. healthcare costs accelerated nearly twice as fast as inflation over the past 40 years, prompting employers to adopt insurance plans with higher deductibles.

The IRS announced a second consecutive significant increase to health savings account contribution limits in its response to continued inflation.

Employers expect to return employee well-being benefits to pre-COVID levels in 2024, bringing back yoga, meditation classes, Fidelity and Business Group Health research shows.

Research shows that assets in health savings accounts continue to rise, growing to reach a landmark threshold last year.

Investment assets in health savings accounts dropped slightly in 2022 for the first time due to "significant stock market headwinds," an annual survey found.