“Health Savings Account Balances Show Continued Growth,” Advisor Magazine
“Excerpts from new research by the Employee benefit Research Institute’s (EBRI) Paul Fronstin & Jake Spiegel reveal that as individuals become more familiar with HSAs, they are more likely to take advantage of the benefits. Reprinted with permission. Read the full report here. According to a new EBRI report, average health savings account (HSA) balances increased from $1,990 in 2011 to $2,803 in 2018. ‘Trends in Health Savings Account Balances, Contributions, Distributions, and Investments, 2011‒2018: Estimates From the EBRI HSA Database’ is a longitudinal study from EBRI’s HSA database, examining trends in account balances, individual and employer contributions, distributions, invested assets, and account-owner demographics. The EBRI HSA Database was developed to analyze the state of and individual behavior in HSAs and contains 9.8 million accounts with total assets of $22.8 billion as of Dec. 31, 2018.”
LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
HSAs are a great repository for future tax-free withdrawals for LTCI premiums.