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August 16, 2006
HSA Bank Reports Health Savings Account Balance Growth in 2006
HSA Bank announced its accountholders' average balances have increased by more than $350 to nearly $1,940 during the first six months of 2006. HSA Bank attributes the increase in balances to both a greater number of accountholders saving their HSA funds and an increased level of contributions to individual accounts.
In the first six months of 2006, nearly 52 percent of accountholders saved at least half of their Health Savings Account contributions. The average contribution surpassed the average distribution in 2006 by more than $100 per month, an increase of more than $40 during all of 2005.
"These statistics demonstrate that HSA Bank accountholders are learning how to manage their accounts and in many cases are able build savings for future health care costs," said Kirk Hoewisch, president of HSA Bank.
HSA Bank serves customers in every state in the nation and is one of the first financial institutions nationwide to offer health savings accounts. HSA Bank combines convenience, service and savings with low account maintenance fees, high interest rates for investments, 24-hour account access online or through an automated telephone system and outstanding personal service. For more information about HSA Bank, visit our HSA Bank webpage at http://www.health--savings--accounts.com/admin-hsa-bank.htm.
HSA Bank is a division of Webster Financial Corporation which is a holding company for Webster Bank, National Association and Webster Insurance. With $18.0 billion in assets, Webster provides business and consumer banking, mortgage, insurance, financial planning, trust and investment services through 160 banking offices, 308 ATMs, telephone banking and the Internet. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation, the insurance premium finance company Budget Installment Corp., Center Capital Corporation, an equipment finance company headquartered in Farmington, Connecticut and provides health savings account trustee and administrative services through HSA Bank, a division of Webster Bank, Member FDIC and equal housing lender.
Find more HSA Administrators on our website: http://www.health--savings--accounts.com/
Posted by Wiley Long at August 16, 2006 10:46 AM
Comments
What is the current average balance of all HSA accounts in the US?
I've heard that you are the number 1 provider of HSAs. Is that correct? Is that based on number of HSAs you have created/managed, total amount in all your accounts...?
Thanks,
JPO
Posted by: Jan Peter Ozga at November 27, 2007 04:34 PM
Hi JPO,
I haven’t seen recent data on average account balances, but the trend is upward. In July of 06 administrators were reporting average balances between $1400 and $2000. One market research firm, Celent Communications, predicts average balances will continue to grow to $4100 in the next four years.
HSA for America specializes in individually underwritten HSA-qualified health insurance plans. We do not manage HSAs ourselves, but we can recommend several banks and administrators who do. More individuals and families choose HSA for America as their place to get information and to apply HSA-qualified health insurance than any other source.
Posted by: Wiley Long at November 29, 2007 02:01 PM