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July 01, 2008
Statistics Report On Health Savings Account Usage
Canopy Financial has announced the release of their inaugural Health Savings Account (HSA) Market Report for Q1 2008. The report aggregates and tracks statistics related to actual HSA usage via a series of key market indicators and will be published quarterly.
As evidenced in the report, Q1 2008 realized significant quarter-over-quarter growth in average funds held in both HSA deposit and investment accounts - as high as 25% for deposit accounts - indicating that Health Savings Accounts are being used as savings account vehicles with larger average balances than the average retail checking account.
"Canopy's HSA Market Report aggregates real consumer account data nationally to describe key features of HSA usage," said Vik Kashyap, CEO of Canopy Financial. "The report is significant in that it shows that Americans are using Health Savings Accounts not only for health expenditures, but as long-term savings and investment vehicles."
Average investment account inflows were more than double average outflows for the quarter. HSA account holders age 50+ had more than double the amount invested at the end of Q1 on average compared with account holders age 25-40.
Additionally, the HSA Market Report for Q1 2008 shows an increased spend of 10% on average in family plan accounts, with a slightly increased spend on average in individual plan accounts. The report breaks out actual spend characteristics by category, including bill payments, reimbursements, debit card transactions, checks, and ATM withdrawals. It also provides key data on Customer Service Representative (CSR) touches for the quarter.
Their report can be downloaded at http://www.canopyfi.com/hsa_stat_report.pdf
Posted by Wiley Long at July 1, 2008 09:23 AM