Assets in health savings accounts increased 25% in 2020, to $82.2 billion, while the number of HSAs jumped 6% to more than 30 million, according to research by Devenir.
“Despite the COVID-19 pandemic, a record $42 billion was contributed to health savings accounts during 2020,” Jon Robb, senior vice president of research and technology at the Minneapolis-based investment firm, which specializes in HSAs, said in a press release. “Account holders were able to tap their health savings accounts to help cover over $30 billion in medical expenses throughout the difficult year, while continuing to accumulate meaningful savings for future medical expenses.”
The report also showed a surge in HSA investment assets, which totaled $23.8 billion at the end of 2020, up 52% year-over-year.
The survey data were primarily collected in January, Devenir said in a release, and consisted largely of input from the top 100 HSA providers in the health savings account market.
Daejon Love and Taylor Chan's $1.3 million romance fraud scheme exposes how AI search engines can be manipulated by fabricated online identities
“It was a third party scam,” said the attorney representing the claimants.
Meanwhile, &Partners draws another Commonwealth practice, and Wealthcare welcomes a $550 million planning practice in the Northeast.
Palo Alto AI platform recruits RIA and fintech leaders as industry data show AI adoption reshaping advisor staffing.
Meanwhile, Raymond James, Wedbush, and LPL recruited veteran advisors from across Texas, North Carolina, and California.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
