Devenir-HSA Council Demographic Survey Sheds Light on Who Owns HSAs

By William G. Stuart | Originally posted on LinkedIn for MaxHSA

Once labeled as tool for the healthy, the wealthy, and the wise, Health Savings Accounts have become a mainstream idea that cuts across age groups, income, and geography.

As it has for the last several years, Devenir Research, a company that surveys the Health Savings Account market, has gone beyond its semiannual industry report to conduct an in-depth look at the individuals who own and manage these accounts. The 2025 report, delivered to the American Bankers Association HSA Council and released last week, provides insight into the market.

You can review the report here. [2024 Devenir & HSA Council Demographic Report].

Here are seven key findings:

1. Nearly 62 Million Americans Are Covered by a Health Savings Account

In a separate study, Devenir reported recently that Americans owned more than 42 million Health Savings Accounts at the end of 2025. About one-fifth of them were unfunded, many perhaps because their owners were no longer eligible to contribute. So, let's say that only 35 million accounts were active. The average account can reimburse tax-free the qualified expenses of nearly two people. That's an impressive reach, representing more than one-sixth of the total US population (and about one-third of those covered by private insurance).

2. 30% of Account Owners Are in Their 30s

The math is simple. About 14 million Health Savings Accounts are in the hands of owners with between 25 and 35 working years ahead of them. If they contribute an extra $2,000 annually that they do not spend but rather invest at 6%, they will accumulate an additional balance of nearly $163,000 after 30 years and more than $229,000 after 35 years. That amount will not cover their projected medical premiums and out-of-pocket expenses in retirement (this year's figure of $175,000, as projected by Fidelity, will surely grow substantially as these thirty-somethings chase retirement). It will, however, give them additional financial freedom and flexibility in their later years.