HSA Assets Surge 19% as Lower Fees, Better Investments Fuel Growth

By Andy Stonehouse | Originally posted on 401K Specialist

Morningstar’s 2026 HSA study shows significant increase in assets, but not necessarily related to new eligibility provided in updated federal rules

A healthy boost in health savings account holdings suggests more Americans are taking advantage of those pre-tax benefits, though recent legislation has yet to produce its intended bump in HSA participation.

The 10th annual Health Savings Account Landscape Report, released Wednesday by Morningstar, found that total HSA assets increased by 19% in 2025, with the industry taking in net financial inflows of $14.9 billion. As the report stated, that’s roughly four times the amount held in HSA accounts in 2009.

The report tracks 11 different providers and the dual intended uses of HSA accounts, both as pre-tax spending accounts for medical costs and also as investment accounts.

And while the Trump administration’s recent One Big Beautiful Bill Act did expand eligibility for HSA access, the providers included in Morningstar’s report said they have limited evidence the legislation has so far done much to increase either participation or overall assets.

“Health savings accounts continue to gain traction as both healthcare spending tools and long-term-investment vehicles,” said Greg Carlson, senior manager research analyst at Morningstar, in a release. “The industry has become increasingly competitive, with lower fees and stronger investment offerings benefiting account holders.”

Despite a growth in the use of HSAs in the American workplace, Carlson said there are still significant differences between individual HSA providers. That means participants should still do their due diligence at evaluating costs, investment quality and account features when selecting an HSA.