Lively’s sixth-annual HSA Snapshot report shows that HSAs play a critical role in helping Americans navigate higher prices of prescription drugs, over-the-counter items, and healthcare.
Lively, Inc., a top-rated health and lifestyle benefits platform* known for creating the modern Health Savings Account (HSA), today announces the release of its sixth annual HSA Snapshot report, which tracks HSA account holders’ saving, spending, and investing. In 2023, 53% of Americans were covered by an HSA-eligible High Deductible Health Plan according to Value Penguin. HSAs enable account holders to flexibly manage their financial, physical, and mental health.
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(Graphic: Business Wire)
“As rising prices and the cost of healthcare remain among some of the primary financial stressors for Americans, Health Savings Accounts are a key part of their strategy for short- and long term savings,” said Alex Cyriac, co-founder and CEO of Lively.
The report found that:
- Lively’s annual account balance of funded accounts is $4,885, which is 17% higher than the industry average of $4,177. Lively account balances increased 10% from last year.
- Investments drive HSA balance growth and Lively account holders invest nearly 2x the industry average.
- Lively account holders are active users, using their HSAs to save on health-related expenses, as Lively’s average annual HSA withdrawals increased by 23% to $1,162 from $943 in 2022. Devenir reported withdrawals grew 13% industry wide.
- Despite increased withdrawal activity, Lively account holders retain more of their HSA assets than the industry average at 25% compared to 23% industry wide.
- Lively’s HSA spending on prescription drugs rose 17% in 2023, reflecting higher prescription drug prices overall as reported by the Department of Health and Human Services.
HSAs are increasingly incorporated into account holders' overall budgeting, spending and savings habits, and help Americans afford the higher price of healthcare and health-related expenses.
“With Lively’s HSA account balances and investments well above the industry average, we’re proud that our commitment to customer service and creating an HSA platform that’s easy-to-use and educates account holders about the advantages of their HSA has helped push Lively’s contribution and investment levels well above industry average,” said Shobin Uralil, co-founder and COO of Lively.
Read the full report: https://lively.foleon.com/resource/hsa-snapshot-2024/
About Lively
Lively is the health and lifestyle benefits platform that works the first time, every time. Our solutions are designed to take the guesswork out of managing benefits and drive efficiency for you and your teams. Our innovative platform is grounded by your everyday needs and circumstances. By combining robust features with unparalleled service, we make maximizing your benefits as simple as it should be.
Lively currently offers HSA, FSA, HRA, COBRA, Direct Bill, Commuter, Lifestyle Spending Accounts, and Medical Travel Accounts.
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*Lively’s HSA is top-rated according to Morningstar’s 2023 Health Savings Account Landscape, G2, Trustpilot, and Lively's Customer Satisfaction survey.
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