Assets in health savings accounts (HSAs) topped $174 billion across over 40 million accounts at the end of 2025, likely driven by investment adoption.
The latest report from investment solutions provider Devenir finds that HSA investment assets rose to $85 billion, an increase from 33% the year prior. Further, 49% of HSA assets were held in investments.
About 10% of all HSAs, or approximately 4.2 million accounts, had invested dollars at the end of 2025, with investment account holders holding 59% of total HSA assets.
Total assets grew 19% year-over-year while the number of accounts rose 6%.
The findings highlighted increases in account retainment, with HSA holders likelier to preserve assets. Devenir’s findings show that HSA holders contributed close to $60 billion and withdrew nearly $45 billion in 2025, thereby holding on to $15 million in accounts.
“The HSA market kept expanding in 2025, but the story is not just size. The market is maturing,” said Jon Robb, senior vice president of Research and Technology at Devenir. “We are seeing more assets retained in the system, more accounts building meaningful balances, and continued adoption of investing as account holders use HSAs for both current healthcare spending and longer-term savings.”
A greater number of Americans are contributing to HSAs as more grow concerned over rising healthcare costs. A 2026 survey from D.A. Davidson found that 78% of Americans reported fears over the impacts of rising healthcare costs in retirement.
Large account growth
The firm also reported further increases in larger-balance accounts. According to Devenir, the number of HSAs with at least $10,000 stretched 4.1 million accounts, with 1.7 million holding over $25,000.
Employer-affiliated HSAs accounted for 61% of all accounts and 65% of total HSA assets.
Devenir’s findings expect account sizes to only continue growing, with experts projecting the market to surpass 49 million accounts by the end of 2028. The firm projects total HSA accounts to surpass $192 billion in 2026, followed by $212 billion in 2027 before reaching $234 billion in 2028.