Health Savings Accounts (HSAs) have been an integral part of health insurance and employer benefit offerings for almost 20 years. Signed into law in 2003, HSAs were created to help individuals covered under a compatible health plan, known as a high-deductible health plan (HDHP), set aside funds on a tax-free basis to pay both current and future medical expenses, allowing Americans to be more empowered healthcare consumers and better prepared for their retirement expenses.

HSAs continue to grow exponentially. As of June 30, 2020, according to research conducted by Devenir, an estimated $73.5 billion is held in more than 29 million HSAs. The incredible growth of HSAs since their inception points to the improved spending and saving experience for the employee, while showing measurable value for employers as well. Despite the uncertainty of 2020, HSAs have become integral to employee benefits, and 2021 will continue to see positive evolution of this healthcare, savings and retirement solution.