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Member, Beacon International Group, Ltd.
More than one-third of individuals with health savings accounts spend more than 90% of annual contributions made to their accounts for reimbursements on medical expenses they incurred during the year, according to a new analysis.
The Fidelity Investments analysis of about 74,000 HSAs in 2010 also found that nearly 25% of HSA holders used less than 10% of annual contributions on reimbursements, while about 40% used between 10% and 90% of annual contributions on reimbursements.
The balances carry over to the next year.
Contributions to HSAs averaged $2,620 in 2010, including individual and employer contributions, down slightly from $2,647 in 2009.
This year, the maximum contribution that can be made to an HSA is $3,050 for those with individual coverage and $6,150 for those with family coverage.
The analysis is available at www.fidelity.com/inside-fidelity/employer-services/hsa-update-03-2011.
Enrollment in health savings accounts linked to high-deductible health insurance plans surged to 10 million people as of Jan. 1, a 25% increase in a year, according to an annual census released Wednesday.