One-third with HSAs spend most of contributions for reimbursements

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.