10 Largest HSA Providers in the U.S.

1. Fidelity Investments

• HSA assets: $69 billion (as of December 2022)
• Number of HSA accounts: 11 million

2. HSA Bank

• HSA assets: $54 billion (as of September 2022)
• Number of HSA accounts: 8.5 million

3. Optum Bank

• HSA assets: $30 billion (as of December 2022)
• Number of HSA accounts: 5 million

4. Bank of America

• HSA assets: $25 billion (as of September 2022)
• Number of HSA accounts: 4 million

5. Lively

• HSA assets: $18 billion (as of December 2022)
• Number of HSA accounts: 3 million

6. Empower

• HSA assets: $16 billion (as of December 2022)
• Number of HSA accounts: 2.5 million

7. HealthEquity

• HSA assets: $14 billion (as of December 2022)
• Number of HSA accounts: 2 million

8. U.S. Bank

• HSA assets: $12 billion (as of September 2022)
• Number of HSA accounts: 1.5 million

9. JPMorgan Chase

• HSA assets: $10 billion (as of December 2022)
• Number of HSA accounts: 1 million

10. Ally Bank

• HSA assets: $8 billion (as of December 2022)
• Number of HSA accounts: 900,000

Benefits of HSAs

HSAs offer several key benefits, including:

• Tax-free savings: Contributions to HSAs are tax-deductible, and earnings grow tax-free.
• Tax-free withdrawals: Withdrawals from HSAs for qualified medical expenses are tax-free.
• Investment options: HSAs offer a variety of investment options, allowing you to grow your savings.
• Portability: HSAs are portable, meaning you can keep your HSA even if you change jobs or insurance plans.

Considerations for Choosing an HSA Provider

When choosing an HSA provider, consider the following factors:

• Fees: Some HSA providers charge monthly maintenance fees or transaction fees.
• Investment options: Different HSA providers offer different investment options, so choose a provider that offers investments that meet your needs.
• Customer service: Look for a HSA provider with a good reputation for customer service.
• Technology: Consider how important online and mobile access to your HSA is to you.

Tips for Maximizing Your HSA

• Contribute as much as possible: The maximum HSA contribution limit for 2023 is $3,850 for individuals and $7,750 for families.
• Invest your savings: Investing your HSA savings can help you grow your money over time.
• Use your HSA for qualified medical expenses: Withdrawals from HSAs for qualified medical expenses are tax-free.
• Save your receipts: Keep receipts for all qualified medical expenses so you can withdraw funds from your HSA tax-free.

Conclusion

HSAs are a valuable savings tool for individuals and families. By choosing the right HSA provider and following the tips above, you can maximize the benefits of your HSA.