Despite the Recession, HSAs Thrive
A new study by Canopy Financial finds HSA balances continued to grow during the fourth quarter of 2008, despite the woes in the rest of the financial sector. Individual HSA balances grew 33% and family balances grew 12% in 2008. Most of this is from individual, not employer, contributions.
Glad to see they are thriving.
When budgets get tight, people naturally gravitate to high deductible plans. But they can also skimp on their HSA contributions. It’s good to see that the HSA balances are growing.
Saving rates are going up and HSAs are a better way to save than 401(k)s or IRAs.