CHICAGO and SAN FRANCISCO, June 19, 2008 (PRIME NEWSWIRE) -- Canopy Financial, the provider of financial technology and electronic payment solutions to five of the top 25 banks and the largest managed care companies, announced today the release of its inaugural Health Savings Account (HSA) Market Report for Q1 2008. The report aggregates and tracks statistics related to actual HSA usage via a series of key market indicators and will be published quarterly. As evidenced in the report, Q1 2008 realized significant quarter-over-quarter growth in average funds held in both HSA deposit and investment accounts-- as high as 25% for deposit accounts -- indicating that HSAs are being used as savings account vehicles with larger average balances than the average retail checking account.
"Canopy's HSA Market Report aggregates real consumer account data nationally to describe key features of HSA usage," said Vik Kashyap, CEO of Canopy Financial. "The report is significant in that it shows that Americans are using HSAs not only for health expenditures, but as long-term savings and investment vehicles."
Average investment account inflows were more than double average outflows for the quarter. HSA account holders age 50+ had more than double the amount invested at the end of Q1 on average compared with account holders age 25-40.
Additionally, the HSA Market Report for Q1 2008 shows an increased spend of 10% on average in family plan accounts, with a slightly increased spend on average in individual plan accounts. The report breaks out actual spend characteristics by category, including bill payments, reimbursements, debit card transactions, checks, and ATM withdrawals. It also provides key data on Customer Service Representative (CSR) touches for the quarter.
Available immediately, the report can be downloaded at www.canopyfi.com
About Canopy Financial
Canopy Financial provides innovative technology solutions that connect healthcare and financial services. Serving some of the world's largest healthcare and financial institutions, Canopy powers the development and delivery of complete healthcare banking services for both consumers and businesses. Founded in 2004, Canopy maintains offices in San Francisco and Chicago. For more information, please visit www.canopyfi.com or call 1-866-960-4700.