Morningstar report flags 19% jump in 2025 HSA assets as industry fees decline
MORN•Morningstar says HSA market matured as assets and inflows rose
Morningstar published its 2026 HSA Landscape Report, citing a maturing market with lower fees, broader investment menus and stronger flexibility.
- Total HSA assets rose 19% in 2025.
- The industry posted net inflows of $14.9 billion.
- Providers reported limited early impact from the One Big Beautiful Bill Act on participation or asset growth despite expanded eligibility.
- Fidelity kept the only High rating for spending accounts, supported by a leading interest rate, no maintenance fees and low costs.
- HSA Bank earned a High investment-account rating for the first time; Morningstar noted stronger options, lower costs and no investment threshold.
