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Last updated on April 19, 2014 at 7:50 EDT

Average Health Savings Account Balances Significantly Grow in Second Quarter According to Canopy’s Q2’08 HSA Market Report

October 20, 2008

Canopy Financial, a pioneer in innovative healthcare banking technology solutions that connect healthcare and financial services, announced today the results of its Health Savings Account (HSA) Market Report for Q2’08. Canopy, whose industry leading HealthDirect(R) and CareGain(R) platforms serve as the core consumer-directed healthcare account management and administration backend for some of the largest banks and health plans respectively, collects and aggregates a wide range of statistics related to actual HSA usage. As evidenced in the report, Q2’08 again realized significant quarter-over-quarter growth in average funds held in both Individual and Family HSAs — which grew 19 and 18 percent respectively.

“For Q2, we dramatically expanded our statistics on Consumer Health Savings Account spending, detailing spend by vehicle, category, and even days of the week, offering for the first time ever a real world snapshot of precisely how consumers use and spend their HSA dollars,” said Vik Kashyap, CEO of Canopy.

Canopy’s Q2’08 HSA Market Report results showed quarterly inflows into Individual Health Investment Accounts (HIAs) more than tripling outflows, with inflows into Family HIAs more than doubling outflows. Furthermore, the Q2 report highlights two emerging trends: older families (age 51+) and younger professionals (age 25 – 40) appear to be the demographic groups most prevalently using HSAs as long-term investment vehicles; and young families (age 25 – 40) are now choosing HSAs over traditional family health benefit plans. Available immediately, the report can be downloaded at www.canopyfi.com/hsametrics.htm.

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.

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 Media Contact: Mark Hall EGOEAST Inc. Email Contact 786-281-7007  

SOURCE: Canopy Financial