Morningstar Flags HSA Industry Growth and Provider Differentiation in 2026 Report
Event summary
- Morningstar published its 10th annual HSA Landscape Report, evaluating 11 providers on spending and investment use cases.
- Total HSA assets grew 19% in 2025, reaching $14.9 billion in net inflows.
- Fidelity retained the only 'High' assessment for spending accounts, while HSA Bank earned 'High' for investment accounts.
- Seven of 11 providers now offer brokerage-window access for HSA investments.
The big picture
The HSA industry continues to mature with asset growth, lower fees, and expanded investment options. Morningstar's report highlights an increasingly competitive landscape where providers must balance cost efficiency with quality investment offerings. The growing adoption of brokerage windows reflects a strategic shift toward positioning HSAs as long-term investment tools alongside their traditional healthcare spending function.
What we're watching
- Competitive Differentiation
- Whether providers can sustain meaningful differentiation through fee structures and investment offerings.
- Regulatory Impact
- The pace at which the One Big Beautiful Bill Act drives HSA participation and asset growth.
- Investment Features
- How the expansion of brokerage windows and other investment features will affect HSA adoption as long-term vehicles.