SOURCE: Canopy Financial

Canopy Financial

August 11, 2009 08:30 ET

Average HSA Account Balances Show Signs of Recovery in Q1'09

According to Canopy's Q1'09 Market Report, Average Individual and Family Health Savings Account Balances Increased for the First Time Since Q2'08

SAN FRANCISCO, CA--(Marketwire - August 11, 2009) - Canopy Financial, a pioneer in innovative healthcare banking technology solutions, announced today the results of its Health Savings Account (HSA) Market Report for Q1'09. Canopy, whose industry leading consumer-directed healthcare (CDH) platform powers the CDH offerings of some of the largest banks and health plans in America, collects and aggregates a wide range of statistics related to actual HSA usage published quarterly. According to Canopy's Q1'09 report, average individual and family HSA account balances increased for the first time since Q2'08. While individual Health Investment Account (HIA) balances continued to decline a modest two percent in Q1'09, family HIA balances also grew for the first time since Q2'08. Available immediately, the report can be downloaded at www.canopyfi.com/hsametrics.htm.

"In the first quarter of 2009, consumers again resumed the trend of utilizing tax-advantaged consumer-directed health care related spending and investment accounts as vehicles for savings and investment towards long-term medical expenditures and retirement. Not only did employer contributions into individual and family HSAs nearly double quarter-over-quarter, but also employee contributions increased into both individual and family HSAs," said Vik Kashyap, CEO of Canopy.

Additional findings showed:

--  Individual and family HIA accountholders age 51+ continued to hold the
    highest average account values
--  Family's age 25-40 and family's age 41-50 realized the greatest amount
    of growth in HIA account balances quarter-over-quarter at 14 percent growth
    and three percent growth respectively
--  The majority of spend in Q1 continued to derive from Reimbursements,
    followed by Bill Payments and then Check Payments
    

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, CA, Chicago, IL, and Plainsboro, NJ. For more information, please visit our web site at www.canopyfi.com or call 1-866-960-4700.

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