Rising inflation, consumer prices, and healthcare premiums as well as a volatile economy were just part of what made 2022 a stressful and unpredictable year.

Inflation reached 9.1% in April of 2022 before falling to 6.5% by the time the year ended.1 The average annual health insurance premiums were $7,911 for single coverage and $22,461 for family coverages, a 20% increase since 2017 and 43% increase since 2012 according to KFF.2 In Lively’s 2022 report Employee Benefits Pulse Check, 62% of HR decision makers reported a rise in employees' financial stress.3

Employers both had to contend with the continued shift of employees due to the “great resignation” and tightening budgets and staff reductions due to a cooling economy. However, employees were still looking for competitive benefits that were flexible enough to support their diverse needs. In fact, according to Lively's data, at the end of 2022, 80% of HR leaders reported that offering competitive financial benefits is more important for attracting and retaining employees than it was a year before.4

In this charged environment, Health Spending Accounts (HSAs) provided account holders with some respite, with tax-advantaged options for saving, spending, and investing. HSA Snapshot, Lively’s fifth annual HSA spend report, explores how Lively’s account holders spent, saved, and invested their healthcare dollars in 2022, and what these habits can show us about national healthcare trends and actions employers and brokers can take as they look ahead to 2024.