“Debt of the Elderly and Near Elderly, 1992–2010,” and “Employer and Worker Contributions to Health Reimbursement Arrangements and Health Savings Accounts, 2006

Debt of the Elderly: American families headed by individuals age 75 or older had increases in the incidence of debt, the average amount of debt held, and the percentage with debt payments greater than 40 percent of their income in 2010, according to new research by EBRI. The driver of debt for families with a head age 55 or older was housing debt. <A href="http://www.ebri.org/pdf/PR.1010.21Feb13.DebtEld.pdf">Press release. </A> HRA/HSA Contributions: A growing share of both employers and individual participants are contributing to their health reimbursement arrangements (HRAs) and health savings accounts (HSAs), according to a new report from EBRI. <A href="http://www.ebri.org/pdf/PR.1009.20Feb13.CEHCS1.pdf">Press release. </A>

Debt of the Elderly and Near Elderly, 1992–2010

The percentage of American families with heads age 55 or older that have debt held steady at around 63 percent from 2007–2010. Furthermore, the percentage of these families with debt payments greater than 40 percent of income—a traditional threshold measure of debt load trouble—decreased in 2010 to 8.5 percent from 9.9 percent in 2007.
However, total debt payments as a percentage of income increased from 10.8 percent in 2007 to 11.4 percent in 2010, and average debt increased from $73,727 in 2007 to $75,082 in 2010, while debt as a percentage of assets increased from 7.4 percent in 2007 to 8.5 percent in 2010.
Housing debt was the major component of debt for families with a head age 55 or older. The debt levels among those with housing debt have obvious and serious implications for the future retirement security of these Americans, perhaps most significantly that these families are potentially at risk of losing what is typically their most important asset—their home.

Employer and Worker Contributions to Health Reimbursement Arrangements and Health Savings Accounts, 2006–2012

This report presents findings from the 2012 EBRI/MGA Consumer Engagement in Health Care Survey, as well as earlier surveys, examining the availability of health reimbursement arrangements (HRAs) and health-savings-account (HSA)-eligible plans (consumer-driven health plans, or CDHPs). It also looks at employer and individual contribution behavior.
The percentage of workers reporting that their employers contribute to the account increased. Among those with employer contributions, overall contribution levels for individuals with employee-only coverage increased in 2012, and have been increasing since 2009.
Workers with employee-only coverage did not increase their own contributions, but those with family coverage did.

Figure 1 Figure 6 Figure 1 Figure 4 Figure 8 Figure 13 Figure 1 Figure 7 Figure 5 Figure 3 Figure 9 1 Figure 11 Endnotes 38.5 for Median con Conseque ?the t ri p Talked to my be u housi lo rcent tiwest three income on ntly, s of inn whi g 2 $2 debt, 010 l00 e doctor a nonho from - amon $499 increased 3 u b quartil g those 1 s out ing .2 perc prescript debt es havin ent i as a rose signific fro n ig m on o share o ho 200 14 percent using de p 1. Each tions and cos antly f asse a bt, wa si to 2 g ts has remai nce e gro 2ts virtu 200 pe s. up rce 4. Co ina n 20 lly t nn b e uncha 1 s e d r 0 equent twe has elative enged fr na sig 20 ly, as t ly lo 0nifi 9 an om 20 w rec c hantly hi ese d 20 e07 data sho ntly, 11 to 2 gh . How ho er 010 using perce w eve , betw ($8 r, i de n2tage n ,76 bt een 2012 8 as w 2 i a n i, th 004 th e a Debt of the Elderly and Near Elderly, 1992–2010 Employer and Worker Contributions to Health Total Percentage Housing and Nonhousing of Individuals With T Debt Pay raditional ments as Percentage Employment-Bof Income ased Percentage Median Credit-Card of A Percentage merican Families With Heads A of Debt for Those American Families With Head Families ge 55 or With Older With Debt Heads Age 55 Age 55 or Payments Total Debt Payments as Percentage of Income Among Families Annual Individual Contributions to An A A A n n n n u n n n al Indiv u u ual Indiv al Indiv al Employ idual Contributions iidual Contributions dual Contributions er Contributions Account, among People W to to to to the A A Accou cco cco Acco un un nun t, t, t, t, ith Percentage of American Families With Heads Age 55 or Older 1 percentage of share of assets has incr 200 debt and 7 20 than (2 10, 01 it fam 0 h do aworkers repor ilies in llars) to d at the th $8 low e e lo ased markedly 2, w 000 point te ing t r thr infor 2 hee i at th 010 each n). com ei du r However, t age ring the same employers e quartiles duringh 1 co es acc 9e amounts 92– nperio tu ribute mulate 20d 10 s . bd $1,0 d a t we ud si y perio re sig 0gnif 0 or mor icant c nifica d. eand n itly ncr hig growi eas her ed n than g from amou t24 he nt of perc 199 de 2 l ent to bt r evele la of tive See Craig Copeland, “Debt of the Elderly an d Near Elderly, 1992–2007,” EBRI Notes, no. 10 (Employee Benefit Research Among Families or Older Health Benefits Offered HDHP With Head A With Debt, a by ge A55 ge Or Older, by of Family or CDHP Head, Ag , e a a 2006 1992–2010 of Head, 1992–2010 ?2012 a a Greater Older With Credit-Card With Head 55 Than 40%or Older of Their Debt, , Income, by by Aby ge A of Family ge Income Quartile, 1992–2010 of Family Head, 1992–2010 Head, 1992–2010 Reimbursement Arrangements and Health Savings ? Talked to my doctor a Employee-Only CDHP bA A out among among m mo o other treatment optio ng ng People With Employ People With Employ People With Employ People With Employ and Account for Less than 5 ns and costs. ee- ee- ee- ee-O O O Onl nl nl nly yy y CDHP CDHP or or Family Family ,, 2006–2012 2006 Ye CDHP CDHP ars, 2010 ?2012 ?2012 With Housing Debt, by Age of Family Head, 1992–2010 By Craig Copeland, Ph.D., Employee Benefit Research Institute 45% 28 perc $42, to income. 465 ent. (Fi gure 14). While the overall level held constant between 2007 and 2010, the medians for the age groups Institute, October 2009): 2–1 14% 4; Craig Copeland, “Debt of the Elderly and Near Elderly, 1992–2004,” EBRI Notes, no. 9 40% $4,000 50% February 2013 • 14% Vol. 34, No. 2 and Household and No Health Engagement, Income Under $50,000, 2006–2012 2009–2012 60% 50 90% % 14% 2006 2007 2008 2009 2010 2011 2012 $3,772 As with t Accounts, 2006–2012 The prese hn e debt lev ce of debt el, the s increah ses with are of family familyassets th income. In at debt represents 2010, 44.6 percvaried signi ent of families ficantly across v in the lowestarious -income quartile ? Used an online cost tracking tool provided by my h Nonh ealth ousing plan Debt to mana Housing g De e my h bt ealth 13.2% expenses. 35% 1992 1995 1998 2001 2004 2007 2010 55– (Employee Ben 64 and 75 e or olde fit Research I r increa nsed, w stitute, September 2006): 1 hile the 20 medi 06 20an 07 decr 2008–13; an eased fo 2009 d Craig 20 r th 10 e 6 Copeland, “Debt of the Elderly and Near 205–7 11 4 20grou 12 p. For those with 37% housing debt, Elderly, the 60% 40% 55% All 55–64 65–74 75+ 13.0% All Lowest 25% 26%–50% 51%–75% Highest 25% 1992 1995 1998 2001 2004 2007 2010 39% 39% 39% 40% 12.7% 44%^ Where the world turns for the facts 54% on U.S. employee benefits. 45% 54% Among characteristics had debt, com worker of p s with are family d family with hea 77. c d7 percent o s (Fi verage, 38% gure 10): Overall, empl of thoyer contri ose in the it to decr bup-in tion leve eased signi come ls w quar e fire c tile antly as uncha (Figur nged betwee both e 2). the family While fami n 20 heads’ a 10 liesand in th 20 ge se e and t 12.cond- Thh ee 12.4% Housing: The Driver of Debt median 1992–2001,” housi 45% EBRI Notes ng debt for , no. fam4 (Employee Benefit Research Institute, ilies with heads age 75 or older showeApril 2004): 1–13 f d a substantial inc orease: from r prior examin 81.7% $41,9 ations of debt 08 (2010 Introduction 35% $3,500 37%^ 37% 2006 2007 2010 2008 2020 1109 20 20 12 10 2011 2012 By Paul Fronstin, Ph.D., Employee Benefit Research 2006 2007 Insti 2008 tute20 09 2010 2011 2012 31%^ 42% ? Develo 12%ped a budget to manage my healthcare e 51% xpenses. 11.9% 11.9% 11.8% 33% 30% 11.7% 11.7% perce family’s income ntage quarti net 12 12% % re wlo porting erth incr (26 percent em eased. By a plo yto 50 er contri percent ge o butio f the fami )n had the s 49% of $1,0 ly h lar e0 ad, 0g e o the s r t perce more was de 32%bt-to ntage - 63 asset ratio d point percent in 20 increase ecreased in t 12 (h Fe igu in inci 20 re 4). 10 d41% en from ces of 10. de 7 bt per fro cent m 49% 35% 35% 11.6% 32% 80% among this age group. The dollars) in change 30 50 2 % % in 00 the 7 to level $52,00 of0 i debt n 2010. payments in 2010 was driven 31% by the level of housing debt, while the non 77.6% housing 11.4% 29% When projecting the future income security of retir20 e09 es, r 20e10 searchers ty 34%^ 2011 2012pically foc $3,u 143 s on 34%^ measures co 31% ncerned with 35 40% % $3,143 76.3% 76.3% 76.2% 33% 33% 40% 30% Retirement 50% and health benefits are at the heart of workers’, employers’, and our nation’s 10.8% 48% for those 200 ? 7– As 201 ked for ages 55 0, pr a ior to 27%ge –6neric 4 to 200 4.0 4 t dru h e incr perce g inste n ead o ases in t for fth a ose 75 br the an perce d nam or ol ntag e de dru r. Th es g with . e lo debt west-net-worth across the inco famm ilies stood out e quartiles were similar. as having, 37% 38% by In far, 32% 37%^ 74.0% 30% 10.5% 29% 29% 27%^ 2 (consumer) debt-payment share held stable from 2007. The share of income that went to housing debt payments 45% retirees’ accu $3 mulated fi ,000 nancial assets, particularly within tax-qualified retirement plans (e.g., 401(k) plans and 10.3% See Jesse Bricker, Arthur B. Kennickell, Kevin B. Moore, an d John Sabelhaus. “Changes in U.S. Family Finances from 2007 economic security. Founded in 1978, EBRI is the most authoritative and objective source of 28% 28% Introduction 10% 71.4% 10.0% $2,800 10.2% 43% the h 200 Debt of the Elderly and Near Elderly, 1992–2010, 4, th ighest d ere 35% w ee bt-to-asset rat re larger increio: 85. ases in 3 the perc percenta e 10. n 0% t in 2010. ges of Ot debt her gr amon oupsg of fafamilies milies inwith the t hw igh o lo relative wer-inco p. 2 de m bt-to-asset lev e quartiles than els 42% 9.8% 9.9% 29% 29% 9.9% 30% Established in 1978, the Employee Benefit 42% 26% increased10 fro % m 6.7 percent in 2004 to 7.7 percent in 2007, and to 8.3 percent in 2010. Among the age groups, the Individual Contributions 25 10% % $2,668 individual35 retir % ement accounts (IRAs)), and covera 28% ge 28% by su 28%pplemental health insurance to Medicare provided through ? Asked my doc 24% tor to recomm 24% end a less costly prescription drug. to 2010: Evidence from the Survey of Consu Conclusio 70% n 40% mer Finances.” Federal Reserve Bulletin 41% . vol. 98, no. 2 (June 2012): 1–80 41% $2,532 information on these critical, complex issues. 7.5% 33% 9.2% 27%^ Employers have been interested in bringing aspects 9.3% of consumerism into health plans for many years. As far back as were: those in the 40% two higher-income groups. The percentages with debt in 2007 showed increase 30%^ s for the two higher- 9.1% $2,532 24% 25% 22% 8.8% 39% 30% 26% 8.8% 8.9% share of income that housing debt payments represented among families with heads ages 65.2% 65–74 increased from 22% 65.0% Indivi a former duals em 40%’ co pl $2oyer. Howev ntributio ,500 ns to erHSA pla , any debt n $2, s hav 430 thae t a n genera ear-elderl lly been i y or el ncreasin derly fa g. mily has accr Between 2006 ue and d enteri 201ng or 1, the p livin ercenta g in ge of www.federalre 30% serve.gov/pubs/bulletin/2012/pdf/scf12.pdf 6.6% Research Institute (EBRI) is the only 8.5% (last reviewed December 2012) for more information on the 36% 23% 8.5% Employer and Worker The percentage of 28% American families with h Contributions to Health eads age 55 o 8.r6% older with debt remained steady from 2007–2010 22% 22% 63.4% 25% 9.1% 8.5% 8.5% income 1978, thgrou ey a 30% p ds opted Sec. , while the 1p 2e 5rcenta 20% caf $2, 7.5% 301 eteria ges i pla n the t ns and fl w20% o lo exi wer blegroups spendin ex gperi accence ounts. More r d declinese. However, cently, employ in 20 ers have 10, the low er- 63.0% 8% 20% It was found that individuals with some engagement with the health care system contributed higher amounts to their 5.6 percent in 2004 to 7.9% 8.6 percent in 2010, and for families with heads age 75 or older, it increased from 9.1% 35% 3.6 percent 19% retirement is likely to offset its asset 20% accumulations, res 19% ulting in a low 60.6% er level of retirement income security. The near- indivi Survey d o uals f Co wit nsumer Finances. h employee-only covera ge contributing nothing to an HSA decreased from 28 percent to 11 percent EBRI focus 8% es solely on employee benefits research — no lobb 19% 8.1% 7.9% 7.7%ying or advocacy 34% . EBRI Employee Benefit Research Institute Notes (ISSN 1085 ?4452) is published monthl $2,y 150 by the Employee Benefit Research (63. ? 0 The perc second-lo ent in 200 w7 est-n to 63. et-wort 4 percent h quartile in 2010 of f ). amilies. Furthe rmore, the percentage of these families 18% with debt payments 8% 7.7% 7.7% 8.6% independent nonpr 32% 18% ofit, nonpartisan 18% 32% increasingly turned their attention to consumer engageme6.5% nt in h 18% ealth care. In 2001, they introduc 8.3%ed account-based income Reimbursement Arrangements and Health Savings grou 25%ps had increases in the percentages with debt, while the 32% higher-i 58.5% ncome groups had decreases. 60 20% % th 5.8% 7.6% 7.1% HSA than those with 30%no engagement. In 2012, 48 percent of those 7.5%17%with no engagement with the health care system in 2004 to 4.7 perc 7.4% ent in 2010 (Figure 6). 6.7% 7.7% Institute, 1100 13 St. NW, Suite 878, Washington, DC 20005- 7.0% 4051, at $300 pe 7.3% r year or is included as part of a membership (Fi elder gur ly are e 5). In contrast, def EBRI ined as those standthe s alone in em percenta ages 55– ge con 64, ployee wthile t ributin ben heefits g el $1, derl 7.rese 500 2%y are ar or more inc ch 57.0% define as an d as those 6 reased independ from 5 e a n21 perc t, nd ol nonprofit, and no der. ent in 2006 to npa 44 rtisan percent 25% $2,000 3 20% 56.0% 30% 5.2% 16% greater than 40 percent of $1,868 income—a tradit 17% ional thr $1,841 eshold measure of debt loa 21%d trouble—decreased in 2010, to 7.1% 16% All dollar amounts in this report are in 2010 16% dollars. 15% 21% health pla 30n%s—a combination of health plans with deductibles of at least $1,000 for employee-only coverage an $1,800 d tax- subscription. Periodicals postage rate paid in 54.1% Washington, DC, and additional mailing offices. POSTMASTER: Send address 53.8% 15% 54.0% 15% contributed $1,500 27% or or mor ganization committed e (Figure 11), wh 53.0% ereas 5 4.7% exclusively to data 5 percent of those with some 5.6% engagement with the health care Accounts, 2006–2012, organization. It analyzes and rep p.o 16 rts resea 5.5% rch data without spin or underlying agenda. All findings, 6% 6.5% 19% 5.7% 6.4% in 20 ? 11 Famili . Howeve es witr, be h heads 19% twee who n5.3% 20 “w 11ork for someo an 19% th d 2012, the pe ne erce lse” or ar ntage of e in in the divi 26% “ot duals her re non portin 3.6% work” c g that they ategory. cont ributed nothing to 15 20% % 8.5 percent from 9.9 percen 51.5% 4.4% t in 2007. However, total 51.9% debt payments as a percentage of income increased from changes to: EBRI Notes, 1100 13 St. NW, Suite 878, Washington, DC 20005-4051. 18%^ Copyright 2013 by Employee Benefit 6% 14% 19% 13% 24% preferred savings or spending accounts that workers and their25% families can 14% use to pay their out 13% -of-pocket health care 24% 4 15% 17% 17% 13% 5.8% 13%^ Excessive Debt Levels This artic20 le %foc wheth uses on th er on fi e tr nan ends i cial data, n debt l option $1, e517 vels amon s, or tre g t nds, 18% hosare reve e ages 55 aling and o an lder, d reli as f able inancial — the re liabilit aso ien s are EBRI informatio a vital but n is system contrib 6% uted $1,500 or more (Figu 16% re 12). 16%^ Debt Levels Although the 15% families may be in a better financial position, this does not mean that 16% $1,467 they are in an “ideal” financial position. 5.6% 16% their HSA Research Institute. All rights reserved, Vol. 34, no. also increased, from 11 percent to 15 percent, . and the percentage reporting that they contributed $1,500 50% $1,500 dissemination, r $1,416 esearch, and education on 15% 4.2% 15% 17% 15% 17% 12% 10.8 percent in 2007 to 15% 11.4 percent in 2010, and average debt increased from $73,727 in 2007 to $75,082 4.7%in 2010, 1 12% expenses. A the few em gold sta ployers ndard first started o for private ffanalysts a ering 14% accou 14% nd nt-base decisidon hea make lth plans rs, gove in 200 rnme 1, wh nt policy en t 5.1% hey make began to rs, the media, and offer health 15% 16% $1,320 16% 5.0% 14% 10% 11% 11% 4.5% often ignor ? Familie es that d component do not have 15% of retireme white, no nt inc nHis ome panic security. heads; i.e. The Federal , minority fami Reserve Board’s lies. Survey of Consumer Finances 15% Looking at the average debt payment as a percentage of income does not generally reveal how ma 19% ny people are in 5 20% 4.8% 19% or As the more fell perce 20% sli ntg ahtly from 44 perce ge of families with h nt eto 42 ads a perce ge 55n or ol t. How dere ver, neit with anyher de of bt increase these chan d fro ge m s was statistic 1992–2010, the ally sign avera ifica ge t nto . tal 4% $1, 12% 133 $1,151 10% while See Jack debt 15VanDerhei and Cr as % a percentage aof assets incr ig Copeland, “C eased f an America Aff rom 7.4 perce ord Tomorrow's Retirees: Results from the EBRI-ERF Ret nt in 2007 to 8.4 per 9%cent in 2010. irement 10%the publi economic security and employee benefits c. 11% 2 . 17% reimbursem ent arrangements (HRAs) (Fronstin 200 3.2 8% ). In 2004,13% they started o 9%16% ffering health plans with health savings 3.7% 13% $1,062 10 4% % 4.2% (SCF) is used in this art16% icle to determine the level of debt. Debt is examined in 12% two ways: 8%^ 3.6% $980 difficult situations with 12% debt, because the average A T can ma A sk a wi G L A N C de distribution E of individual circumstances. A debt level also increase 15% d: from $33,726 (2010 dollars) in 19 15% 92 to $75,082 9% in 2010. At the sam $934 e time, the median debt Conclusion7% 14% 40.3% 10%$1,000 14% 14% Security Projection Model,” 4% 7%EBRI Issue Brief, The Emplo no. 263 (Employee Benefit Research Institut yee Benefit Research Institute (EBRI) was founded in 1978. Its e, November 2003). 14% mission is to 13% 3.2% 13% 13% 3.6% accounts (H ? Famili 40% es that SAs) (Fronstin have family i 2004 6% n ). comes in t By 2011, 32 he 5.5% percent $10,000–$ o 12% f24, em 999 ployers an 13% d wi $50, th 5 000– 00 o $9 r mor 9,99e 9 c work ategories. ers offe red $838 eithe 38.5% r an HRA 3.4% $758 Among those with 5.2% family 2.4% coverage, contribution levels were genera 2.1%lly unchanged in 2011, and, in contrast to 10% 11% 2.6% threshold commonly used for determining a problem with excessive debt is when family debt payments exceed contribute to 2.5% , to encourage, and to enhance the development of sound empl 12% oyee benefit The level data (hal in f abo dica ve, hal te that 5% f hous below in ) of g de thos bt was e wit th h de e maj bt ionr com creasp eonent d from of $ d 16, eb 68 t for 3 to famili $55,40 es 0 with (Fighea ure d3). s ag Te 5 his was a 5 or old real er. Among 3.1% 4.3% The share o 5% 5%f the adult population with priv 4.2% ate health insurance enrolled in an HRA or with an HSA-eligible plan EBRI explo 5% res the breadth of emplo 4% yee benefits and related issues. 2.9% 4.1% 2% 4.0% 4.0% 9% or an HSA ? Debt -payme eligiblen pla ts relative to n, covering 13 income. percen t of t3.8% hat population, up from 23 percent offering such a plan and 10 per- 3% 1.3% 8% Who we are 10% 3.6% 3.5% 3.6% 10 5% % 3.5% programs and sound public policy through objective research and education. EBRI is the only 3 individual coverage, there were 3.2% no observed long-term3.3% trends toward higher 3.3% contributions. Th $496 e percentage not 3.3% 40 percent of income. By that standard, excessive debt decreased in 2010: While the proportion of near elderly and 2% 3.1% 3.1% 3.1% 3.1% families increase with from h1992 i ousing nde thbt, t e avh erage an e median d m deebt amou dian debt nt leve was vi ls of 1 rtually unc 22.6 per hanged cent an from 200 d 232.1 p 7– e 2.9% rcent, 2010, w res hile credit-car pectively. d debt The Institute seeks to advance the public’ 31.9% 2.8% s, Debt of th $5 e Elderly an 00 1 d Near Elderly, 1992–2010, by Craig Copeland, 7% Ph.D., EBRI The continues to overall debt-to-asset rat EBRI increase. studie The s the worl perce io for n those tage d of health and retirement ben of55 or workers re older por incre ting t ased hat th to 8.4 efit eir ps employers co ercent — issue in 2. 201 1%s such a n 0, up from 7.4 p tribute s to th 401(k)s, e account also e IRAs, retire rcent in 20 07 ment . 31.2% 2.4% 5% cent enrollment in 2010. As a result, privat the e, nonprof se plan its cover , nonpare tisan d ab , out Washington, DC-b 25 million peo ased organi ple in 20zat 12, ion com represe mitted exclusivel nting about 1y5 to per- 2% making contributions was unchanged at 10 percent in 2011. The percentage contributing less than $500 was 6 per- 29.0% 1.5% elderly families surpassing this threshol 1.4% d decreased significantly from 9.9 percent in 2007 to 1.3% 8.5 percent in 2010 1.2% 1.2% of those havin 30 0% %incom g this e de ade bt qde uacy, creased. consu 28.4% Th me er-drive one group tha n benefits, t had incr Socia el ase Security, s in debt tax treatment of both retireme was families with heads age 75 nt o and health r ? Debt relativ 0% e to assets. Furthermore, t increased. Am 0% ong those wit he median deh bt-to- employer public asset rat poli contributio io for cy re those search ns, ov wi and era th d edu ll co ecat btntributi also in ion on on leve creased economls for i to 1 c securi i 9n .6 divi t p y ea duals nd em rcentwit in plo 2 hy em 010, ee bployee e up nefi from t is -osnly u es . 0% the media’s and policymakers’ knowledge cent of the privately insured market (Fronstin 2012). Employers have also taken a broader approach to consumer HDHP or CDHP Offered Not Offered a CDHP or HDHP Don't Know if CDHP or HDHP Was Offered 0% cent i However, n 201 debt 2, while levels th No di e thi ffer perc ng eentage contr d significantly Less th ibuting $ a an c $50 ross various 0 1,500 orfamily charact $500–$999 more was 54e perc ristics. Famili $1,000–$1,499 ent (Figues with re 6). A younger or more gr $1eat ,500 or er percent more age of (Figure 7), these lowe Less th r l an e$20 vels 0 are still a $200–$499 bove the percentages in $500–$749 2004. The incr $750–$999 ease from 2004–20 $1,0007 0 or m was a r ore esult of a benefits, No cost thing management Less th , an worker a $500 25.0% nd employe $500–$999 r attitudes, policy reform p $1,000–$1,499 ropo $1sals, ,500 or m and p ore ension assets older, ? The a group that per 0% centagnot only e of America had n increases EBRI’s member families with in inc h ship includes a ide eads a nce of ge de 55bt a o cross-section of r old nd in er that the aver ha pension funds; businesses; trade associations ve d agee a bt mhel ount of d steady at debt, but aroun was t d 6h 3e per only - ; 0% 2 coverage 16.0 percent incr 0% ie n Al ased i 2 $0 l 007. 55– n 65– Conse 20 75 1+ 2, A qafter lluent 55–ly, in havin 65– 75 2 g +0 fA 10, a llllen 55– both tota bet 65–w 75 ee + n l Adebt ll200 55–8 a as a 65–nd 20 75 pe + rc A1 llentag 1. T 55–his may 65– e of 75 tota + Abe due to lll assets and 55– 65– 75 the + A th s lltrength e p 55– e 65– rcenta enin 75+ g ge of 0% engagement through various other initiatives. Nothing Less than $500 $500–$999 $1,000–$1,499 $1,500 or more indivi educat duals ed hea wit and dhs, hi fami fundi 64 and under gher No ly cover 74 ng. thi inc ng There is wi omes, or hi a Al ge t lstanding of employee benefits and 64han 74 L with de egh ssspread th er net an indivi $50 64 0 wort d re 74 ual cog 55–64 h h cov na ition e d signif rage $500–$999 64that if employee be contri 74icantl bu y higher ted 64 65–74 $1, 74 $1,000–$1,499 avera 500 n or efits ge a more, w 64 data exist, EBRI kno nd me 74 hich 75 dia or $1 O n ,50 is ex debt ld 0 or er 64 m pecte 74 or levels. e d w bec s it. ause 1992 19 labor un 95 ions; h19 ealth 98 care providers and insur 2001 ers; 2004 government org 2007 anizations; and service firms. 2010 surge in families with heads ages 55–74 whose debt payments were above the 40 percent threshold, while families Each measur Source: EBR e proviI/C des insi ommonw Allealth Fund ght regardi Consumerism ng t in h H e ealth C financ 55–64 are Surv ial a ey, b 2006 ilitie and 2007; EBR s of these I/MG65–74 families to A Consumer Engagement cover the in Health C ir 75 de are Su orbt before Orv ldey er, or during age grou cent from p th Source: EBR at had an 200 I/C 7–2 ommonw incr 010. Furth ealth Fund ease in Ce onsum the rmore, erism per in H c th entage of ealth C e pe arcenta re Surv fa ey, ge milies w 2006oan f dt 2007; EBR hese families ith de I/Mbt payments GA Consumer with de Engagement greater t bt pay in Hm ealth C ents han are Surv 40 greater perc ey, 2008 ent o than ?2012.f t 40 h eir per- 0% Source: EBRI/Commonwealth Fund Consumerism in Health Care Survey, 2006 and 2007; EBRI/MGA Consumer Engagement in Health Care Survey, economy. debt for those Wor Source: EBR with kers with it I/Creach ommonw eme p ealth Fund d th loyee-on eir Consumerism highest ly cov in levels e H rage ealth C d of t are Surv id not i he s ey, 2006 t nudy crease t and 2007; EBR perio hd eir .I/M own co GA Consumer ntributions in Engagement in Health C 2012, are Subut those rvey, with a 20% 2008 ?2012. Traditional = H 19ealth plan w 92 ith no deductible 1995 or <$1,000 (indiv 19i98 dual), <$2000 (family 20 ).01 2004 2007 2010 2008 ?2012. 1992 1995 1998 Age2001 2004 2007 2010 2008 ?2012. Age deductibles ar Furthe rmore, families e generawith lly h working or igher for famil whit y coverage. e fami All ly h 55–64 e ads and marri 65–74 ed families also 75+ had significantly higher average with heads a a ge 75 or older experienced a decline in the percentage with debt payments above this threshold. In retirement. Fo b r example, higher debt-to-income ratios may be acceptable for younger families with long working income i cent of n 20 aHDHP = High-deduc incom CDHP = Cons 10. How 19 e—a trad 92 um ever, t er-driv tible health en h itiona health e plan families 19 plan l threshol w 95 ith wdeduc ith deduc fo tible und tible d m $1,000+ (indiv with $1,000+ (indiv 19 easure of 98 th idual), $2,000+ (fam e h idual), $2,000+ (fam i d ghest ebt 20 l 01 o levels o ad trou ily), no ily), w ac ith cf ount. d ble— acce ount. 20 bt 04 decrease were also those wit d in 202 07010 to h 8.5 heads a 20 per 10cg ent es from 55–64, Source: Source: EBRI/MGA CDHP = Cons a EBR their importance to our nation’ I/M um GA er-driv Consumer Engagement Consumer en health Engagement plan with deduc in H in Health Care Survey ealth C tible $1,000+ (indiv are Survey, , 2009–2012. 2010 idual), $2,000+ (fam ?2012. s economy ily), with . account. This re family cover port pr age did. CDHP = Cons esents fi Ge um ndi neral er-driv ngs en l from th y health , lower plan we 2 - ith inco deduc 008- m tible e in 20 $1,000+ (indiv 12 dividuals EBRI idual), $2,000+ (fam /M di GA d not Consum incr ily), w eer Engagem a ith sac e their count. contri entbutions in Health in Car 201e 2 Surv , whereas ey (CEHCS) higher- c ^ a a Difference from prior year shown is statistically significant at p = 0.05 or better. CDHP = Cons CDHP = Cons CDHP = Consumer-driven health um um er-driv er-driv en en health health plan plan plan ww w ith deduc iith deductible $1, th deduc tible tible $1,000+ (indiv $1,000+ (indiv 000+ (individual), idual), idual), $2,000+ (fam $2000+ (fam $2,000+ (family ily), w ily), w ), w ith iith th acac account. count. count. EBRI delive ^ Difference from prior rs a stead year show y n is statistica stream of invaluable research and anal EBRI’s work advances knowledge and unders lly significant at p = 0.05 or better. tanding of emplo ysis. yee benefits and their ^ Difference from prior year shown is statistically significant at p = 0.05 or better. levels of debt. For example, in 2010, among those with debt, families with heads ages 55–64 had a median debt of Source: Employee Benefit Research Institute estimates from the 1992, 1995, 1998, 2001, 2004, 2007, and 2010 Survey of Consumer Finances. contrast, the change from 2007–2010 was the result of declines in the proportion above the 40 3 percent threshold careers ah Families wit ead of t ^ N D h ote: D ifference from prior heads a etails hem, do not sum to 100% because ge 7 beca year 5 show or olde use their i n is statistica r ha the “don’ lly n d co significant a partic mes are t know at ” category p ularly = 0.05 likely or better. is not show large to rise n increase i in the figure. , and th neir the median debt (often debt relate -to-asset d to ho ratio of those using or childr having en) is —those most l 9.9 perc N N Note: Details ote: D Source: Employ ote: D ent SSource: Employ Source: Employ ourc ikely to still etails etails e:i E n m 200 do not sum to 100% because pl do not sum to 100% because do oyee B not sum to 100% ee 7. Benefit R ee ee enef be Benefit R Benefit R it Res workin esearch Instit earc esearch Inst esearch Inst h because Institutg. e the “don’ ute the “don’ es the “don’ itute itute tiestimates matestimates estimates es t know t t know frknow om t from the 1992, he ” ” ” category from the 1992, from the 1992, category category 1992, 1995 is not show is not show is not , 1995, 1998, 1998, 1995, 1998, 1995, 1998, show 2001, n n n in the figure. in the figure. in the figure. 2004, 2001, 2004, 2001, 2004, 2001, 2004, 2007, and 2007, and 2010 2007, and 2010 2007, and 2010 Survey 2010 Surv of Cons Surv Surv um ey er ey ey of Fi nanc of C of C Consume es onsumer onsumer . r Finances. Finances. Finances. SSource: Employ ource: Employee ee Benef Benefit R it Researc esearch Instit h Institute estute imat estimates es from the 1992, from the 1992, 1995, 1998, 1995, 1998, 2001, 2004,2001, 2004, 2007, and 2010 2007, and 2010 Survey of Cons Surv umer Fi ey of C nanc onsumer es. Finances. Note: Details do not sum to 100% because the “don’t know” category is not shown in the figure. and t income i he 20 ndivi 06d and uals di 20d. 07 EBR I/Commonwealth Fund Consumerism in Health Care Surveys. It examines the availability importance to the nation’s economy among policymakers, the news media, and the public. It Age o f the Acc EBRI ountpublications : The length o include f tim in-de e with the account appears pth coverage of key issues a to have in nd tren flue dnce s; summ d indivi arie dual s cont of rese ributions arch $76,600, compared with $30,000 for those headed by people age 75 or older. among those with heads ages 55–74, while the percentage with these high debt payments increased for the families likely to fall in the future. On the other hand, high debt-to-income ratios may represent more serious concerns for debt: 14.6 percent in 2010, up from 8.3 percent in 2007. Furthermore, families in the lowest-net-worth percentile had does this by conducting and publishing policy research, analysis, and special reports on of HRAs and HSA-eligible plans (consumer-driven health plans, or CDHPs), as well as employer and individual What we do findings and policy developments; timely factsheets on hot topics; regular updates on legislative and among those with employee-only coverage. While those with an account for less than five years contributed less than The ? de However, tota bt levels among t EBRI’ l debt hose w s mission is to contribute to, to payment ith s housing de as a perce bt nthave o age of i bn vi com ous and seri e increase ous implic d from 10. atio 8 ns for t percent in he futu 2007 re retir to 11e.4 ment perc ent in with heads age 75 or older (rising to emplo 4.y 9 ee benef percent its issues; holding educational br in 2010 from 4.3 percent in iefings for EBRI memb 2007). ers, congressional and older a signi famil ficant ies, whi increase in ch co th uld be forc eir medied to re an debt-duce to-asset ratio, their accuclimbin mulated asse g from ts to service t 59.3 percenth ie n 2 debt 007 w to hen 76. their act 0 percent ive inea 2rning 010. regulatory developments; comprehensive reference resources on benefit programs and workforce contribution behavior. those wit While the su h an bstantial incr account for fiv ease es in or mor debt e yea leverls from s, contribut 1992 io–20 n leve 10 can ls have be construed as a been trending ne down gative for thos resue w lt, de ith a bt levels n accomay unt References federal agency staff, and the news media; and sponsoring public opinion surveys on employee security of 2010, a the nd s ave e Americans. rage debt i Perha ncreased ps most from signific $73,72 antly, t 7 in 200 hese 7 to families $75,08 are pot 2 in 201 ential 0, whil ly at risk o e debt as f losi a perce ng what ntage is typically of years are winding down. However, if these high-debt-to-income older families have low-debt-to-asset ratios, the issue encour s; and age major survey , and to enhance the development s of public attitudes. benefit issues. EBRI’s Education and Research Fund (EBRI-ERF) performs the charitable, for 5 not tell or mor the fe ull years. Among story. If incom those wit e and assets h an gro account w at a for l pac ess th e faster an fiv than e ye tars, 15 hese debt per lev cen et contribute ls, these famili d nothing in es might actu 2012 ally , up Cher The share new, Mich of fa ael E., Alliso milies with n debt payments above 40 B. Rosen, and A. Mark Fendri percck. "Value-B ent of incom ae sed Insura was lowe nce D st fore those sign." Health Affairs families in th W e highest eb - their most assets important asset—their increased from 7.4 pehomes. rcent in 20 Older 07 famil to 8.5 perce ies that take nt in 20 on 10. higher housing debt may well have difficulty EBRI meetings present and explore issues with thought leaders from all sectors. effect of paying off the debt may not be as financially difficult as it might be for those with high-debt-to-income and CDHP Eligibility educational, and scientific functions of the Instit 4 ute. EBRI-ERF is a tax-exempt organization Figure 2 Credit-Card and Housing Debt Figure 12 Figure 7 of sound employee benefit pr Figure 10 Figure 6 Figure 5 Figure 12 ogr Figure 4 Figure 2 Figure 14 ams and slightly be in anfrom impro 2011 ving fina thouncial gh do position despit wn slightly froe mthe 16 percent increase Figure 8 d in debt 2010 leve (Fig ls. ur e 7 Th )e n . Sie milarly, xt two the sections exam percentage contri ine these buti de ng bt Exclusive (January 2007): w195-w203. Figure 9 income quartile in 2010, as it was in all prior years in the study (Figure 8). The proportion of families above the avoiding a ma jor lifestyle EBRI regula change rly provides in living co arrangem ngression ents al for the testimony rema , an inder o d briefs p f theiro re licy tirement, makers, cert mem ainly i ber fo th rga ey nizations, plan to high-debt-to-asset ratios. supported by contributions and grants. Percentage of American Families With Head Age 55 Percentage of American Families With Heads Age 55 or Older Percentage of A A Am n nn n erica u ual Indiv al Indiv n Families With Head A iidual Contributions dual Contributions gto to e 55 or A Acco ccoun Older Who Hav unt, t, e Debt According to the 201T 2 CEHC o Annual Individual Contributions to tal Median Housing Debt Pay Percentage S, 11. An 6 mi A nn u m n al Indiv llion u ents al Employ of Indiv ad Debt for Families as uildual Contributions ts ages 2 a Percentage iduals er Contributions 1–6 With Employ 4 (or Account, among People W With of Income for Families 7 per to Heads c to er ent of the A Contributions ccou AA th cco ge e nun population t, 55 t, or Older With ith ) were enrolled in a plan During the study period, To the tal, pro Nonhousing, portion of families and Housing with heads a Debt as Percentages ge 55 or older with h of ousing Assets debt i for ncreased steadily levels re $1, ?50 Housing 0 or more lative de to income w bt as 3 was the 8 pe an rce major d assets: nt in compon 2012 , dow ent o n sl f de ighbt tlyfor from famil 41ies percent with a h in e20 ad11 ag wh e 5 ile 5 o up slightly fro r older. The de m 33 bt l percent evels am io nn g 40 percent thresand hold the medi was higher a on employe for the lower- r benefits. income groups, and highest among the lowest-income quartile rely on their home as a sound public policy thr financial asset. ough objective a a or Older With aDebt, by Income Quartile, 1992–2010 a a Payments of Greater Than With Credit-Card Forty Debt, Percent by Age of Income, by of Family Head, Ag1992–2010 e of Head, 1992–2010 Fronstin, Paul. "Can "Consum Who Hav among erism" Slo Amo e People With Employ ng Housing w th People With Family e Rate of He Debt, by alth Benefit Cost A ee- ge O CDHP of Family nly or , Increases 2006–2012 Family Head, ?" CDHP 1992–2010 EBRI Issue Brief no.247 (Employee Employee-Only CDHP Head among to A A ccou A m go e People With Employ ng 55 nt, People With Family or Older Amon and g ,People With Employ Account for 5 or More by Income Quartile, ee- O CDHP nly or , Family 2006 men 1992–2010 Y– ears, 2010 2012 t -CDHP Based ?2012 with an HRA or HSA. An addi Am tional erica 7 mil n Families With Heads lion reported that they were cov Age 55 or ered by Older an H , 1992–2010 SA-eligible plan but had not (Fi 2010. In gur those wit e 1 contr 1), fr om 24 a hst, among ho EB using R p I e issu rcent debt ha in es dividuals with in pre 19 ve obvious ss 92rele to 4 as 2an accou perc e and serious s on ne ent n in wsworthy t for 20 implic 10. at lThe eations for ast fiv developm perce e yn e the futur tage ars, the perc ents, wit and i he cr re e s tirem entage not d a it-car mong ent secur d de the mo co bt held ntributi ity of these st swidely qu teady ng incr at eoted ased (11.9 per70 ce %n $1 t). F 20,000 amilies in the second-lowest quartile not only had an increased likelihood of having debt payments As described in more detail below, debt levels of the current elderly and near-elderly are at much higher levels than 20% EBRI Issue Briefs are periodicals providing exp a ert evaluations of employee benefit issues and 14 90 90 60 % % % % and Household and AtHealth Benefits and Least Some Health Income $50,000 or CDHP Engagement, , More, 2006–2012 2006 ?2012 2009–2012 80 Benefit Res % resear earch Institute), Jul ch and education. y 2002. 5 ? For income, the amount of debt service is examined by using required debt payments relative to family income. opened such an accou sources nt. T on h us, overall, employee be 18n .6 mill 19 e92 fits ion a by all media. 1995 dul 1998 ts ages 2001 21– 2064 04 with 2007 private 2010 insurance, representing 15.4 per- around 370 1 9% %percent before an uptick to 34 percent in 2004 and rose further to 38 percent in 2007, before dipping back In other from 5 pe Americans, work rcen t i by the npe 20 rhaps most sig 1 Employ 0 to 7 p ee B ercen e trends, as well n ne t i ificant fit n 20 Res l11 y that e and arch I as cr these f 1n itical analy 5stitute perce amilies ,nt in many ses of 20 are pot emplo 12 worker (F ey ig ntial ee benefit po u s were re 8) ly at risk o . fo Thund t e pe licies an f losi rce o nee d proposals. n ng tag dwhat to e of save sign in is typ d EB ivid RI Notes ically th ual ifica s w niis a tly eir th an above this threshold in 2010, but the percentage in that category (9.9 percent) was also higher than at any point they have bee 80% n for past generations. Amo All 19n 92 Lo g wes famili 19 t 295 5%es wit 19 26%–50% 98 h hea 2001ds a 51%–75% 20g 04e 720 5 or o 07 Highe l 20 der, st10 25% both housing and consumer debt Our 18.3% 60% 73%^ 18.0% All 55–64 65–74 75+ 8.5% EBRI directs members and other constituencies to the information they need an 80% d undertakes new cent of that market, were either in monthly a CDHP period or an ical providing current informati HSA-eligible plan but had not o on on a variety of employ pened the account ee b that wo enefit topics. uld be 12.5% 18% Total Nonhousing 2006 H20 ous 07 ing 2008 2009 2010 2011 2012 more than to 33 account most importan percent for at they are c i n least five year 2010 t asset—their u (Fi rrent gur ly saving in o e 1 s contribut 2).home. The ing per r der to ac c$1,500 or mor entages of hieve faa 75 milies w e d perce eclinied th c n fro t o rerm d 90 it-car 80 percent pd ercent debt i li i kelihood of n n 2 2010 010 78.5% w to e be re 65 similar to ing perce abl ne t in to 19 292 01 1 70%^ 55% going back to . "F80 indin % g 199 s F2 rom the 20 (although fami 12 EBRI/MGA Cons lies in each of umer Eng the othe agem r incom ent in H e qua er alth Car tiles hae d lo Surv we er pro y." EBRI Issu babilities e Brief, no. 379 of having thes e levels increased in 2010. Moreover, for this cohort, a larger percentage had debt levels above the threshold 59%^ 80% 54% 77.7% 60% 2006 2007 2008 2009 2010 2011 2012 ? In contrast, 70% resea for assets, outstandin rch on an ongoing g de ba bt is sis. meas20 ure 10 d r $97, 20 el11 000 ative to 2012 total assets. EBRIef is a weekly roundup of EBRI research and insights, as well as updates on surveys, 60%^ publications 69%^ used to fu 8% nd covered expenses. When their children were counted, 25.2 million 75.3% individuals wit 75.4% h private insurance, 12% $100,000 50% levels across each age group despite some jumps in the intervening years, with family heads ages 55–64 having the maintain and 60 p the e70 rcen % same standard t in 2012. of living throughout their retirement. The increased level of debt among families 15.8% with high debt 60 (Emplo pay % mye ents in CHECK OUT EBRI’S WEB SITE! e Benefit Rese 20 67%^ 10 than arch in 20 Institute), Dece 07). mber 2012. 16.0% considered 50 % problematic. While a high debt level is not necessarily a sign of financial danger for all elder 73.3% ly or near- EBRI has earned widespr 72. 20 ead r 9% 06 $95,507 20egar 07 20 d as 08 2009 2010 2011 2012 64% studies, litig 66% ation, legislation and regulati 72.4% on affecting employee benefit plans, w 54%hile EBRI’s EBRI maintains and analy 2006zes 20 the mo 07 2008st comp 2009 20 re 10 hen 20 si 11 ve databa 2012 se of 401(k)-type programs in the 65% 7.4% 11.2% 63% 16% 50% 53% 71.0% 64% 55%^ representing 14.6 percent of the market, were either in a CDHP or an HSA-eligible plan. 63%^ 7.2% 48% 50% 10.8% 54%^ heads a largest ig n70 e creas 5 % 5 or olde e 7.1% , goinr, alon g fromg with 37 perc the ent rein du199 ced asset 2 to 41 valu percent es post-200 in 2010. 8 because In contrast, t of the rec he percenta ession, w 51% ges ill only of famili make es with it 62% 68.6% Blog supplements our regular pub 46% lications, offering commentary on questions received from elderly fam 70% ilies (especially world. Its co if they a mputer 10.6% re a simul lso high ation -incom analy e), se s hous on So ing debt cial Secu (typically t 67.rity 8% reform he m and retireme ost financially nt signific income a ant ass dequa et cy 6.8% 50%^ Employer and Worker Contributions to 6.9% Health Reimbursement Arrangements and 60% 65% an organization that “tells it like it is,” . "Health 7% Savings Accounts and Other Account-Based Health Plans." EBRI Issue Brief no. 273 (Employee Benefit Income Dif 50% ferences: Generally, low 43%er-income people with an HSA are less likely to make contributions to the Debt Payments 2009 2010 2011 2012 Overall de60 bt l % evels 10.0% , percentage with $82, news reporters, policy 768 debt, debt payment mak s as ers, and others. EBRI’s a percenta65. ge o 7% f13. in 7% come Fun, and damen ptals ercenta of Employee Ben ge of familiese with fit housing debt increased significantly across all age gro 42%ups; for families with 13.6% heads ages 65–74, this debt increased more difficult for many of this age to save for or 42% fund a retirement that maintains a 9.9%given standard of living. are unique. 48%^ 63.4% elderly fam 50 14 % % ilies have) is of particular conce $82,000 rn, because leverag 41% ing it at this point in 63. th 0%eir lives may leave th 60% em without Health Savings Accounts, 2006–2012, 10% by Paul Fronstin, Ph.D., EBRI 62.5% 47% EBRI’s website is easy to use and packed with useful information! Look for It was found that a significant percenta 13.0%61.4% ge of work 9.5% ers with traditional health benefits were eli 52% gible for account-based Research Institute), Septemb Programs er 2004. offers a straigh 12.8% tforward, basic explan 13.2% ation of employee benefit programs in the $80,000 9.4% account th 60% an higher-income people. Twenty perc 12.7%ent of people 12.7%in households with less than $50,000 in income did not debt payments greater than 40 percent of their 59. incom 7% e all increased60. fr 6% om 1992 to 2010. Furthermore, housing debt 40% based on the f 59.4% acts. As the Bylaws state: 58.3% 6.1% Moreover, th The first m from 1 8 perc easure o e e increasi nt in 1 f th 992 ne i g am to ndebtedness of t 41 ount of percent debt by backed h 201 e n0, a ear by th nelderl d for eir y (a families primary ges 5with 5 residences is –6 h 4)e an ads a d elg derly eplac 75 o in (arg th ge older, from 65 ese f ana d ov milie 1 er) 0 s in percent is the positions to 11.9% a major resou 60% rce to finance an adequate retirement. 38% 37% $72,291 50% private and public sectors. The EBRI Databook on Employee Benefits is a statistical 11.8% 37% 12.0% health pla 40 6% n %s. Among individuals with traditional, employment- 5.8% based health benefits and a choice of health plans, 56.0% 11.7% contribut these special features: e50 to t % he account in 2012 (Figure 9), compared with 7 percent of people with $50,000 in 8.5% household income 12% $70,000 increased across all age groups, representi $69,041 ng more than 70 percent of all debt. However, wh 54.6% ile the 11.4% percentage of perce 24 perc EBRI make ntage ent. of 53. family i 8%s information freel ncome 54.that d 0% ebt pay y av ments ailable to al re $67, pres 409 ent.l From . 1992 to 2004, debt payments were approximately wher e th . "Tey co 40 iered Net % uld be works for Hosp forced to sell t ital an heir d Ph hoysic mes. ian H 8.4%ealth Care Serv 11.1% ices." EBRI Issue Brief, no. 260 (Emplo 8.3% yee Benefit 53.0% 11.1% reference work on employee benefit programs and work force-related issues. 40% “In all its activities 11.0% , the Institute shall ? This report presents findi 34% ngs from the 2012 EBRI/MGA Consumer Engagement in 10.8% Health Care Survey, as well as 10.7% 5.3% 37% 51.8% 33% $65,366 52.1% 7.9% 7.9% 36% 39 percent 50%were eligible for an HRA or an HSA-based plan in 2012, about the same percentage as had been eligible 10.3% (Figure 10). For the EBRI assume lower-is ncome a publi group, c service re the perce spon ntage contri sibility to make buting its finding $1,500 or mor s completely e was geacce neralssi ly uncha ble at nge www.ebri.org d families with Rese 8% debt arch Institute), August 20 payments greater than 03. 40 percent of their income 32% decreased from 32% 2007–2010, the percentage 31% 7.6% 48.9% 32% 9 percent of family incom 31% 31% e, $61, at wh 280 ich point 10. they 0% began trending 7.5% upward: 10.3 percent in 2004 to 11.4 percent in 2010 50% • EBRI’s entire library of research publications starts at the m 30% ain Web page. Click on EBRI earlier 40% surveys, examining the availability of health reimbursement a 7.3% rra $58,ngeme 685 nts (HRAs) and health-savings- 10 5% % 30% 7.2% Percentage With Debt for such plan$6 s since 0,000 2007 (Figure 1). 29% 40% function strictly in an objective and 45.6% 4.7% — so that all decisions that relate to employee benefits, whether made in Congress or board 9.3% rooms or These F betw rom 20 een de 07 2 bt r 30 010 –2 %e01 sults are trou 9. and 2% 0, th 2e 0 1 p2 e. Ho rcebling as far nwever, tage of among fa as mil r ies w the etirement hi ith h gher e pr ad -inc s ep aome gro are ges 5 dness is c 5–u 7p, t 4 wit h oe p ncerne h cre ercenta dit ca d, in ge rd a th contributi at they nd housing de inng dic $ ate that 1,50 bt declin 0 or Ameri more ed. can $55,153 remained above the 1992 level. The growth in debt level 8.8% s in 2010 was particularly strong among families with heads (Figure 4). As the age of the family Contact EBRI heads increas Publications, (2 ed, 8.8% the debt02) 659-0670; payment perce fax publication ntages decreas orders to ed, from (20 12. 2) 775-6312. 4 percent for $53,360 $52,000 30% Issue Briefs and EBRI Notes 8.5% for our in-depth and nonpartisan periodicals. $52,415 34% 8.6% account (HSA)-eli 30 30 % % gible plans (consumer-driven health plans, or CDHPs). It al 8.4%so looks at employer and individual 40% families’ homes, are based on the highest quality, most dependable information. EBRI’s Web site posts 8.1% 32% 32% 32% The However, share o for t f oh lder ose fami American lies with families hea Subscriptions to dwith s age 75 or debt i n EBRI older, 2010 Issue Bri w the as virtually percentages with bot efs are included unchanged from as part of h ofEBRI these debt 2007, alt membership, or as part of hough ther categories e incr was a eased. a families just increased frorm eachin 47 percent g retire to 60 ment or pe ne rcewly nt b retire etwee d a n 20 re m 10 an ore like d 20l12 y tha . n past generations to have debt—and significantly age 75 or older. 4.0% 31% $47,798 unbiased manner and not as an advocate 7.6% families with 8% heads ages 55–64 in 2010 to 7.1 percent fo 30%^ r those headed by individuals age 75 or older. While the Endnotes 3.9% 5.9% 24% Orders/ 40% 5.8% $45,498 30 4% % contributio 6% n behavior. $42,465 5.6% all research findings, publications, and news alerts. EBRI also extends its education and public service Employer Contribu 30% tions 7.1% $199 annual subscription to EBRI Notes and EBRI Issue Briefs. Change of Address: EBRI, 3.6% 27%^ signific • ant i Visit EBRI’s blog, or subscribe to the EBRI ncrease in the share of those families with the oldest ef e-lette hear. d s (ages 75 or older $42, ). T 465 he percentage of high In part er licular, evels o th f debt. e percentage with Furthermore, debt housin inc g debt idenc incr es an eased from d the num 14 ber p of erc f ent i amilies n 20with 07 to e 24 xcessive debt percent in payments r 2010. In 22% fact, elative this 3.5% perce 1 ntage of income that debt payments 3.4% represented for families with heads ages 55–74 increased only slightly, $38,686 20% 30% role to improving Ameri 3.3% cans’ financial knowledge through its award-winning public service 19% 4.9%campaign See www.mer $40,0 cer.com 00or opponent of any position.” /pressrelease/details.htm?idContent=1491670 1100 13th St. NW, Suite 878, Washington, 3.2% DC, 20005-4051, (202) 659-0670; fax number, 20 Health En 20 %% gagement Differences: There is a correlation between health en 18% gagement and individual Seven out o 20%f 10 workers (69 percent) with an HRA or HSA reported that their employers contributed to the account in Subscriptions 6% American age grou20 p acc fami % o lies he untedade ford all by ®of the ind ividu overal als a l i gn e 5 creas 5 or e old in te hr ewith some percentage o leve f thos l of de ebt 55 o was r ol 63. der 4 with perce hous nt in in 2 g 010, debt, as almos bo t th to their Debt as a Percentage of Asset incomes are at nearly their highest levels s since 1992. Consequently, even more near elderly and elderly 16% 16% 17% 16% 4.3% debt payments as a percentage of(202) 775-6312 16% income increase ; e-mail: 4.3% d substantia subscriptions@ebr lly for families i.org 15% with Me hembe ads a rshgip Information: e 75 or older; from Inquiries ? The per 30 3% %C ch enta oosetoSave g15% e of workers and re 15% the portin companio g that th n eir site employe www.c rhoo s contribut setosav e to e.o the account rg 16% 15% 16%^ increased. Among those with • EBRI’s reliable health and retirem 20% 15% ent surveys are just a click away through the topic boxes at 15% 14% 4.0% 4.1% 16% 16% 20% 15% $28,014 14% $26,916 contributions to an HSA. Those defined as being engaged in their health reported that they did at least one of the 2012 (Figure 2). The percentage of workers with an HRA 12% or HSA plan whose em 14% ployers contributed to the account 2 unchanged from the 2007 level of 63.0 percent (Figure 1). However, the 2010 l19% evel was up nearly 10 percentage families younger gro are 4% u lik ps ely to experi finence d 12% the d s mlselves at ris ight reductions k for sever . e 12% changes in retirement 14%lifestyle than past generations. 13% regarding EBRI membership and/or contributions to EBRI-ERF should be directed to EBRI Debt as a perc13% entage of total assets for near elderly and elder 2.3% 11% l11% y families was virtua 12% lly unchanged at approximat 2.4% ely 4.5 In 200 perc1, employers formed a coalition ent i 20% n 2007 to 7.1 percent in 3.5%20 to10 report-health-ca . re-provider quality me $25,782 asures, and today the group is composed employer contributions, ov 12% erall contribution levels for individuals with employee-only coverage increased in 10% 10% 13% the top of the page. 11%11%11% 12%^ 4% 12% 11% 9% 9% 2.1% 2.1% 15% 10% 11% following: 8% 11% has been ste 10% adily increasing since President Dallas 2009. 8% Salisbur11% y at th 11%e above address, (202) 659-0670; e-mail: salisbury@ebri.org 9% 9% 10% points from the 1992 level of 53.8 percent. 10%^ 7% 10% 7%^ 9% 9% 9% 9% 9% 10% 8% 8% 7.0 not on EBRI is sup perc ly of employers bu ent 2% from 19 ported b 92–19 t also of co 987%^ y b o ut rdecre ganizations from all industries and sectors that appreciate the value of nsumer groups and org 8% ased in 20 6%^ 01 to leass than nized labor (see 6.0 percent www.health before reboun caredisclosure. ding to just above org/). In 2002, there 7 per- 20% 9% 8% 8% 8% 201 10 2, a % n $2d 0,0 hav 00 e been 9% increasing si 5% nce 2009. 9% 10% 7% 9% 7% 7% 7% 7% 9% 10 10 %% 8% 6% 6% 6% 8%6%^ 6% Along with the decrease 2.3% in the percentage of families with credit-card debt, the median amount owed by those having 5%^ 5% 5% 7% • Need a number? Check out the EBRI Databook on Employee Benefits. 5%^ Across the three lowest-income quartiles of these familie 4%s, the ^ percentages of income that debt payments 10% 4% 4%^ 4% cent was interest in tiered provider networks (see Fronstin 2003). unbiased, reliable information on emplo (at 7.4 2% percent 3% ) in 2007 (Figure7% 9). In 2010, they pee b ercenta In 2005, empl enefits. ge jum Vis ped oyers started to focus on valu to it www.e 8.5 per b7% c ri.o ent—the rg/about/join/ highest perc e-based insura for more. entag e (by nce ? Checked whether my 7% 3% healt 3% h plan wou 3%^ld cover my care or medication. 1.8% 6% 3% 3% 3% Editorial Board: 2% Dallas L ^ .2% Salisbury, publisher; Stephen Blakely, editor. Any views expressed in this publication and those of the authors should 5% 5% 2% 5% Among workers with an 1%^ employer contribution, those wi4% th employee-only coverage saw their annual employer The incidence of debt decreases significantly as the family heads age; i.e., in 2010, 77.6 percent of families with this debt also decreased: to $2,430 in 2010 from $3,143 (2010 dollars) in 2007 (Figure 13). While the overall median 0% represe nted in 2010 were 15.2 percent for those with incomes in the second qu 2% artile; 15.8 percent for those in the ?not be Workers with ascribed to the officers, employee trust -only ees, coverag members, or e didother sponsors of the E not increase their o mw ploye n contr e Benefit Research ibutions, butInstitute, the EBRI Educ those with family covera ation and ge designs that se 1% ek to encourage the use of hi 1%gh-value services while discouraging the use of services when the benefits are more than 1 percentage point) during the study period. Nearly all of the decrease from 1998–2001 was due to a 10 0% % 0% • Instantly get e-mail noti?cations of the latest EBRI data, surveys, publications, and meetings 0% Nothing Less than $500 $500–$999 $1,000–$1,499 $1,500 or more contributions increase between 2006 and 2008, but fall in 2009 and 2011. Between 2006 and 2008, the percentage ? Checked the price of a doctor’s visit, medication, or other health care service before I received care. heads and t Resear h a e m gch Fund, es e di 55 an –64 or s for t their held staffs. hose f debt, Nothin amilies w compare g hereiin is to be co th d wit heads ages 5 h 38 nstr .5 ued as an attem perc 5en –6t o 4 an f th d pt to aid or o 65 se–74 wit decline hi h nder hea the adoption ds ag d, th ee m s 75 or older. e of a dian ny pending le credit While the -cgislat ard de ion,bt for regulation, those 0% Less than $200 $200–$499 $500–$749 $750–$999 $1,000 or more 0% Employer Contributes to Account No Employer Contributions Don't Know third quartile; and 18. No0 thinperc g ent for those i Less than n the first $500 (lowest-) i $500–$999 ncome quart $1,000–$1,499 ile. (Figure 5); There $1,50 was a si 0 or more gnificant not justified by the costs (see Chernew, Rosen and Fe did. ndrick 2007). lower perc 0%entage o $0 f nonhousing debt relative to assets; nonhousing debt decreased from 3.2 percent in 1998 to 0% 1992 1995 1998 2001 2004 2007 2010 and seminars by clicking on the “Notify Me” or “RSS” buttons at the top of our home page. or interpretative rule, or as Nothing legal, accounting, Les actuarial, o s than $500r other such prof $500–$999 essional advice. $1,000–$1,499 $1,500 or more reporting that their employers contributed $1,000 or more to the account increased from 26 percent to 37 percent percentages with debt decreas Ale ld for families heade 55–64 d by individuals ages 55– 65–7464 and stayed the s 75 ora O m lde er for families families carrying it incr Nothie nase g d substant Leially ss than for $50famili 0 es with $500–$999 heads age 75 or older: $1,000–$1,499 from $838 in 2007 to $1,500 or mo $1,800 i re n Source: EBRI/Commonw Alealth Fund l Consumerism in Health C 55–64 are Survey, 2006 and 2007; EBRI/MGA 65–74 Consumer Engagement in Health C 75 are Su or O rv ld ey er , drop-off for 0% 0% Source: th Source: ose in t EBR EBR I/C I/C ommonw ommonw he four ealth ealth th (highest Fund C Fund C onsumerism onsumerism -) i in H in H ncome ealth C ealth C are Su are Su quartil rv rv ey ey , , 2006 e, at 2006 and 2007; EBR and 2007; EBR 9.3 perI/M c I/M e G G n AA t. Th C C onsumer onsumer e de Engagement Engagement bt payment in H in H ealth C ealth C perce aa re Su re rvn eytages , of income ? Checked the quality rating of a doctor or hospital before I received care from them. 2.3 percent o 0% f assets in 2001. After a relatively steady level of housing debt relative to assets from 1992–2001, 3 Source: EBRI/Commonwealth Fund Consumerism in Health Care Survey, 2006 and 2007; EBRI/MGA Consumer Engagement in Health Care Survey, 2008 2008 ? ?2012. 2012. All Lowest 25% Highest 25% Survey, 2008 1992 ?2012. 1995 1998 26%–50% 20 Age 01 51%–75% 2004 2007 2010 (Figure 3). It fell to 19 32 92 percent in 19 2 95009 and to 2 19984 percent in 20 2001 11. The perce 2004 ntage of workers 2007 with employer 2010 More informa Source: EBRI/MGA tion about the survey Consumer Engagement s can be in Health Care Survey found in Frons , 2010 ?2012. tin (2012). Age 201 headed 0. This by individuals ages awas by far the la 65– rgest amou 74, the pe nt rcentag since 19 e9 with 2 for debt these amon famil g t ies h. ose with heads age 75 or older increased to 2008 a ?2012. 1992 1995 1998 2001 2004 2007 2010 aCDHP = Consumer-driven health plan with deductible $1,000+ (indiv There’s lo idual), $2,000+ (fam ts more! ily), with account. Source: EBR CDHP = Cons CDHP = Cons I/M um um GA er-driv er-driv Consumer en en health health Engagement in plan plan w w ith ith deduc deduc Health C tible tible $1,000+ (indiv $1,000+ (indiv are Survey, 2009–2012. idual), $2,000+ (fam idual), $2,000+ (fam ily ily ), w ), w ith ith ac ac cc ount. ount. EBRI Notes a is registered in the U.S. Patent and Trademark Office. ISSN: 1085 ?4452 1085 ?4452/90 $ .50+.50 housing de abt CDHP increased = Consumer-driven health from 3.5 p plan ercent with deductible $1, in 2001 000+ to (individual), 5.3 pe $2,000+ rcent (f in amily20 ), wi07 th account. , and reached 6.1 percent in 2010. CDHP = Cons a umer-driven health plan with deductible $1,000+ (individual), $2,000+ (fam th ily), with account. ^ ^ D D CDHP = Cons iifference from prior fference from prior umer-driv y year ear en show show health n n is statistica is statistica plan with deduc lly lly significant significant tible $1,000+ (indiv at at p p = = 0.05 0.05 ior better. or better. dual), $2,000+ (family), with account. ^Source: Employ Difference from prior ee Benefit R year show esearch Inst n is statistica itute lly estimates significant from the 1992, at p = 0.05 or better. 1995, 1998, 2001, 2004, 2007, and 2010 Survey of Consumer Finances. Note: Details Source: Empl do oyee not sum to 100% Benefit Research I because nstitute es the “don’ timates ft rom know the 1992, ” category 1100 13 1995, is not 1998, St show 2001, reet n 2004, in the figure. NW · Suite 878 2007, and 2010 Survey of Consumer Finances. Source: Employ Source: Employ Source: Employ ee ee Benefit R Benefit R ee Benefit R esearch Instit esearch Inst esearch Instit itute ute estimates estimates ute estimates from the 1992, from the 1992, from the 1992, 1995, 1998, 1995, 1998, 1995, 1998, 2001, 2004, 2001, 2004, 2001, 2004, 2007, and 2010 2007, and 2007, and 2010 2010 Surv Surv ey ey Surv of C of C ey onsumer onsume of Consumer rFinances. Finances. Finances. ^ Difference from prior Source: Employ Source: Employee ee year Benefit R Benefit R shown esearch Inst esearch Inst is statistically itute itute significant estimates estimates at from the 1992, from the 1992, p = 0.05 or better. 1995, 1998, 1995, 1998, 2001, 2004, 2001, 2004, 2007, and 2010 2007, and 2010 Surv Survey ey of C of Consumer onsumer Finances. Finances. Note: Details do not sum to 100% because the “don’t know” category is not shown in the figure. N N N ote: D ote: D ote: D etails etails etails do not sum to 100% because do not sum to 100% because do not sum to 100% because the “don’ the “don’ the “don’ t know t know t know ” ” ” category category category is not show is not show is not show n n n in the figure. in the figure. in the figure. Washington, DC 20005 Visit EBRI on-line today: www.ebri.org ebri.org ebri.org ebri.org ebri.org ebri.org ebri.org ebri.org ebri.org ebri.org No No No No No No No No Nottttttttte e e e e e e e es s s s s s s s s • Februa • Februa • Februa • Februa • Februa • Februa • Februa • Februa • Februar r r r r r r r ry y y y y y y y y 2013 2013 2013 2013 2013 2013 2013 2013 2013 • Vol. 34, No. 2 • Vol. 34, No. 2 • Vol. 34, No. 2 • Vol. 34, No. 2 • Vol. 34, No. 2 • Vol. 34, No. 2 • Vol. 34, No. 2 • Vol. 34, No. 2 • Vol. 34, No. 2 15 21 16 13 18 10 3 2 6 (202) 659-0670 www.ebri.org © 2013, Employee Benefit Research Institute ?Education and Research Fund. All rights reserved. www.choosetosave.org A monthl y newsletter from the EBRI Education and Research Fund © 2013 Employee Benefit Research Institute ebri.org ebri.org ebri.org ebri.org ebri.org ebri.org ebri.org ebri.org ebri.org ebri.org ebri.org ebri.org Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes • • • • • • • • • • • • February February February February February February February February February February February February 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 • • • • • • • • • • • • Vol. Vol. Vol. Vol. Vol. Vol. Vol. Vol. Vol. Vol. Vol. Vol. 34, 34, 34, 34, 34, 34, 34, 34, 34, 34, 34, 34, No. No. No. No. No. No. No. No. No. No. No. No. 2 2 2 2 2 2 2 2 2 2 2 2 17 19 23 22 20 24 12 4 9 8 5 7 Figure 10 Figure 3 Total Debt as a Percentage of Assets, Percentage With Debt, and Median Total Debt-to-Asset Ratio Average Total Debt and Median Total Debt for Those With Debt For Families With Head for Those With Debt, for Families With Head Age 55 or Older, by Various Characteristics, 1992–2010 Age 55 or Older, by Various Characteristics, 1992–2010 1992 1998 2001 2004 2007 2010 1992 1998 2001 2004 2007 2010 (2010 $s) (2010 $s) Debt Median Debt Median Debt Median Debt Median Debt Median Debt Median Median Median Median Median Median Median as a Percent Debt-to- as a Percent Debt-to- as a Percent Debt-to- as a Percent Debt-to- as a Percent Debt-to- as a Percent Debt-to- Category Average With Debt Average With Debt Average With Debt Average With Debt Average With Debt Average With Debt Percent With Asset Percent With Asset Percent With Asset Percent With Asset Percent With Asset Percent With Asset 36.0% a a a a a a 18%^ All $33,726 $16,683 $46,297 $29,641 $47,518 $28,189 $59,595 $36,822 $73,727 $45,051 $75,082 $55,400 Ratio Ratio Ratio Ratio Ratio Ratio Category Of Assets Debt Of Assets Debt Of Assets Debt Of Assets Debt Of Assets Debt Of Assets Debt Age of Family Head All 7.1% 9%^53.8% 10.1% 7.2% 53.0% 12.8% 5.8% 56.0% 12.1% 6.8% 60.6% 14.4% 7.4% 63.0% 16.0% 8.4% 63.4% 19.6% 10%^ 12%^ 17%^ 55–64 58,621 30,332 82,664 46,823 79,863 42,896 97,207 54,082 112,075 62,904 107,060 76,600 Age of Family Head $39,665 65–74 25,648 7,583 37,305 16,008 42,791 16,055 42,009 28,767 72,922 42,044 70,875 44,600 55–64 10.2 71.4 15.6 10.4 76.3 17.6 8.2 76.2 14.9 9.1 76.3 15.7 10.3 81.7 18.8 10.7 77.6 22.8 75 or older 8,940 4,853 10,423 10,779 10,988 6,128 23,283 17,030 13,665 $1,557 15,506 27,409 30,000 65–74 5.6 51.5 5.3 5.6 51.9 8.8 4.9 57.0 9.3 5.0 58.5 13.6 6.4 65.2 14.9 7.7 65.0 15.9 38.6% 75 or older Race of Fam 2.6 ily Head 31.9 5.2 2.4 25.0 5.5 1.9 29.0 4.7 3.7 40.3 8.4 2.0 31.2 8.3 4.0 38.5 14.6 Race of Family Head White, NonHispanic 33,805 18,199 47,619 31,215 47,981 26,718 63,665 39,123 75,328 49,871 80,310 60,000 White, NonHispani Other c 6.4 51.633,370 9.1 9,024 6.7 39, 51.7 007 12.1 20,677 5.245,094 55.0 30,640 10.4 43,6.2 235 31, 60.3 069 13.1 66,914 6.8 29,336 60.7 57, 14.6 471 44, 7.7600 62.3 17.9 12% Other Family Inco15.7 me (2010$) 64.0 13.5 14.7 60.3 20.2 15.0 61.3 20.8 15.6 61.7 20.9 14.4 72.9 23.4 15.6 67.1 27.6 Family Income (2010$) Less than $10,000 7,273 1,972 4,524 2,668 4,387 1,348 21,758 3,452 24,219 6,642 43,089 9,000 17% 12%^ 31.2% Less than $10,000 9.9 37.0 11.1 4.4 30.8 13.0 5.6 29.8 8.7 13.3 38.6 20.0 8.9 36.6 9.1 8.1 32.9 45.6 $10,000 to $24,999 7,596 3,337 12,260 4,722 9,621 7,721 13,188 10,127 14,382 11,839 20,732 14,000 7.9% $10,000 to $24,999 6.4 44.9 8.7 8.3 38.7 10.0 7.3 42.1 15.2 7.7 45.0 17.1 7.8 46.6 14.5 13.1 48.4 25.2 $25,000 to $49,999 18,596 12,133 24,247 25,413 22,468 16,607 27,748 22,438 32,720 26,193 42,518 38,300 $25,000 to $49,999 6.8 57.1 8.6 8.1 52.9 14.3 7.2 55.4 13.6 7.3 63.2 12.1 8.5 62.8 18.4 10.9 64.0 24.4 $50,000 to $99,999 30,648 27,299 48,133 44,022 39,493 32,295 59,113 45,280 87,464 71,244 81,413 71,300 $2,329 $50,000 to $99,999 6.4 59.1 9.3 9.5 63.8 15.3 6.2 66.0 11.4 8.3 67.8 14.1 11.7 76.7 19.2 12.7 74.4 20.2 $100,000 or more 156,757 85,840 165,820 97,382 168,739 124,263 173,764 146,137 220,742 190,681 210,863 167,000 $100,000 or more 7.6 76.0 12.5 6.3 74.0 11.3 5.3 73.5 10.3 6.0 75.3 14.1 6.2 79.9 14.3 6.4 77.4 12.9 Family Status $89,055 Family Status 38.1% 15% Married 50,642 25,206 66,526 40,553 64,820 34,317 88,754 51,781 112,841 77,530 106,156 73,000 Married 7.4 62.8 10.5 7.2 62.6 12.5 5.5 63.7 10.8 6.9 68.7 13.3 7.5 72.4 15.9 8.2 71.3 17.7 Single Male 30,757 15,469 51,218 41,354 41,172 31,866 42,159 34,521 47,622 21,184 44,296 35,000 Single Male 7.8 43.6 12.9 8.2 46.8 17.5 6.8 54.9 17.5 6.1 53.3 14.9 6.8 54.6 15.4 7.4 52.9 19.8 Single Female 11,550 5,172 16,977 11,606 18,877 11,030 23,379 14,384 28,592 18,859 39,595 32,000 Single Female 5.5 45.1 7.5 6.6 42.0 13.1 6.4 42.4 11.1 7.0 51.7 16.2 7.7 53.1 16.7 11.1 55.7 26.4 Education of Family Head Education of Family Head Below HS Diploma 13,018 6,294 11,959 10,805 13,782 10,565 14,251 11,507 20,445 20,954 25,367 17,000 Below HS Diploma 8.0 45.0 10.9 7.2 41.0 12.0 6.8 46.1 14.4 5.6 43.4 17.9 8.4 44.8 22.9 12.4 52.4 27.6 46.6% HS Diploma 21,263 11,299 25,922 25,346 23,886 19,622 27,137 23,014 41,707 21,059 44,449 38,000 HS Diploma 6.5 55.8 7.4 6.8 47.6 13.5 5.9 53.6 13.9 6.6 59.7 12.1 9.6 63.6 14.6 11.1 59.5 21.8 $1,164 Some College 36,693 23,401 50,664 40,553 43,748 25,737 75,423 44,129 76,851 57,624 72,665 60,000 Some College 6.5 49.3 12.4 7.0 62.1 15.7 6.5 60.0 10.2 9.7 70.9 17.7 9.8 67.9 22.1 11.7 68.7 27.4 College Degree 77,785 45,498 100,640 56,348 102,762 73,536 109,331 94,356 135,466 104,770 124,525 94,000 College Degree 7.4 67.2 11.2 7.4 66.1 12.2 5.5 64.9 11.4 6.4 67.3 14.1 6.5 69.6 14.9 7.2 69.0 15.7 a b 12%^ Net Worth Percentile Net Worth Percentile 10% Lowest 25% 6,743 3,564 15,304 8,538 17,523 7,942 19,157 12,048 26,471 13,620 38,038 20,000 Lowest 25% 32.2 48.3 24.0 45.2 48.6 40.6 45.3 56.0 42.7 48.7 56.3 43.1 57.4 57.5 59.3 85.3 59.5 76.0 13% 13%^ 13%^ 44.2% 25%–49% 13,549 9,721 32,747 27,480 22,122 18,225 41,120 31,667 53,411 41,908 56,257 54,500 25%–49% 12.3 53.1 9.9 21.5 59.9 19.4 14.8 56.4 13.9 22.0 66.9 17.7 25.4 66.9 22.5 32.5 71.1 32.4 9.5% 50%–75% 23,040 23,007 13.3% 25,835 33,350 38,913 42,773 50,601 46,028 61,958 48,194 46,263 43,970 50%–74% 9.0 56.3 9.1 8.3 45.7 10.8 9.9 54.1 11.4 11.3 62.6 11.8 13.3 64.2 11.4 11.9 60.1 12.0 75%–90% 38,937 41,859 43,104 49,358 53,619 37,957 78,701 69,041 82,168 94,293 109,356 103,500 75%–90% 7.0 54.4 7.3 6.5 52.1 7.0 5.8 54.8 4.8 7.8 59.9 7.1 8.2 60.2 9.1 10.3 62.3 10.6 $16,999 Top 10% 170,605 61,575 213,430 112,055 198,290 147,072 191,118 187,562 259,673 225,256 235,447 230,000 Top 10% 5.8 62.5 3.4 5.1 66.5 4.1 3.7 61.3 4.8 3.7 55.1 5.8 3.9 68.6 5.2 4.1 63.8 5.9 Working Status of Family Head Working Status of Family Head 59%^ 21% 44.6% Works for Works for $34,521 50% someone else 47%^ someone el 10.1 se 78.548,829 13.0 27,13.5 087 68, 80.5 774 17.9 44,022 10.9 66,128 79.2 39,636 15.8 88, 11.7 869 55, 78.5 118 19.5 111,35012.9 80,201 80.9 99, 22.6 048 12.6 70,500 81.9 24.6 $41,908 61%^ 15.2% Self-employed Self-empl8.8 oyed 71.1146,414 11.3 60,816 6.6 142, 74.2 204 10.8 42,688 6.2 141,64973.5 74,762 10.4 141, 5.2 503 81, 74.7 699 12.9 190,061 5.6 102,675 79.5 187, 9.2 947 112, 6.9500 77.7 12.9 Retired Retired 4.7 44.915,482 8.2 9,100 4.5 21, 38.7 200 9.0 13,473 3.219,821 42.8 12,256 8.6 27,4.6 443 19, 47.9 562 9.8 31,928 4.8 20,954 49.6 36, 11.7 349 33, 6.4100 49.2 18.1 Other Nonwork Other Nonw 5.0ork 35.410,960 5.3 2,275 9.9 30, 37.7 902 16.5 20,010 4.020,853 22.7 6,128 4.0 101, 19.8 094 14, 79.7 844 14.1 130,05113.0 51,442 84.1 81, 26.0 894 22.8 52,330 78.5 40.6 Source: Employee Benefit Research Institute estimates from the 1992, 1998, 2001, 2004, 2007, and 2010 Survey of Consumer Finances. Source: Employee Benefit Research Institute estimates from the 1992, 1998, 2001, 2004, 2007, and 2010 Survey of Consumer Finances. a a This includes only those who have debt. Net worth percentiles are for the families with a head age 55 or older, not for all families. b Net worth percentiles are for the families with heads age 55 or older, not for all families. Note: All dollar amounts are in 2010 dollars. ebri.org Notes • February 2013 • Vol. 34, No. 2 11

“Debt of the Elderly and Near Elderly, 1992–2010,” and “Employer and Worker Contributions to Health Reimbursement Arrangements and Health Savings Accounts, 2006–2012”

“Debt of the Elderly and Near Elderly, 1992–2010,” and “Employer and Worker Contributions to Health Reimbursement Arrangements and Health Savings Accounts, 2006–2012”