Account-based health plans continued to grow in 2011, increasing to $12.4 billion in assets among 8.4 million accounts, according to the latest survey by EBRI and Mathew Greenwald & Associates. That’s up more than 55 percent in the number of accounts and almost 70 percent in assets since 2010.

ASSET LEVELS GROWING: In 2011, there was $12.4 billion in health savings accounts (HSAs) and health reimbursement arrangements (HRAs), spread across 8.4 million accounts, according to data from the 2011 EBRI/MGA Consumer Engagement in Health Care Survey, sponsored by EBRI and Matthew Greenwald & Associates. This is up from 2006, when there were 1.3 million accounts with $873.4 million in assets, and 2010, when 5.4 million accounts held $7.3 billion in assets.

AFTER LEVELING OFF, AVERAGE ACCOUNT BALANCES INCREASED: After average account balances leveled off in 2008 and 2009, and fell slightly in 2010, they increased in 2011. In 2006, account balances averaged $696. They increased to $1,320 in 2007, a 90 percent increase. Account balances averaged $1,356 in 2008 and $1,419 in 2009, 3 percent and 5 percent increases, respectively. In 2010, average account balances fell to $1,355, down 4.5 percent from the previous year. In 2011, average account balances increased to $1,470, a 9 percent increase from 2010.

TOTAL AND AVERAGE ROLLOVERS INCREASE: After declining to $1,029 in 2010, average rollover amounts increased to $1,208 in 2011. Total assets being rolled over increased as well: $6.7 billion was rolled over in 2011, up from $3.7 billion in 2010. The percentage of individuals without a rollover remained at 13 percent in 2011.

HEALTHY BEHAVIOR DOES NOT MEAN HIGHER ACCOUNT BALANCES AND HIGHER ROLLOVERS: Individuals who smoke have more money in their accounts than those who do not smoke. In contrast, obese individuals have less money in their account than the nonobese. There is very little difference in account balances by level of exercise. Very small differences were found in account balances and rollover amounts between individuals who used cost or quality information, compared with those who did not use such information. However, next to no relationship was found between either account balance or rollover amounts and various cost-conscious behaviors. When a difference was found, those exhibiting the cost-conscious behavior were found to have lower account balances and rollover amounts.

DIFFERENCES IN ACCOUNT BALANCES: Men have higher account balances than women, older individuals have higher account balances than younger ones, account balances increase with household income, and education has a significant impact on account balances independent of income and other variables.

DIFFERENCES IN ROLLOVER AMOUNTS: Men rolled over more money than women, and older individuals had higher rollover amounts than younger individuals. Rollover amounts increase with household income and education, and individuals with single coverage rolled over a slightly higher amount than those with family coverage.

Ac Accounts (millions) counts (millions) References Employer a Accordin Figure 12, Household To measur Among both g to e h Average nd men an fi endin Indivi alth status, a gs from AcIncome dual d count wom Con te —Accordi Balances, by Health h measure of self-r n, acco te ributions 2011 EB unt ng to —An RI/MGA Consum balances i Fi nual co gur eport eBehavior and Healt ncrea 2ntributi 6 e, rollover d hsed e ealth r En on amounts, betw status am gageme een ounts incr 2 w h nt as combin 007 Status, August 2011 wheth in H an ease ed e alth r th 200 with ed Car ey 9, with house fel come from e Surv l i a measur n 2 ........................... h ey, ther ol 01 d in 0 th , a e in come. I e em nd t e was dicati hen ployer $1 nng w incr 22.4 011, (i 13 e h bi na ether the the sllion i ed in n Paul Fronstin is director of the Health Research and Education Program at the Employee Benefit Research Institute. Health Savings Accounts and Health Reimbursement About the 2011 EBRI/MGA Consumer Engagement in Health Care Survey Figure 1 case of average HSAs and HRA 201 an in 1.divi both rollov dual H he R s ad on r was in As and HSAs), or 201 e o $7 1, spr f95 ei a gh e m t chronic ad ong i across 8.4 from ndivi con indi dud als with v million itions. Those iduals accou less t (as th Figure Figure 17 Figure 23 Figure 25 Figure 27 Figure 19 Figure 29 Figure 31 Figure 33 Figure 21 Figure 15 Figure 1 Figure 7 h e Figure 9 n with an yts apply to H . $50, In 200 a h 13 1e 00 alth 0 i 6, S n tprobl As only) here wer house em ha hold have e 1.3 million accoun d in l o come, $ a strong wer account 84 impa 3 among t balanc ct on over ts with es than h ose $8 all a 73. with 4 ccount those This Issue Brief was written with assistance from the Ins Figure 5 titute’s research and editorial staffs. Any views expressed in Figure 3 Figure Arrangements: Assets, Account Balances, and Rollovers, 13, Average Account Balances, by Use of Cost and Quality Information and Use of Wellness Program, The Employee Benefit Research Institute (EBRI) and Mathew Greenwald & Associates (MGA) created the Consumer a b a b Fronstin, Paul. "Findings from the 2011 EBRI/MGA Consumer Engagement in Health Care Survey." EBRI Issue Brief, no. Average Length of T Accounime W t Balances, ith HRA by Use of Cost and Quality or HSA, 2006–2011 A A A v vv erage Rollov erage Rollov erage A A A A v v v cco erage A erage HRA erage Rollov A A v Rollov verage Rollov un er erage Rollov e A A A A r v t Balances, v v A v A erage A erage A erage A erage Rollov m cco m eo r o au u A un n n m or HSA er ttt , by cco , by ou cco c Balances, A er c er nts, m o by un A V un u Health A b o arious m n er m u t A t t Rollov A n o Balances, n o Balances, Balances, A m t u nual Household u , by m n on ntby Behav o t, by Cost-Conscious Behav , by u g Indiv er A Education, n Plan t Race, , by A m iby g or and by by ou e, 2007 T i duals With Lev y Lev Length Gender pe, nt, 2007–201 el e 2007 2006 Health 2007 Income, l of ?of 201 – ? ?201 201 1 201 1Status, 2007–201 1 1 1iors, 201 2011 1 1 balanc $50, million without 00es. Not 0 in asse a h -$99, eal ts, and 999, th pro surprisingly, t an blem. by d $1,3 20 0h 58 amo 9e more , 4. Av8 mil erage ng mone lion tho A s cco accounts he y that is co e with unt $Balances, by 10ntri 0 ld ,000 $7.3 bu or mor ted to billion an a Gender e in in c house assets. Total a count, the higher , 2007–201 hold income. Rol ssets in the 1 the av lover amounts era ac gcounts have e account in bal creased ance. this report are those of the auA thor, an verage HRA d should or HSA not be ascr Acco ibed to t unt Balances, he officers, trustees, or other 2006–2011 sponsors of EBRI, August 2011 ..................................................................................................................................... 14 Engagement in Health Care Survey to examine issues surrounding consumer-directed health care, including the cost of There 2006–2011 365 is a (Em g $2 $2 45,00 ,00 e %p n 0 0loye eral tr e Be end nef tow it R Information ard h esearch Institut igher accand ount b e, Dec Use alanc eof W mber es with e 2 llness Program, 011). age. In 2011, in A divid uguual st s ages 2011 55 -64 had an average of $2,000 AA A cco n nn nu u unt of T and al Indiv al Employ for More Than One ime With Age Combined, idual Contribution, er Contribution, AccounA t, u2007–201 Y gear ust 201 , 2007 2007–201 2006–201 1 – 12011 11 $2,500 $2,000 In 2011, for slightly increased ea for tho in chs stance, in year, e with and gr less th dividuals wit owth i an $50, n aver 000 h an in a employer co g e ac household inc count bal ntri ances has slo ome, fe bution of less ll for t wh ed. than ose wit Avera $1,000 h h g $50 e account ,000 ad an -$9 avera balan 9,99g 9 ces reach e account in househol e bal d $1,470 i d ance of n EBRI-ERF, or $2,00 their staf 0 fs. Neither EBRI nor EBRI-ERF lobbies or takes positions on specific policy proposals. EBRI invites $2 $2 $2 ,00 ,00 ,00 00 0 $2,000 42% Janu u insur ary 2012 • ance, the 35%Ncost of care, satisfaction o. 367 with health care, satisfaction with a health care plan, reasons for choosing a plan, and $2 $3,00 ,000 0 $1,7 82 in Use of Health their $2 $2 ,00 ,00 00 account, Information compared a with nd Programs between —Account bal $141% ,272 among ances w those ages 21 ere examined usin ?34, $1,469 g among two varia thb ose les 35 to measure ?44, and an By Paul Frons Figure 14, Average tin, Empl Account oyee Balances, by Various Benefit Research Institute Cost-Conscious Behaviors, August 2011 ............................ 14 income, a $1,4 2011. 41, whi nd i le those ncreased for with an th employer ose with $10 cont 0,00 ribution 0 or more of at l in east $1, househol 000 h d income. ad an av erage of $1,795 in their account (Figure comment on $2,50 t0his research. 2007 2008 Ye 20 s09 No 2010 2011 $1,884 ________. "The Use of Health Savings Accounts for Health Care in Retirement." EBRI Notes, no. 3 (Employee Benefit $1,800 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 $1 $1,80 ,800 0 20 39% 07 2008 2009 2010 2011 sources of he 40%alth information. The 2011 EBRI/MGA Consumer Engagement in Health Care Survey is comparable with findings $1,800 $1,818 $1,6 indivi 3d 4ual for t ’s en $1ho ,80gagem s 0e 55 ?e 6nt 4 (Fi in ghure ealth c 6). Th are. O is wn ae e s foun xamine d despi d wthe the ether fact an in tha dividual t older used co individuals use mor st and qua 31%lity e healt information h care o to n $1 $1 ,80 ,80 00 2007 2008 2009 20 20 07 10 20 2011 08 2009 2010 2011 $1,800 Yes No Where the world turns for the facts 2007 2008 2009 2010 2011 on U.S. employee benefits. 2006 2007 2008 2009 2010 2011 16). Similarly, $1,800 individuals who contrib Male ute Femd l aleess than $1,735 $1,000 had an average account balance of $1,178, while those who Research Institute, April 2010): 2 -6. $1,800 2007 2008 2009 2010 2011 Figure 15, Average Account Balances, by Length of Time Wit Yes h Accou No nt, 2007–2011 ..................................... 15 $1 $1 ,80 ,80 00 $2,563 from the 2005, 2006, and 2007 EBRI/Commonwealth Fund Consumerism in Health Care Surveys, and the 2008, 2009, and 36% 30% average than choose a The Education number o doct younger or. Th f peopl —Education e oth e ones. with er examin a rollover It is has an possible ed wh as w impact ethat older i teher a ll as t 20 on 07nroll h in e tota over amounts divi 20 n08 didual vi l le duals ar vel 20 partici 09 of assets bein e sa inde p 20 ate 10 ving t p den inde a 20 hg ro 11 we e mo nt ollnes lle f incom ne d y in t s over have program, e a he ac nd other varia bee cou sun ch as nt to use incr(a) one eb asing. le to s, as they pay for I n $1,600 contribut ed at least $1,000 had an av$1,620 erage ba 2006 lance 2007 of $ 20 1 08 ,915 20 (Fi 09gure 2017). 10 2011 35% $1,949 $1,634 $1,600 $1 $2 $2,60 ,00 ,500 0 0 Copyright Inf $1 $1 ,60 ,60 00ormation: This report is copyrighted by the Employee Benefit Research Institute (EBRI). It may be $1 35 $1 ,60 % ,60 00 $1,587 $1,588 $1,611 2010 EBRI/MGA Consumer Engagement in Health Care Survey. Sandman, Dav $1,600id, Elisabeth Simantov, and Christina An. "Out of Touch: American Men and the Health Care System" health design 200 are control 6, care 23 ed to perc $1 l ex ed ,60 dient of rectly im penses i 0 for in the regr indivi n prove redu tirals with partic e ession equatio ment, ipants’ an but HR thi health, s A or HSA n could not that i.e., a these esti did be wei not roll det mates ght loss, n ermine over a are d fr u b ntrition, stress a om the surv y money. sed on. In By div ey management, 201 iduals . Prior r 1, 13 with eperc searc a ent or smoking c hh has igh s didc not foun hool ha d th deg e ve a ssation at, ree or Figure 16, Average Account $1,551 Balances, by Level o $1,582 $1,525 f Annual Employer Contribution, 2007–2011 ....................... 15 $1,600 Retirement and health benefits are at the heart of workers’, emplo $1,526 yers’, and our nation’s $1,600 $1,470 $1,600 $2,000 $1,524 $2,231 used without permission but citation of the source is required. $1,493 $1,915 $1,400 $1,506 $1,766 25% $1,419 $1,890 $1,456 $1,454 31% (March 2000): $1,444 $1,742 while It wil program, rollover. In less had an H Health l HSAs ca be or impo 2 av (b) a h 0n be use S 06, S erage rtant to track aving 50 e rollover 0,00 alth d to ris 0 i save for s s n t k assessment program, d of $ his tren Acco ivid8uals ro 1 hea 2d over , while lll th u u ed care e nts an those time. Curr over $ xwith penses 274. wh en a ere an 8 d d tlcollege million. y, account Heal in r in etirem dividu degr By 2 et t bal nt, ee al fi 0h Reim 11, ances are had an they a lls out 5.6 m r a avera e illion lo far questionnair burse w fr ind gand a om suffic e ro ividu llover o re t ae a m m ls rol h ient ere nent fd t f led $1,1 fore investe o hr that over en, 72, in and t pur $6.7 d p ose h billion. in ose economic security 25% . Founded in 1978, EBRI is the most authoritative and objective source of Introduction $1 $1 ,40 ,40 00 30% $1,403 $1,356 $1,355 $2,109 $1 $1 $1 $1 ,40 ,40 ,40 ,40 0 0 00 $1,402 $1,386 $1,643 Figure 17, Average Ac 23% count Balances, by Level of Annual Individual Co $1,775 ntribution, 20$1,366 07–2011 ....................... 17 The 2011 surv 30% ey waEstablished in 1978, the Employee Benefit s conducted within the $1,320 United States between August 8 and August 23, 2011, through a 15-minute $1,400 $1,346 $1,295 $2,028 $1,754 $1,351 $2,010 $1 $1 ,40 ,40 00 $1,608 $1,606 $1,288 28% 28% $1,334 $1,321 ww w.common $1,400 wealthfund.org/~/media/Files/Publications/Fund% $1,577 20Report/2000/Mar/Out%20of%20Touch $1,968 %20%20 because relatively consultation The with a gradu avera of safe g $1 statutory constrai e r ,40 at w o 0ivehicles suc e th a m llover in degree had an edi creas cal h professional, ed as money mar nts plac from averaed on $59 g $1,275 e roll e 2 x in 2 kcontributio ove amines et fu 0r0 of $1 nds 6 to his or (cur $1, ,1 n l87 e 295 re her vels ntly, i (F in ig he relativ u 2 ra n e 27 009, lvestments are usu th e history to identi ) f to .ell to expected $1,029 i heal ally restricted fn 2 y any e th care spendi 010, $1,579 an xistin d tg hen to a mon or pote ng i increase n r ntial m e ey m tirement d arket to edical information on these critical, complex issues. $1,301 $1,257 $2 $1,20 ,000 0 A Arrange ements $1,135 :: Assets s, Acco ount Ballances, $1,646 and Ro ollover $1,206 s s, Recommended C Employers first started o itation: fferi Paul ng acco $1,122 Fronstin, unt-ba “Health sed health Savin pla gn s Accounts a s in 2001, wn hd H en a e 27% alth handful Reim of em bursement ployers 21% Arrangem began to e off nts: erAssets, health $1,116 $1,117 $1,111 $1,103 Internet survey. The national or base sample was draw$1,092 n from Synovate’s onli 26% ne panel of Internet users who h $1,187 ave agreed to $1,175 $1,085 $1,084 $1,172 $1,822 $1,200 $1,453 $1,161 $1,076 20% American $1,50%20 0 MR en% esear 20an $1,163 ch Institute (EBRI) is the only d%20the%20Health%20Care$1,065 %20System/sandman_outoftouch_374%2 $1,217 0pdf.pdf Figure 18,$1 $1 $1 Average Ac $1 ,20 ,20 ,20 ,20 0 0 00 count Balances, by Rollover Level, 2007–2011 ........................................................... $1,047 $1,166 $1,166 17 ( fund u conditions, $F 1ron ,20 stin 6 i ntil t n 20 2h 011 in 11) e order to savings accou . . $1,041 develo np a t reac pro hes at gram minimum t for ear $1,059 ly int her revent shold ion. I such n as both cases, very $2,000 or $3,000 small di ). As a ffer $1,130 cco e $1,139 nc unt es in $1,130 balanc account es grow, th e $1,200 $1,017 $1,188 20% 3 $1,111 $1,727 19% $1,031 Account Ba reimbursem lan ences, and Rollo t arrangementvers, 20 s (HRAs), 06– 24% empl 2011,” oyer-funded h EBRI Issue Brief, ealth plans no. 36 th7, Janu at reimary 2 burse 012. workers for $1,368 $1,130 qualified medical $1 $1 25,20 ,20 % 0 0 $1,000 $1,092 $1,100 $1,363 $1 $1 ,20 ,20 00 $980 partici 2 2006–2 pate in re0 0 searc 11 h surveys. $1,071 About 2,000 adults (n=1,990) ages 21 -64 who have health insurance through an employer or $1,500 $1,061 $1,667 $1,200 $1,116 $1,029 18% Type $1,00 0of Coverage—Individuals with single coverage h $1,303 ad an average rollover of $1,105, whereas those with $1,066 $1,631 $1,034 (acces EBRI focus sed Deces solel ember 2010 y on emplo ). yee benefits research — no lobb $1,000 $1,027 ying or advocacy potential balances w to ein revest in mor found. Indivi e ri duals w sky investmen $1,074 ho partit vehicl cipatede is (suc n a wh as ellness mut progra ual fum had a nds and stock highes r avera ) wi $1,023 ll grow. ge ac T co hunt balanc e opportuniti e th ean s for 22% $1,020 $1,073 $1,013 EBRI Employee Benefit Research Institute Issue Brief (ISSN 0887 ?137X) is published monthly by the Employee Benefit Research Institute, independent nonpr $1,066 ofit, nonpartisan $1,003 $999 $1,527 $992 Figure expenses. In 19, Rollover Amounts, 2004, employers wer Among Individuals e ab$948 le to start offerin With Ac gcount for health pla Mor ns with health saving e Than One Year, 2006–2011 $995 s accounts ( ............. HSAs), tax- 18 exempt $1,000 $1,000 16% $1,020 $1,207 purchased $1 dire $1 ,00 ,00 0ctl 0 y from a carrier were drawn randomly from the Synovate sample for this base sample. This sample was $1 $1,00 ,000 0 The family cover It might B By Paul higher be Fr ac o expected th age ha n n count stin, Empl d a balanc $at in 1,07 o ey y sdividuals who 1 among o ee B $1,166 avera $938 en gefit e$993 l roll 20% derR R individu over (Fi are given esearcgh I aure mor ls m ns ns 2atit 8 ey also co ). u tntrol e be over due to the fa funds allocat ct that they ed for he are althallowed to make “catch- care services would 1100 13th S EBRI stand t. NW, Suite 8s alone in em 78, Washington, Dpl C,oyee ben 20005-4051, $933 efits rese at $300 per ar ych a ear or sis an inde in $986 cluded as pend part eof nt, nonprofit, and no a membership subscription. npa P rtisan eriodi- $1 $1,00 ,500 0 $927 $926 $927 15% 15% capital those who appreci $1 did not. ,000ation inc Thereas aver e age but s account o do the balance opportu $956 was nities $1 ,611 for capita $1,356 amon l los g th sose w es, even ho part amoicipate ng indivi d $959 in a dua w ls e with llness hig progra h level m, and s of Report availability: $1 $1,00 ,000 0 This report is available on the I $1,358 nternet at www.ebri.org $1,103 19% $921 $1,178 14% 19% $1,000 $879 Taylor, Hum trusts or custodial 20 $8 % p 00 hrey. “Does I accounts t nternet hat indivi Researc dualsh ‘Work’? can use to Com pap y for aringhealth Online ca Survey R re expenses. esults With The theory Teleph be one S hind these urveys.” accounts 15 $1 % ,000 $1,332 14% $1,324 $867 14% cals postage rate paid in Washington, DC, and add$1,125 itional mailing offices. POSTMASTER: Send address changes to: EBRI Issue Brief, 1100 stratified by gender, ag organization committed e, region, income, and race. T exclusively to data he re $849 sponse rate was 37 percent (30 percent for the base sample or organization. It analyzes a $1,100 nd rep $1,035 ort $834 s research data without spin or underlying agenda. All findings, up” contri become more butions that i cost conscious, especi 13%13% n$882 dividuals under a ally og ne ce they 55 are becom not allowe e more educat d to make. Howev $823 ed about 13% e the r, the re actual gression price of healt equatio 13% 13% h n servic contro es. ls for Figure 20, Total Rollover Assets and Number of Ad $812 ults Ag $810 es 21–64 With a Rollover, 2006–2011 ................... 18 $806 $799 $837 $992 $849 employer $1,524 among those an$8 d 00 individual who cont did not ributions. partic ipate (Figure 13). 13th St. NW, Suite 878, Washingto $826 n, DC, 20005-4051. Copyright 2012 by Employee Benefit Research Institute. All rights reserved. No. 367. $777 $780 $809 $8 $8 00 00 $1,000 $757 16% is that Internation by givi $8 $800 00 ng i al J ndivi ournal o duals f Mark more control et Resea over fu rch. Vo nds a l. 42,l lo no. 1 (August 200 cated for health care servic $787 3). es, they will spend the money more $912 12% Health wheth Behavi er on fi ors and Health nancial data, Status option —Indivi s, or tre duals nds, are reve who smoke ha aling an d highd reli er rollover able — the re amounts than ason EBRI informatio individuals who n is national sample, and 44 percent for the oversample). The margin of error for the national sample was ±2.2 percent. $800 $696 11% $1,081 11% indivi However, dual cont $1 no e $8 $8 ,00 00 00 0ributions, videnc 15% e was f $924 and othus older a und to suppo gert this. would Nor not wa be s there a factor 11% eviden in the 11% ce that observe hea d dif lthfy beh erences. aviors ha d any real $600 $800 dissemination, r $903 esearch, and education on $800 $831 $831 $717 $800 10% $665 10% 10% 10% 10% 10% 10% 15% $694 $654 Figure 21, Average HRA or HSA Rollover A $651 $592 mount, 2006 $962 ?2011..................................................................... 19 responsibly, especially the gold sta once ndard fo they become r privat e analysts a more educated a nd de bcisi out t on he a make ctual rs, gove price of rnme health servic nt policym es. Furt akers, the media, and hermore, 10% these $626 do not smoke (Figure 29). Those who exercise had slightly higher rollover amounts than those who did not. Obese 10 $1% ,000 9% 9% 9% 9% 9% 9% $600 $607 correlation Rollovers Cost-Consciou —Like contri with accou $588 butio nst bala Behaviors n levels, an nce; i— ndivi $898 A number o nual dual $886 $875 rollover amou s who smoke f cost-conscious nts are o have more behaviors ne o mo f the ney in bi wer ggest fa the e eixr ac amine ctors in aver counts than d to see ia th fg individu e ac ose who count als who do bal nances. o t $6 $6 00 00 12% The 2011 EBRI/MGA Cons $842 umer Engagem 8%8%ent in Health Care Survey 8% was made possible with funding from American 8% 8% $600 8% 8% A ASSET LEV $6E 00L LS GR 11%OWIN NG: In 2011, t there was $12.4 billion in h health saving gs accounts (H HSAs) and he ealth the publi economic security and employee benefits c. . The sample was divided into one of three groups: those with a consumer-driven health plan (CDHP), those with a high- accounts can $6 $6 $400 00 00 be used as tax 7% -advantaged vehicles to save for health care expenses in 7% retirement. $600 Whe indivin examin duals had lo ing dif wer fer avera ences g e ro in account $740 llover amounts ($1,0 ba 7%lances for me 27)n th an an th d women e non o by age, m bese ($1,1 en 11 h)ave hi . There gher wa acc s no o di unt balanc fference in es than 10% $600 exhi smoke, whil Figure Indivi bit mor duals 22, Ave e wit $6 e $6 c 00 00 obese i o h rage st-conscious less tha $701 Rollover ndivi n a du $694 $1,000 rollover had an als have decision Amount, by maki less Gende money in ng had hi r, 20 avera the gher 07? ir 2011 ...................................................................... acco account ge ac unt count bal than bal an the no cance o es than nobese. f those $1,01 Additionally, who 8 (Fig di ure d 1 not e 8). t hx In compar ere hibit such was very 19 ison a little , 6% 6% Express, Blue Cross Blue Shield Association, Deere 6% & Co., Deseret Mutual, Metropolitan Life, National Rural Electric The Employee Benefit Research Institut 9% e (EBRI) was founded in 1978. Its 9% mission is to 10% r reimbursemen nt arrangements (HRAs), s spread across 8.4 million ac ccounts, acco ording to data a from the 20 011 $400 deductible health plan (H $581 8% DHP) 8% , and those with traditional 5%health coverage. Individuals were assig 8% ned to the CDHP and HDHP 5% women account balan but th $400ces e diff by healt erences h status. drop with higher ages (Figure 7). $400 $500 5% 7% contribute to, to encourage, and to enhance the development of sound employee benefit decis dif indivi fere ion dn uals ce -maki in a wit $400 ng h ccount a ro proces llover o balanc s. The e fes by l at lxepast $ ee ctatio vel1 of ,00 n was exercise. 0 ha that i d an ave ndividu rage als account who e balance xhibited cost-c of $1,8 onscious be 90. Among t ha hvior woul ose with d a ro hav llover of e a $4 $500 00 Cooperative $2 A 00 ssociation, and The Commonwealth Fund. $4 $400 00 By 2010, 16 percent of employers with 10–499 workers and 23 percent of those with 500 or more workers offered Endnotes Fig E EBRI/MGA Co ure 23, EBRI explo Avensumer En rage Rollover res the breadth of emplo ga Amount, gement in H by A e eg alth Care Su e, 2007 yee ben ?2011 ........................................................................... rvey efits and related issues , sponsor red by EBRI a and Math ew Greenwald & & 22 $4 $500 00 3% group if they had a deductible of at least $1,000 for individual coverage or $2,000 for family coverage. To be assigned to the Who we are $4 $4 00 00 $400 5% programs and sound public policy through objective research and education. EBRI is the only high at lee ast r aver $1,000 age accou , averag nt e accou balance th nt bal an t 1 anh cose who es fell from did not $2,77 exhi 3 to $1 bit suc ,890 h behavior. between 20 The 10 questions re and 2011. garding cost-conscious $200 4% 5% The Institute seeks to advance the public’s, EBRI studies the world of health and retirement benefits — issues such as 401(k)s, IRAs, retirement either an H A Associates. T R $2A 00 h hor HSA-eligible plan. is is up from 2006, when As a r there wer esult, these e 1 pl .3 million ac ans covered a c counts with $ bout 21 millio 8 87n peopl 3.4 million e in 2 in as 011, r set es pr , an esenti d d 2ng 010, $200 3% Race Use of Health —In 2009Information and 2010, m privat an inorities d e, nonprof Programs with it—Rollover am , nonpar HRAs or HSAs tisan, Washington, DC-b ounts were a had higher lac so exami ased organi count balanc ned zat by whet ie on com s than whit m her itted exclusivel an es with individual th yese to used CDHP group, they must also have an account, such as a health savings account (HSA) or health reimbursement arrangement 0% Very small di $2ff 00 $0erences were found in account balances and rollover amounts between individuals who used cost or $200 2%2%2%2% Figure 24, Average Rollover $2 $200 00 Amount, by Gender and Age Combined, 2011 .................................................. 22 decision 1 making are as follows: 0%income adequacy, consumer-driven benefits, Social Security, tax treatment of both retirement and health 1% 1% $200 Checked Checked prpublic ice Ch poli eckedcy res Tal earch ked toand Usedu ed onl cat inion on e Talkecon ed toomic s Devecuri elopedty and em Asked foplo r yAee sk b ed doc enefi tort issues. about See www.mer 12 pe$2 rc 00 ent of cer.com the /press-releases/1400235?siteLanguage=100 privately insured market (Fronstin, 2011 ). As the number of people with account-based plans w when 5.4 mill $2 $2 00 00 iion accounts held $7.3 billion in assets. cost and accounts. How quality informatio ever, in the media’ 2011 n, to choose a whites s and policymaker had hi doctor and whether gher account s’ knowledge balances th he or she partic an minorities. On ipated in average, mi a wellness program. It norities had a wa n s found (HRA), with a rollover provision that they can use to pay for medical expenses or the ability to take their account with them $0 Less Than $100–$299 $300–$499 $500–$999 $1,000–$1,499 $1,500–$1,999 $2,000 or More Don't Know $0 quality information compared with t whether plan of service hqu ose alitywho rating of did not doctor abo use such ut cost-traick nfor ing mation. However, next to no relationship was found doctor about budget to generic drug to recommend 0%benefits, cost $0 management, worker and employer attitudes, policy reform proposals, and pension assets $0 EBRI’s membership includes a cross-section of pension funds; businesses; trade associations; $0 $100 $0 2006 2007 2008 2009 2010 2011 Figure 25, Average Rollover $0 Amount, by Race, 2007–2011 ......................................................................... 23 Rollovers grows, total assets in these would cover beplans ca fore gettingn dobe ctor/hos expect pital ed to gro treatment wto as ol prwell. ovided prescription manage health instead of less costly $0 indivi account duals balan wh $0 $0 c o used cost an e of $1 S,50 mok8 es Ci (a slight ga d rquality ettes decrea information to c se from Exer20 cise10 ho), whi ose a le doctor h whites ad a had a Obe lower rol sen accoun lot bala ver amount nce o Health P f t ro $ bl h 1 em* an those wh ,80 **2 (an incr o di eased d should they ch $0 ang Lee jo ss Than bs. Indi 20 6 06 Months vidu 6 Mon als tw hsi to Less th o 2007 nly T a fle han xibl 1–2 Years e spe 2008nding account 3–4 Years 20(FSA) 09 were n 5 or M ot ore 20 inclu 10 Years ded in the Don't CDHP gro 20 Know 11 up. betwIn the een eit last her account 12 months or sin <6 M ba onth lasnce or ce you join Les rollover s Th6 an Mon $1,t amounts a 0 hs ed 00 to your curre Year nRollover d nt h various cost-c 1–2 Y e Am alth ear ounts splan, did you onscious be 3–4 Y do any $1, ear ha 000 sviors. Wh o of r Mo the re follo en a 5 or Mo win dif reg Ye f:ere arsnce was 2 and fundi and under ng. There is wi standing of employee benefits and labor un despread ions; health recog care prov nition that if employee be iders and insurers; government org nefits data exist, EBRI kno anizations; and service firms. ws it. caLe re ss Than $50,0 care 00 $50,000–$99,999 options and by health plan $1 op 00, tio000 ns an ord Mocrar e e expenses brand nDe ame clinedprescription $0 $0 21–34 35–44 45–54 55–64 A A The term “ass FTER LEVE $0LI ets” is used loosely as it relates to health NG OF High schoF, ol 21–34 grA A adu VERAGE A ate or L le esss s1 Year ThanS $1 C C ome CO ,000 coll UNT B ege, tr 35–44 ade o Areimbursement ar LA L r busNCES IN iness CollC C ege REASED gr rangements (HRAs). HRAs are 45–54 aduate or s : A ome $1, ffte 000r a or Mo verr eaG gre adu 55–64 a a ate deg ccount bal typically set up as ree an nces $0 costs costs drug drug not parti Employers hav from $1,3 cipat 87 ie in suc ne 2 a tr 010emen ) (Fig h a pro do ure 8 us amount o gram, alt ). hough the differenc f flexibility in desig es we ning h re not ealth statistically signi plans that incorporate ficant. The an H avR erage A. Leftover rollover funds at was Used Cost or Quality Info Used Wellness Program White, non-Hispanic school graduate work Minority Individua Ma l Co le verage Fam F ile ym Cov aleerage found, Figure 26, those Ave ex rage Rollover hibiting the c Amount, ost-conscious by Annual behavior Househ were old In founco d to me, 2007–2011 have a lower accou .......................................... nt balance and rollover amo 23 unt. Length of Time W Age ith Account Table of Contents Source: EBRI/Commonwealth Fund Consumerism in Health Care Surv Annual Hous Annual Individual ey, 2006–2007. Age ehold Contr Inc EBR om ibuton I/M e GA Consumer Engagement in Health Care Survey, notional arrangements and exi While HRAs and HSAs are still re st only on latively pape new, a r. Employees grow Annual Em ing perc may view the a ploy enta er Contr ge o ibution f the ccount as populatio if money was actuall n has held themy for a being deposited number of le eveled off in Source: 2008 and 20 EBR their importance to our nation’ I/MGA Consumer 0 09, and fell sl Engagement in H ig ealth C htly in 201 are Survey, 2011. 0 0, they increa s economy ased in 2011. . In 2006, acco ount balances s Because the b Source: EBR ase samp I/Commonw le (nealth Fund ational samp Consumerism le) inclu in Health C ded are Surv only ey151 i , 2006 ?ndiv 2007. EBR iduals I/MGA in a CDHP, an Consumer Engagement oversamp in Health Care Surv le of ey indivi , 2008 ?2011. duals with a Source: EBRI/Commonwealth Fund Consumerism in Health Care Survey, 2006-2007. EBRI/MGA Consumer Engagement in Health Care Survey, 2008-2011. Source: EBR 2008–2011. I/Commonwealth Fund Consumerism in Health Care Survey, 2006–2007. EBRI/MGA Consumer Engagement in Health Care Survey, 2008–2011. $1,017 among those the end of eac ? Checked whet h year can who her my be used cost carried over to healthand quality i plan wou the follo ld n co format ver my car wingio year (at th n to c e or hoose medi e employer’s a doctor, cation? and disc $1,126 among those retion). Employers can, who however, did not EBRI’s work advances knowledge and understanding of employee benefits and their EBRI delive a a *** Health problem rs a stead defined asy fair or poor stream of invaluable research and anal health or one of eight chronic health condition: arthritis; asthma, emphysem ysis a or lung disease; cancer; depression; Health reimbursement H So ealth reimbusement urce a : EBRI/MGA  Co account. arrangement. nsumer Engagement in Health Care Survey, 2011. Note: 2006 data were capped at $1,500 or more. Introduction .................................................................................................................. Health reimbusement account. ............................ 4 Source: EBR Source: EBRI/C I/Commonw ommonwealth Fund ealth Fund C Consumerism onsumerism in in H Health C ealth Ca are Surv re Survey ey, , 2007. 2007. EBR EBRI/M I/MG GA A C Consumer onsumer Engagement Engagement in H in Health ealth C Ca are Surv re Survey ey, 200 , 2008–2011. 8–2011. into an account, and they m years. In a averaged $69 2006, 9 b Source: diabetes; Source: 6. Th Source: EBR perc EBR EBR heart attack ey incr I/M I/M ent o GG AI/C A C C onsumer ommonw or other heart disease; a e e onsumer fy ased to $1,3 the carry a debit c ealth Fund Engagement Engagement population Consumerism in H high choleste in H 2 2ealth C 0 in 2007, a ealth C with ard that can b a in re Surv are Surv an rol Health C ; or HRA ey hy ey , pertension, high 2011. , a2011. re Surv 90 e or HSA ha used p ey, e 2007. rc to pay fo e blood EBR ntd i pressure, or I/M n n he G cr Ald a ease. Acc r health care s Consumer stroke. n acco Engagement unt o ounervices for thr t balance in Health e at the point of service, Ce are Surv ?s s four av ey years, an era , 2008–2011. ged $1 1 d ,35 3 per- 6 in but Figure 27, Average Rollover Source: EBR bSource: EBR Source: EBR Source: EBR I/C I/C ommonw I/C ommonw I/C ommonw ommonw ealth Fund ealth Fund Amo ealth Fund ealth Fund unt, by CC onsumerism onsumerism C C onsumerism onsumerism Education, in in H H in ealth C in ealth C H Health C ealth C aa re Surv re Surv a 2007–2011 are Surv re Surv ey ey , , 2007. ey ey 2007. , , 2007. 2007. EBR EBR EBR EBR I/M .................................................................. I/M G I/M I/M A G A G C G A onsumer C A onsum C Consum onsumer er Engagement Engagement er Engagement Engagement in H in in H ealth H in H ealth C e ealth C alth are Surv a C C re a are Surv re Surv Surv ey ey , 200 ey , ey 20 , 200 , 200 8–2011. 08–2011. 8–2011. 8–2011. 24 Household Source: EBR H Source: EBR ealth sav b ings account.Income I/C I/Commonw ommonw —Accordi ealth Fund ealth Fund C Consumerism onsumerism ng to Fi in ingur H Health C ealth C e 9, account a are Surv re Survey ey, , 2007. 2007. bal EBR EBRa I/M I/M nces G GA A C Consumer onsum for HSAs er Engagement Engagement and H in H in He e R alth alth As incr C Ca are Surv re Surv eey ase w ey, 200 , 2008 8–2011. ?2011. ith household CDHP was ad Health savings ded. The overs account. ample included 1,281 individuals with a CDHP. In addition to being stratified, the base sample Health savings account. importance to the nation’s economy among policymakers, the news media, and the public. It (Fi Future resea place restrictio gure 30). rch ns on th shoulde amo examunt that ine differ can ences be carri between i ed over. ndiv Wh iduals en it com in HSAs es to HSAs, there is no and HRAs, and shoul use-it-or-lose-it d also examine th rul e e, as EBRI publications include in-depth coverage of key issues and trends; summaries of research ? Checked the price of a doctor’s visit, medication, or other health care service before I received care? employers do not incur expenses associated with Assets and Ac cent for five ye count Ba ars or more lances (Figure ................................................................................................... 1). By 2011, the arrang 27 percent ha ement until an d held anemployee incurs a claim. account for 3 ?4 years, an ................... 4 d 12 percent for five 2 2008 and $1,4 419 in 2009, 3 3 percent an does this b d d 5 percent i y conducting n ncrea and p ses, ublishing policy re resp pectively. In sear 2 2ch, analysis, 010, average and e account bal special reports on ances fell 6 income. In 2011, the average account balance was $1,103 among individuals with less than $50,000 in household was also weighted by gender, age, education, region, income, and race/ethnicity to reflect the actual proportions in the What we do findings and policy developments; timely factsheets on hot topics; regular updates on legislative and impact t any money hat ac leftcount in anbalanc accoun es t at th have on e en th d of e use of the year a health utocmatically rolls are services as indivi over andd is av uals co ailabl ntinue e i to ac n the f cumulate ollowing fu ye nds in ar. Figure 28, Average Rollover Amount, by Plan Type, 2007–2011 .................................................................. 24 EBRI’s mission is to contribute to, to employee benefits issues; holding educational briefings for EBRI members, congressional and ? Checked the quality rating of a doctor or hospital befor 4 e I received care from them? years or more. t to $1,355, dow w As the len n 4.5 perce gthn n of tim t from the e indivi p previous y duals have t earh . In 2011, av ese plans incr e ee ra ases, average ge accountt balances account balan inc crea ces should inc sed to $1,470, a rease i Cost-Consciou About th ncome; e $1201 ,207 1 EBRI among regul /M atory des in GA C Behaviors divio dnsumer En uvelopment als — wA ith $50 number o ga s; comp gement ,000f - c $9 o re in st-conscious 9 hen He ,999 alth Car si, and ve refere $e behaviors 1 S ,94 urvey nce resou 9 amon ...................................................... 7 wer g th re ces o e ose xamine n benefit pro withd to $10 see i 0,000 or more grams an f individuals who . Accou d workforce nt population ages 21–64 with private health insurance coverage. The CDHP oversample was weighted by gender, age, their accounts. 3 federal agency staff, and the news media; and sponsoring public opinion surveys on employee See www.globalopinionpanels.com/home as well. Figure 29, Average Rollover Amount, by Health Behavior and Health Status, 2011 ....................................... 25 9 9 percent inc ? Talked to my r rease from 2 issue encour doctor a s; and major survey 0 0 age 10. b, and to enhance the development out the prescript s of pu ion blic at optiotitudes. ns and costs? Overall, th exhi balanc bit mor es decr e ep ce eased sli o rcenta st-conscious ge o ghtly f i nfor those decision dividuals maki wit with h ng a ro less than had hi llover gher $5 ha 0, s increase rollover 000 in house amou d. In h 2 nts than t old i 006, ncome 23 h pe ose an rcent o who d those di f in d wit divi not e hduals $50,0 xhibit such with 00 - an $9 a 9,9 HRA or 99, income, and race/ethnicity. More information can be found in Fronstin (2011). Account Balance Variation .......................................................................................................................... 7 benefit issues. EBRI’s Education and Research Fund (EBRI-ERF) performs the charitable, EBRI meetings present and explore issues with thought leaders from all sectors. educational, and scientific functions of the Institute. EBRI-ERF is a tax-exempt organization HSA di decis and increased for 4 ion d -maki not ro ng ll over proces those any mo swit . The e h $100,000 ney xp(Fi ectatio gure 1 or n was more. Whil 9). By that t 2011, ho e 1 hi se wh 3 gh perc ero -incom ex ent hibit die h d n ed cost-consci oouseholds ma t have a rollo oy contribute us be ver. havior would hav higher amounts e a high to er ? Talked to my doctor about other treatment options and costs? of sound employee benefit prFigure 2 Figure 18 Figure 20 Figure 26 Figure 32 Figure 12 Figure 16 Figure 24 Figure 10 Figure Figure 28 Figure 34 Figure 22 Figure 30 ogr Figure 8 Figure 4 ams and 14 Rollovers Figure In theory, a ra 30, ............................................................................................................................... Average ndom sample of 1,990 yields a Rollover Amount, by Use of Cost statistical prec and Quality ision of plus or Information an minus 2.2 percentage points (with 95 percent d Use of Wellnes.................. 16 s Program, Figure 6 This re T TOTAL A port Nex D amines HSA AVERAGE EBRI regula a R Rn O d HRA LLO rly provides VERS assets, account INCREAS congres bal sion E:aA al testimony nc fter declini es, and rol n ng , an lover amounts, to $1,029 d briefs po iin 2010, licy using make data ave rs, mem fro r ragm e rollover the ber o 20 r11 ga a a nizations, mounts supported by contributions and grants. While panel Internet surveys are nonrandom, studies have demonstrated that such surveys, when carefully designed, obtain a b rollover amou their HSAs thants than t n lower-incom hose who e house did hnot. olds, The qu the regression estions re eq ga uation rding cost- controls for co conscious ntribution l decision makin evels a g were described nd educational AA verage Rollov verage Rollov Av Distribution of A erage Rollov v A A erage A v vA erage v erage A erage Rollov v verage Rollov erage A e A A A r A e A cco T v v Rollov A r A v v o erage A erage A erage Rollov cco erage A A m tal Rollov em un r HRA o cco A u o un t Balances, m n u eer r tn t un o , by cco cco er A tu Balances, or HSA cco , by A m t nA e m t Balances, un o un , by Length r m un o u A A er o u t n t n sset t u n t Balances, Balances, nual Household Gender A , Balances, n tby A , by by m tccou , by by s o of Rollov Use of Cost and Quality u and Education, 2007 by Plan n T Gender tin me , by and Race, t Balances, Number of by by er Lev T by With yLev A pe, Lev V Health g ,a 2007 e Combined, 2007 rious el Income, e el, 2007 Al cco of of ? 2007–201 ?2007–201 201 201 – un ? 201 201 1 t, 2007 1 2007 11 201 1– 1201 –1 201 11 Total Assets and Number of Adults Ages 21–64 2011 ................................................................................................................................................ 25 confidence) of what the result ? Used an online cost-trackin s would be g tool if the entire population ages 21– provided by my health plan to 64 with manaprivate health insur ge my health expens ances e coverage were ? Conclusion .................................................................................................................... and the media on employe Average Acc r benefits. ount Balances, by Age, 2007–2011 .......................... 20 EBRI/MGA Consumer En sound public policy thr gagement in Health Care ough objective Survey (CEHCS). It then examines differences and trends in account in ncreased to $ $1,208 in 2011. Total asset ts being rolled d over increas sed as well: $ $6.7 billion wa as rolled over r in 2011, The number of people with a rollover as well as the total level of assets being rolled over has been increasing. In 2006, results comparable CH with randE E om-digit-d CK ial te O O lepho UT ne survE E eys. BRI’ Taylor (200S S 3), for exampl WEB B e, provid SI es the resu TE TE! lts from a number a b above. I attainment. n th $2 $2 T ,00 ,00 e h 0 0series of e differe qu nce estions, th in accou Information Adul n A A ose Behav t bala Cost-Conscious Behav n nn ts nex u uA al Indiv al Employ nces by hibiti g ior es and n and Health Status, 21–64 With a g cost-c house idual Contribution, Use er Contribution, onscious dec h of W old income eillness Program, 201 Rollov ors, A A imay sion makin u e ugus r 2007–201 2007 g , be u 2006–201 st t due to – 201 201 201 g1 1 ha 1 1 higher 1 d sli 1 ghtly lo -incom we e house r rollover holds amo bein unts g $2,000 $3,500 With an HRA or HSA, 2006–2011 surveyed with $2,5 00 complete accur EBRI issues pre acy. There are ss releas also other poss es on newsworthy developm ible sources of error in al ents, and i l surveys that ma s among the mo y be more serious than st widely quoted $2 $2 $2 25,00 ,00 ,00 % 0 0 0 $2,000 EBRI Issue Briefs is a monthly periodical with in-depth evaluation of employee benefit issues Refer balanc u up from $3.7 ?ences es by Develo ............................................................................................................................... demographics, i billion in 201 ped $7,00 a 0 budget to m 0 0 n. Th come, contr e perce anage my n n ibution ta hea ge of indi lth leve care ls, v vi ex and duals with pens engagem es? ou ut a rollover r ent in an indiv e emained at 1 idual’s own h3 percent ealth car ............... 28 7 e us in 2 2 in0 g a 11. 500, Figure 31, 000 in $2 $2 divi Average Rollover ,00 ,000 0duals rolled ov Amount, er $274.8 m by Vari illion (Fi ous Cost-Co gure 20). By 2 nscious Behaviors, 2011 011, 5.6 million indivi ........................................ duals rolled over $6.7 billio 26 n. The of surveys that were conducted at the same time using the same questionnaires both via telephone and online. He fo 9.0 und that $2,000 research and education. less likely to (Figure 31). $2,00 take distri 0 butions from the account. (This is an empirical question that is worth exploring as data become $2,000 sources on employee benefits by all media. 8.4 and trends, as well as critical analyses of employee benefit policies and proposals. EBRI theoretical calculations of sampling error. These include refusals to be interviewed and other forms of nonresponse, the Our $1,774 $1,778 regression equation. Rollover amounts are then examin 2007 $1,802 2008 ed. 2009 2010 2011 $1,766 Endnotes average rollov ...................................................................................................................... $1,800er increased from $592 in 2007 20 20 08 06 to 2009 $ 2007 1,20 206 i 10 2008 n 220 011 20 1109 (Fig 20 ur 10e 21 20 ). 11 Average rollover .......................... 28 amounts increased the use of dem ? As $1 $1 ked for ,80 ,800 0ogra a phic gew neric eighdru ting al g ion nst e ead o was sufficient to bri f a br20 an 07 d nam 20ng al 08 e dru m 20 go ? 09 st all of 2010 the results from the onli 2011 ne survey close to the 2007 2008 2009 2010 2011 2007 2008 Ye20 s 09 No2010 2011 22% available.) $1 $1,80 ,80 0 0 $12,000 EBRI directs members and other constit 2007 2007 20 20 Ma 08 08le uen 20 20 09 09 Fe cie m 20 as le 10 20 to the informatio 102011 2011 n they need, an $1,795 d undertakes new $1,800 Notes is a monthly 2007 period 2008 Ye ical pr s 2009 oviding curr No2010 ent in 2011 formation on a variety of employee benefit Figure 32, EBRI’ $1 Average Rollover ,80s s 0 website is s Amount, easy to u by Leng s se and pa th of Time With c cked with Account, u use 2007–2011 ful info o ...................................... rmation! $1,729 Look for 26 $1,800 2007 2008 2009 2010 2011 effects of question wording and question order, and screening. While attempts are made to minimize these factors, it is H HEALTHY BE EHAVIOR DO OES NOT ME EAN HIGHER R ACCOUNT BALANCES AND HIGHE ER ROLLOVE ERS: $1,800 8.0 $1 $1 $3,80 ,80 ,000 0 0 Yes No $1,800 $1,717 $1,634 b etween 20 Length 10 an of Tim d 2011 e With but are Account still belo —The w the len 20 gth09 of time average. that an individual has had the $2,869 account has an impact on replies from the para resea llel tele $1,714 rch on a phone surve n ongoi topics. EBRI y. H ng ba e also fou sis. Fundamen nd that tals in some cas of Employee Ben es prop efit Pr ensit $1,624 y ogr we ams ightin offers a straightf g (meaning the pro orward, basic pensity for $6,000$1,651 2007 2008 2009 2010 2011 6 ? publications Asked my doctor to recommend a less costly prescription drug? $1,599 $2,017 $1,587 $2,773 20% $1,609 impossible to q I Individuals w these sp p h h uecial o sm antify the oke ha feat errv v u u oe more mon rs that may re res: e esult from them. y in their acc counts than tthose who do not smoke. $1,598 5.6 I In contrast, obese $1,587 $1,547 $1 $1 $1,60 ,60 ,600 0 0 $1,580 EBRI has earned widespr explanation $1,557 of emplo ead r $1,565 yee b egar enefd as it programs in the private and public sec $1,558 $1,622 tors. The EBRI Figure 33, Ave 20 $2% ,000rage Rollover Amount, by Level of Annual Employer Co $1,565 ntribution, 2007–2011 ......................... 27 Education rollover amou $1 $1,60 ,60 nts. The 0 0 EBRI maintains an —Education analysis found that has and analy impact persons hol z on es the mo account balanc dinst comp g an accou $1,546 es reinde hen nt for one to two si pen ve databa dent of incom se years had an of 401(k) e and other varia -type average rollov progbram les, as they s in the er of a certain ty $1 $1 pe ,60 ,60of person to b 0 0 e $1,555 online) reduced the remaining gaps, but in other cases it d $1,595 id not red $1,582 uce the remaining gaps. $1,600 $1,547 $1,530 $1,519 $1,531 Assets and Account Balances $1,523 $1,490 $1,567 $1,600 $1,506 $1,508 $1,507 7.0 $1 $1,60 ,600 0 $1,600 $10,000 $1,478 $1,534 in ndividuals hav ve less money in their acc Databook on E o ount th man th ployee Benefits $1,523 e e nonobese. is a statis T There is very tical reference work on em little differen plo c ce in accoun yee benefit program t t balances s The remainder of this section examines variation in rollover amounts. The estimates in this sect 18% $1,442 18% ion were generated world. Its computer simulation analyses on Social Security reform $2,494 and retirement income a $1,454 dequacy $1,444 $1,444 $1,791 $1,782 5 $96 are control 2 (Figur led e 32). for in In the regr comparession equatio ison, those holdin n that g a these es n account fo timates are r three t$1,473 based on. o four years h In 2011, i ad an avera ndivi $1,477 dua ge rollover ls with a of high sc $1,318. hool Perha • ps the most striking diff EBRI I’s entire liberenc rary of rese e in demogra a arch publica phics betwt teen ions starts telephone a at th $1,460 and o e m nline surv ain W Web page. eys was the u C Click on nder-represe EBR RnI tation of Differences in account an or balan ganization that “tells it like it is ces by cost-conscious decision ma $1,378 king ,” were found with respect to only a few questions, but $2,500 $1,441 Accordin Figure 34, A regression equation is a sta g to Average Rollover findings from t Amount he tistical model 2011 EB , byRI/MGA CEHCS, Level of Annual th$1,387 at allows resear t I hn ere dividual Cont chers to determine the effec was $12.4 b ribu illion tion, in 2007–2011 HSAs and H t of an independent variable o ........................ RAs i $1,385 n 2$1,357 011, spre 27 ad n a Assets (millions) A and work for ssets ($millions)ce-related issues. $1,400 Figures $1 $1 $1,40 ,40 ,400 0 0 $1,403 b by level of exe ercise. Very $5,000 s small differenc ces were foun nd in account t balances an $1,358 d d rollover amo ounts be 5 twee en $1 $1,40 ,400 0 are unique. $1,318 from a regression equation that also controlled for how long an individual has had an HRA or HSA, employer $1,400 $2,292 $1,634 $1,357 $1,400 And those wit degree or less had h an account an avera at least ge of $1,4 five years old 90 in their acco had an unt, whi average rol le those lov with er of $1, a coll $1,348 357. ege Average rollo degree had $ver amounts 1,624, and thos fell e with minorities in o $1 $1,40 ,40n 0 0line sample$1,279 s. 16% $1,344 16% Issue e Briefs and E EBRI Notes for our in-de epth and non npartisan per riod $1,350 icals. $1,594 6.0 when differen $1 $1,40 ,400 ces wer 0 e found those exhibiting a cost-conscious behavior had lower average account balances than dependent variable while holding the effect o across 8.4 mi llion accounts (Fig $1,267 ure 2). In 2f006, all other inde there wependent v re 1.3 mila lion riab accounts w les constant. ith Fo $87 r this analysis, 3 million in the amo assets, and unt o b f y 7 5.4 based on the facts. As the Bylaws state: $1,213 $1,232 in ndividuals wh ho used cost o or quality inf Accounts (millions) Accounts (m o ormation illions) , com mpared with th hose who did d not use such h information. contributio Figure 1, Length of Tim ns to the account, $1,222 e Wit and in h HRA or divi HSA, dual contributions 2006–2011 15%15% ........................................................................... to the account. Like the det $1,224 ailed data on $1,284 average accou .... 5 nt $1,501 $1,214 $1,219 $8,000 $1,469 among a graduate those with accounts at degree had $1,766 least five (Figure 10 ye ). ars, from $1,7 2 74 in 2009 to $1,192 $1,634 in 2010 and $1,357 in 2011. $1,200 $1,201 those who$1 15 did not $1,20 % ,500 0 (Figure 14). Hence, Contact EBRI the expectatio Publications, (2 $1,165 n t $1,171 hat cost-consc 02) 659-0670; ious dec fax publication ision making orders to would lead to hi (202) 775-6312. gher $1,200 $1,198 $1,142 $1,160 money an indiv 2010, 5.4 m $1 $1,20 ,20 illi0 0on accounts idual has in an heHRA or HSA is determined by ld $7.3 billion in assets. $1,405 a $1,158 number of $1,184 factors. The regression equation allows researchers $1,416 $1,200 14% $1,203 $1,397 $1,386 4.8 EBRI make $1,200 s information freely available to all $1,380 H However, n $1,20 ex x 0t to no relatio onship was f $1,140 o ound betwee $1,105 n n either accou unt balance or r rollover amo ounts and var rious $1 $1 $2,20 ,20 ,000 0 0 $1,142 balances, 2006 data for rollovers are not shown $1,110 for the different varia$1,102 bles because of small sample$1,890 sizes. $1 $1,20 ,200 0 “In all its activities, the Institute shall $1,144 $1,091 $1,071 5.0 • Visit EBRI’s blog g. Subscriptions to EBRI Issue Bri $1,059 efs $1,323 are included $1,100 as part of EBRI membership, or as part of $1,113 a $1,126 $4,000 $1,070 $1,102 13% $1,272 13% $1,308 4 Figure 2, Total Assets and Number of Adults Ages 21–64 With an HRA or HSA, 2006–2011 ............................ 5 account balances was not borne out by the data. $1,036 3.6 $1,096 $1,061 to determine the strength of Orders/ EBRI assumes a publi each factor c service re independently. Mo spo $1,026 nsibility to re information about th make its finding e regr s coession equation is available upon $1,011 mpletely accessible at www.ebri.org $1,054 $1,246 4.2 $1,035 $1,045 c cost-consci $1ou ,000s s behaviors. 12% W When a 12% diffe 12% r rence was fo 12% $976 u und, those ex 12% h hibiting the cos $974 t-conscious s behavior we ere found Type Employer a of Cover nd a Indivige—In dual formu Con $199 annual sub ltating account ributions $962 $988 —An scription bala 12% nual co nces to ntributi EB for RI Not persons on amounts es and with EBRI Issue ifr ndivi om individu dual Brie coverage fs. als have Change of and persons with a stron Address: g impact EBRI, on Account Balance Variation $1,017 $1,000 $1,022 $1,000 $961 $984 $1,000 $958 $12,395.1 $946 While total $1 $1 assets in t ,00 ,000 0 he accounts have increased each year, average account balances have not increased at the same function strictly in an objective and $957 — so that all deci $6,000 sions that relate to employee benefits, whether made in Cong $912 ress or board rooms or request from the author. $1 $1 $1,00 ,00 ,000 0 0 11% $952 3.2 11% 11% 11% $1 $1,00 ,000 0 Gender and A $1,083 ge—Men rolled over more 1100 13th St. NW, Suite 878, Washington, money than women. In 2011, men DC, 20005-4051, (202) 659-0670; fax number, had an average rollover of $1,201 $1,000 4.0 $890 Figure t to have lower 3, Average H accoun RA or t bal HSA Account a ances and roll Baover am lances, 2006–2011 ounts s. ...................................................................... $6,710.3 . 6 • EBRI I’s reliable h health and re etirement sur rveys are jus st a click awa ay through t the topic box xes at family cover overall rollover amounts, age, a number o whereas em f factors ne ployer contributions ed $1,051 to be consider $860 ed do . Wh not h ileave a indiv statistically si iduals with family gnificant covera efge often have higher fect on rollover $830 $844 Subscriptions Length of Time With Account—Not surprisingly, th $843 e length of time that $834 an individual $874 has had an account has a This section examines var 10% iation in $864 account bala 10% $1,011 nces and trends in those balances 10% by a number of differe10% nt variables, rate that the $1,50 n families’ ho 0umber of acco mes, are unts an based d total on the highe assets in the st qualit accounts have y, most depe increased. ndabl Ave e informatio rage account n. EBRI’s Web balances leve site led o pofst f s $800 $846 $856 $811 $873 10% $977 $790 (202) 775-6312; e-mail: subscriptions@ebri.org Membership Information: Inquiries $795 10% $3,000 $767 $768 3 while wom$1 e,n 000 had $9 unbiased manner and not as an advocate 84 (Figure 22). Average rollover amounts increased for both men and women. $800 $766 9% $795 $800 9% 9% 9% 9% $757 9% 9% deductibles th amounts. In the t $8 di 00 o o viduals an those p of the pa with with ag g nsingle e. em ployer covera contributio ge, and th n o ey ar f less than e statutorily $1,000 allowe had an d to mak average e higher rollover contri of $1,020, butions, th whi ey le those may 6 $800 $740 $800 such as major impact demo $8all resea 00 graph on theics, inco amoun rch finding m t of mo e, hea s, publi ney i lth sta n c ations, an the acco tus, health unt. d n beT e ha h ws alert e viors, and v analysis fo s. EBRI also exte arious measur und that persnds its e ons who es of cost-conscious d hel ducd a tan accou ion and pu e ncision t for blic less service Figure 4, Distribution of HRA $8 $8 $8 $800 00 00 00 or HSA regarding Account Bala EBRI membership an nces, 2.5 2007–2011 d/or con .............................................................. tributions to EBRI-ERF should be directed to 6 EBRI in 2 Individuals are 008, droppe also able to roll over funds fr d slightly in 2010, and then increase om one HSA into d in 2011. another HSA without subjecting In 2006, account balances avera the distribution to incom ged $696 (Figure 3). e and $800 $750 $751 3.0 2.5 8% 8% 8% D DIFFERENCE ES IN ACCOU UNT BALANCES: Men ha ave higher acc count balance es than wome en, older indiv viduals $652 $4,000 $647 $685 $600 also use more with an emplo role to improving Ameri healt yer contri h car butio e services an n of at l $675 President Dallas ec d t ast $1,000 h an hs’ finan erefore hav cial kn Salisbur ad an e howle y igher av at th erage rollov dge costs. T e above thro address, ( ugh its a his makes it er of $1,217 202) 659-0670; ward di-(Figure fficu winning p lt to e-mail: 33 pre ). I ubli dn salisbur ic ct wh contrast, individuals service ether y@ebri.org cam families paign or opponent of any position.” than six months had an average o $609 f $740 in their acco $1,018 unt, and those who held an account at least six months but less making and health engage 7%7% ment. Both the account balance estimates and t 7% h 7% e statist $7,343.5 ical significance tests were They penalty taxes a increased s long as the r to $1,320 in 20 ollover does not exceed 60 da 07, a 90 $991 percent increase. ys. Account Rollover c bala on nces avera tributions from Arch ged $1,35 er MSAs 6 in 20 are also permitted. 08 and $1,419 in The oldest adults had th $959 e largest rollover amounts in 2011. Individuals ages 55 -64 had an average rollover of $1,257, $600 $560 ® $942 $6,829.8 h have higher a $600ccount balanc ces than young n er ones, ac ccount balance es increase w with household d income, and d • Nee $6 $600 00 d d a number? $544 $597 Check out th he EBRI Dat tabook on E Em mployee Ben nefits. Figure 5, Aver $1,000age Account Balances, by Gender, 2007–2011 ........................................................................ 9 $600 6% 6% $6 $6 $6C 00 00 00hoosetoSave and the $878 companion site www.choo $4,114.2 setosave.org who co will have ntrib high $6 u00 ted er or less than lower ac $count 1,000 h balanc ad an es average than in rollov dividue als. It was r of $873, fou while t nd th hose at inwho dividuals wit contribuh te famil d at least y coverage ha $1,000 had a d n $600 $2,000 2 $600 2.0 gene than a rated fro year ha m d $1,081 (Figu a regression e re 15). quation In tha com t also controll parison, i $5,697.2 ndivi ed du for als how with lon an g an account individual for on has ha e to tw d a o years n HRA or HSA, had an avera employer ge of 2009, 3 percent and 5 percent increases, respectively. In 2010, the average account balance fell to $1,355, down $400 $3,738.5 compared with $938 for individuals 21 -34, $1,020 for those 35 -44, and $ 5% 1,100 for those 45 -54 (Figure 23). Editorial Board: Dallas L. Salisbury, publisher; Stephen Blakely, editor. Any views expressed in this publication and those of the authors should e education has s a significant impact on ac ccount balanc ces independe ent of income e and other va ariables. 1.3 7 5 5% 1.3 average rollov $1,587 in their $500e account r of $1,284, in Au a di gust 2 ffere 0nce th 11, wh at ile those is statistical with i ly signi ndividual ficant cove (Figure rage had $ 34). 1,454 (Figure 11). The average More information about the regression equation is available upon request from the author. Figure $1,527. 6, Aver Those with age Acco $2,000 an accou unt Ba nlances, t for three to by Age, 2007–2011 four years had an ......................................................................... average of $2,010. And those with an accoun.... 9 t for at least contributio not be ascribed to the officers, n $4 s t 00o the account, individu trustees, al co membn ers, or tributions other sponsors of the E to the account, a mploye nd eunuse Benefit Research d balance rol Institute, the EBRI Educ lover amounts. Un ation and like th e 4.5 percent $4 $4 fr 00 00 om the previous year. In 2011, the average account balance increased to $1,470, a 9 percent increase. $4 $400 00 • Instan ntly get e-mail noti?cations of the la atest EBRI d data, surveys s, publication ns, and meet tings $400 $3,336.8 $400 $400 EBRI is sup $4 $4 $400 00 00 ported by organizations from all industries and sectors that appreciate the value of 1.0 $2,478.0 account Resear balan ch Fund, $200 ce of or their individua staffs. Nothin ls with g her fami ein is to be co ly coverage nstrued as an attem increased betw pt to aid or een hi 201 nder 0 a the adoption nd 2011, w of ahile ny pending le it was uncha gislation, nged fo regulation, r $500 overall Whe five ye n examin ars ha data o dn accou i an av ng differag er nt bala ences e account nces show in rollovers balanc n in fo e of Fi r men gure $1,96 an 3,8 d wo 2 . I 00 n6 2 men data ar 011, by a avera e not ge, r ge ac shown egarcount dless of for bal the a ag nces incr di e m ffer en ent var have easeid high ables fore eac r aver beca h luse e age ng of t th-ohf- e D DIFFERENCE ES IN ROLLO OVER AMOU UNTS: Men ro olled over more money tha an women, an nd older indiv viduals $1,000 1 and s seminars by c clicking on t the “Notify M Me” or “RSS S” buttons a at the top of o our home pa age. Figure 7, Average Account Balances, by Gender and Age Combined, August 2011 ........................................ 10 unbiased, reliable information on emplo or interpretative rule, or as legal, accounting, actuarial, or other such prof yee b essional advice. enefits. Vis ww it w. www.e ebri.org b ri.org/about/join/ for more. those with i$2 $2 $2 ndi 00 00 00vidual coverage. $873.4 Between 20 $2 $2 07 00 00 and 2011, there h 0.5 as been a decline in the percentage of individuals with a zero account balance and an time group except $200 for those with accounts for five years or more. Those with accounts for five years or more small samp rollover amou le sizes. $200 nts than women. (Figure 24). Conclusion $1,270.0 h had hi gher rolllover amount ts than young ger individuals s. Rollover am mounts increa ase with hous sehold income e and $2 $2 $2 $200 $0 00 00 00 $0 0.0 increase Figure 8, Aver in the perc age Acco Chenta eckeunt dge o 20 Ch B 06 alances, f ec those ked pricewith by Ra Ch 20 an ec 07kce, 2 e account d 00 Tal 7k ? bal e 2011 .......................................................................... 20 d to 08ancUs e ed of onl at ine 20 le09 ast $3,0 Talked to00. Th 20 De 10 ve p elope edrcenAs take 20 ge d 11 fowit r hA at l sked e doc ast $3,000 tor 10 in experienced 0% a decline from $2,563 to $2,231 between 2009 and 2010, and experienced a decline to $1,968 in 2011. $0 e education, and d individuals with single co overage rolled d over a slightly higher am mount than tho ose with famiily Employers firs EBRI Issue Brief t started o is registerfed in the U. feri $274.8 ng HRAs S. Patent and T in 2001, a radem nd they ark Office. were ab ISSN: 0887 le to ? start offerin 137X/90 0887g ? h 137X/90 $ . ealth plans 50+. wit 50 h HSAs in 2004. By $0 whether plan of service quality rating of do Ther ctor aboe e ut’s lo costts mor -tracking e e do ! ctor about budget to generic drug to recommend $0 Health $0 $0 $0 Behaviors and Health Status—Individuals who smoke have more money in their accounts than those $0 $0 Nothing Less Than $200–$499 $500–$999 $1,000–$1,499 $1,500–$1,999 $2,000–$2,999 $3,000 or More Don't Know $0 0 Race Gend $0 —Whites er and Aghave lo e—Men 21–34 wer have rol higher lover amounts accou 35–44 nt ba than lances t minoriti han wom es. On avera e45–54 n. By g August e, minoriti 20es ha 11, men d a 55–64 $1, had an 166 rol average lover in of their account $0 increased would cove from r be 16 fore g p etti Le es ng rcent s T do han ct in or $1 /hos , 0200 00 pital7 to trea 22 tme p nt ercent i tool prov n ide 201 d 1 pres (Fi cript gur ione 4 ma)nag . $ 1,0 e 00 heal orth More instead of less costly The decline in $0 account balances among this group could be because of pent-up demand due to having the account for $0 $0 Le Smok ss T es ha Ci n $ 1–2 Y ga 50,0 rettes ear 00s $50,000–$99,999 Exercise 3–4 Years $100,000 Obe or se More 5 or Mo He re alt De Ye h P cl ar in ro sed blem*** $200 UsW In ed div hi Cos te, n idua t o on- l Co r Q Hi u ve sp ali rani a ty ge Inf c o Used Fam We iMi ly llnes no Cov ris ter y Pr age ogram c coverage. 2006 2007 2008 2009 2010 2011 2010, 16 percent of employers with Les 1 s T0 han –4 $1 99 ,000 workers and 23 percent of employers $1, wi 000 th 5 or Mo 00 o re r more workers offered Figure 9, Average Account Balances, by Annual Household Income, 2007–2011 ........................................... 11 care careLess Than $1,000 options and by health plan options and care $1, ex 0p 00 ens ores Morbr e and name prescription who do not smoke (Figure High school 21–34 gr 12). aduate In or contra less Male Sst, obese i ome college, tr 35–44 n addiv e ori duals businesshave Cole llege ss money in gr 45–54 aduate or some their ac Femalecount Gradu than th 55–64 ate degree no e nobese. Age 201 $1,71, 35whil in their e whites ha HRA ord a HSA $1while ,066 rollover women (Figure had $1,25 403 ). (Fi gure 5). This may be due to the fact that men use less health Visit t EBRI on-li line toda Rollover Level y: w www.ebri.org g a number of years as they Source: EBRI/Commonw tried to buil ealth Fund Consumerism in Health Care Surv d up an account costs balance. ey, 2006–2007. EBRI/MGA costs Consumer Engagement in drHealth Care ug Survey drug , school Annual HousAge ehold Incomegraduate work Source: EBRI/MGA Consumer Engagement in Health Care Surv Annual Em eyAnnual Individual , 2011. ployer Contr Contr ibuton ibution either an HRA Source: EBR or HSA-e I/Commonw ligiblealth Fund e plan. As a Consumerism result, these in Health Care Surv pla eyn , 2007. s covere EBRI/MG d a A Consum bout 2 er Engagement 1 million in Hpeople ealth Care Surv in ey 20 , 200 11 8–2011. , representing about 2008–2011. There is very little difference in account balances by level of exercise. a *** Health problem defined as fair or poor health or one of eight chronic health c th ondition: arthritis; asthma, emphysema or lung disease; cancer; depression; Figure care tha 10, n Ave women, Hrage Ac ealth reimbusement which count all account. o Balances, ws them to by E maintain ducation, a h 2 igher acco 007 ?2011 ................................................................. unt balance (Sandman, Simantov and An Marc 11 h 2000). a Source: Source: EBR EBRI/M I/C G ommonw A Consumer ealth Fund Engagement Consumerism in Health C in Ha ealth C re Surv aey re Surv , 2011. ey, 2007. EBRI/MGA Consumer Engagement in Health Care Survey, 2008 ?2011. Health reimbursement arrangement. 1100 13 Street NW · Suite 878 Source: EBR Source: EBR I/C I/C ommonw ommonw ealth Fund ealth Fund CC onsumerism onsumerism in in H H ealth C ealth C aa re Surv re Surv ey ey , , 2006–2007. 2007. EBRI/M EBR GA I/M CG onsum A Consumer er Engagement Engagement in Hein H alth ealth C Care Surv are Surv ey, 200 ey, 2008–2011. 8–2011. Source: EBR Source: EBR bSource: EBR diabetes; Source: EBRI/Common heart attack I/C I/C I/C ommonw ommonw ommonw w or other heart disease; eealth Fund a ealth Fund ealth Fund lth Fund CoC C nsum C onsumerism onsumerism onsumerism erismhigh choleste  in He in in in al H H tH h ealth C ealth C ealth C  Care rol  Surv a ;a a or re Surv re Surv re Surv ey hy , 2007. pertension, high ey ey ey , ,  , EBRI/M 2007. 2007. 2007. EBR G EBR EBR A Cblood I/M o I/M I/M nsum G G G A A A pressure, or er C C C  onsum E onsumer onsumer ngagem er e Engagement nt Engagement stroke. Engagement  in Health Care in H in H in H  Surv ealth ealth ealth ey, C C 2008–2011. C a a a re Surv re Surv re Surv ey ey ey , 200 , 200 , 200 8–2011. 8 8–2011. ?2011. Source: EBR Source: Source: EBR I/C EBR I/M ommonw I/M GAG C Aonsumer C ealth Fund onsumer Engagement Engagement Consumerism in H in H ealth in H ealth C ealth C Care aSurv re Surv are Surv ey, ey 2011. ey , 2011. , 2007. EBRI/MGA Consumer Engagement in Health Care Survey, 2008–2011. 12 percent oSource: EBR f Source: EBR H Source: EBR the ealth sav privately ings account. I/C I/C I/C ommonw ommonw ommonw iealth Fund n ealth Fund sured market ealth Fund CC onsumerism C onsumerism onsumerism (Fronstin, in in H inH ealth C H ealth C ealth C are Surv aa re Surv re Surv 2011). ey ey , ey 2007. , , 2007. 2007. EBR EBR EBR I/M I/M I/M G G A G A A C C onsum C onsumer onsum er Engagement er Engagement Engagement in in H in H Health C ealth ealth C a C a re a re Surv re Surv Survey ey ey , , 200 20 , 200 08–2011. 8–2011. 8–2011. b Health saving account. Washington, DC 20005 Figure 11, Average Account Balances, by P lan Type, 2007 ?2011 ................................................................. 13 (202) 659-0670 © 2012, Employee Benefit Research Institute ?Education and Research Fund. All rights reserved. www.ebri.org www.choosetosave.org ebr ebr ebri.org ebr ebr ebr ebr ebr ebri.org ebr A A res i.o i.o i.o i.o i.o i.o i.o i.oebri.org Issue Brief • January 2012 • No. 367 ebri.org Issue Brief • January 2012 • No. 367 ebri.org Issue Brief • January 2012 • No. 367 ebri.org Issue Brief • January 2012 • No. 367 ebri.org Issue Brief • January 2012 • No. 367 ebri.org Issue Brief • January 2012 • No. 367 ebri.org Issue Brief • January 2012 • No. 367 ebri.org Issue Brief • January 2012 • No. 367 ebri.org Issue Brief • January 2012 • No. 367 ebri.org Issue Brief • January 2012 • No. 367 ebri.org Issue Brief • January 2012 • No. 367 ebri.org Issue Brief • January 2012 • No. 367 ebri.org Issue Brief • January 2012 • No. 367 ebri.org Issue Brief • January 2012 • No. 367 ebri.org Issue Brief • January 2012 • No. 367 ebri.org Issue Brief • January 2012 • No. 367 ebri.org Issue Brief • January 2012 • No. 367 earc rg rg rg rg rg rg rg rg Is Is Is Is Is Is Is Is Issue Bri Issue Bri su su su su su su su su h rep e B e B e B e B e B e B e B e Bo ri ri ri ri ri ri ri rie e e e e e e e rtte e ffffffff from the EBRI • • • • • • • • ff • Januar • Januar J J J J J J J Ja a a a a a a an n n n n n n nuary uary uary uary uary uary uary uary 20 20 20 20 20 20 20 20 y y 20 20 12 12 12 12 12 12 12 12 E E 12 • No. 367 12 • No. 367 • No • No • No • No • No • No • No • No ducation and . 3 . 3 . 3 . 3 . 3 . 3 . 3 . 36 6 6 6 6 6 6 67 7 7 7 7 7 7 7 R Research Fund © © 2012 Employee e Benefit Researc ch Institute 14 19 10 17 13 6 22 25 15 24 5 26 27 11 23 18 9 28 12 20 16 21 2 3 4 8 7 Assets ($millions) Assets (millions)

Volume 367

Pages 32

EBRI Issue Brief

Paul Fronstin

Health