HSAs: The Medical IRA. Steve Christenson
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1 HSAs: The Medical IRA Steve Christenson
2 Learning Objectives Employer-Health Plan Trends The History of HSAs The Current State of HSAs Comparing Retirement & Healthcare
3 Consumer-Directed Healthcare HDHP HSA
4 Employer Health Plan Trends
5 Percentage of Employers Offering Health Insurance Percentage of Firms Offering Health Benefits, by Firm Size, *Estimate is statistically different from estimate for the previous year shown (p<.05). NOTE: Estimates presented in this exhibit are based on the sample of both firms that completed the entire survey and those that answered just one question. For more information see the Survey Methods Section Source: Kaiser/HRET Survey of Employer-Sponsored Health Benefits, The Kaiser Family Foundation and Health Research & Educational Trust, Employer Health Benefits 2016 Annual Survey, September 2016, kff.org/report-section/ehbs-2016-summary-of-findings
6 Coverage by Plan Type HMO/PPO OTHER HDHP Source: The Kaiser Family Foundation and Health Research & Educational Trust, Employer Health Benefits 2016 Annual Survey, September 2016, files.kff.org/attachment/report-employer-health-benefits-2016-annual-survey
7 Rise of HDHPs 35% Percentage of Employers Offering HDHP 30% 25% 20% 15% 10% 5% 0% Percentage of Employers offering HDHP Source: The Kaiser Family Foundation and Health Research & Educational Trust, Employer Health Benefits 2016 Annual Survey, September 2016, files.kff.org/attachment/report-employer-health-benefits-2016-annual-survey
8 HDHPs in 2016 Among Firms Offering Health Benefits, Percentage That Offer an HDHP/SO, by Firm Size, % 27% 28% All Small Firms All Large Firms All Firms Source: The Kaiser Family Foundation and Health Research & Educational Trust, Employer Health Benefits 2016 Annual Survey, September 2016, kff.org/reportsection/ehbs-2016-section-eight-high-deductible-health-plans-with-savings-option/
9 HDHP Coverage By Age Millennials are natives to HDHPs/HSAs 62% of all HDHP-covered individuals are under age 45 32% of all HDHP-covered individuals are under age 25 Over 1/3 are millennials Source: AHIP Center for Policy and Research, 2016 Survey of Health Savings Account High Deductible Health Plans, February 2017,
10 HSA Coverage by Age These are deposit accounts Average balances are growing each year of ownership Millennial s ownership is generally age 25 and up Baby boomers are discovering this Medical IRA 41% 1% Millennials Baby Boomers 23% 35% GenXers Silent Source: Ascensus client data as of 12/31/2016
11 Current State of HSAs
12 History of HSAs 3/1/ /31/2007 Consumer-Driven Healthcare (CDHC) Shift Begins 1/1/ /31/2012 Obama Administration & ACA 1/1/ /31/2016 Continued CDHC Shift & ACA Mandate /1/2004 HSAs Available
13 HSA Growth Source data taken from: Devenir, 2016 Year-End HSA Market Statistics & Trends Executive Summary, February 22, 2016, End-Devenir-HSA-Market-Research-Report-Executive-Summary-1.pdf
14 HSA Asset Growth Source: Devenir, 2016 Year-End HSA Market Statistics & Trends Executive Summary, February 22, 2016, Devenir-HSA-Market-Research-Report-Executive-Summary-1.pdf
15 HSA Investment Assets Source: Year-End figures based on Devenir Research and 2016 Year-End Devenir HSA Market Survey. Devenir, 2016 Year-End HSA Market Statistics & Trends Executive Summary, February 22, 2016, Market-Research-Report-Executive-Summary-1.pdf
16 Source data taken from: Devenir, 2016 Year-End HSA Market Statistics & Trends Executive Summary, February 22, 2016, content/uploads/2016-year-end-devenir-hsa-market-research-report-executive- Summary-1.pdf
17 Average HSA Balances Source: Devenir, 2016 Year-End HSA Market Statistics & Trends Executive Summary, February 22, 2016, Devenir-HSA-Market-Research-Report-Executive-Summary-1.pdf
18 Current HSA Statistics 20 million HSAs (1/01/17) HSA assets nearly $35 billion in 2016 Average HSA balance $14,971 $5.5 billion invested in nondepository accounts Source: Devenir, 2016 Year-End HSA Market Statistics & Trends Executive Summary, February 22, 2017, HSA-Market-Research-Report-Executive-Summary-1.pdf
19 HSA Contributions in 2016 Average annual employer HSA contributions were $686 for self-only coverage $1,208 for family coverage 2016 HSA Contribution Limits Self-Only Coverage $3,350 Family Coverage $6,750 Source: The Kaiser Family Foundation and Health Research & Educational Trust, Employer Health Benefits 2016 Annual Survey, September 2016, kff.org/healthcosts/report/2016-employer-health-benefits-survey
20 Employer 26% of total Average Contribution $868 Contribution Sources 2016
21 Contribution Sources 2016 Employer 26% of total Average Contribution $868 Employee 46% of total Average Contribution $1,786
22 Contribution Sources 2016 Employer 26% of total Average Contribution $868 Employee 46% of total Average Contribution $1,786 Individual 19% of total Average Contribution $1,713
23 Contribution Sources 2016 Employer 26% of total Average Contribution $868 Employee 46% of total Average Contribution $1,786 Individual 19% of total Average Contribution $1,713
24 Comparing Retirement and Healthcare
25 The First 10 Years 1975 IRA Data 1985 IRA Data Increase 1.2 million tax returns reported deductible IRA contributions $1.4 billion deductible contributions reported 16.2 million tax returns reported deductible IRA contributions $38.2 billion deductible contributions reported 15 million 36.8 billion 2005 HSA Data 2015 HSA Data Increase Approximately 800,000 accounts Approximately 16 million accounts 15.2 million 1 million HDHPs 20 million HDHPs 19 million $1.7 billion in total assets $30.2 billion in total assets 28.5 billion
26 Not Apples-to-Apples IRAs Tax benefits contributes to initial growth of IRAs Individuals covered by employersponsored retirement plans from 1975 to 1982 were not eligible to make IRA contributions Rollovers from employer-sponsored retirement plans increase total IRA assets
27 Not Apples-to-Apples HSAs Cost of health care coverage contributes to transition to HDHP insurance coverage HDHP products were not initially readily available through insurance carriers Employers were slow to offer HDHP coverage to employees Distributions taken for qualified medical expenses affects total HSA assets
28 Where Are the Correlations?
29 Where Are the Correlations? IRA HSA Can be used either for retirement or qualified medical expenses Can benefit individuals working beyond normal retirement age Can house same investments Appeals to baby boomers generation X millennials
30 HSAs as the Medical IRA? Triple Tax Benefit Pay Now, Reimburse Later Investment Options HSA
31 What Are the Barriers? Fear of the Unknown Lack of Education? Consumer Employer Financial Organization Health Exchanges
32 Questions?
33 We help over 7 million Americans save for life s biggest moments. Education. Healthcare. Retirement. Ascensus provides administrative and recordkeeping services and is not a broker-dealer or an investment advisor. Ascensus and the Ascensus logo are registered trademarks of Ascensus, Inc. Copyright 2017 Ascensus, Inc. All Rights Reserved.
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