Health Savings Account Balances, Contributions, Distributions, and Other Vital Statistics, 2015: Estimates from the EBRI HSA Database

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1 Nov. 29, 2016 No. 427 Helth Svings Account Blnces, Contributions, Distributions, nd Other Vitl Sttistics, 2015: Estimtes from the EBRI HSA Dtbse By Pul Fronstin, Ph.D., Employee Benefit Reserch Institute A T A G L A N C E The Employee Benefit Reserch Institute (EBRI) mintins dt on helth svings ccounts (HSAs) collected from vrious recordkeepers. The EBRI HSA Dtbse contins four million ccounts with totl ssets of $7.4 billion s of Dec. 31, This Issue Brief is the third nnul report drwing on cross-sectionl dt from the EBRI HSA Dtbse. It exmines ccount blnces, individul nd employer contributions, distributions, invested ssets nd ccount-owner demogrphics in Here re the key findings: Enrollment in high-deductible, HSA-eligible helth plns is estimted to be between million policyholders nd their dependents. Over 4 in 5 HSAs (85 percent) hve been opened since the beginning of As of the end of 2015, the verge HSA blnce ws $1,844, up from $1,332 t the beginning of the yer. Averge ccount blnces incresed with the ge of the owner of the ccount. Account blnces verged $759 for owners under ge 25 nd $3,623 for owners ges 65 nd older. About 3 percent of HSAs hd invested ssets (beyond csh). Thirty-six percent of HSAs with invested ssets ended 2015 with blnce of $10,000 or more, wheres only 4 percent of HSAs without invested ssets hd such blnce. Among HSAs with investments, ccounts opened in 2015 ended the yer with n verge blnce of $4,907 wheres those opened in 2005 hd n verge blnce of $27,903 t the end of HSAs with either individul or employer contributions ccounted for 59 percent of ll ccounts nd 78 percent of totl ccount blnces in Three percent of these ccounts ended the yer with zero blnce. On verge, individuls who mde contributions in 2015 contributed $1,864 to their ccount in HSAs receiving employer contributions in 2015 received $948, on verge. Four-fifths of HSAs with 2015 contribution lso hd distribution during Of the HSAs with distributions, the verge mount distributed ws $1,748. Distributions incresed s HSA owners ges incresed. For exmple, 2015 distributions verged $634 for HSA owners under ge 25; $2,319 for owners ges 55 64; nd $2,365 for owners ges 65 nd older. Distributions were higher for HSAs tht were older. However, the likelihood of tking distribution ws higher mong HSAs opened more recently, other thn those opened in A reserch report from the EBRI Eduction nd Reserch Fund 2016 Employee Benefit Reserch Institute

2 Pul Fronstin is director of the Helth Eduction nd Reserch Progrm t the Employee Benefit Reserch Institute (EBRI). This Issue Brief ws written with ssistnce from EBRI s reserch nd editoril stffs. Any views expressed in this report re those of the uthor nd should not be scribed to the officers, trustees, or other sponsors of EBRI, Employee Benefit Reserch Institute-Eduction nd Reserch Fund (EBRI-ERF), or their stffs. Neither EBRI nor EBRI- ERF lobbies or tkes positions on specific policy proposls. EBRI invites comment on this reserch. Copyright Informtion: This report is copyrighted by the Employee Benefit Reserch Institute (EBRI). It my be used without permission but cittion of the source is required. Suggested Cittion: Pul Fronstin, Helth Svings Account Blnces, Contributions, Distributions, nd Other Vitl Sttistics, 2015: Estimtes from the EBRI HSA Dtbse, EBRI Issue Brief, no. 427, (Employee Benefit Reserch Institute, November 29, 2016). Report Avilbility: This report is vilble on the internet t Tble of Contents Introduction... 4 Wht is n HSA?... 4 Eligibility... 4 Contributions... 5 Investments... 5 Distributions... 6 Archer Medicl Svings Accounts... 6 ERISA Complince... 6 Trends in HSA-Eligible Helth Plns nd HSAs... 6 About the EBRI HSA Dtbse... 8 HSAs Open During Accounts With Contributions in Accounts Without Contributions in Averge Contributions nd Distributions When HSAs Were Initilly Opened Ages of HSA Owners Account Blnces Contributions Distributions Net Contributions Conclusion References Endnotes ebri.org Issue Brief Nov. 29, 2016 No

3 Figures Figure 1, Sttutory HSA Limits, Figure 2, HSA nd HRA Enrollment Rtes, Figure 3, Percentge of Employers Offering HSA-Eligible Helth Pln/HRA, by Firm Size, , With Projections Through Figure 4, HSAs, by Yer Account ws Opened nd Account Sttus... 9 Figure 5, HSA Owners by Account Sttus, Open Accounts, Figure 6, Summry of Averge Account Activity, Figure 7, Averge Individul Contribution, by Presence of Employer Contribution, Figure 8, HSA Owners, by Yer When Account Ws Opened nd Account Sttus, Figure 9, HSA Owners, by Age, Figure 10, Averge HSA End-of-Yer Account Blnce, Accounts With Contributions, Figure 11, Averge End-of-Yer Account Blnce Among HSAs With Contributions, by Age of HSA Owner, Figure 12, Averge End-of-Yer Account Blnce Among Accounts With Contributions, by Yer HSA Ws Opened, Figure 13, Averge HSA End-of-Yer Account Blnce, by Presence of Invested Assets, Figure 14, Averge End-of-Yer Account Blnce Among Accounts With Contributions nd Invested Assets, by Yer HSA Ws Opened, Figure 15 HSAs, by Level of Individul, Employer nd Totl Contributions, Figure 16, HSAs, by Level of Individul Contributions nd Invested Assets, Figure 17, HSAs With Contributions, by Level of Individul, Employer, nd Totl Contributions, Figure 18, HSAs With Contributions, by Level of Individul Contributions nd End-of-Yer Account Blnce, Figure 19, HSAs With Contributions, by Level of Employer Contributions nd End-of-Yer Account Blnce, Figure 20, HSAs With Contributions, by Level of Combined Individul nd Employer Contributions nd End-of-Yer Account Blnce, Figure 21, Annul HSA Contributions, by Age, Figure 22, Annul HSA Distributions, Figure 23, Averge Annul Distributions Among Accounts With Distributions nd the Likelihood of Hving Distribution, by Age of HSA Owner, Figure 24, HSA Owners, by Age nd Account Sttus, Figure 25, Averge Annul Distributions Among Accounts With Distributions nd the Likelihood of Hving Distribution, by Yer HSA Ws Opened, Figure 26, Averge Annul Distributions Among Accounts With Distributions nd the Likelihood of Hving Distribution, by Presence of Invested Assets, Figure 27, Annul Contributions, Distributions, nd Net Contributions, by Age Among HSA Owners With Both Contributions nd Distributions, ebri.org Issue Brief Nov. 29, 2016 No

4 Helth Svings Account Blnces, Contributions, Distributions, nd Other Vitl Sttistics, 2015: Estimtes from the EBRI HSA Dtbse By Pul Fronstin, Ph.D., Employee Benefit Reserch Institute Introduction The Medicre Prescription Drug, Improvement, nd Moderniztion Act of 2003 (MMA) llows individuls enrolled in high-deductible helth plns meeting certin requirements to open nd fund helth svings ccounts (HSAs). In 2015, enrollment in these HSA-eligible helth plns ws estimted to be between 20 nd 22 million policyholders nd their dependents. 1 It hs lso been estimted tht there were 16.7 million HSAs holding $30.2 billion in ssets s of Dec. 31, Nerly 30 percent of employers offered n HSA-eligible helth pln in 2015, nd tht percentge is expected to increse in the future both s helth pln option nd s the only helth pln option. 3 While there is growing literture round how individuls in HSA-eligible plns use nd py for medicl services, 4 there re very few sources of dt on the HSAs themselves nd the owners of such ccounts. The most recent report by Americ s Helth Insurnce Plns (AHIP) includes dt on ccount blnces, contributions, distributions, nd ccount owner demogrphics bsed on 2012 dt. 5 Also, Devenir reports limited, ggregte dt from survey of HSA providers. 6 The EBRI/Greenwld & Assocites Consumer Enggement in Helth Cre Survey (CEHCS), conducted nnully since 2005, collects self-reported demogrphic informtion on enrollees in HSA-eligible helth plns nd on their HSA blnces, contributions, nd distributions. 7 To improve on these dt, EBRI creted the EBRI HSA Dtbse to collect lrge, representtive repository of dministrtive informtion from record-keepers bout HSAs nd ccount owners. This Issue Brief is the third nnul report drwing on cross-sectionl dt from the EBRI HSA Dtbse. It exmines ccount blnces, individul nd employer contributions, nnul distributions, investments nd ccount-owner demogrphics for Wht is n HSA? A helth svings ccount (HSA) is tx-exempt trust or custodil ccount tht is funded with contributions nd ssets tht n individul cn use to py for helth cre expenses. Individuls cn contribute to n HSA only if they re enrolled in n HSA-eligible helth pln. Contributions to the ccount re deductible from txble income, n employer s contributions to the ccount re excludble from the employee s gross income, nd distributions for qulified medicl expenses from the HSA re excluded from txble income to the employee. Tx-free distributions re lso llowed for certin premium pyments (see below). Any interest or other cpitl ernings on ssets in the ccount build up tx free. Finlly, HSAs re lwys funded, unlike similr types of helth ccounts known s helth reimbursement rrngements (HRAs) nd flexible spending ccounts (FSAs), which cn be nd re typiclly set up s unfunded, notionl rrngements. Eligibility An individul who is covered by n HSA-eligible helth pln my (but is not required to) open nd mke contributions to n HSA. To be n HSA-eligible helth pln for 2016, the pln must hve n nnul deductible of t lest $1,300 for individul coverge nd $2,600 for fmily coverge, nd the pln s out-of-pocket mximum my not exceed $6,550 for individul coverge or $13,100 for fmily coverge with the deductible counting towrd this limit. (These minimum llowble deductibles nd mximum out-of-pocket limits re indexed to infltion.) Certin primry preventive services typiclly those deemed to prevent the onset of disese cn be nd often re exempt from the deductible ebri.org Issue Brief Nov. 29, 2016 No

5 nd covered in full. (These preventive services re in ddition to those preventive services tht the Ptient Protection nd Affordble Cre Act of 2010 (ACA) requires be covered in full.) Otherwise, ll helth cre services must be subject to the HSA s deductible. See Figure 1 for historicl sttutory HSA limits. Additionl HSA contribution requirements re tht (1) n individul my not be enrolled in other helth coverge, such s spouse s pln, unless tht pln is lso n HSA-eligible helth pln, (2) n individul my not be climed s dependent on nother person s tx return, nd (3) n individul my not be enrolled in Medicre. Notwithstnding these requirements, n individul is not precluded from mking HSA contributions merely becuse he or she hs supplementl coverge with deductibles below the sttutory HSA-eligible helth pln minimum for such things s vision cre, dentl cre, certin specific diseses, nd/or insurnce tht pys fixed mount per dy (or other stipulted period) for hospitliztion. Contributions Individuls nd employers re llowed to contribute to HSAs. As noted bove, contributions re excluded from gross income if the employer mkes them, nd deductible from txble income if the individul ccount owner mkes them. For 2016, worker with individul coverge is llowed to mke n nnul HSA contribution of $3,350, while worker with fmily coverge cn contribute s much s $6,750. These dollr limits re indexed for infltion. Additionlly, individuls who hve reched ge 55 nd re not yet enrolled in Medicre my mke n dditionl $1,000 ctch-up contribution. The ctch-up contribution is not currently indexed to infltion. If n employer does mke contributions to n HSA, the contributions must be the sme dollr mount or the sme percentge of the deductible for ll employees. 8 Investments Minimum Deductible Figure 1 Sttutory HSA Limits, Mximum Out-of- Mximum Contribution Pocket Limit Individul Fmily Individul Fmily Individul Fmily 2004 $1,000 $2,000 $2,600 $5,150 $5,000 $10,000 $ ,000 2,000 2,600 5,150 5,000 10, ,050 2,100 2,700 5,450 5,250 10, ,100 2,200 2,850 5,650 5,500 11, ,100 2,200 2,900 5,800 5,600 11, ,150 2,300 3,000 5,950 5,800 11,600 1, ,200 2,400 3,050 6,150 5,950 11,900 1, ,200 2,400 3,050 6,150 5,950 11,900 1, ,200 2,400 3,100 6,250 6,050 12,100 1, ,250 2,500 3,250 6,450 6,250 12,500 1, ,250 2,500 3,300 6,550 6,350 12,700 1, ,300 2,600 3,350 6,650 6,450 12,900 1, ,300 2,600 3,350 6,750 6,550 13,100 1, ,300 2,600 3,400 6,750 6,550 13,100 1,000 Source: Helth svings ccount. Per-Person Ctch-up Contribution Limit HSAs cn be invested in the sme investment options tht hve been pproved for individul retirement ccounts (IRAs) i.e., bnk ccounts, certifictes of deposit (CDs), money mrket funds, stocks, bonds, nd mutul funds. Mny HSA custodins, however, require tht n HSA hve t lest minimum blnce in order to invest HSA funds in options beyond csh or csh equivlents. And some HSA custodins do not offer investment options beyond csh. If n HSA ebri.org Issue Brief Nov. 29, 2016 No

6 owner is ble to invest HSA funds in options beyond csh, the owners re responsible for mking the investment decisions. Distributions An individul my tke distributions from n HSA t ny time. The individul need not be covered by n HSA-eligible helth pln t the sme time the individul withdrws money from the HSA. Distributions re generlly treted s txble income, but they re excluded from n individul s txble income if they re used to py for qulified medicl expenses. Distributions for premiums for COBRA coverge, long-term-cre insurnce, helth insurnce while receiving unemployment compenstion, nd insurnce while eligible for Medicre (other thn for Medigp) re lso tx free. HSA distributions for nonqulified medicl expenses re not excludble from gross income nd, in ddition to being txble, re subject to 20 percent penlty, which is wived if the HSA owner dies, becomes disbled, or is eligible for Medicre. Individuls re ble to trnsfer funds from one HSA to nother without subjecting the distribution to income nd penlty txes s long s the trnsfer occurs within 60 dys of the dte funds re received. Archer Medicl Svings Accounts Prior to the vilbility of HSAs, Archer Medicl Svings Accounts (MSAs) were uthorized s demonstrtion project under the Helth Insurnce Portbility nd Accountbility Act of 1996 (HIPAA). Workers were eligible to set up n MSA if employed t firm with 50 or fewer employees. The self-employed were lso eligible. Both were required to be covered by high-deductible helth pln in order to be ble to contribute to n MSA. When the Medicre Prescription Drug, Improvement, nd Moderniztion Act of 2003 (MMA) creted HSAs, existing MSAs were grndfthered, but s of Dec. 31, 2007, no new MSAs could be opened. However, individuls with MSAs re llowed to trnsfer those ccount blnces to HSAs. Amounts tht continue to be held in grndfthered MSAs cn be distributed tx free for qulified medicl expenses. ERISA Complince Unlike HSA-eligible helth plns offered by n employer, when employer involvement in n HSA is limited, the HSA is not subject to ERISA. Thus, for exmple, HSAs re not subject to ERISA when the employer does not contribute to the HSA, or when the estblishment of the HSA is completely voluntry on the prt of the employee. 9 In ddition, the employer my not limit the bility of employees to move their HSA funds to nother HSA, impose conditions on using the HSA funds, or mke or influence investment decisions. There re other considertions for employers s well when offering n HSA. 10 The recently finlized Deprtment of Lbor Fiduciry Rule extends to HSAs. 11 As result, employers could be impcted by the rule if they provide more thn generl investment eduction. 12 Trends in HSA-Eligible Helth Plns nd HSAs There re severl surveys tht estimte enrollment in HSA-eligible helth plns. Ech survey is different nd ech hs strengths nd limittions: The EBRI/Greenwld & Assocites Consumer Enggement in Helth Cre Survey (CEHCS) hs been conducted nnully since The CEHCS is survey of dults with privte helth insurnce, conducted to provide relible ntionl dt on the growth of consumer-driven helth plns (CDHPs) nd high-deductible helth plns nd their impct on the behvior nd ttitudes of helth cre consumers. o It found tht 13 percent of individuls with privte helth insurnce coverge (bout 26 million individuls) were enrolled in CDHP in 2015 (Figure 2). ebri.org Issue Brief Nov. 29, 2016 No

7 3.3% % Figure 2 HSA nd HRA b Enrollment Rtes, % % 14.6% 14.7% % 9.7% 8.7% 8.2% 8.4% 7.3% % 4.6% % 3.4% 3.1% 3.4% 2.7% 2.3% % 1.1% 6.3% 4.4% 4.2% Totl With HRA or HSA HSA-eligible Without Account 6.9% 6.3% 5.6% Source: EBRI/Commonwelth Fund Consumerism in Helth Cre Survey, 2007; EBRI/Greenwld & Assocites Consumer Enggement in Helth Cre Survey, Helth svings ccount. b Helth reimbursement rrngement. o Over 7 percent hd opened n HSA or hd helth reimbursement rrngement (HRA), while 5.6 percent (bout 8 million dults) were in n HSA-eligible helth pln but hd not opened n ccount. The Kiser Fmily Foundtion (KFF) surveys employers in order to trck worker HSA nd HRA enrollment. KFF found tht 29 percent of workers were enrolled in either n HSA-eligible helth pln or HRA in Nineteen percent were in n HSA-eligible helth pln nd 9 percent were in n HRA. 14 AHIP s survey of helth plns found tht the number of people enrolled in n HSA-eligible pln ws 19.7 million in Jnury Mercer s survey of employers found tht 25 percent of workers with employment-bsed coverge were covered by either n HSA-eligible helth pln or n HRA in The Ntionl Helth Interview Survey (NHIS) of individuls with privte helth insurnce coverge found tht the percentge of individuls with privte insurnce covered by n HSA-eligible helth pln ws 15.3 percent in 2016, but lso found nother 24.7 percent were in HSA-eligible helth plns nd hd not opened the HSA. 17 Enrollment in HSA-eligible helth plns is expected to grow. According to Mercer s survey of employers, 25 percent of employers with employees nd 61 percent of employers with 500 or more employees offered n HSA-eligible helth pln or HRA in 2016 (Figure 3). By 2019, 34 percent of employers with employees nd 72 percent of employers with 500 or more employees sy they re very likely to offer such helth pln. It is expected tht 18 percent of employers with 500 or more workers will offer n HSA-eligible helth pln or HRA s the only pln option by ebri.org Issue Brief Nov. 29, 2016 No

8 About the EBRI HSA Dtbse The EBRI HSA Dtbse is representtive repository of informtion bout individul HSAs. The 2015 dt covers 24 percent of the universe of HSAs nd 25 percent of HSA ssets. 19 The dtbse is unique becuse it includes dt provided by wide vriety of ccount record-keepers nd, therefore, represents the chrcteristics nd ctivity of brod rnge of HSA owners. 20 As of Dec. 31, 2015, the EBRI Dtbse includes: Four million helth svings ccounts. $7.4 billion in ssets. Most HSAs in the EBRI HSA Dtbse were initilly opened within the pst few yers. Overll, nerly two-thirds of the ccounts were opened between 2013 nd 2015, with 26 percent opened in 2015, 24 percent opened in 2014, nd 15 percent opened in 2013 (Figure 4). About 250,000 of the ccounts in the EBRI HSA Dtbse were closed t some point in Most of these ccounts were initilly opened before 2015, but 4 percent were both opened nd closed in HSAs Open During 2015 This Issue Brie focuses on 4 million HSAs in the EBRI Dtbse tht were open t ny point during 2015, including some tht were closed before the end of The verge blnce ws $1,844 t the end of 2015, up from $1,332 t the end of 2014 (Figure 5). Fifty-nine percent of the 4 million HSAs received individul or employer contributions in 2015, while 41 percent did not receive ny contributions (Figure 5). HSAs with contributions ended 2015 with n verge blnce of $2,440, up from $1,651 t the end of HSAs without contributions ended 2015 with n verge blnce of $987, up from $873 t the end of HSAs with investments beyond csh ccounted for 3 percent of the ccounts in the EBRI Dtbse, nd 18 percent of the ssets. They ended 2015 with n verge blnce of $10,647, compred with $1,561 mong ccounts without investments. Overll, 80 percent of the HSAs hd blnces greter thn zero t the end of the Accounts With Contributions in 2015 Of the 4 million HSAs in the EBRI HSA Dtbse, 2.4 million or 59 percent received individul or employer contributions in 2015 (Figure 5). Accounts with contributions in 2015 hd $5.8 billion in ssets, which is bout 78 percent of the ssets in the EBRI HSA Dtbse. Eighty-three percent of the HSAs in the EBRI Dtbse tht received 2015 contributions lso hd distribution in About 2 million ccounts hd 2015 distribution. HSAs with both contribution nd distribution in 2015 hd n verge ccount blnce of $2,300 t the end of Those with contribution in 2015 but without distribution hd n verge of $3,144 in the ccount t the end of Most HSAs with 2015 contributions ended the yer with positive ccount blnce, nd for these HSAs the verge blnce incresed from $1,701 t the end of 2014 to $2,569 t the end of Those HSAs with 2015 contributions tht hd zero ccount blnce t the end of 2015 strted the yer with n verge blnce of $709. Accounts Without Contributions in 2015 About 40 percent of the ccounts in the EBRI HSA Dtbse did not receive ny employer or individul contributions in They ccounted for 22 percent of ll ssets in the dtbse. ebri.org Issue Brief Nov. 29, 2016 No

9 Figure 3 Percentge of Employers Offering HSA -Eligible Helth Pln/HRA, by Firm Size, , With Projections Through 2019 Employees , % 73% 8 87% 72% % 48% 59% 63% 48% 59% 61% 4 32% 36% 39% % 17% 22% 23% 26% 28% 2 34% Very Likely to Offer in 2019 Source: Figure 6 in survey of employer sponsored helth plns 2016.html. Helth svings ccount. b Helth reimbursement rrngement. 3 Figure 4 HSAs, by Yer Account ws Opened nd Account Sttus 3 Totl Open Closed 29% 2 24% 24% 27% 26% 1 16% % 9% 11% 11% 1% 1% 1% 1% 2004 or Erlier (Includes MSA Rollovers) 2% 2% 1% 3% 3% 1% 3% 3% 2% 6% % Helth svings ccount. ebri.org Issue Brief Nov. 29, 2016 No

10 Among the HSAs tht did not receive ny contributions, those with distributions sw the blnce fll from n verge of $1,773 t the end of 2014 to $1,464 t the end of Those without distributions experienced n increse in their verge blnce in 2015, from $319 t the end of 2014 to $693 t the end of Averge Contributions nd Distributions Number of Accounts (millions) Distribution of Accounts (percent) Averge Beginning-of- Yer Account Blnce Averge Endof-Yer Account Blnce Totl Assets (billions) Distribution of Assets (percent) Totl $1,332 $1,844 $ Accounts With Employer or Individul Contributions ,651 2, Distributions Distributions from ccount ,645 2, No distributions from ccount ,684 3, End-of-Yer Blnce End-of-Yer ccount blnce zero End-of-Yer ccount blnce positive ,701 2, Accounts With No Employer or Individul Contributions Distributions from ccount ,773 1, End-of-Yer ccount blnce zero End-of-Yer ccount blnce positive ,234 2, No distributions from ccount End-of-Yer ccount blnce zero End-of-Yer ccount blnce positive , Invested Assets Accounts w ith invested ssets ,370 10, Accounts w ithout invested ssets ,138 1, Helth svings ccount. Figure 5 HSA Owners by Account Sttus, Open Accounts, 2015 Nerly one-hlf (45 percent) of HSAs received individul contributions, 46 percent received employer contributions, nd 53 percent received distributions during Individul HSA contributions verged $833 in 2015 nd verged $1,864 when considering only those HSAs with n individul contribution in 2015 (Figure 6). Similrly, employer contributions verged $434 for 2015, but for those HSAs tht received some employer contributions during the yer, the employer contributions verged $948. Distributions verged $935 for ll HSAs in the dtbse for 2015, but were $1,748 for those ccounts with distribution during the yer. Accounts With Contributions or Distributions Percent of Accounts With Contributions or Distributions All Open Accounts Individul contributions $833 $1,864 4 Employer contributions Distributions 935 1, Figure 6 Summry of Averge Account Activity, 2015 Averge individul 2015 contributions were higher for HSAs tht did not receive employer contributions in More specificlly, for HSAs with employer contributions for 2015, individul contributions verged $1,761 (Figure 7), while individul contributions to HSAs without employer contributions verged $2,112. This suggests tht, in generl, mny individuls hve viewed employer contributions s substitute for their own contributions. ebri.org Issue Brief Nov. 29, 2016 No

11 Figure 7 Averge Individul Contribution, by Presence of Employer Contribution, 2015 $2,500 $2,112 $2,000 $1,761 $1,500 $1,000 $500 $- Employer Contribution No Employer Contribution When HSAs Were Initilly Opened Figure 8 illustrtes the yers in which those HSAs tht were open t some point during 2015 were initilly opened, by whether they received or did not receive contributions in There were some notble differences. Accounts with no contributions nd some distributions were more likely thn other ccounts to hve been opened before Interestingly, 63 percent of the ccounts with no 2015 contributions nd no 2015 distributions, but positive blnce t the end of the yer, were opened in These my be ccounts tht were trnsferred from nother finncil institution in Ages of HSA Owners HSA owners in the EBRI HSA Dtbse for 2015 were firly evenly distributed by ge pproximtely one-qurter ech were ges 25 34, nd (Figure 9). About one-fifth (18 percent) were ges 55 64, while only 3 percent were under ge 25, nd 4 percent were ges 65 nd older. The verge ge ws 43.4 yers. Dt from the Mrch 2015 Current Popultion Survey (CPS) showed the distribution of dults with group helth coverge in 2014 to be quite similr, except tht HSA owners in the EBRI HSA Dtbse were less likely to be younger thn ge 25 or older thn 65 thn ws the cse in the Mrch 2015 CPS Account Blnces Of the HSAs in the EBRI HSA Dtbse with either individul or employer contributions in 2015, 6 percent hd zero blnce t the end of 2015, 31 percent hd $1 $499, nd 15 percent hd $500 $999 (Figure 10). Only 13 percent of the ccounts hd $5,000 or more, with 5 percent hving $5,000 $7,499, 3 percent hd $7,500 $9,999, nd 5 percent hd $10,000 or more. ebri.org Issue Brief Nov. 29, 2016 No

12 Figure 8 HSA Owners, by Yer When Account Ws Opened nd Account Sttus, 2015 Totl Accounts With Contributions Accounts With No Contributions Distributions No Distributions Zero Blnce t End of 2015 Positive Blnce t End of 2015 Zero Blnce t End of 2015 Positive Blnce t End of 2015 Zero Blnce t End of 2015 Positive Blnce t End of 2015 Percent of Accounts 10 3% 56% 1 12% 13% Yer Account Opened Helth svings ccount. 5 Figure 9 HSA Owners, by Age, EBRI HSA Dtbse Mrch 2015 CPS % 2 24% % 19% 21% 18% 18% 1 1 3% 4% Under or Older Source: EBRI HSA Dtbse nd Mrch 2015 Current Popultion Survey. Helth svings ccount. ebri.org Issue Brief Nov. 29, 2016 No

13 HSA Owner Age Despite the fct tht older individuls used more helth cre services on verge thn younger individuls, HSA blnces incresed with owner ge. Individuls under ge 25 hd n verge of $759 in their HSA t the end of 2015, compred with $3,969 mong individuls ges (Figure 11). Even individuls ges 65 nd older hd n verge of $3,623 in their HSA t the end of Account Tenure The longer n individul hs hd n HSA, the higher the ccount blnce. Individuls who opened n ccount in 2004 (or before for those with n MSA rollover) hd n verge of $12,990 in their ccount s of the end of 2015 (Figure 12). Those whose ccount ws opened in 2011 hd $4,546, while those who first opened the ccount in 2015 ended the yer with $1,124 blnce. Investments Just 3 percent of HSAs in the EBRI Dtbse hd ssets invested in options beyond csh t the end of Despite this, the blnces in HSAs with investments ccounted for 19 percent of the totl ssets in the EBRI HSA Dtbse. More specificlly, HSAs with invested ssets hd higher blnces t the end of 2015 thn ccounts without invested ssets. Over one-third (36 percent) of ccounts with investments hd $10,000 or more in the ccount t the end of 2015 (Figure 13). In contrst, only 4 percent of ccounts without investments ended 2015 with $10,000 or more. In ddition, end-of-yer blnces were much higher in ccounts with investments thn in ccounts tht did not hve investments when exmining those ccounts by the yer in which the ccount ws opened. Among ccounts opened in 2015, end-of-yer 2015 blnces verged $4,907 in ccounts with investments, nd $1,068 in ccounts without investments (Figure 14). Similrly, mong ccounts opened in 2005, end-of-yer 2015 blnces verged $27,903 in ccounts with invested ssets, nd $6,670 in ccounts without investments Contributions Under one-hlf (45 percent) of HSA owners contributed to their ccount in 2015 (Figure 15). More specificlly, 9 percent mde contribution in the rnge of $1,000 $1,999 nd 12 percent contributed between $2,000 nd $4,999. Only 1 percent contributed $6,650 or more, though individuls with employee-only coverge were llowed mximum contribution of $3,350 in 2015 (individuls ges 55 or older could mke ctch-up contributions up to n dditionl $1,000). Similrly, under one-hlf (47 percent) of HSA owners received n employer contribution in One-qurter (25 percent) hd n employer contribution of $100 $999; 14 percent received n employer contribution of $1,000 $1,999; nd 4 percent hd n employer contribution of $2,000 or more. Considering overll contributions, 41 percent of HSAs did not receive ny contributions in 2015, while 17 percent received contributions between $2,000 nd $4,999, nd 3 percent received $6,650 or more in contributions. Contribution levels for 2015 were higher for HSAs with investments. Among ccounts with investments, 31 percent hd contributions between $2,000 nd $4,999, 14 percent received contributions between $5,000 nd $6,649, nd 5 percent hd $6,650 or more in contributions (Figure 16). In contrst, of the HSAs tht did not hve investments, 11 percent received contributions between $2,000 nd $4,999, 3 percent received contributions between $5,000 nd $6,649, nd 1 percent hd $6,650 or more in contributions. As noted bove, 59 percent of the HSAs in the EBRI HSA Dtbse received either individul or employer contributions in 2015, nd the blnces of these HSAs ccounted for 78 percent of ll ssets in the EBRI HSA Dtbse. Among HSAs with ny contribution in 2015, 24 percent did not hve n individul contribution nd 22 percent did not hve n employer contribution (Figure 17). Only 2 percent of HSAs received individul contributions t or bove $6,650. When individul nd employer contributions were combined, 5 percent of HSAs hd contributions of $6,650 or more. Of the 2015 individul contributions to HSAs, 34 percent were below $1,000 (6 percent were less thn $100, nd 28 percent were between $100 nd $999); 16 percent were between $1,000 nd $1,999; nd 20 percent were between ebri.org Issue Brief Nov. 29, 2016 No

14 4 Figure 10 Averge HSA End-of-Yer Account Blnce, Accounts With Contributions, % % 1 9% 6% 6% 4% 3% $0 $1 $499 $500 $999 $1,000 $1,999 $2,000 $2,999 $3,000 $3,999 $4,000 $4,999 $5,000 $7,499 $7,500 $9,999 $10,000 or More Blnce Helth svings ccount. $4,500 Figure 11 Averge End-of-Yer Account Blnce Among HSAs With Contributions, by Age of HSA Owner, 2015 $4,000 $3,969 $3,623 $3,500 EOY 2015 Averge Account Blnce $3,000 $2,500 $2,000 $1,500 $1,414 $2,172 $2,775 $1,000 $759 $500 $- Under or Older Helth svings ccount. ebri.org Issue Brief Nov. 29, 2016 No

15 $14,000 $12,990 Figure 12 Averge End-of-Yer Account Blnce Among Accounts With Contributions, by Yer HSA Ws Opened, 2015 $12,000 EOY 2015 Averge Account Blnce $10,000 $8,000 $6,000 $4,000 $8,814 $7,603 $6,152 $5,153 $4,842 $4,247 $4,546 $3,205 $2,000 $2,122 $1,831 $1,124 $ or Erlier (includes MSA rollovers) Helth svings ccount. 4 Figure 13 Averge HSA End-of-Yer Account Blnce, by Presence of Invested Assets, Without Invested Assets With Invested Assets 3 32% 36% % 1 1 7% 2% 4% 3% 9% 8% 8% 8% 3% 7% 2% 1 4% $0 $1 $499 $500 $999 $1,000 $1,999 $2,000 $2,999 $3,000 $3,999 $4,000 $4,999 $5,000 $7,499 $7,500 $9,999 $10,000 or More Blnce Helth svings ccount. ebri.org Issue Brief Nov. 29, 2016 No

16 $2,000 nd $4,999. Of the HSAs with 2015 employer contributions, 43 percent of the contributions were between $100 nd $999, 24 percent were between $1,000 nd $1,999, nd 7 percent were $2,000 or more. Of the HSAs tht received either individul or employer contributions for 2015, 32 percent of HSAs hd contributions of $100 $999, 23 percent received contributions of $1,000 $1,999, 29 percent hd contributions of $2,000 $4,999, nd only 12 percent of HSAs hd contributions of $5,000 or more (7 percent were between $5,000 nd $6,649, 5 percent were t $6,650 or more). Contributions by End-of-Yer Blnce Among HSAs tht received 2015 contributions, those with zero ccount blnce t the end of 2015 hd lower individul contributions nd were less likely to hve individul contributions thn those with positive blnce t the end of the yer (Figure 18). Those with zero ccount blnce lso were less likely to hve ny employer contributions thn those with positive blnce t the end of the yer (Figure 19). Combined individul nd employer contributions re shown in Figure 20. Among those with zero ccount blnce t the end of 2015: 21 percent hd contributions of $1,000 $1, percent hd contributions of $2,000 $4, percent hd contributions of $5,000 or more. Among those with positive ccount blnce t the end of the yer: 24 percent hd contributions of $1,000 $1, percent hd contributions of $2,000 $4, percent hd contributions of $5,000 or more. Contributions by Age Averge 2015 contributions generlly incresed with ge. Contributions in 2015 verged $1,017 for individuls under ge 25 nd $3,081 for individuls ges (Figure 21) Distributions Just over one-hlf (54 percent) of HSAs hd distributions in 2015, while 46 percent did not (Figure 22). Most distributions were for helth cre clims, but non-qulified distributions nd rollover distributions re lso mixed in with distributions for helth cre clims in the EBRI HSA Dtbse. Yet, most distributions were smll. Among ccounts with distribution, 30 percent were below $500, 17 percent were between $500 nd $999, nd 21 percent were between $1,000 nd $1,999. About one-third of 2015 distributions were t lest $2,000. Age The verge nnul mount distributed in 2015 incresed with owner ge, s did the likelihood tht distribution ws mde for helth cre clim, until ge 65. Among owners of HSAs with distributions, individuls under ge 25 hd n verge distribution of $586 from their HSAs in 2015, compred with n verge of $2,083 for individuls ges 55 64, nd $1,747 for individuls ges 65 nd older (Figure 23). Similrly, the likelihood of tking distribution incresed from 45 percent mong individuls under ge 25 to between 67 nd 68 percent for those ges 35 44, 45 54, nd The likelihood dipped to 65 percent for those ges 65 nd older. The decline in the verge mount distributed, s well s the likelihood of there being distribution s the owner ges, my be reflection of the fct tht there re fewer people covered by the HSA-eligible helth pln t older ges, primrily becuse fewer dependent children re covered by older ccount-owners. Finlly, while the ge distribution of the HSA owners ws similr cross ccount sttuses (Figure 24), mong HSAs with no 2015 contributions nd some distributions, HSA owners were slightly older, likely indicting tht more of these ccounts re no longer tied to HSA-eligible helth plns becuse the ccount owners re covered by Medicre or hve retired. ebri.org Issue Brief Nov. 29, 2016 No

17 Figure 14 Averge End-of-Yer Account Blnce Among Accounts With Contributions nd Invested Assets, by Yer HSA Ws Opened, $1,068 $1,657 $4,907 $7,290 With Invested Assets Without Invested Assets EOY 2015 Averge Account Blnce $1,905 $2,796 $3,618 $3,533 $3,935 $3,914 $4,786 $7,816 $9,340 $15,127 $14,676 $16,276 $19,208 $20, $5,986 $23, or Erlier (includes MSA rollovers) $6,670 $10,615 $27,903 $33,888 $- $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 Helth svings ccount % Figure 15 HSAs, by Level of Individul, Employer nd Totl Contributions, 2015 Individul Contributions Employer Contributions Totl Contributions 4 41% % 19% 9% 14% 14% 12% 17% 4% 4% 3% 3% 2% 2% 1% 3% $- Less thn $100 $100 $999 $1,000 $1,999 $2,000 $4,999 $5,000 $6,649 $6,650 or More Contribution Level Helth svings ccount. ebri.org Issue Brief Nov. 29, 2016 No

18 6 56% Figure 16 HSAs, by Level of Individul Contributions nd Invested Assets, 2015 Without Invested Assets With Invested Assets % 17% 14% 1 11% 9% 9% 3% 3% 1% 1% $- Less thn $100 $100 $999 $1,000 $1,999 $2,000 $4,999 $5,000 $6,649 $6,650 or More Contribution Level Helth svings ccount. 4 Figure 17 HSAs With Contributions, by Level of Individul, Employer, nd Totl Contributions, % % Individul Contributions Employer Contributions Totl Contributions 3 28% 29% 2 24% 22% 24% 23% 1 16% 1 7% 7% 6% 4% 3% 2% $- Less thn $100 $100 $999 $1,000 $1,999 $2,000 $4,999 $5,000 $6,649 $6,650 or More Helth svings ccount. Contribution Level ebri.org Issue Brief Nov. 29, 2016 No

19 Account Tenure In generl, the longer n individul hs hd n ccount, the higher the verge mount distributed from the HSA. Among owners of HSAs with distribution, individuls who opened n ccount in 2004 (or before, for those with n MSA rollover) hd n verge distribution of $2,595 from their ccount in 2015 (Figure 25). Those whose ccount ws opened in 2011 hd n verge distribution of $2,254, while those who first opened the ccount in 2015 hd n verge distribution of $851. The likelihood of there being distribution ws between 68 percent nd 77 percent mong ccounts opened before 2015, but ws only 40 percent mong ccounts opened in These ccounts re less likely to hve distribution nd more likely to hve lower verge mount distributed becuse they hve hd less time to build up n ccount blnce. Accounts With Investments The likelihood of distribution ws higher (81 percent) in ccounts with investments thn in ccounts without investments (64 percent) (Figure 26). Averge 2015 distributions were lso higher in HSAs with investments. Among HSAs with investments, the verge 2015 distribution ws $2,410, compred to $1,723 in HSAs without investments Net Contributions Averge 2015 contributions nd distributions generlly incresed with owner ge. Contributions in 2015 verged $1,017 for individuls under 25 nd $3,081 for individuls ges (Figure 27). Similrly, verge distributions rnged from $634 for individuls under 25 to $2,319 for individuls ges Averge net contributions, or the excess of 2015 contributions over distributions, lso incresed with ge, until ge 65. Individuls under 25 hd n verge net contribution of $383 in 2015, while those ges hd n verge net contribution of $762. About 30 percent of ccounts hd distributions tht were lrger thn their 2015 contribution. Conclusion Enrollment in HSA-eligible helth plns in 2015 is estimted to be bout 20 million policyholders nd their dependents. Furthermore, it is lso estimted tht there re 16.7 million ccounts holding $30.2 billion in ssets s of Dec. 31, This study exmines dt from the EBRI HSA Dtbse, which contins dt collected from severl HSA providers on 4 million ccounts with totl ssets of $7.4 billion. Eighty-five percent of HSAs were opened since the beginning of Overll, verge blnces incresed from $1,332 to $1,844 during About 60 percent of the ccounts in the EBRI HSA Dtbse received either n individul or employer contribution in Averge blnces in these ccounts incresed over 2015 from $1,651 to $2,440. About 3 percent of them ended 2015 with zero blnce. Just under one-hlf of ccounts hd individul contributions, with deposits verging $1,864. Among the 46 percent of ccounts receiving employer contributions, the ccounts received n verge of $948. Distributions verged $1,748 mong the 53 percent of ccounts with distribution. The number of employers expected to offer n HSA-eligible helth pln either s n option or s the only helth pln option is expected to continue to increse. As result, HSA-eligible helth plns nd HSAs re expected to grow s vitl component of employment-bsed helth coverge. ebri.org Issue Brief Nov. 29, 2016 No

20 Figure 18 HSAs With Contributions, by Level of Individul Contributions nd End-of-Yer Account Blnce, EOY Blnce=0 EOY Blnce >0 3 33% 34% 3 27% 2 24% 21% 1 14% 16% 1 1 7% 6% 1% 1% 2% $- Less thn $100 $100 $999 $1,000 $1,999 $2,000 $4,999 $5,000 $6,649 $6,650 or More Contribution Level Helth svings ccount. Figure 19 HSAs With Contributions, by Level of Employer Contributions nd End-of-Yer Account Blnce, % 43% EOY Blnce=0 EOY Blnce > % 2 22% 24% % 8% 4% 3% $- Less thn $100 $100 $999 $1,000 $1,999 $2,000 $4,999 $5,000 $6,649 $6,650 or More Contribution Level Helth svings ccount. ebri.org Issue Brief Nov. 29, 2016 No

21 6 Figure 20 HSAs With Contributions, by Level of Combined Individul nd Employer Contributions nd End-of-Yer Account Blnce, % EOY Blnce=0 EOY Blnce > % 29% 21% 24% 12% 14% 1 3% 8% 2% 2% Less thn $100 $100 $999 $1,000 $1,999 $2,000 $4,999 $5,000 $6,649 $6,650 or More Helth svings ccount. Contribution Level $3,500 Figure 21 Annul HSA Contributions, by Age, 2015 $3,000 $2,803 $3,081 $2,832 $2,500 $2,534 $2,000 $1,696 $1,500 $1,000 $1,017 $500 $- Under or Older Helth svings ccount. ebri.org Issue Brief Nov. 29, 2016 No

22 Figure 22 Annul HSA Distributions, % 4 All HSAs HSAs With Distributions % 9% 17% 11% 21% 7% 12% 4% 8% 3% 3% 6% 1% 1% 0.2% 0.3% $0 $1 $499 $500 $999 $1,000 $1,999 $2,000 $2,999 $3,000 $3,999 $4,000 $4,999 $5,000 $7,499 $7,500 $9,999 $10,000 or More Helth svings ccount. Figure 23 Averge Annul Distributions Among Accounts With Distributions nd the Likelihood of Hving Distribution, by Age of HSA Owner, 2015 $3, $2, Averge Annul Distributions $2,000 $1,500 $1, $1,146 67% $1,832 68% 68% $2,054 $2,083 6 $1, Percent with Distribution $500 $586 1 $- Under or Older Helth svings ccount. ebri.org Issue Brief Nov. 29, 2016 No

23 Figure 24 HSA Owners, by Age nd Account Sttus, 2015 Totl Accounts With Contributions Zero Blnce t End of 2015 Positive Blnce t End of 2015 Accounts With No Contributions Distributions No Distributions Blnce t End of 2015 Blnce t End of 2015 Blnce t End of 2015 Blnce t End of 2015 Percent of Accounts 10 3% 56% 1 12% 13% Age Under 25 3% 4% 3% 1% 1% 3% or older Helth svings ccounts. $3,000 Figure 25 Averge Annul Distributions Among Accounts With Distributions nd the Likelihood of Hving Distribution, by Yer HSA Ws Opened, $2,595 $2, Averge Annul Distributions $2,500 $2,000 $1,500 $1,000 $500 72% 7 $2,394 $2,418 $2,251 $2,234 $2,256 $2,254 77% 76% 77% 72% 69% 68% 76% 7 $2,133 $1,699 74% $1,655 4 $ Percent with Distribution 1 $ or Erlier (includes MSA rollovers) Helth svings ccount. ebri.org Issue Brief Nov. 29, 2016 No

24 $4,000 Figure 26 Averge Annul Distributions Among Accounts With Distributions nd the Likelihood of Hving Distribution, by Presence of Invested Assets, Averge Annul Distributions $3,500 $3,000 $2,500 $2,000 $1,500 64% $1,723 81% $2, Percent with Distribution 3 $1,000 $500 1 $- Without Invested Assets With Invested Assets $3,500 Figure 27 Annul Contributions, Distributions, nd Net Contributions, by Age Among HSA Owners With Both Contributions nd Distributions, 2015 Contributions Distributions Net Contributions $3,081 $3,000 $2,803 $2,832 $2,500 $2,534 $2,263 $2,319 $2,365 $2,000 $2,034 $1,696 $1,500 $1,287 $1,000 $500 $1,017 $634 $383 $410 $500 $540 $762 $467 $- Under or Older Helth svings ccount. ebri.org Issue Brief Nov. 29, 2016 No

25 References AHIP. An Anlysis of Helth Svings Account Blnces, Contributions, nd Withdrwls in Wshington, DC: AHIP Center for Policy nd Reserch, Brot-Goldberg, Zrek C., Amitbh Chndr, Benjmin R. Hndel, nd Jonthn T. Kolstd. "Wht Does Deductible Do? The Impct of Cost-Shring on Helth Cre Prices, Quntities, nd Spending Dynmics." NBER Working Pper No (Ntionl Bureu of Economic Reserch), October Bundorf, M. Kte. "Consumer-Directed Helth Plns: Do They Deliver?" Reserch Synthesis Report No. 24 (Robert Wood Johnson Foundtion), October Fronstin, Pul, nd Anne Elmlinger. "Helth Svings Accounts nd Helth Reimbursement Arrngements: Assets, Account Blnces, nd Rollovers, " EBRI Issue Brief, no. 409 (Employee Benefit Reserch Institute), Jnury Fronstin, Pul, nd M. Christopher Roebuck. "Helth Cre Spending fter Adopting Full-Replcement, High-Deductible Helth Pln With Helth Svings Account: A Five-Yer Study." EBRI Issue Brief, no. 388 (Employee Benefit Reserch Institute), July "Qulity of Helth Cre After Adopting Full-Replcement, High-Deductible Helth Pln With Helth Svings Account: A Five-Yer Study." EBRI Issue Brief, no. 404 (Employee Benefit Reserch Institute), September Fronstin, Pul, Mrtin J. Sepulved, nd M. Christopher Roebuck. "Consumer-Directed Helth Plns Reduce The Long- Term Use Of Outptient Physicin Visits And Prescription Drugs." Helth Affirs 32, no. 6 (June 2013): "Mediction Utiliztion nd Adherence in Helth Svings Account-Eligible Pln." Americn Journl of Mnged Cre 19, no. 12 (December 2013): e400-e407. Endnotes 1 Americ s Helth Insurnce Plns (AHIP) found tht 19.7 million people were enrolled in n HSA-eligible helth pln in Jnury 2015 (See CEHCS estimted tht 22 million people were enrolled in n HSA-eligible pln in August 2015 (see 2 See The number of enrollees in HSA-eligible helth plns differs from the number of HSAs for vrious resons. The number of enrollees is composed of the policyholder nd ny covered dependents nd generlly is higher thn the number of HSAs becuse one ccount is usully ssocited with fmily. Hence, the number of individuls enrolled in n HSA-eligible helth pln generlly is higher thn the number of ccounts. However, over time, the number of ccounts cn grow reltive to the number of enrollees becuse when n individul or fmily is no longer covered by n HSA-eligible helth pln, they re llowed to keep the HSA open. Furthermore, individuls nd fmilies cn hve more thn one ccount. 3 See Figure 6 in nd Figure 22 in 4 See the literture review in Bundorf (2012) s well s more recent reserch in Brot-Goldberg, et l. (2015), Fronstin nd Roebuck (2013); Fronstin, Sepulved nd Roebuck (June 2013); Fronstin, Sepulved nd Roebuck (December 2013), nd Fronstin nd Roebuck (2014). 5 See AHIP (2014). ebri.org Issue Brief Nov. 29, 2016 No

26 6 See 7 See Fronstin nd Elmlinger (2015). 8 There re exceptions to the comprbility rule. For instnce, employers my mke mtching contributions tht re conditionl on contribution by the employee if done through cfeteri pln. Furthermore, employers my contribute more to the HSAs of non-highly compensted employees. 9 See 10 See 11 See 12 More informtion cn be found t 13 See Exhibit 5.1 in 14 See Exhibit 8.5 in 15 See 16 See Figure 3 in 17 See Figure 11 in 18 See Figure 9 in 19 According to Devenir, there were 16.7 million ccounts holding $30.2 billion in ssets s of Dec. 31, See 20 Severl recordkeeping orgniztions hve provided de-identified dt on HSA owners s of yer-end Records re deidentified prior to inclusion in the dtbse to concel the identity of ccount owners, but the dt re coded so tht ccount owners cn be trcked over time, unique spect of the EBRI HSA Dtbse. At no time hs ny nonpublic personl informtion tht is personlly identifible, such s Socil Security number, been trnsferred to or shred with EBRI. A unique spect of the de-identified coding is tht the EBRI HSA Dtbse cn link the ccounts of ech individul with more thn one ccount in the dtbse while still preventing the identifiction of the individul, thus permitting the ggregtion of the HSA blnces of individuls with multiple ccounts, within or cross recordkeepers contributing to the dtbse, providing more complete picture of the number of individuls with ccounts nd their HSA blnces. Moreover, the EBRI HSA Dtbse contins informtion bout the yer of birth of ccount owners, individul nd employer contributions, beginning- nd end-ofyer ccount blnces, nd the month nd yer the HSA ws opened. A very smll percentge (less thn 0.5 percent) of ccounts hve n ccount-opening dte prior to An HSA tht ws funded by mounts rolled over from n MSA ws considered estblished on the dte the MSA ws estblished. 21 Accounts my hve been closed for vrious resons. For exmple, these ccounts my hve been trnsferred to nother bnk; the ccount owner my no longer hve been covered by n HSA-eligible helth pln or my hve used ll of the money in the ccount on medicl services or txble distributions; or the ccount holder my hve died, with the ccount blnce being distributed to the ccount of beneficiry. Finlly, ccounts re closed when service provider is cquired by different service provider. ebri.org Issue Brief Nov. 29, 2016 No