“’Short’ Falls: Who’s Most Likely to Come up Short in Retirement, and When?” and “Consumer Engagement Among HSA and HRA Enrollees: Findings from the 2013 EBRI/Greenwald & Associates Consumer Engagement in Health Care Survey”
Jun 19, 2014, 00:00 AM
“Short” Falls: Will Baby Boomers and Gen Xers have enough money to live on when they retire, and if not, when will they run short? New modeling by EBRI finds that those in the lowest-income brackets are most likely to run short, many in the first year of retirement. But some in all income brackets—including the highest—may also run short at some point during their retirement.
HSA/HRA Consumer Engagement: Which type of health plan is more likely to get workers involved in their own health care: Health savings accounts or health reimbursement arrangements? The two account-based types of health insurance are similar, but a new report from EBRI finds that people with HSAs are more likely to engage in cost-conscious behavior related to use of health care services than are those in HRA.
“’Short’ Falls: Who’s Most Likely to Come up Short in Retirement, and When?” and “Consumer Engagement Among HSA and HRA Enrollees: Findings from the 2013 EBRI/Greenwald & Associates Consumer Engagement in Health Care Survey”
Super Text :
Full Content Date :
Full Content Page Count :
20
Volume Number :
Vol. 35, No. 6
“Short" Falls: Who’s Most Likely to Come up Short in Retirement, and When?
• This Notes article provides new results showing how many years into retirement Baby Boomer and Gen Xer households are simulated to run short of money, by preretirement income quartile.
• Under a variety of simulated post-retirement expense scenarios, the lowest preretirement income quartile is the cohort where the vast majority of the retirement readiness shortfall occurs, and the soonest. When nursing home and home health-care expenses are factored in, the number of households in the lowest-income quartile that is projected to run short of money within 20 years of retirement is considerably larger than those in the other three income quartiles combined.
• Extending the results to a maximum of 35 years in retirement (age 100, assuming retirement at age 65), 83 percent of the lowest-income quartile households would run short of money and almost half (47 percent) of those in the second-income quartile would face a similar situation. Only 28 percent of those in the third-income quartile and 13 percent of those in the highest income quartile are simulated to run short of money eventually.
Consumer Engagement Among HSA and HRA Enrollees: Findings from the 2013 EBRI/Greenwald & Associates Consumer Engagement in Health Care Survey
• Health reimbursement arrangements (HRAs) and health savings accounts (HSAs) are very similar, though there are some key differences that may produce different incentives related to using health care services, and thus, different consumer engagement experiences.
• Adults with an HSA were more likely than those with an HRA to exhibit a number of cost-conscious behaviors related to use of health care services. Those with an HSA were more likely than those with an HRA to report that they asked for a generic drug instead of a brand name; checked the price of a service before getting care; asked a doctor to recommend less costly prescriptions; developed a budget to manage health care expenses; and used an online cost-tracking tool provided by the health plan. Adults with an HSA were also more likely than those with an HRA to be engaged in their choice of health plan. Individuals with an HSA were more likely than individuals with an HRA to report that they had participated in a health-risk assessment, health-promotion program, or biometric screening program when it was available.
Full Content Product / Source :
EBRI Notes
Access Package :
PUBLIC
“’Short’ Falls: Who’s Most Likely to Come up Short in Retirement, and When?” and “Consumer Engagement Among HSA and HRA Enrollees: Findings from the 2013 EBRI/Greenwald & Associates Consumer Engagement in Health Care Survey”
Full Content Fielded Links
EBRI Notes
“’Short’ Falls: Who’s Most Likely to Come up Short in Retirement, and When?” and “Consumer Engagement Among HSA and HRA Enrollees: Findings from the 2013 EBRI/Greenwald & Associates Consumer Engagement in Health Care Survey”
Summary
“Short" Falls: Who’s Most Likely to Come up Short in Retirement, and When?
• This Notes article provides new results showing how many years into retirement Baby Boomer and Gen Xer households are simulated to run short of money, by preretirement income quartile.
• Under a variety of simulated post-retirement expense scenarios, the lowest preretirement income quartile is the cohort where the vast majority of the retirement readiness shortfall occurs, and the soonest. When nursing home and home health-care expenses are factored in, the number of households in the lowest-income quartile that is projected to run short of money within 20 years of retirement is considerably larger than those in the other three income quartiles combined.
• Extending the results to a maximum of 35 years in retirement (age 100, assuming retirement at age 65), 83 percent of the lowest-income quartile households would run short of money and almost half (47 percent) of those in the second-income quartile would face a similar situation. Only 28 percent of those in the third-income quartile and 13 percent of those in the highest income quartile are simulated to run short of money eventually.
Consumer Engagement Among HSA and HRA Enrollees: Findings from the 2013 EBRI/Greenwald & Associates Consumer Engagement in Health Care Survey
• Health reimbursement arrangements (HRAs) and health savings accounts (HSAs) are very similar, though there are some key differences that may produce different incentives related to using health care services, and thus, different consumer engagement experiences.
• Adults with an HSA were more likely than those with an HRA to exhibit a number of cost-conscious behaviors related to use of health care services. Those with an HSA were more likely than those with an HRA to report that they asked for a generic drug instead of a brand name; checked the price of a service before getting care; asked a doctor to recommend less costly prescriptions; developed a budget to manage health care expenses; and used an online cost-tracking tool provided by the health plan. Adults with an HSA were also more likely than those with an HRA to be engaged in their choice of health plan. Individuals with an HSA were more likely than individuals with an HRA to report that they had participated in a health-risk assessment, health-promotion program, or biometric screening program when it was available.
