Prediction of healthcare costs on consumer direct health plan in the Brazilian context

Peixoto, Cláudia M.; Marcondes, Diego; Melo, Mariana P.; Maia, Ana C.; Correia, Luis A.

doi:10.5935/0034-7140.20250003

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Table of contents

Original article • Rev. Bras. Econ. 79 • 2025 • https://doi.org/10.5935/0034-7140.20250003 linkcopiar

Prediction of healthcare costs on consumer direct health plan in the Brazilian context

Autoria SCIMAGO INSTITUTIONS RANKINGS

The rise in healthcare costs has led to the adoption of cost-sharing devices in health plans. This article explores this discussion by simulating Health Savings Accounts (HSAs) to cover medical and hospital expenses, supported by catastrophic insurance. Simulating 10 million lives, we evaluate the utilization of catastrophic insurance and the balances of HSAs at the end of working life. To estimate annual expenditures, a Markov Chain approach - distinct from the usual ones - was used based on recent past expenditures, age range, and gender. The results suggest that HSAs do not create inequalities, offering a viable method to sustain private healthcare financing for the elderly.

JEL classification. I13, C02, C15, C53.

Description	2005	2006	2007	2008	2009
n	27,780	27,780	27,780	27,780	27,780
PctNoExpense	5.97	5.52	5.77	5.55	5.76
p25	319	303	332	368	359
p50	764	736	791	904	872
p75	1,746	1,666	1,789	2,090	2,008
p90	3,993	3,735	4,130	4,861	4,761
p95	7,083	6,531	7,477	8,726	9,114
p96	8,497	7,960	8,864	10,247	10,780
p97	10,450	9,853	10,935	12,910	14,190
p98	13,538	13,134	15,380	18,237	20,160
p99	22,910	21,683	25,851	31,158	33,730
p995	33,905	35,695	43,747	54,407	55,601
p999	92,962	105,585	92,549	139,811	181,947
max	426,772	528,293	355,220	1,044,525	965,287
mean	2,064	2,041	2,220	2,710	2,813
sd	6,833	8,127	7,536	11,612	12,673

	25-30		31-35		36-40		41-45		46-50		51-55		56-60		61-65
	µ	σ	µ	σ	µ	σ	µ	σ	µ	σ	µ	σ	µ	σ	µ	σ
no	2,693	46.38	496	21.93	227	14.92	144	11.69	121	10.89	123	10.53	126	10.61	133	11.61
P5	1,058	14.09	2,907	71.85	5,138	125.04	7,434	174.39	9,238	214.90	10,232	248.86	10,734	278.85	10,706	294.34
p10	1,593	16.48	4,711	72.43	7,961	122.21	11,123	166.51	13,734	202.02	15,413	237.51	16,479	263.42	16,807	280.47
p15	1,960	12.16	6,165	77.60	10,056	118.58	13,810	161.58	16,966	190.51	19,139	221.65	20,622	251.52	21,249	271.23
p25	2,385	6.84	8,467	75.27	13,298	111.78	17,930	141.20	21,876	173.91	24,800	204.01	26,927	233.74	28,062	254.14
p40	3,993	22.48	11,214	70.06	17,117	101.10	22,734	127.61	27,598	157.55	31,423	188.78	34,341	217.03	36,126	238.85
p50	4,723	14.96	12,846	65.88	19,359	95.41	25,535	123.00	30,934	150.65	35,309	179.50	38,721	206.08	40,932	231.85
p75	7,843	39.48	16,608	53.84	24,777	82.13	32,278	109.82	39,016	135.52	44,831	167.13	49,603	193.85	53,051	227.11
p85	9,404	23.11	18,587	50.79	27,201	73.21	35,361	102.83	42,753	133.39	49,286	164.03	54,800	189.26	58,949	230.20
p95	11,792	22.48	21,663	56.93	30,869	76.88	39,728	101.04	48,068	132.23	55,699	168.59	62,406	209.51	67,718	253.78
p98	13,193	29.56	23,301	46.22	32,987	77.81	42,280	103.93	51,064	140.66	59,313	181.59	66,747	238.78	72,770	291.57
max	14,621	50.65	26,407	114.55	37,976	194.88	49,347	318.00	60,427	526.57	71,231	762.78	81,510	1,064.25	89,269	1,342.32
mean	5,446	20.08	12,571	50.98	18,858	74.16	24,831	95.64	30,115	115.29	34,478	134.69	37,971	151.71	40,345	168.52
sd	3,410	8.89	5,613	24.45	7,780	39.52	9,799	53.11	11,769	65.71	13,756	79.44	15,599	91.95	17,186	102.92

No. of Times	n		(%) of Usage		Tot. CI Usage		Mean Usage per live
No. of Times	µ	σ	µ	σ	µ	σ	(%) CI Usage	Cum.(%) of Usage	Cum.(%) CI Usage	µ	σ
0	559	23.19	5.59	0.23	0	0	0.00	5.58	0.00	0	0
1	1,152	31.78	11.52	0.32	14,706,212	1,106,298	3.01	17.10	2.99	12,760	882
2	1,474	36.82	14.74	0.37	36,720,303	1,876,230	7.50	31.82	10.46	24,919	1,079
3	1,510	36.43	15.10	0.36	55,345,252	2,439,868	11.31	46.91	21.72	36,648	1,323
4	1,361	33.12	13.61	0.33	65,156,889	2,701,662	13.32	60.50	34.97	47,885	1,603
5	1,121	32.67	11.21	0.33	65,797,506	2,987,801	13.45	71.71	48.35	58,667	1,975
6	867	28.40	8.67	0.28	60,042,438	2,939,841	12.27	80.36	60.56	69,293	2,533
7	636	24.31	6.36	0.24	50,631,601	2,721,570	10.35	86.72	70.86	79,608	3,089
8	446	20.18	4.46	0.20	39,977,371	2,576,693	8.17	91.17	78.99	89,615	4,112
9	302	16.89	3.02	0.17	29,969,236	2,245,427	6.12	94.19	85.09	99,320	5,125
10	200	14.02	2.00	0.14	21,602,668	2,021,014	4.41	96.19	89.48	108,085	6,792
11	129	11.41	1.29	0.11	15,237,936	1,766,926	3.11	97.48	92.58	117,705	8,513
12	84	9.04	0.84	0.09	10,595,814	1,449,420	2.16	98.32	94.73	125,683	10,782
13	55	7.57	0.55	0.08	7,431,749	1,289,946	1.52	98.87	96.24	134,133	13,990
14	37	6.02	0.37	0.06	5,205,901	1,061,262	1.06	99.24	97.30	141,704	17,071
15	24	4.78	0.24	0.05	3,651,611	915,835	0.75	99.48	98.05	149,867	21,897
16	16	3.97	0.16	0.04	2,549,838	749,741	0.52	99.64	98.56	159,669	29,516
17	10	3.32	0.10	0.03	1,747,222	693,394	0.36	99.75	98.92	166,207	37,701
18	7	2.61	0.07	0.03	1,168,382	553,658	0.24	99.82	99.16	177,096	49,625
19	4	1.88	0.04	0.02	744,571	416,481	0.15	99.86	99.31	181,694	60,022
20	3	1.43	0.03	0.01	504,427	338,090	0.10	99.88	99.41	192,019	91,845
21	2	0.95	0.02	0.01	368,242	239,624	0.08	99.90	99.49	202,041	96,327
22	1	0.67	0.01	0.01	308,767	210,895	0.06	99.91	99.55	219,688	128,687
23	1	0.59	0.01	0.01	267,208	177,913	0.05	99.93	99.60	212,600	122,867
24	1	0.32	0.01	0.00	260,201	173,980	0.05	99.94	99.66	231,627	137,556
25	1	0.25	0.01	0.00	257,426	140,819	0.05	99.95	99.71	241,421	119,099
26	1	0.12	0.01	0.00	303,843	168,739	0.06	99.96	99.77	301,320	169,538
27	1	0.21	0.01	0.00	349,976	283,372	0.07	99.97	99.84	339,873	283,236
28	1	0.00	0.01	0.00	307,167	167,335	0.06	99.98	99.90	307,167	167,335
29	1	0.00	0.01	0.00	237,283	109,358	0.05	99.99	99.95	237,283	109,358
30	1	0.00	0.01	0.00	239,257	71,911	0.05	100.00	100.00	239,257	71,911

	HSA Balance		HSA Coverage		Cat, Insurance Coverage
	µ	σ	µ	σ	µ	σ
pctnul	0.73		0.00		5.59
p5	10,536	329	30,669	290	2,022	99
p10	16,737	300	35,956	263	4,281	145
p15	21,267	288	39,834	259	6,638	177
p25	28,263	271	45,996	249	11,970	249
p40	36,568	256	53,738	241	21,650	363
p50	41,535	248	58,645	248	29,666	459
p75	54,106	249	72,079	274	63,926	948
p85	60,242	257	79,243	298	94,228	1,586
p95	69,381	290	90,573	357	178,278	4,494
p98	74,616	342	96,831	359	264,692	6,711
max	89,251	1,355	100,000		1,176,242	119,167
mean	41,000	176	59,298	178	51,833	713
sd	17,739	108	18,015	111	69,719	2,297

Description	2005	2006	2007	2008	2009
n	13,539	13,539	13,539	13,539	13,539
PctNoExpense	5.09	5.26	5.16	5.15	5.55
p25	457	422	449	487	490
p50	998	940	987	1,130	1,104
p75	2,193	2,029	2,152	2,539	2,464
p90	4,808	4,462	4,848	5,603	5,453
p95	8,402	7,501	8,247	9,338	9,662
p96	9,781	8,818	9,393	10,659	11,122
p97	11,293	10,376	11,416	12,757	13,915
p98	14,425	13,252	15,886	17,114	19,095
p99	24,076	21,371	24,681	27,696	30,718
p995	33,027	34,656	44,429	51,048	53,649
p999	68,154	125,250	98,976	137,450	203,682
max	282,993	528,293	355,220	1,044,525	550,309
mean	2,341	2,327	2,494	2,956	3,062
sd	6,068	8,897	7,828	13,247	11,958

Description	2005	2006	2007	2008	2009
n	14,241	14,241	14,241	14,241	14,241
PctNoExpense	6.81	5.77	6.35	5.93	5.97
p25	237	231	252	289	271
p50	580	572	625	721	681
p75	1,351	1,336	1,432	1,677	1,594
p90	2,983	2,914	3,208	3,927	3,868
p95	5,588	5,491	6,259	7,680	8,212
p96	6,847	6,838	7,833	9,690	10,494
p97	8,799	8,865	10,461	12,985	14,589
p98	12,720	12,836	14,960	19,653	21,593
p99	22,163	21,840	26,596	34,427	36,397
p995	35,525	36,021	42,975	59,041	57,155
p999	100,317	100,298	90,679	139,391	146,580
max	426,772	371,231	266,119	286,716	965,287
mean	1,795	1,768	1,956	2,473	2,576
sd	7,490	7,306	7,235	9,786	13,316

Description	2005	2006	2007	2008
n	555	372	210	75
PctNoExpense	1.98	3.76	5.24	9.33
p25	339	349	390	291
p50	833	730	888	699
p75	1,974	1,740	2,278	1,334
p90	4,661	3,678	5,621	3,088
p95	6,495	5,171	9,039	6,091
p96	7,803	6,268	11,516	6,626
p97	8,963	7,937	12,664	6,749
p98	10,295	10,176	19,717	8,433
p99	14,738	11,447	29,037	10,056
p995	19,713	15,185	30,401	10,823
p999	74,328	32,586	63,712	11,437
max	130,804	41,884	72,040	11,591
mean	2,030	1,617	2,609	1,410
sd	6,198	3,051	6,446	2,122

Description	2005	2006	2007	2008
n	375	250	149	65
PctNoExpense	10.93	12.00	14.77	15.38
p25	182	127	139	123
p50	415	322	366	296
p75	997	803	809	848
p90	2,338	1,710	2,080	1,682
p95	6,259	3,174	3,354	1,891
p96	8,641	3,473	4,105	1,938
p97	10,881	3,739	4,756	3,092
p98	13,469	4,524	8,094	4,712
p99	16,587	7,974	10,062	10,423
p995	25,255	20,678	10,517	13,634
p999	94,741	23,561	10,945	16,203
max	128,157	24,017	11,052	16,846
mean	1,688	889	923	899
sd	7,596	2,362	1,762	2,330

Description	2005	2006	2007	2008	2009
n	1,541	1,371	1,267	1,160	1,002
PctNoExpense	4.67	4.60	3.95	4.31	5.29
p25	393	328	330	372	358
p50	907	737	769	880	880
p75	2,427	1,751	1,797	2,011	1,873
p90	5,535	4,493	4,694	5,093	4,647
p95	8,885	8,096	7,014	8,777	9,509
p96	9,876	8,901	7,996	10,444	10,602
p97	10,801	10,246	8,702	11,730	12,047
p98	12,642	11,821	10,653	13,740	14,197
p99	17,993	17,090	14,164	18,273	19,864
p995	24,900	21,846	27,135	29,606	27,090
p999	52,313	38,304	83,367	74,171	42,511
max	85,433	52,910	118,517	80,355	57,494
mean	2,279	1,887	2,002	2,223	2,114
sd	4,416	3,656	5,623	5,058	4,204

Description	2005	2006	2007	2008	2009
n	1,243	1,072	915	793	681
PctNoExpense	7.48	7.74	8.09	10.47	11.01
p25	179	160	180	195	177
p50	406	379	433	450	416
p75	990	858	906	1,079	1,014
p90	2,192	1,927	1,802	2,349	2,500
p95	3,635	4,106	3,435	4,680	4,462
p96	4,197	5,306	3,999	6,085	5,243
p97	6,112	7,026	5,596	6,553	6,861
p98	9,181	9,000	7,460	11,110	10,335
p99	16,453	18,774	13,060	20,153	19,082
p995	26,250	21,917	19,561	35,258	54,969
p999	63,068	67,481	66,575	95,351	201,729
max	229,290	128,291	199,011	147,129	323,604
mean	1,388	1,290	1,255	1,578	2,038
sd	7,579	5,432	7,288	7,035	14,706

Description	2005	2006	2007	2008	2009
n	1,872	1,806	1,707	1,566	1,454
PctNoExpense	5.02	4.32	4.98	4.92	5.85
p25	368	335	393	373	341
p50	845	817	863	942	804
p75	1,948	1,884	1,909	2,245	1,877
p90	4,659	4,735	4,757	5,259	4,887
p95	8,907	7,946	8,319	9,141	8,771
p96	10,201	9,012	9,227	10,004	9,550
p97	11,406	9,878	10,565	10,924	10,444
p98	13,272	10,757	13,401	13,968	14,317
p99	17,819	15,736	20,232	18,703	19,230
p995	28,856	24,549	31,337	27,130	33,526
p999	59,213	64,758	70,975	71,472	52,075
max	87,084	101,389	98,995	141,717	69,533
mean	2,146	1,964	2,174	2,342	2,101
sd	4,815	4,583	5,234	5,756	4,532

Description	2005	2006	2007	2008	2009
n	1,908	1,801	1,664	1,462	1,248
PctNoExpense	7.39	6.89	8.17	7.25	7.05
p25	195	181	188	206	176
p50	460	436	475	527	483
p75	1,026	976	1,106	1,205	1,123
p90	2,010	2,044	2,342	2,862	2,561
p95	3,546	3,299	4,449	5,792	4,816
p96	4,413	3,778	5,336	8,042	6,489
p97	5,803	4,659	6,675	10,330	8,563
p98	8,308	7,118	9,835	12,979	12,292
p99	13,512	15,364	19,401	22,030	18,377
p995	22,473	21,891	25,576	42,934	21,802
p999	67,187	107,083	63,819	92,329	42,142
max	130,614	172,207	90,771	113,230	61,267
mean	1,243	1,295	1,357	1,792	1,396
sd	4,771	6,417	4,446	6,534	3,639

Description	2005	2006	2007	2008	2009
n	2,242	2,204	2,126	2,056	1,959
PctNoExpense	5.62	6.72	6.40	5.54	5.77
p25	363	344	346	379	390
p50	793	762	791	916	937
p75	1,871	1,628	1,802	2,141	2,053
p90	4,520	3,644	4,375	5,012	4,378
p95	8,043	6,276	7,735	8,502	8,314
p96	9,237	7,244	8,981	9,400	9,402
p97	10,519	8,840	10,607	10,728	10,757
p98	12,118	10,912	13,138	13,291	13,554
p99	18,267	15,634	20,821	21,374	19,857
p995	25,417	31,130	56,363	40,889	27,142
p999	75,004	102,143	85,783	176,175	113,373
max	157,006	528,293	92,919	318,932	221,151
mean	2,058	2,154	2,153	2,745	2,336
sd	5,657	13,605	6,006	12,851	8,471

Description	2005	2006	2007	2008	2009
n	2,286	2,195	2,139	2,088	2,052
PctNoExpense	7.09	6.33	6.69	6.90	7.26
p25	209	216	214	229	204
p50	513	496	500	553	512
p75	1,211	1,111	1,098	1,299	1,170
p90	2,682	2,424	2,386	2,679	2,744
p95	5,035	4,506	4,694	4,616	5,537
p96	6,375	5,409	5,287	5,164	6,540
p97	7,534	6,514	6,862	6,745	8,344
p98	10,579	9,115	9,601	9,955	11,419
p99	19,902	14,195	17,052	16,145	20,056
p995	24,752	21,963	34,069	22,558	31,768
p999	99,053	42,568	83,016	71,215	115,938
max	230,437	162,392	211,526	286,716	142,242
mean	1,564	1,327	1,535	1,558	1,635
sd	6,815	4,665	6,983	7,595	6,326

Description	2005	2006	2007	2008	2009
n	2,557	2,494	2,454	2,382	2,339
PctNoExpense	6.14	6.01	5.30	5.58	6.67
p25	455	413	434	443	447
p50	949	859	912	985	977
p75	2,031	1,804	1,887	2,125	2,021
p90	4,369	3,735	4,018	4,842	4,648
p95	7,502	6,142	6,514	8,198	8,096
p96	8,718	7,183	7,572	9,834	9,821
p97	10,362	9,017	9,128	11,537	10,956
p98	13,856	11,100	12,013	14,644	13,852
p99	25,158	18,653	19,821	23,148	21,052
p995	34,825	30,076	28,599	35,298	50,353
p999	48,097	81,079	115,517	118,538	177,314
max	66,973	162,119	196,400	201,497	254,654
mean	2,140	1,993	2,188	2,503	2,563
sd	4,509	6,006	7,444	8,070	9,987

Description	2005	2006	2007	2008	2009
n	2,489	2,446	2,376	2,381	2,317
PctNoExpense	7.35	5.27	6.02	5.50	4.92
p25	233	225	230	270	246
p50	559	534	566	673	573
p75	1,312	1,272	1,280	1,498	1,306
p90	2,765	2,692	2,832	3,318	2,987
p95	4,860	5,530	5,428	6,306	6,220
p96	5,590	6,698	6,697	7,610	7,884
p97	7,162	8,705	8,475	9,842	9,736
p98	10,509	11,371	12,263	14,657	13,208
p99	17,289	16,961	19,340	25,622	24,125
p995	32,462	25,310	39,384	40,011	32,908
p999	91,013	54,602	71,849	94,264	75,851
max	117,357	267,607	244,532	140,615	114,218
mean	1,584	1,600	1,718	2,005	1,735
sd	5,447	6,817	7,229	7,051	5,285

Description	2005	2006	2007	2008	2009
n	2,337	2,440	2,464	2,520	2,531
PctNoExpense	4.45	5.00	5.24	5.40	5.33
p25	561	507	545	543	532
p50	1,131	1,058	1,121	1,234	1,133
p75	2,225	2,186	2,259	2,588	2,473
p90	4,625	4,572	4,471	5,128	5,336
p95	7,772	7,324	8,005	8,436	9,916
p96	9,564	8,366	9,267	9,812	12,467
p97	11,216	10,515	11,043	11,603	14,748
p98	14,077	13,077	14,062	15,898	17,793
p99	24,609	24,373	22,171	25,993	25,841
p995	27,863	37,853	35,379	55,079	45,159
p999	50,564	70,935	70,728	119,113	129,367
max	89,188	177,710	207,664	203,918	348,062
mean	2,296	2,322	2,434	2,795	2,946
sd	4,482	6,132	6,664	8,123	10,707

Description	2005	2006	2007	2008	2009
n	2,905	2,855	2,767	2,625	2,515
PctNoExpense	5.61	4.59	5.35	5.22	5.61
p25	263	257	281	299	281
p50	646	617	674	740	680
p75	1,439	1,440	1,477	1,661	1,525
p90	3,139	3,108	3,250	3,873	3,545
p95	5,968	5,723	6,672	7,680	8,102
p96	7,164	7,470	8,149	9,585	10,445
p97	9,182	9,022	11,134	15,316	15,606
p98	13,455	12,634	15,129	23,472	22,146
p99	20,150	23,003	27,865	37,801	45,070
p995	30,414	35,122	48,033	62,346	70,808
p999	98,447	86,831	89,023	113,012	160,275
max	426,772	137,333	124,276	275,813	397,015
mean	1,921	1,808	2,005	2,585	2,747
sd	9,858	5,929	6,495	10,411	13,107

Description	2005	2006	2007	2008	2009
n	1,491	1,646	1,847	2,031	2,204
PctNoExpense	4.63	3.65	4.44	4.38	4.95
p25	703	656	584	656	620
p50	1,394	1,265	1,207	1,388	1,337
p75	2,625	2,517	2,547	2,880	2,900
p90	5,317	5,024	5,686	6,299	6,104
p95	9,427	8,570	9,812	10,487	10,003
p96	11,851	10,229	11,274	12,000	12,111
p97	15,409	12,954	14,602	13,995	17,558
p98	20,293	19,269	19,709	21,897	27,194
p99	34,516	34,645	35,600	43,418	43,935
p995	56,503	78,735	55,339	53,830	75,109
p999	73,357	197,347	137,637	202,005	204,799
max	282,993	297,188	355,220	1,044,525	279,515
mean	3,130	3,355	3,188	3,859	3,680
sd	9,842	13,890	12,160	25,844	12,885

Description	2005	2006	2007	2008	2009
n	1,972	2,263	2,552	2,755	2,928
PctNoExpense	5.27	4.33	5.21	4.39	4.64
p25	314	312	330	391	345
p50	750	754	789	884	836
p75	1,642	1,658	1,785	1,963	1,874
p90	3,515	3,551	3,787	4,571	4,220
p95	6,266	6,527	7,079	8,413	9,370
p96	7,223	8,288	9,252	10,396	12,245
p97	10,201	10,694	13,255	13,862	15,997
p98	13,822	15,581	20,222	23,473	24,546
p99	31,181	25,131	32,155	39,463	36,614
p995	58,903	40,441	44,668	67,096	51,064
p999	109,224	100,505	90,346	157,042	171,368
max	112,453	371,231	129,112	267,595	965,287
mean	2,177	2,221	2,273	2,893	3,027
sd	7,391	10,533	6,786	11,132	20,648

Description	2005	2006	2007	2008	2009
n	831	980	1,098	1,211	1,309
PctNoExpense	6.26	6.33	5.19	4.54	3.97
p25	627	662	685	780	732
p50	1,366	1,346	1,432	1,615	1,648
p75	2,563	2,705	2,863	3,477	3,520
p90	5,487	6,278	5,818	6,573	7,741
p95	9,145	11,310	9,959	9,957	15,414
p96	11,318	13,667	11,264	11,932	19,931
p97	14,696	17,068	17,858	16,031	24,509
p98	19,522	20,310	23,083	19,755	29,453
p99	28,883	27,819	29,923	37,098	51,170
p995	56,251	40,600	40,949	43,065	94,078
p999	137,346	140,851	113,612	120,279	274,734
max	209,437	222,438	148,681	340,890	550,309
mean	3,157	3,258	3,175	3,659	4,931
sd	10,157	9,886	8,071	12,243	21,379

Description	2005	2006	2007	2008	2009
n	931	1,089	1,255	1,469	1,689
PctNoExpense	7.73	5.88	5.58	4.49	5.09
p25	377	353	421	457	442
p50	965	857	1,019	1,072	1,000
p75	2,293	1,995	2,353	2,415	2,381
p90	6,331	4,743	6,129	6,873	6,665
p95	13,567	10,440	12,530	12,824	15,095
p96	17,177	15,045	16,844	14,812	21,437
p97	20,182	19,150	20,385	19,038	26,588
p98	34,044	26,450	28,116	24,707	38,919
p99	42,818	40,854	43,186	39,265	57,110
p995	75,095	68,072	54,982	61,353	70,828
p999	98,802	108,815	106,887	132,189	165,958
max	105,272	168,989	144,749	153,098	201,089
mean	3,397	2,973	3,259	3,311	3,791
sd	9,557	9,741	8,983	9,333	11,983

Description	2005	2006	2007	2008	2009
n	113	226	366	538	741
PctNoExpense	3.54	6.64	5.19	6.69	6.48
p25	675	732	643	824	784
p50	1,250	1,415	1,509	1,803	1,732
p75	2,954	2,864	3,455	4,261	3,444
p90	6,080	5,454	8,467	9,869	7,437
p95	10,928	8,319	17,779	20,360	15,702
p96	11,122	11,551	20,114	25,948	19,334
p97	11,801	14,764	26,854	28,537	26,256
p98	12,380	16,414	33,172	37,319	30,266
p99	17,442	20,332	56,645	63,507	42,492
p995	19,103	44,430	60,399	71,529	126,540
p999	20,255	56,734	150,422	132,337	240,232
max	20,543	59,669	195,519	135,830	274,612
mean	2,603	2,898	4,505	5,116	4,905
sd	3,544	5,850	13,086	12,251	18,070

Description	2005	2006	2007	2008	2009
n	132	270	424	603	811
PctNoExpense	8.33	8.89	8.25	7.63	7.52
p25	361	313	411	539	480
p50	744	940	1,026	1,283	1,133
p75	2,198	2,243	2,449	3,129	2,733
p90	4,427	5,697	5,275	8,083	7,854
p95	7,887	14,443	11,139	25,074	19,228
p96	8,416	16,886	13,019	31,824	23,151
p97	8,923	18,602	15,341	41,806	28,318
p98	10,875	38,905	24,083	49,420	35,593
p99	20,273	49,467	29,582	107,065	90,216
p995	26,916	53,310	59,040	152,434	112,752
p999	32,392	106,560	197,939	229,425	229,212
max	33,761	123,830	266,119	237,957	320,963
mean	2,021	3,500	3,398	5,923	4,872
sd	4,053	10,600	14,966	20,614	18,301

Age Range	Female				Male
Age Range	[0-300]	(300-1000]	(1000-5000]	>5000	[0-300]	(300-1000]	(1000-5000]	>5000
25a30	1,597 (25.2%)	2,071 (32.7%)	2,076 (32.7%)	597 (9.4%)	2,138 (45.5%)	1,531 (32.5%)	861 (18.3%)	174 (3.7%)
31a35	2,091 (24.9%)	2,741 (32.6%)	2,790 (33.2%)	783 (9.3%)	3,374 (41.7%)	2,690 (33.3%)	1,703 (21.1%)	316 (3.9%)
36a40	2,678 (25.3%)	3,581 (33.8%)	3,485 (32.9%)	843 (8.0%)	4,121 (38.3%)	3,683 (34.2%)	2,473 (23.0%)	483 (4.5%)
41a45	2,633 (21.5%)	4,133 (33.8%)	4,522 (37.0%)	938 (7.7%)	4,153 (34.6%)	4,134 (34.4%)	3,080 (25.6%)	642 (5.3%)
46a50	2,198 (17.9%)	3,765 (30.6%)	5,194 (42.3%)	1,135 (9.2%)	4,201 (30.7%)	4,703 (34.4%)	3,892 (28.5%)	871 (6.4%)
51a55	1,354 (14.7%)	2,545 (27.6%)	4,258 (46.2%)	1,062 (11.5%)	3,265 (26.2%)	4,117 (33.0%)	4,166 (33.4%)	922 (7.4%)
56a60	818 (15.1%)	1,313 (24.2%)	2,591 (47.7%)	707 (13.0%)	1,527 (23.7%)	1,877 (29.2%)	2,315 (36.0%)	714 (11.1%)
61a65	309 (15.6%)	442 (22.3%)	917 (46.2%)	316 (15.9%)	524 (23.4%)	646 (28.8%)	796 (35.5%)	274 (12.2%)

location_on

Fundação Getúlio Vargas Praia de Botafogo, 190 11º andar, 22253-900 Rio de Janeiro RJ Brazil, Tel.: +55 21 3799-5831 , Fax: +55 21 2553-8821 - Rio de Janeiro - RJ - Brazil
E-mail: rbe@fgv.br

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[TFN1] n: total of individuals in portfolio; p(k): k-th sample percentile; sd: standard deviation.