Health Insurance Needs Worry Older Americans
Below is a MRR and PLR article in category Finance -> subcategory Insurance.
Health Insurance Concerns Among Older Americans
Summary:
A recent survey reveals that nearly 70% of older Americans support individual health savings accounts to address medical expenses in their later years.Older Americans are increasingly worried about health insurance. The survey indicates that almost 70% favor individual health savings accounts, which involve setting aside 1% of income to cover costs not included under Medicare, the federal insurance program for those 65 and older.
Moreover, the majority of participants supported the option to buy into Medicare before reaching 65.
Challenges Without Health Insurance
As many older Americans approach retirement, they face challenging circumstances. Chronic health issues, stagnant wages, rising healthcare costs, and declining retiree benefits paint a grim picture.
Over half (53%) of employed respondents or those with working spouses reported they wouldn’t have employer-based health benefits upon retirement. Researchers note that 12 million older adults are either uninsured or experiencing unstable coverage.
Financial Barriers to Health Care
An alarming 24% of adults aged 50 to 65 have skipped prescriptions, doctor visits, or necessary tests due to high costs. Additionally, over a third encountered difficulties paying medical bills in the past year or were still managing debt from previous years.
These financial strains have eroded confidence among older adults, with only 15% of those aged 50 to 64 and 22% of those aged 65 to 70 confident they have sufficient income and savings for retirement. Nearly two-thirds are concerned about affording medical care and health insurance in their later years.
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