The cost of health care is a leading concern for U.S. retirees and U.S. consumers who are nearing retirement age.
The Society of Actuaries, Schaumburg, Ill., has published data supporting that conclusion in a summary of results from a survey of 801 retirees and near retirees ages 45 to 80.
Researchers at Mathew Greenwald & Associates Inc., Washington, and the Employee Benefit Research Institute, Washington, organized the survey.
About 52% of the retirees who participated said they are very or somewhat concerned about having enough money to pay for extended care at home or in a nursing home, and 51% said they are very or somewhat concerned about having enough money to pay for adequate health care.
Among pre-retirees, 63% are concerned about paying for long term care, and 69% are concerned about paying for adequate health care.
But only 17% of pre-retirees and 28% of retirees who participated said they have bought LTC insurance, and only 23% of the pre-retirees and 9% of the retirees said they intend to buy LTC insurance in the future, researchers report.
