American workers are “terrified” of health care costs in retirement, but few are doing anything about how they’ll pay them, according to the 5th Annual Nationwide Retirement Institute Health Care Costs in Retirement Survey.
Nationwide Survey: Health Care Costs Are a Top Retirement Worry, But Few Have A Plan on How to Pay Them
John Carter, president and chief operating officer of Retirement Plans for Nationwide, said the Harris Poll of over 1,300 U.S. adults age 50 and older, found that 7 out of 10 affluent pre-retirees list soaring retirement health care costs as their #1 fear.
Health care costs are a family issue
Other survey findings:
- 51% of adults are worried they will become a burden to their family as they get older (51 percent), but over three in five (62%) say they would rather die than live in a nursing home.
- 45% of older adults have not discussed with anyone, despite the overwhelming concerns about health care issues.
- 50% haven’t talked with their spouse about health care.
- 81% haven’t talked to their children about their plan to address health care needs in retirement, most often because they don’t want to worry them.
What you can do
Plan for how you’ll address health care costs in retirement by first meeting with a financial advisor.
Your advisor can help you prepare a Nationwide Personalized Health Care Cost Assessment to estimate your future health care and long-term care costs.
Using personal health and lifestyle information, health risk analysis, health care costs and medical coverage, the customized projection can help you plan how you may pay for health care and medical costs in your retirement.