“More than seven in 10 Americans nearing retirement say they are terrified of what health care costs may do to their retirement plans, according to the sixth annual Nationwide Retirement Institute survey conducted by Harris Poll. Nearly three in four older adults say one of their top fears in retirement is out-of-control costs for health care. … Among actions that non-retirees are doing now to save for health care costs in retirement: 41 percent are building their savings, 33 percent are paying off credit cards and debt, 28 percent are investing and 27 percent are increasing 401(k) contributions.”
LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
The purpose of insurance is to give covered individuals leverage against unpredictable catastrophic costs. Yet insurance against the biggest unpredictable catastrophic health care cost the aging face isn’t even on this list of actions non-retirees are taking to “save” for health care costs in retirement.