Press release
Health Care Costs Top the List of Financial Worries in Retirement, New Research from eHealth and Retirable Shows
63% say health care costs are a top concern, more than running out of money (58%) and inflation (53%) Most retirees spend less today due to worry about health
About this update from Ehealth, Inc.
[{"type":"text","content":"63% say health care costs are a top concern, more than running out of money (58%) and inflation (53%)\nMost retirees spend less today due to worry about health care costs; few saved money specifically for health care costs in retirement\nMost do not think their money will last them through retirement\nAUSTIN, Texas, March 28, 2024 /PRNewswire/ -- In retirement, personal finances and health care costs go hand in hand. A lack of preparation for one can expose you to serious risks in the other, as illustrated by new original research jointly published today by eHealth, Inc. (Nasdaq: EHTH) (eHealth.com), a leading online private health insurance marketplace, and Retirable, a retirement peace of mind platform offering products and services across the retirement, investing, planning, spending and protecting spectrum.\nTo better understand the intersection of health care and personal finances in retirement, eHealth and Retirable commissioned a general population survey of Americans age 60 through 70, some already retired and enrolled in Medicare, others anticipating retirement and Medicare eligibility. Over 520 responses were collected. Key findings from the report include:\nThe cost of health care is the #1 financial concern in retirement: Overall, 63% cite health care costs as a top worry in retirement, ahead of running out of money (58%) and inflation (53%).Worry about costs is cramping retirees' lifestyles: 55% say concerns about health care costs cause them to spend less than they would otherwise.Only one third have saved money specifically for health care costs : Only 33% of those currently retired saved any money specifically for health care costs they might face after retiring.\"Selecting the right Medicare health plan for your personal needs and budget is an incredibly important financial consideration in retirement,\" said eHealth CEO Fran Soistman. \"Affordable premiums are key, but it's also important to look beyond premiums. By choosing a Medicare insurance plan that properly aligns with your personal health care needs, you can minimize or avoid unnecessary out-of-pocket costs.\"\n\"Medicare beneficiaries understand the value of working with a licensed agent when choosing their coverage, but too few understand the value of working with a financial planner specializing in retirement,\" said Retirable CEO Tyler End. \"The in...