According to the National Retirement Institute’s 2023 Retirement Health Care Expenditure Survey, many Americans lack confidence in whether they can afford health care costs and maintain physical and financial health in retirement.
In a poll of 1,260 adults, more than half (59%) of respondents were not confident in their ability to pay for medical expenses as they age, and 57% were worried about their ability to pay for their partner or spouse’s care. It became clear that he was feeling. Nearly one in five respondents (18%) said they had postponed a medical procedure, check-up, prescription renewal, or other medical procedure in the past 12 months to save money, and 10% said they I answered that I am considering downgrading my health insurance plan for the following reasons. High Inflation – Includes 19% of Gen Z, 11% of Millennials, and 14% of Gen X.
Additionally, three-fifths (60%) of respondents said they choose or would choose health insurance plans that typically have lower monthly payments and lower premiums but higher deductibles. Additionally, just over half (51%) said they would not be able to repay a $5,000 out-of-pocket expense for an unexpected medical expense.
“As inflation and rising health care costs continue to be a concern, the most important action individuals can take is to consult a financial professional,” said Christy Rodriguez, senior vice president of the National Association of Retired Persons. “They help people develop customized financial plans to help them cover their medical expenses without compromising their overall financial well-being.”
