Health Care Costs Concern Many High-Income Adults
One-third of higher-income U.S. adults have concerns that health care costs will consume a significant percentage of their financial assets, according to a recent survey commissioned by PNC Financial Services Group, the Associated Press reports.
The survey, which included almost 1,500 respondents, involved workers with annual incomes of at least $150,000 and at least $500,000 in investable assets -- such as real estate, stocks and bonds -- and retirees with at least $1 million in assets.
Almost 200 survey respondents had more than $5 million in assets, and 116 had more than $10 million in assets.
According to the survey:
- 43% of respondents ages 45 to 64 had concerns that health care costs will consume a significant percentage of their assets;
- 42% of respondents had concerns about the potential insolvency of Medicare, and more than half of respondents with children said their children likely will not have access to the program;
- One-fourth of respondents had concerns that their parents lacked long-term care insurance, and 31% said that they have purchased coverage for themselves.
- 28% of respondents ages 18 to 44 had concerns that their children will have to serve as their caregivers; and
- Almost 40% of respondents said that they have not designated a proxy to make medical decisions for them in the event they become incapacitated (Agovino, Associated Press, 4/7).