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 care costs; few saved money specifically for health
care costs in retirement
Most do not think their money will last
them through retirement
AUSTIN,
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.
To 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:
- The 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."
"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 insights we're sharing today illustrate the need
for smart, long-term retirement planning, whether you're
approaching retirement age or already retired."
Additional highlights from the report:
- Most don't think their money will last through
retirement: Among current retirees, only 42% believe they will
have enough money to last through retirement; among those not yet
retired, that figure is 29%.
- Non-mortgage debt is a hurdle for many: Overall, 46% of
respondents have non-mortgage debt; among these, nearly 80% are in
debt $5,000 or more.
- Financial scams and identity theft worry many: 73%
express concern about financial fraud and identity
theft; 39% have had their identity stolen or been a victim of
fraud.
Read the full report.
Report findings are based on a survey of 521 American consumers
ages 60 to 70, drawn from the general population. Among the
respondents, 68% said they were currently retired, while 58% said
they were currently enrolled in Medicare. The survey was conducted
in March of 2024. Additional information is provided in the
methodology section of the report.
About eHealth (NASDAQ: EHTH)
We're Matchmakers. For
over 25 years, eHealth has helped millions of Americans find the
healthcare coverage that fits their needs at a price they can
afford. As a leading independent licensed insurance agency and
advisor, eHealth offers access to over 180 health insurers,
including national and regional companies.
For more information about eHealth, visit ehealth.com or follow
us on LinkedIn, Facebook, Instagram, and X. Open positions can
be found on our career page.
eHealth media inquiries: pr@ehealth.com
About Retirable
Retirable, the retirement peace of
mind platform, offers products and services across the retirement
investing, planning, spending and protecting spectrum. Retirable
was founded by industry veterans to empower a worry-free retirement
for everyone. By opening access to financial guidance for
retirement, Retirable gives its clients greater confidence and
control when they need it most. Headquartered in NYC and founded in
2019 by Tyler End, CFP® and Ian
Yamey, Retirable is backed by Primary, Diagram, Vestigo Ventures,
Portage and Primetime Partners.
For more information about Retirable, please visit
www.retirable.com.
Retirable media inquiries: press@retirable.com
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SOURCE eHealth, Inc.