Elderly Show Concern Over Financial Pitfalls of Ill Health
WASHINGTON — A new study shows that most Americans between the ages of 50 and 64 are very concerned about the financial consequences of poor health, particularly catastrophic illness, in retirement.
Senior citizens surveyed for a report entitled “The Prime Time Generation†expressed a lack of knowledge about Medicare’s benefits and little confidence in the future of the program.
Of the 1,000 people interviewed, 68% felt sure that Social Security will pay full benefits in the future but only 38% expressed similar confidence in Medicare.
The survey also revealed that 47% of “Prime Lifers†worry that a major illness or disability will deplete their retirement savings, while 55% do not think the current level of Medicare will be available when needed.
Single copies of “The Prime Life Generation†can be obtained from the American Council of Life Insurance and Health Insurance Assn. of America, 1850 K St., N.W., Dept. 458, Washington, D.C. 20006-2284.
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