Many Higher-Income U.S. Adults Concerned About Health Care Costs, Survey Finds

Main Category: Health Insurance / Medical Insurance
Article Date: 13 Apr 2006 - 16:00 PDT

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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).
  

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