A major financial concern for seniors is unexpected medical costs

Gallup recently issued a survey investigating what Americans were most worried about when it came to their finances. And while having enough money for retirement was the top concern among all the respondents, older Americans have other worries. 

According to the data, 59 percent of all respondents said they were very or moderately worried about having enough money for retirement, making it the top financial concern. Following the ability to retire was not being able to pay medical costs in the event of illness or an accident (53 percent), inability to maintain current standard of living (48 percent), not being able to pay off debt (40 percent), paying medical costs associated with normal healthcare (39 percent), meeting monthly bill payments (36 percent), not having enough money to pay for a child's college (35 percent), making rent, mortgage and other housing payments (31 percent), and paying off minimum requirements on credit cards (16 percent).

However, while retirement was a top concern among the majority, especially those aged 30 to 64, older Americans had different worries when it came to money. 

"Older Americans, those aged 65 or older, also worry most about being able to pay medical costs in the event of a serious illness or accident, though few in this age group lack health insurance," the report stated. "However, given the formidable cost of protracted, continual medical care that often characterizes older Americans' later years, many senior citizens may feel their health insurance alone cannot handle such a financial burden. Generally speaking, though, senior citizens are much less concerned about most of these financial problems than are their younger counterparts."

Planning for day-to-day costs with Medicare
Americans who are 65 qualify for enrollment in Medicare advantage plans. This program is designed to cover the costs of healthcare, allowing seniors to craft a comprehensive retirement strategy. 

However, seniors will first want to decide what parts of Medicare they want, as coverage will vary. Here's a list of things to consider:

  • Medicare part A: This coverage is designed to cover costs of inpatient care at hospitals, nursing facilities, hospices or in a home. 
  • Medicare part B: This option covers a number of doctor and health care provider services. 
  • Medicare part C: This combines Medicare parts A and B, giving consumers an option to also include part D.
  • Medicare part D: Consumers choose this option when they want medication covered. 

To maximize your Senior Health Insurance benefits, visit MySeniorHealthPlan.com for quick, simple and easy information.

2014-05-28T07:38:05+00:00 April 28th, 2014|Finance & Planning, Senior Health Insurance|Comments Off on A major financial concern for seniors is unexpected medical costs