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Many fear money lack for elder healthcare

Sept. 26, 2012 at 5:51 PM   |   Comments

NEW YORK, Sept. 26 (UPI) -- Fewer than 48 percent of U.S. households are married couples, but both couples and singles are concerned about health costs in old age, a survey indicates.

The New American Family: The MetLife Study of Family Structure and Financial Well-Being from the MetLife Mature Market Institute and the Society of Actuaries, conducted Feb. 8 to Feb. 19, said households headed by single people are feeling a strain on household finances.

However, those in households headed by couples report the same concerns about the myriad risks they face, but in fewer numbers. Couples in first marriages report they are better off financially, on average, than those in second marriages.

The survey, conducted by GfK Custom Research North America surveyed 2,500 U.S. adults ages 45-80. No margin of error was provided.

"The economy is affecting almost everyone and there is a societal need to address what may be a crisis in the coming years as the population ages and these trends continue," Sandra Timmermann, director of the MetLife Mature Market Institute, said in a statement.

The survey also indicated:

-- 53 percent were worried about the ability to pay living expenses.

-- 49 percent were worried about paying for medical expenses.

-- 54 percent fear changes in Social Security and Medicare will reduce their retirement resources.

-- 45 percent fear they might not have enough money to pay for healthcare, while 44 fear they won't have enough money for long-term stay in a nursing home.

-- 40 percent of those polled feel they are behind on their plans to save for retirement.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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