Originally published July 24 2005
Survey finds older Americans in support of individual health savings accounts
by Mike Adams, the Health Ranger, NaturalNews Editor
American seniors are in support of individual health savings accounts, which would set aside one percent of income to handle expenses not covered by Medicare, to handle rising healthcare costs and declining retiree health benefits, Forbes reports.
Nearly 70 percent of older Americans endorse the concept of individual health savings accounts to help cover medical expenses in their later years, a new survey finds.
The accounts would involve setting aside 1 percent of income to handle expenses not covered by Medicare, the federal health insurance program for people aged 65 or older.
Many older Americans are facing a bleak picture as they enter retirement.
Not only do they often struggle with chronic health problems, but their wages are stagnant, health costs are rising and retiree health benefits are declining.
More than one-third (35 percent) said they had had a problem paying medical bills in the past year, or were still paying off medical debt from the last three years.
Only 15 percent of respondents aged 50 to 64 and 22 percent of those aged 65 to 70 felt they would have enough income and savings for retirement.
"An individual who only expected to live to 80 would need about $108,000 in savings in order to cover all Medigap premiums," said Dallas Salisbury, president and CEO of the Employee Benefit Research Institute.
"For somebody living to 95, that would now be about $300,000 -- and that doesn't include potential long-term care expenditures.
"The survey shows real grounds for alarm," Rother added.
This arrangement would not be the same as the proposed private investment accounts for Social Security.
"Medicare would manage it so it would not be privately invested," said Karen Davis, president of The Commonwealth Fund.
Support for such a program was popular among respondents, regardless of income, geographical region, health status and political affiliation.
Two-thirds of people in this age group suffer from at least one chronic health condition and many lack adequate insurance, the researchers said.
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