Medicare Tops Seniors’ Financial Concerns

More seniors (61%) are concerned about the future of Medicare than about any other financial issue, according to a recent survey.

“I don’t think it’s a big surprise,” said Mary Dale Walters, senior vice president at Allsup Medicare Advisor, sponsor of the survey, adding that most seniors rely on Medicare for their health care coverage.

“The anxiety about the future of Medicare is heightened by the current elections and the ongoing debate about the Affordable Care Act.”

Here is more of what’s keeping seniors up at night:

  • the future of Medicare (61%)
  • worrying about having enough money to enjoy retirement (52%)
  • paying for long-term care (43%)
  • paying for health care (41%)
  • outliving their money (38%)

Why is Medicare seen as such a critical issue?

According to Walters:  “They may see ensuring Medicare’s future as critical in making sure they have enough money to enjoy retirement.”

She believes that many seniors have already cut back on overall spending to cover unexpected health care costs. If there are further changes to Medicare, seniors will have to cut back on spending in other areas to fund the increased medical expenses.

About Mari Adam

Mari Adam, Certified Financial Planner™ and President of Adam Financial Associates Inc, has been helping individuals and families chart their financial futures for over twenty-five years. Have a question about your financial situation? Ask Mari!
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