Health Insurance Needs Worry Older Americans

Armen Hareyan's picture

Health Insurance and Aging

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.


The survey also found that a majority of those interviewed expressed support for being able to buy into Medicare before they turn 65.

Without Health Insurance It Won't Be Easy

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 insurance benefits are declining.

Fifty-three percent of respondents who worked or had a working spouse said they would not have job-based health insurance benefits when they retired. According to researchers, 12 million older adults are currently uninsured or have had histories of unstable health insurance coverage.