When asked to rank their healthcare expenses from highest to lowest, respondents selecting rankings for each expense most often cited health insurance (33%), dentist bills (19%) and prescription drugs (16%) as their highest expenses. Next on the list were inpatient hospital bills (9%), long-term care (5%), outpatient hospital bills (4%), and doctor bills (4%).
Half of respondents also are worried a major health situation could lead to bankruptcy or debt.
Perhaps most concerning for senior housing operators, however, was the finding that nearly one-third of respondents would use retirement savings to treat a severe illness such as COVID-19. This would, of course, like affect an older adult’s ability to move into or stay in a senior living community.
“This survey data reveals that a majority of Medicare beneficiaries worry about personal finances as it relates to healthcare and their future,” said Jeff Smedsrud, co-founder of HealthCare.com and head of its coverage business.