The Washington Post: Seniors report spending $22 billion from savings to cover health-care costs
By Michelle Singletary
April 22, 2019
One of the biggest threats to your retirement solvency may be the cost of health care and prescription drugs.
A study by West Health and Gallup shows that in the past 12 months, seniors have withdrawn an estimated $22 billion from their long-term savings for health-care-related expenses. The average amount people pulled out was $3,789.
The report, titled “The U.S. Healthcare Cost Crisis,” included a nationally representative survey of more than 3,500 adults.
“Americans in large numbers are borrowing money, skipping treatments and cutting back on household expenses because of high costs, and a large percentage fear a major health event could bankrupt them,” the report said.
Here are some key findings from the report.
— 10 percent of Americans 65 and older did not seek needed treatment in the past 12 months because of the cost of care.