Many Americans who have more than enough cash to protect themselves against the collapse of Medicare and routine post-retirement medical costs are failing to do so.

Researchers at PNC Financial Services Group Inc., Pittsburgh, have published statistics supporting that statement in a study based on a survey of 1,485 affluent U.S. adults conducted in late 2005.

Each working participant had an annual income of $150,000 or above and at least $500,000 in investable assets.

Each retired participant had at least $1 million in investable assets.

Although 42% of participants said the potential insolvency of Medicare poses a threat or a huge threat to their families’ wealth, only 31% of the participants said they had comprehensive financial plans and only 75% had wills. Only 45% said they had established trusts that could be used to transfer their wealth.

In addition, 69% of the participants said they had not bought long term care insurance, and 21% of the non-purchasers said they had not done so because they had not even thought about buying LTC insurance.