Even wealthy people worry that they may not have enough money to pay for health care in retirement, an insurer reports.
Researchers at the Phoenix Companies Inc., Hartford, say 55% of the 1,900 high-net-worth U.S. adults they surveyed describe themselves as being “very concerned” about post-retirement health care costs.
Each participant had a net worth of $1 million or more, excluding the value of the primary residence.
For 17% of the participants, the cost of long term care is the biggest single concern, and 44% fear LTC costs could wipe out their wealth, according to Walter Zultowski, a senior vice president at Phoenix.
Only 4% of the participants said protecting against LTC costs is their single most important financial goal, but 85% said protecting against LTC costs is one of their financial objectives, Zultowski says.