By Lauren McNitt
ProWEB Wire (Industry News)
Baby boomers are more concerned about their ability to pay for medical care in their old age than facing a major illness or losing the ability to do their favorite activities, according to a new Associated Press-LifeGoesStrong.com poll.
Nearly half, 43 percent, of baby boomers said they were “very” or “extremely” worried about being able to pay their medical bills, including long term care. Almost as many, 41 percent, said they are concerned about losing their financial independence.
Younger baby boomers are more concerned than older boomers, some of whom are turning 65 this year. Many older boomers have a defined benefit pension plan, adequate retiree medical insurance and Social Security.
The cost of long term care is a major concern for many baby boomers, since 83 percent of those polled said they don’t have long term care insurance. Long term care insurance costs can range from $1,000 to $8,000 a year.
Baby boomers have also failed in later- and end-of-life planning. Just 40 percent said they have a legal will, and 34 percent said they had health care proxies and living wills.