Survey: 59% of Americans apprehensive over health care costs as they get older

Many Americans are losing confidence in their ability to afford their health expenses and maintain their physical and financial well-being in retirement, according to the 2023 edition of the Nationwide Retirement Institute Health Care Cost in Retirement survey.

In a poll of 1,260 adults, more than half of respondents (59%) lacked confidence in their ability to pay for health care costs as they age, and 57% worried about their ability to pay for caregiving for their partner/spouse. Nearly one in five respondents (18%) said they postponed health care actions such as a medical procedure, physical exam, or renewing prescriptions in the past 12 months to save money, while 10% said they were considering downgrading their health insurance plan because of high inflation – including 19% of Gen Z, 11% millennials and 14% of Gen Xers.

Furthermore, three-fifths of respondents (60%) said they chose or would choose a health insurance policy with a lower premium but higher deductible plan which typically have a cheaper monthly payment. And slightly more than half (51%) said they could not pay off an unexpected $5,000 health care out-of-pocket expense.

“As inflation and rising health care costs continue to be a pervasive concern, the most important action individuals can take is to consult with a financial professional,” said Kristi Rodriguez, senior vice president of the Nationwide Retirement Institute. “They can help develop tailored financial plans to ensure people are equipped to meet their health care costs without compromising their overall financial wellbeing.”