What worries baby boomers about the current health care system?
There is a lack of confidence in health care coverage among older workers and their spouses and a lack of support for policy options that would improve access to health care. This day-to-day reality is beginning to impact boomers’ retirement plans, as well. As the study illustrates: ‘The combination of rising out-of-pocket health care costs and sluggish wage growth threatens workers’ ability to save for retirement. This is particularly true for older adults ages 50 to 65, or baby boomers, whose per capita health care expenditures are more than twice those of younger adults.’ Is consumerism the answer? The bottom line is that baby boomers need to educate themselves and become savvier about health care. It is crucial to ensure they have the financial tools that work for them instead of against them. Here’s something to keep in mind. A traditional policy has high premiums that are never seen again. A climbing deductible and higher co-pays make this a black hole as far as investments go. B
