Health care costs and retirement are the two primary concerns of affluent households, according to wealth level studies conducted by Spectrem’s Millionaire Corner. Baby boomers especially worry not only about being able to take care of their own aging parents but also having someone to care of them in their own old age.
Four-in-ten Americans are spending more on health care this year than they were in 2012, according to consumer spending trends tracked in a new Bankrate.com report released Wednesday. Only 8 percent are spending less.
Education and income appear to be factors in health insurance status, the report finds. Almost one-fourth (22 percent) of respondents with a high school education or less have no health insurance, compared to 10 percent of those with a higher education. Similarly, 24 percent of those making less than $50,000 annually report having no health imnsurnace, compared to 6 percent of people with higher incomes.
Consumer spending trends observed by Bankrate find that almost one-third (31 percent) of parents with children younger than 18 said they are finding it more difficult to handle medical expenses, compared with 23 percent of other respondents. Millennials, too, are more likely to struggle with covering medical expenses compared with older respondents (13 percent vs. 7 percent).
Health care costs and retirement are the two primary concerns of affluent households, according to wealth level studies conducted by Spectrem’s Millionaire Corner. Among their primary concerns are having enough money set aside for their senior years and the personal health of either themselves or their spouses. Baby boomers especially worry about being able to take care of their own aging parents as well as having someone to care for them in their old age.
Consumer spending trends revealed in a recent Fidelity study found that retirees now spend more on health care than they do on food, a trend that, if continued unabated, will make health care a retiree’s second-largest expense (after housing) in just a few years.
Almost half of parents with children younger than 18 (47 percent) report spending more on health care this year, vs. 37 percent of other respondents. Suburbanites and rural residents were more likely than urban dwellers to report they are paying more this year for health care than they were in 2012.
The Affordable Care Act, President Obama’s signature legislation, has come under renewed fire as a new showdown looms over funding the government. Forces opposed to Obamacare are divided over whether to threaten a government shut-down as leverage to achieve its defunding. Not surprisingly, the Bankrate survey finds a majority of Republicans (55 percent) and almost one-third of independents (31 percent) with a more negative opinion of how Obamacare will affect them, compared with just 7 percent of Democrats.
While not overwhelming at 23 percent, Millennials have the most positive opinion of what Obamacare will do for them.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.