Survey Finds Women Most Concerned about Health Costs
Women were more likely than men to have trouble paying for health care premiums and out-of-pocket costs, a survey says. But women are more likely than men to have done retirement health care planning.
In the survey, conducted by Guardian Life Insurance Co. of America, 58 percent of women said paying for heath care premiums and other costs is a challenge, compared with 47 percent of men. And, perhaps because of that, 51 percent of women say they have done at least some planning for how to pay health care bills after retirement, compared with only 42 percent of men.
Among the other findings:
Two-thirds of those surveyed said that health care plans in general and health care coverage and benefits are difficult to understand.
Sixty-five percent of respondents without a college education said their health care expenses were a substantial or great challenge compared to 40 percent of those with a college degree.
More than 1 in 5 respondents did not fill a prescription because of the cost involved.
Less than 50 percent of baby boomers are currently planning or believe they are fully prepared financially for their health care in retirement.
Just over half of employees are aware of flexible spending accounts and health savings accounts in contrast to four in ten who are aware of health reimbursement accounts.
While two-thirds of those aware of FSAs and HSAs believe they can explain those plans to a co-worker, only about half of the respondents aware of HRAs feel they could do so.
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