July 3, 2022

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One-Quarter of US Seniors Have Less Than $500 in Medical Savings — Here are Some Options to Cover Costs – GOBankingRates

<p> Rawpixel / Getty Pictures/iStockphoto </p> <p>Amongst The numero.......

Rawpixel / Getty Pictures/iStockphoto

Amongst The numerous largest funds many American seniors are Extra probably to face are medical funds, however A substantial quantity don’t have almost enough money saved As a lot as cowl them, Based mostly on A mannequin new survey from MedicareGuide.com. For these People, discovering various options is A critical precedence.

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The survey of 1,176 U.S. adults aged 65 and older, carried out in September and launched final month, found that 27% of respondents have Decrease than $500 in financial savings to pay for medical funds. About one-quarter carry medical debt, whereas A quantity of-third sassist they found it both troublesome or very troublesome to pay for well being care. Greater than one-quarter (28%) sassist They Want to use non-medical financial savings to pay for a extreme sickness — collectively with dipping into their retirement accounts.

On The completely different facet of the spectrum, one in three respondents sassist They’ve more than $6,000 in medical financial savings — a stark reminder of the divergent monetary circumstances dealing with a lot of the nation.

These with out a lot medical financial savings face some strong decisions When it Includes well being care. About one in 4 U.S. seniors sassist They’ve deferred remedy for dental, listening to or imaginative and prescient factors As a Outcome of of lack of funds. Nearly one-third (29%) have Desired to place off completely different funds, Similar to house restore, to afford well being care, whereas almost two-thirds (65%) have tried To save tons of on Prescription medicine by looking for generic variations or buying for …….

Source: https://www.gobankingrates.com/saving-money/health/one-quarter-seniors-less-than-500-dollars-medical-savings-options-cover-costs/