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Guardian Survey: Men are Twice as Likely as Women to Use Credit Cards to Pay for Major Health Expenses
Date:9/10/2008

are living paycheck to paycheck and hold more responsibility for their financial future, including retirement savings, it would not require a large amount of medical expenses to financially disrupt most households."

A New Retirement Threat -- Your Family

The study revealed family and savings are the first places people turn to for a helping hand when they amass debt related to their health.

-- The majority of consumers say they would use savings to fund out-of-pocket expenses not covered by their medical or disability insurance, with 40% saying they would seek assistance from their families. Taking out a second mortgage, using credit cards and seeking assistance from friends are the next most frequently cited sources.

-- The younger the consumer, the more likely they assume they can rely on family assistance or friends to defray out-of-pocket expenses of up to $10,000 not covered by their insurance, while those aged 35-54 are more likely to mention taking out a second mortgage on their homes.

-- The following chart tracks where people would seek funds if they incurred out-of-pocket expenses (of up to $10,000) not covered by medical or disability insurance:

Age 18 to 24 25 to 34 35 to 44 45 to 54 55 to 64 65+

Family 62% 60% 46% 34% 23% 17%

Savings 49% 63% 61% 59% 61% 63%

2nd Mortgage 4% 21% 31% 23% 14% 12%

Credit Cards 18% 27% 21% 16% 13% 9%

Friends 21% 20% 17% 13% 8% 4%

Other Sources 10% 5% 7% 8% 5% 2%

"It is admirable and often necessary to help family and friends," said Barry Petruzzi, second vice president, Group Benefits, Guardian. "But if you give more than you can afford, these types of emotional loans c
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SOURCE The Guardian Life Insurance Company of America
Copyright©2008 PR Newswire.
All rights reserved

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