Navigation Links
Most Baby Boomers are Financially Unprepared for a Potential Disability
Date:5/12/2008

WASHINGTON, May 12 /PRNewswire-USNewswire/ -- Most baby boomers say they are financially unprepared for a potential disability, according to a new survey conducted by Harris Interactive on behalf of America's Health Insurance Plans (AHIP). Baby boomers would have difficulty paying bills and many would have to tap into their retirement savings if a disability occurred.

(Logo: http://www.newscom.com/cgi-bin/prnh/20040830/AHIPLOGO )

"Baby boomers have too much debt and not enough savings to weather even a short-term disability," said Karen Ignagni, President and CEO of AHIP.

The survey assessed how financially prepared baby boomers are if the primary wage earner in their household became disabled and was unable to work for an extended period of time. Most baby boomers (55 percent) say they are not at all or somewhat unprepared. Only 15 percent say they are very or extremely prepared if a disability occurred.

Baby boomers were also asked how long they could go without their primary wage earner's income before they had difficulty paying all their bills. Nearly two-thirds (64 percent) would have difficulty within the first year, half (49 percent) would have difficulty in the first six months, and a third (33 percent) would have difficulty paying all their bills in just the first three months. Most baby boomers said they would have difficulty making their mortgage payments, car payments, credit card payments, and/or supporting dependents within the first year.

Almost a third (32 percent) of baby boomers say they would have to tap into their retirement savings if the primary wage earner in their household became disabled. Seventeen percent admit they do not have a retirement savings to draw upon.

Most baby boomers also admit having a significant amount of non-mortgage debt, including credit cards debt and auto or education loans. More than half of boomers (52 percent) have more than five thousand dollars in non-mortgage debt. A quarter (25 percent) of boomers have more than twenty thousand dollars in debt and nine percent have debt of more than fifty thousand dollars.

"Most baby boomers will face serious financial hardship if a disability occurs," said Humphrey Taylor, Chairman of the Harris Poll.

A memo outlining the survey findings is available here: http://www.ahip.org/content/fileviewer.aspx?docid=23267&linkid=200730. The survey questionnaire can be found here: http://www.ahip.org/content/fileviewer.aspx?docid=23267&linkid=200719.

This is the third in a series of surveys assessing baby boomers' awareness of and knowledge about disability income protection. More information about these surveys is available at http://www.YourIncomeAtRisk.org.

America's Health Insurance Plans - Providing Health Benefits to More Than 200 Million Americans

Harris Interactive conducted an online survey on behalf of AHIP between April 25-29 among a nationwide sample of 3,607 adults aged 18 and older, including 1,182 Baby Boomers aged 44 - 62. Data were weighted to be representative of the total U.S. adult population that is online on the basis of region, age within gender, education, household income and race/ethnicity, and for propensity to go online. No estimates of theoretical sampling error can be calculated; a full methodology is available.


'/>"/>
SOURCE America's Health Insurance Plans
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Most Baby Boomers Overestimate Breadth and Depth of Public Safety Net for Disabled Workers
2. Recognized Authority on Boomers Over 50 to Present an Environments for Aging Webinar
3. Health Care Workforce Experts Available to Comment on IOM Report on Aging Baby Boomers and Impending Medical System Crisis
4. Health Care Work Force Too Small, Unprepared for Aging Baby Boomers; Higher Pay, More Training, and Changes in Care Delivery Needed to Avert Crisis
5. Aging Baby Boomers Will Drive Demand for Healthcare Properties Over Next Decade, Grubb & Ellis Report Reveals
6. Insights on Paying for Boomers Care Needs in 20-40 Years Helped by New Report
7. New Poll Shows Public Worried About Medicare Cuts Impact on Seniors, Boomers - Wants Congress To Act
8. 10 Million Baby Boomers Face Alzheimers, Report Predicts
9. New Harris Survey Finds That Most Baby Boomers Underestimate Disability Risk
10. New Study: Aging Baby Boomers Could Overwhelm U.S. Health Care System by 2017, Unless Decisive Action Is Taken
11. Diamonds Retirement Study Finds Companies Ill-Prepared to Meet Baby Boomers Health and Wealth Needs
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/12/2016)... TX (PRWEB) , ... February 12, 2016 , ... The ... and other communities across eastern Texas, is launching a cooperative charity drive with the ... families. , Serving more than 50,000 individuals and families in need, the Tarrant County ...
(Date:2/12/2016)... ... February 12, 2016 , ... Miami Dental Specialists is excited to ... Miami dental office. Beginning in January, Miami Dental Specialists will offer the non-metal implants ... the first office to be chosen by the dental implant manufacturer, Straumann, to bring ...
(Date:2/12/2016)... ... February 12, 2016 , ... Atlantic Information Services, Inc. ... and PBMs,” an upcoming Feb. 24 webinar that will discuss ways health plans ... categories, such as the $1,000-per-pill hepatitis C treatment Sovaldi and high-cost PCSK9 inhibitors ...
(Date:2/12/2016)... LUIS OBISPO, Calif. (PRWEB) , ... February 12, 2016 , ... The Central Coast Autism ... of this dance is to provide a night of fun for teens with and without ... help everyone feel welcomed and included at the event. The dance will take place on ...
(Date:2/12/2016)... Sacramento CA (PRWEB) , ... February 12, 2016 , ... With the exception of restorative ... progression of dental decay. With the recent approval by the FDA, there is a ... application similar to fluoride varnish, SDF is very simple and quick to apply. The ...
Breaking Medicine News(10 mins):
(Date:2/12/2016)... VIEJO , Kalifornien, 12. Februar 2016 /PRNewswire/ ... mit der Aufnahme von Patienten für eine Studie ... von Aneurysmen („WEB") speziell für die Behandlung von ... Spelle , MD, Leiter der Neuroradiologie an der ... Frankreich, und Hauptprüfarzt der CLARYS-Studie hat den ersten ...
(Date:2/12/2016)... and SEOUL, South Korea ... Menarini and Macrogen, Inc. today announced they will ... innovative procedures for precision medicine in cancer. The ... Biosystems, DEPArray™ digital-sorting technology with Macrogen,s high-throughput Next ... certified under the Clinical Laboratory Improvement Amendments (CLIA) ...
(Date:2/12/2016)... 12 februari 2016 AAIPharma Services ... leverancier van productie en ontwikkeling op maat ... vandaag een uitbreiding aan van steriele vul- ... in Charleston, SC . ... meerdere recente investeringen. http://photos.prnewswire.com/prnh/20150806/256637LOGO ...
Breaking Medicine Technology: