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:12/9/2016)... (PRWEB) , ... December 09, 2016 , ... ... Ball at The Pierre Hotel in New York, NY, on December 3rd, to ... dignitaries and physicians attended the annual event, which raised over $1 million - ...
(Date:12/8/2016)... WV (PRWEB) , ... December 08, 2016 , ... ... it will become Quality Insights beginning January 1, 2017. The name change ... its commitment to measuring and improving health care quality. , “We are very ...
(Date:12/8/2016)... ... 08, 2016 , ... ZyDoc , a New York-based ... Data Capture Methods for Input to Electronic Health Records: A Comparative Usability Study” ... comparative usability study demonstrate that a dictation-based method (“NLP Entry”) using ZyDoc’s MediSapien™ ...
(Date:12/8/2016)... ... 2016 , ... With the increasing demand for dental implants, the National Association ... to inform dentists and patients about the safety issues related to dental restorations. According ... the U.S. is projected to reach $6.4 billion in 2018 with more than 30 ...
(Date:12/8/2016)... ... December 08, 2016 , ... ... continuity to its innovative Unified Instance Manager architecture, meeting the needs of ... new version optimizes the unattended auto-dialing system without agents, Presence Robodialer, provides ...
Breaking Medicine News(10 mins):
(Date:12/8/2016)... VIEW, Calif. , Dec. 8, 2016 IRIDEX ... intends to offer newly issued shares of common stock, $0.01 ... pursuant to an underwritten public offering.  The final terms of ... the time of pricing, and there can be no assurance ... IRIDEX expects to use the net proceeds it ...
(Date:12/8/2016)... Australia Glaucoma Surgery Devices Market Outlook ... "Australia Glaucoma Surgery Devices Market Outlook to 2022", ... Surgery Devices market. The report provides value, in ... average prices (USD) within market segement - Glaucoma ... shares and distribution shares data for each of ...
(Date:12/8/2016)... -- The global biosurgery market is expected to grow at ... 2016 to 2021. The market is poised to reach ... in 2016. The market is primarily driven by rising ... and spinal problems, increasing clearance of biosurgery products by ... management. In this report, the biosurgery market ...
Breaking Medicine Technology: