Source: Washington Post

According to a new study by West Health and Gallup, seniors are withdrawing more and more money from their savings for expensive health care costs.

On average, seniors withdrew more than $3,700 from their savings, a total of $22 billion for seniors in the U.S., in order to cover health related costs. The survey entitled “The U.S. Health Care Cost Crisis” took into account data on more than 3,500 adults across the country.

The report found that at least 10 percent of seniors did not seek treatment when they needed it because they were afraid of the exorbitant costs associated with their health care needs. Additionally, more than 7 million seniors in the U.S. were not able to afford their medications, and at least 80 percent of those medications are for “somewhat serious” or “very serious” health problems.

Read Full Story: Washington Post

 

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U.S. Seniors Spend Billions in Savings to Afford Health Care Costs

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