Healthcare is a major burden for Americans of all ages. For seniors, it’s a giant concern. Many seniors live on a fixed income and tight budget, relying heavily on their Social Security benefits to make ends meet. It’s not surprising to learn that 60% of seniors 65 and older who are enrolled in Medicare worry about their ability to afford healthcare, according to a MedicareGuide.com survey. In fact, 50% of people in that age group fear that a major personal health crisis could lead to serious debt or even bankruptcy.
What’s equally concerning is that 24% of older Americans say they’d need to use a credit card to pay for a severe illness. Meanwhile, 32% say they’d tap their retirement savings to cover that cost. The latter isn’t terrible per se — the whole point of having money in an IRA or 401(k) is to be able to spend it on any retirement expense that arises, healthcare included. But there’s actually a better way for seniors to pay for healthcare and avoid debt at a time in their lives when they really can’t afford it.
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