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Consumers worried about healthcare costs in retirement

Posted On Thu, May 10, 2012

A large portion of older Americans who have saved adequately for retirement are still very concerned about the prospect of paying large sums of money for healthcare once they are finished with work, according to a survey from Nationwide Financial.

A total of 48 percent of those Americans who have approximately $250,000 in assets and plan to retire by 2020 noted that they have not spoken with a financial advisor. In addition, while 45 percent expect healthcare to be the largest cost to them, many noted that they don't think financial advisors have the knowledge to help them out.

"Americans - even those who have diligently saved for their golden years - are not prepared for the reality of health care costs in retirement and don't really understand how Medicare works," said John Carter, president of Nationwide Financial Distributors.

Consumers who are worried about their healthcare coverage could benefit from seeing if other plans are better than their current offering, or even a publicly funded plan. By comparing health insurance quotes, consumers may be able to grab a sufficient program.

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