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Personal savings for health care costs risePosted On Thu, September 2, 2010
Healthcare expenses have been increasing year after year. Many people are deciding to set more money aside to help cover healthcare expenses they predict they'll have down the road.
The First Command Financial Behaviors Index shows that today the average person is socking away $245 a month, up from $173 in 2009. Some people are putting away even more money aside for anticipated healthcare costs. The Index shows 20 percent of Americans are setting aside $300 a month.
"This significant increase in savings is being driven by deep worries among consumers," said First Command Financial Services CEO Scott Spiker. "More than two-thirds of middle-class families are concerned about how they will pay for medical care during retirement, and they are starting to take action."
The Kaiser Family Foundation says there are several sources fueling healthcare increases. Chronic disease, technology and prescription drugs are just a few of the culprits behind the spiraling costs that burden many people. As the baby boomers reach retirement age, it's anticipated that Medicare and Social Security will be further strained.
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