• by Danielle Oster , September 23, 2024

Nearly two-thirds of Americans fear for the future of Medicare, according to a new survey by Nationwide and The Harris Poll.

The “Nationwide Retirement Institute Health Care Costs” survey polled 1,692 U.S. adults in an online survey this July. Sixty-three percent of respondents were afraid that Medicare wouldn’t be available when they needed it, with one in five respondents citing the potential for Medicare to run out of funding as their biggest stresser in planning for retirement.

Respondents also found the issue an especially important one to address in the next four years, with 42% selecting it as the top health care priority facing the next administration – comparable to out-of-pocket health care costs (43%) and lowering prescription drug prices (43%).

Healthcare costs are also contributing to retirement anxieties. Around half (49%) of respondents said health and medical expenses “drastically reduced” how much they saved or will be able to save for retirement. 67% said they worried a single large ehealth care expense could prove disastrous for their finances for years, and 44% said they could not afford to pay off  an unexpected $5,000 in out-of-pocket healthcare expenses.

In addition to being part of an ongoing partnership with The Harris Poll, the survey is part of Nationwide’s wider effort to focus its marketing on the brand’s financial services offerings.

According to the survey, two-thirds of Americans currently don’t work with a paid financial financial professional. 83% of respondents said that managing healthcare costs should be addressed by personal financial planning, but just 57% of those who work with a financial professional said they had provided any advice on filing for Medicare benefits – with the resulting lack of information contributing to uncertainty around financial details related to retirement and healthcare costs.

“Now more than ever, seeking guidance from financial professionals is essential,”  Rodriguez added. “Advisors should proactively address health care costs, from Medicare to AI’s potential impact on life expectancies, to help ensure their clients' savings last as long as they will need to. A well-informed plan is key to securing financial futures.”

The effort follows Nationwide kicking off its NFL campaign with a “Paintin’ Manning” spot starring longtime spokesman Peyton Manning. That campaign is focused on how Nationwide is “So Much More” than just an insurance company, and highlighting its growing financial services business. 

 

 

 

 

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