Healthcare costs worry one in five Baby Boomers

Nearly a fifth of baby boomers questioned in a recent telephone survey said that they were unsure if they would be able to pay their healthcare bills in 2009.

Researchers surveyed 1,001 adults aged 45 and over, 90% of which had health insurance, either from their employer, their spouse's employer, private insurance, or Medicare. When asked how confident they were that they would be able to afford to pay for their medical care in the coming year, 21% said that they were “not very” or “not at all confident” that they could afford medical care in 2009. Furthermore, 15% of respondents said they had cut back on medications or not filled a prescription in the past year because they could not simply not afford to pay for it.

However, the survey also revealed that people are becoming increasingly savvy when it comes to keeping their health costs at a minimum. More than half (58%) of respondents said that they always ask if there's a generic equivalent when their doctor prescribes a new drug,  and 62% said they always pick the generic version, if one is available. Furthermore, roughly half (49%) of respondents said that they had asked their doctor if there is anything they could do (e.g. changing their diet, losing weight, taking regular exercise) to reduce the number of medications that they need to take.

News release: AARP Survey Finds 1 in 5 Boomers Worried About Affording Health Care in 2009. AARP. december 23rd 2008.