Wealthy Americans are concerned that rising heath-care costs will eat up their assets, according to research released Tuesday by PNC Financial Services Group Inc.
The Pittsburgh banking company said that 36% of wealthy people say health-care costs will ultimately consume a major part of their assets. Nearly four in 10 wealthy Americans, including 25% of those older than 65, said that paying for family health care is a top financial concern.
The survey of 1,500 wealthy U.S. adults said that 42% believe the potential insolvency of the Medicare system is a threat or huge threat to their family's wealth.
Long-term-care costs and medical treatment also were considered a risk by nearly 36%, including 26% of those 18 to 44 years old, and those younger than 18 expressed fear that their children would eventually have to pay for their own long-term health care.
Fifty-two percent of those surveyed said providing for "wellness" was their top financial concern.
Despite their concerns about the costs of long-term care, family members' medical expenses, and Medicare's future, most wealthy Americans said they were not planning how to meet these potential financial demands. The survey said that 69% have no comprehensive financial plan and 13% have taken no steps to protect their wealth.
