Survey Shows Seniors Spending Thousands to Cover Care Costs

three jars full of money, coins

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According to a survey conducted by West Health and Gallup found that in the past year, seniors have withdrawn around $22 billion from their long-term care savings for health care expenses. In past years, seniors have borrowed around $88 billion in order to cover health care costs. People in need of long-term care are also choosing to skip treatments or cut back on household expenses in order to keep costs down.

A financial solutions expert suggests opening a health savings account (HSA) in order to save money to pay for future medical bills. Then, hopefully, seniors won’t have to pull funds from their retirement in order to afford their prescriptions, care and other necessary medical treatments and costs.