- 80% of future Medicare beneficiaries are worried about its availability, with Millennials being the most concerned.
- 76% of Americans underestimate retirement healthcare costs, with actual costs nearing $200,000.
- Only 20% correctly identified the 10-year work requirement for Social Security benefits qualification.
As Medicare approaches its 60th anniversary on July 30th and Social Security its 90th on August 14th, a new survey by eHealth, Inc. (EHTH, Financial) and Retirable reveals widespread concern among over 1,000 surveyed Americans regarding the future availability of these programs. The findings indicate that 80% of future Medicare beneficiaries, particularly Millennials, fear that the program may not be available when they need it.
The survey exposed a significant gap in understanding of retirement healthcare costs, with 76% of respondents underestimating necessary expenses. While 40% expect to spend $100,000 or less, estimates suggest the average retiree incurs nearly $200,000 in healthcare costs.
Regarding Social Security, there is confusion about eligibility requirements and benefits. Only 20% of respondents knew the correct 10-year work requirement needed to qualify for benefits. Additionally, there is a split in opinions about maintaining the solvency of these programs, with only 24% supporting an increase in payroll taxes to ensure Medicare's survival.
Despite these concerns, 78% of respondents maintain a positive view of Medicare, and 73% have a favorable opinion of Social Security. This positive sentiment persists even as many worry about the programs' long-term sustainability.
