Common queries about Health Care Costs
Wealthy investors have many personal and national worries and a new one that has emerged has increased health care insurance costs.
Among wealthy investors with a net worth between $5 million and $25 million, about 37% anticipate their health care premiums, deductibles or out of pocket expenses to boost from previous year to this year. This Ultra High Net worth (UHNW) investors anticipates the greatest increase to take place in premiums.
As the Affordable Care Act reaches its fifth year of existence, Spectrem's latest wealth segmentation study, Financial Attitudes and Concerns studied these UHNW and their health care cost concerns.
There was a difference in expected rises in health care costs depending on whether the wealthy investor had Medicare or did not have Medicare. Those without Medicare, 61% anticipated higher premiums by an increase of 10% or more and other 24% anticipated increases of 5 to 10%.
Investors with Medicare, 39% believe that it will be increase of 10% or more in premium costs and 38% anticipated 5 to 10% more in paying health care premiums. In terms of out-of-pocket expenses and deductible amounts, the percentages are lower. From an occupational point of view, 77% of managers hope to see large increases in premiums and 36% of senior corporate executives also have same hope.
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