Wealthy are worried about health care costs too
Worries about the high cost of health care aren’t limited to the middle class and the poor. A new study said the wealthy increasingly believe paying for health care will eat through their assets.
Forty-three percent of individuals with at least $500,000 in assets said late last year that health care costs will consume a major portion of their wealth, up from 37 percent in late 2005, according to a new survey released to The Associated Press by The PNC Financial Services Group Inc.
The concern is intensifying because the issue of rising health care costs has become a media staple and individuals are much more aware of the potential expense, said Jennifer Immel, a vice president and senior wealth planner at PNC.