With milestone birthdays for both Medicare and Social Security approaching, most Americans are worried about the long-term health of both programs — which face budgetary challenges that threaten their survival in their current forms.

A new survey from the online private health insurance marketplace eHealth Inc. and the online retirement planning platform Retirable indicates that 80% of people not yet enrolled in Medicare worry it won’t be there for them, with Millennials the most pessimistic. Similarly, 80% of those not yet enrolled in Social Security worry it won’t be there for them, again with Millennials the most concerned. (Not surprisingly, baby boomers are the least concerned.)

“Medicare and Social Security have served as vital social safety net programs for decades, but our survey shows millions of Americans are concerned about the long-term sustainability of each,” Fran Soistman, eHealth’s CEO said in a statement. “At the same time, many people have misperceptions or lack the information necessary to maximize the value of these programs, which can harm their financial wellbeing or quality of life.” 

He added that results of the survey — based on more than 1,000 responses from American adults in June — highlight the important connection between personal health care and financial wellbeing.

Other highlights of the survey include the following:

  • 76% of all respondents underestimate or don’t know the average cost of health care in retirement. Over one third (40%) expect to spend $100,000 or less, but current estimates indicate the average retiree will have nearly $200,000 in costs. 
  • 28% of Americans underestimate how long people need to work to qualify for Social Security, 26% overestimate the number of years necessary, and 26% don’t know. The correct length of time is 10 years, which was selected by only 20% of respondents.
  • 47% of Americans underestimate the average monthly Social Security payment, while 35% overestimate it. The correct amount, according to Kiplinger.com, is about $2,000 — which was selected by only 17% of respondents. 
  • 54% of all respondents think Social Security will remain solvent beyond the current predictions of 2033, or they don’t know when it may become insolvent. Conversely, 17% expect the program to remain solvent through 2050 or longer. 
  • 78% of respondents have a positive view of Medicare, but 81% still worry about retirement health care costs. 
  • 73% of respondents have a positive view of Social Security. 

Medicare turns 60 on July 30, and Social Security celebrates its 90th anniversary on Aug. 14.

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