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Healthcare Costs in Retirement Consumer Study – February 2012 NFM-10454AO.1

Healthcare Costs in Retirement Consumer Study – February 2012 NFM-10454AO.1. Methodology.

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Healthcare Costs in Retirement Consumer Study – February 2012 NFM-10454AO.1

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  1. Healthcare Costs in RetirementConsumer Study – February 2012NFM-10454AO.1

  2. Methodology The 2012 Healthcare Spending Report was conducted online within the United States by Harris Interactive on behalf of Nationwide between January 3 and January 19, 2011. The respondents comprised of 625 adults ages 55+ having $250,000 or more in household assets who plan to retire by 2020 and 625 retired adults ages 65+ having $250,000 or more in household assets. Results were weighted as needed for age, sex, race/ethnicity, education, region and household income. Propensity score weighting was also used to adjust for respondents’ propensity to be online. Respondents for this survey were selected from among those who have agreed to participate in Harris Interactive surveys. Because the sample is based on those who were invited to participate in the Harris Interactive online research panel, no estimates of theoretical sampling error can be calculated.

  3. Report Notes • The following terms are used throughout the report and defined as follows: • “High net worth individuals”- Individuals ages 55+ having $250,000 or more in household assets. • “Soon to be retired”- Individuals ages 55+ having $250,000 or more in household assets who plan to retire by 2020. • “Retired”- Individuals ages 65+ having $250,000 or more in household assets who are currently retired. • Responses may not add up to 100% due to weighting, computer rounding or the acceptance of multiple responses. • An asterisk (*) represents a value of less than 1% but greater than 0% and a dash (-) represents a value of 0%.

  4. Medicare Coverage- Plan to Enroll Base: Retired (n=625), Soon to be retired (n=625) Q800: Are you currently enrolled in Medicare? Base: Plan to Enroll in Medicare Soon to be retired (n=481) Q805: When you enroll in Medicare, what percentage of your annual health care costs do you expect Medicare will cover? Q807: Which of the following best describes how you arrived at this percentage? Significantly higher than retired/soon to be retired

  5. Retirement Costs and Expenses Retired:4083.6 Soon to be retired:5621.1 Significantly higher than retired/soon to be retired Base: Retired (n=625), Soon to be retired (n=625) Q810: How much [do you anticipate/are you] spending each year on health care during your retirement years for things like premiums, copayments, deductibles, etc.? Q815: Have you estimated how much income in retirement you will have from things like Social Security payments, retirement accounts (401k, IRA, etc.), or pension, annuities or insurance, stocks, employment (full or part-time)? Q820: What [do you expect to be/is] your biggest expense throughout retirement?

  6. Discussions with Financial Advisors or Consultants Retired Soon to be retired Significantly higher than retired/soon to be retired Base: Retired (n=625), Soon to be retired (n=625) Q900: Have you discussed your retirement with a financial advisor or consultant? Base: Discussed Retirement with a Financial Advisor or Consultant Retired (n=434), Soon to be retired (n=388) Q905: Which of the following, if any, have you discussed with a financial advisor or consultant. Please select all that apply.

  7. Plans for Future Financial Advisor Discussions % Very helpful/Helpful Retired Soon to be retired Retired Soon to be retired BASE: Discussed at Least One of Listed Items Retired (n=434); Soon to be retired (n=373) Q910 How helpful was your financial advisor or consultant when discussing the following? BASE: Discussed Retirement with a Financial Advisor or Consultant Retired (n=403); Soon to be retired (n=344) Q915 Do you have any plans to discuss health care costs, beyond those covered by Medicare in retirement, with your financial advisor or consultant? BASE: Discussed Retirement with a Financial Advisor or Consultant Retired (n=434); Soon to be retired (n=388) Q920: Do you feel your advisor is well equipped to discuss your health care costs in retirement? Significantly higher than retired/soon to be retired

  8. Choosing A Financial Advisor % Yes Significantly higher than retired/soon to be retired Base: Discussed Retirement with a Financial Advisor or Consultant Retired (n=434), Soon to be retired (n=388) Q930: Are you planning to, or have you switched, financial advisors as you plan for retirement? Base: Plan to or Have Switched Financial Advisors Retired (n=54), Soon to be retired (n=54) Q935: Would you be more likely to stay with your current advisor if they could help you plan for covering health care costs in retirement? Q940: Would you be more likely to stay with your current advisor if they could discuss the role of Medicare in your retirement with you?

  9. Knowledge and Importance of Medicare Coverage Retired Soon to be retired ■Not at all confident ■Somewhat confident ■Not at all important ■Somewhat important ■Confident ■Very confident ■Important■Very important ■Extremely important Significantly higher than retired/soon to be retired Base: Retired (n=625); Soon to be retired (n=625) Q1010: How confident are you in your knowledge of Medicare coverage? Q1015: How important is educating yourself on Medicare coverage when planning for retirement?

  10. Agree/Disagree Statements ■Strongly disagree ■Somewhat disagree ■Somewhat agree ■Strongly agree Significantly higher than retired/soon to be retired BASE: Retired (n=625); Soon to be retired (n=625) Q1025 How much do you agree or disagree with the following statements?

  11. Agree/Disagree Statements ■Strongly disagree ■Somewhat disagree ■Somewhat agree ■Strongly agree Significantly higher than retired/soon to be retired BASE: Retired (n=625); Soon to be retired (n=625) Q1025 How much do you agree or disagree with the following statements?

  12. Agree/Disagree Statements ■Strongly disagree ■Somewhat disagree ■Somewhat agree ■Strongly agree Significantly higher than retired/soon to be retired BASE: Retired (n=625); Soon to be retired (n=625) Q1025 How much do you agree or disagree with the following statements?

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