Health crisis, rich recession, & more
The soaring cost of medical care is hurting the average American’s finances, a recent survey found.
Sixty percent of workers have been hit with higher costs from insurance plans offered by their employers, says the Employee Benefit Research Institute.
The higher costs are causing 50 percent to delay going to the doctor; 28 percent have decided not to purchase prescribed medications.
Meanwhile, 30 percent of workers say they have reduced contributions to their retirement plans due to higher medical costs.
Millionaires shrink
The growth in the number of millionaires has slowed to a crawl due to the stock market, drooping economy, and energy prices.
The Spectrem Group, a consulting firm, says the number of millionaires increased by 2 percent last year to 9.2 million. A year earlier the rate of increase was 8 percent, it said.
Meanwhile, households with $5 million or more only grew at 2 percent last year vs. 23 percent the year before.
Older Americans work
Rather than sitting home on a rocker, more people over 65 are working full time than 20 years ago in order to get health insurance or save for retirement.
The number of workers age 65 to 69 increased to 29 percent in 2006 from just 18 percent back in 1985. Full time workers over 55 increased to 64 percent from 54 percent in 1993.