Working Baby Boomers’ Knowledge of Retiree Health Benefits and Costs Page: 91
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pocket expenses, but only a third recognize that the oldest old pay more out of pocket
for care than the young old. More than half of the survey respondents correctly
recognize that older people stay in the hospital longer than younger people. Their
knowledge of specific Medicare benefits is very limited.
The survey results indicate that, related to retirement preparation, younger Baby
Boomers are not more likely than older Baby Boomers to engage in retirement-planning
activities, male Baby Boomers are not more likely than female Baby Boomers to engage
in retirement-planning activities, those with higher household income are not more likely
than those with lower household income to engage in retirement-planning activities,
those who are married are not more likely than those who are divorced, widowed or
never married to engage in retirement-planning activities, those in excellent health are
not more likely than those in good, fair or poor health to engage in retirement-planning
activities, and those who have had some college are not more likely than those with a
high school or less education to engage in retirement-planning activities.
Thus, there is no demonstrated link between Baby Boomer age, gender, health,
household income, marital status, or education and retirement preparation.
Those who demonstrate higher levels of knowledge-seeking behavior are more
likely to undertake retirement preparation by purchasing an annuity. No other factor
predicts purchase of an annuity. Only age explains, positively, purchase of long-term
care insurance. Other than for age, this study could not establish causal relationships
among the independent variables and the mediating variables of knowledge about
health costs and knowledge-seeking behavior. Because few survey respondents have91
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Henning, Janet L. Working Baby Boomers’ Knowledge of Retiree Health Benefits and Costs, dissertation, August 2012; Denton, Texas. (https://digital.library.unt.edu/ark:/67531/metadc149607/m1/99/: accessed April 18, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; .