In retirement, personal finances and healthcare costs go hand in hand. A lack of preparation for one can expose a retiree to serious risks in the other, as illustrated by research jointly published in March by eHealth Inc., an online private health insurance marketplace, and Retirable, a platform offering products and services for retirement, investing, and financial planning.

About 520 responses to a survey from Americans 60 to 70 years old were collected. Key findings from the report include:

• The cost of health care is the #1 financial concern in retirement: Overall, 63 percent cite the costs as a top worry in retirement, ahead of running out of money (58 percent) and inflation (53 percent).
• Worry about costs is cramping retirees’ lifestyles. Fifty-five say healthcare costs cause them to spend less than they would otherwise.
• Only one-third have saved money specifically for health care costs:  33 percent of those currently retired saved any money specifically for healthcare costs they might face after retiring.

“Selecting the right Medicare health plan for your personal needs and budget is an incredibly important financial consideration in retirement,” said Fran Solstman, eHealth’s chief executive officer. “Affordable premiums are key, but it’s also important to look beyond premiums. By choosing a Medicare insurance plan that properly aligns with your personal health care needs, you can minimize or avoid unnecessary out-of-pocket costs.”

The survey also revealed:

• Most don’t think their money will last through retirement. Among current retirees, only 42% believe they will have enough money to last through retirement; among those not yet retired, that figure is 29%.
• Non-mortgage debt is a hurdle for many: Overall, 46% of respondents have non-mortgage debt; among these, nearly 80% are in debt $5,000 or more.
• Financial scams and identity theft worry many: 73% express concern about financial fraud and identity theft; 39% have had their identity stolen or been a victim of fraud.