Boomers worry about finances, health costs

By JENNIFER C. KERR | July 28, 2011 | 12:28 PM EDT

WASHINGTON (AP) — A new poll finds many baby boomers are deeply worried about the financial pressures that come with age.

The Associated poll found that 43 percent of baby boomers polled said they were "very" or "extremely" worried about being able to pay their medical bills, including long-term care. That outpaced concerns about facing a major illness or dying. Forty-one percent were concerned about losing their financial independence.

More than 80 percent of the boomers said they do not have long-term care insurance, a private policy that helps pay for nursing homes or other costs not covered by Medicare. A study by Fidelity Investments estimates that a 65-year-old couple retiring this year with Medicare coverage would need $230,000, on average, to cover medical expenses in retirement — not including nursing homes.