Health-Care Worries Keep Millionaires Working

According to an article in the Wall Street Journal dated Feburary 3rd, millionaire even worry about rising health costs. They've gone as far as rethinking their retirement plans.

A mail survey sent to 1,312 people who have at least $1 million to invest shows that even having a lot of money and a lot of assets do not alleviate the worry of rising health care costs. According to the Kaiser Family Foundation, employer sponsored health insurance premiums increased 11% in 12 months, ending in the spring of 2004. Separate data from the Kaiser Family Foundation and Hewitt Associates show that there was a 13% increase last year in costs for companies who provide retiree health benefits. Because of this increase, employers are cutting benefits, and asking the retirees to pay.

My question to you: Is the health care system so expensive that millionaires are now worrying about future benefits? Or, was the majority of people in this survey overreacting to higher health care costs?