Forolder adults, the majority say that one of their top fears inretirement is their health care costs going out of control. (Photo:Shutterstock)

Whether people are just starting out in their careers or arenearing retirement, many aren't saving enough to covertheir health care expenses, according to two Nationwide Retirement Institute surveys.

"Health care costs and related financial concerns are a commonthread across multiple generations," says John Carter, president ofNationwide Retirement Plans and president and chief operatingofficer-elect of Nationwide Financial. "Although young and oldagree they should be more proactive in addressing these concerns,they are missing easy opportunities to do so."

Related: More than rent, taxes or groceries, consumers worryabout health care costs

Edelman Intelligence conducted one of the surveys on behalf ofthe Nationwide Retirement Institute, polling 1,000 U.S. adults ages25 through 45. The Harris Poll conducted the second survey, polling1,462 U.S. adults ages 50 or older with investable assets of$50,000 or more who are retired or plan to retire in the next 10years.

For younger adults, about three out of four are doing things tosave money on medical-related expenses, but such actions come at arisk to their health, Carter says. These behaviors include delayingseeking medical help with the hopes the condition will subside (33percent); considering not seeking care to avoid high deductibles(27 percent); skipping a scheduled appointment to avoid a medicalbill (22 percent); taking less than the recommended dosage toextend the length of a prescription (22 percent); stop taking aprescription because it cost too much (21 percent); and notfollowing a treatment plan recommended by doctor, such as aphysical therapy plan. (20 percent).

Moreover, 20 percent of younger adults say health care expenseshave had extreme impact on their well-being, causing them toskip getting care (48 percent), go into debt(38 percent), stop saving money for discretionary purchases (43percent), kept them from getting needed medicine (33 percent), madeit harder to contribute as much as they would like to a 401(k)retirement account (31 percent) or caused them to file forbankruptcy (13 percent).

"The financial barriers to affording health care can beoverwhelming — however, many adults don't realize there are anumber of ways to lessen the financial burden," Carter says. "Infact, there are tools, employer programs and resources that canhelp consumers prioritize their health, remove cost barriers andbest provide insight into how to address concerns."

For older adults, the majority (69 percent) of respondents inthe second survey say that one of their top fears in retirement istheir health care costs going out of control. More than half (58percent) say they are "terrified" of what health care costs may doto their retirement plans and 67 percent say what stresses themmost is an unanticipated decline in health.

However, many still aren't saving enough to mitigate theseconcerns, as nearly half (46 percent) of those who are alreadyretired say that in hindsight, they would save more in theirretirement accounts if they could plan for retirement all overagain.

Many older adults also aren't availing themselves ofprofessional advice, according to the second survey. Only a thirdplan on discussing health care costs during retirement (33 percent)or long-term care costs (32 percent) with a financial advisor orconsultant.

"Health and wealth are highly personal and complex topics, andit's easy to be overwhelmed when trying to prepare oneself fortoday and tomorrow," Carter says. "Working with an advisor andtaking advantage of online tools in preparation for retirement, canhelp adults both young and old reach personal goals and achieve theretirement they envisioned."

Read more: 

• As if student loans weren't enough, millennialsalso rack up the most medical debt
• Health savings accounts can be a tool in planningfor retirement health needs
• Employees are more stressed about health care coststhan ever. Here's how to help.