Cecily O'Connor
RedwoodAge.com

Many boomers plan to extend their stay in the workforce, but a chronic illness can foil that strategy.  

Health problems often result in financial difficulties, too, when a worker misses a significant chunk of time at their job. In general, a worker has a 30 percent change of suffering a disabling injury or illness that causes him or her to miss three or more months of work before reaching retirement, according to a survey by Harris Interactive that was sponsored by America's Health Insurance Plans. 

Boomers think the chances of disability are far lower. About one third think it's 5 percent or less, while a slight majority think the chances are 10 percent or less. Two-thirds believe the chances are 20 percent or less. 

"When individuals underestimate their risk of disability, they are less likely to protect their income and are more vulnerable to the financial hardship that suffering a disability can cause," said Karen Ignagni, president and chief executive officer of AHIP.

One of the reasons boomers underestimate their risk is because they're unaware of the most common causes of disability, incorrectly thinking that injuries cause more disabilities than illnesses.

Research shows that the most common causes of disability are illnesses such as cancer, heart disease, diabetes and arthritis. Most boomers believe back, muscle or joint problems, and injuries caused on and off the job are to blame.

Boomers need to be better educated about the risks and causes of disability to ensure they take appropriate steps to protect themselves, said Humphrey Taylor, chairman of the Harris Poll.

Long-term care insurance is one way boomers can plan for future health costs in retirement, although some are slow to consider their long-term care needs and buy coverage.