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<\/a><\/p>\nKEY POINTS<\/strong><\/p>\n For older adults, perhaps nothing is scarier than the prospect of spending their later years in a nursing home.<\/p>\n More than 1 in 2 adults aged 50 and over said that they would rather die than live in a long-term care facility, according to a recent survey from Nationwide Retirement Institute.<\/p>\n The organization took an online poll of 1,462 people in that age cohort from March 25 through April 10.<\/p>\n Loneliness, loss of independence and being without family were some of the major drivers behind their apprehension toward nursing homes, Nationwide found.<\/p>\n In addition, nearly 70% of participants also said that one of their top fears in retirement is out-of-control health-care costs, including nursing home expenses.<\/p>\n They have good reason to worry.<\/p>\n A healthy 65-year-old couple retiring this year can expect\u00a0to spend $285,000 on health-care costs<\/a>\u00a0in retirement, including Medicare premiums, copays and prescription drugs, according to\u00a0data from Fidelity Investments<\/a>.<\/p>\n And that\u2019s before adding in\u00a0the cost of long-term care<\/a>, which runs as high as $102,200 annually for a private room in a nursing facility, according to Genworth Financial.<\/p>\n \u201cA major misconception is believing that you have a plan to cover long-term care expenses and not actually starting it,\u201d said Kristi Rodriguez, vice president of thought leadership for Nationwide Financial.<\/p>\n<\/div>\n More than 1 in 3 of the participants in Nationwide\u2019s survey said that they\u2019ve failed to discuss long-term care insurance expenses with anyone.<\/p>\n If nobody talks about it, misunderstandings around managing those costs will persist, said Rodriguez.<\/p>\n \u201cThe biggest misconception is that people think long-term care costs will be covered by Medicare,\u201d she said.<\/p>\n Original Medicare may pay some of the cost for up to 100 days in a skilled nursing facility for rehabilitation after a\u00a0qualifying hospital stay<\/a>.<\/p>\n The program won\u2019t cover the cost of service if you\u2019re infirm and require a long-term stay in a care facility or if you need help at home with eating, bathing and other activities of daily living.<\/p>\n \u201cYou\u2019re going to need more than 100 days of service if you\u2019re caring for older people,\u201d said Rodriguez.<\/p>\n There are different ways for retirees to address nursing home needs, including using\u00a0traditional long-term care insurance<\/a>\u00a0or\u00a0buying life insurance<\/a>\u00a0that covers some care benefits.<\/p>\n Regardless of how you tackle this problem, talk with your family members and work with a financial advisor to draw up a strategy.<\/p>\n Rodriguez of Nationwide has three questions to jump start the discussion with spouses and relatives:<\/p>\n 1. Where do you see your future?<\/strong>\u00a0Retirees may spend their early years traveling, but they tend to slow down as they age. If you\u2019re having this conversation with a spouse, think about the lessons you might have learned by watching your parents or grandparents age. What would you do differently?<\/p>\n 2. Where do you want to be?\u00a0<\/strong>This question helps people address the concept of where they want to age: Do they see this happening at home? Do they expect to get care in an assisted living facility? Three out of 4 of the people polled by Nationwide would rather receive care at home.<\/p>\n 3. Who will help to provide care?\u00a0<\/strong>Be honest if you envision your children or your spouse providing care should you remain at home. Caregivers who are still working could\u00a0see their wages and retirement savings<\/a>\u00a0take a hit.<\/p>\n \u201cThere\u2019s also the indirect cost of family strain,\u201d said Rodriguez. \u201cFamilies need to talk about it.\u201d<\/p>\n <\/p>\n <\/p>\n Abbe S Pensack, CLTC<\/em><\/strong> It is a pleasure to\u00a0receive a referral from my friends and clients<\/u><\/em> 970-846-0265\u00a0phone<\/em><\/em>\n
Correcting misconceptions<\/h2>\n
\nAbbe Pensack Insurance, LTD<\/em>
\nLong Term Care Insurance Specialist<\/em>
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