Survey: Women over 50 favor home-based long-term care but fear costs
By a
"Today, baby boomers on the cusp of retirement tell us there is a material gap between how they hope to receive long-term care assistance if and when needed, and how they believe they will actually receive care," said
According to a HYPERLINK "https://nationwidefinancial.com/#!/nationwide-retirement-institute" nNationwide
On behalf of Nationwide, Harris Poll conducted an online survey last fall among 1,316 adults over age 50, including 676 women. The survey revealed 57 percent of these women would not be able to cover an unplanned expense above
Just 27 percent are confident in paying health care costs beyond what
"One looming concern is that the vast majority of survey respondents know this gap is a problem, and more planning needs to be done," said
Cash indemnity LTC benefits offer flexibility
In an effort to help ease the financial and emotional considerations of providing care and help patients retain their quality of life, Nationwide launched a new LTC solution today. For people with a life insurance need and LTC concerns, life insurance coupled with a LTC Rider may provide the solution they are looking for. Nationwide's new LTC Rider II allows the death benefit to be accelerated for monthly LTC cash indemnity benefits - which people can use how they see fit - to cover potential LTC expenses. Once their claim is approved, clients have the flexibility to choose how to receive the care they need, from the people they trust, in the place they want to be.
"When it comes to long-term care, most think of injuries from a slip and fall accident," said Eckert. "But according to the
Caring for an aging spouse or parent with dementia creates unique caregiving challenges and expenses. Alzheimer's and other cognitive impairments are the top LTC claim for women over 65,* presenting many families with tough decisions on where and how to care for loved ones.
A diagnosis of dementia or memory loss is difficult for caregivers and loved ones alike. In 2015 more than 15 million caregivers provided an estimated 18.1 billion hours of unpaid care valued at
Hope for patients and caregivers
"When it comes to long-term care solutions, a cash indemnity benefit payout enables a patient to stay where they are familiar - in their home or a community setting of choice - with the option to receive and pay for informal care from family and friends," Britt added.
According to the survey conducted in the fall, more than half of women over 50 (57 percent) would rather die than live in a nursing home. But patients may be able to delay more formalized facility care with proper planning ahead of time - without becoming a burden to family members. For 59 percent of these women, becoming a burden on their family is a big worry.
"What if you were able to pay your loved ones to take care of you?" said Britt. "Receiving care at home, especially care for cognitive conditions takes a lot of planning. However, the reward is a possible delay in moving Mom to a facility if she can remain in a place with long-term memories and familiar surroundings and people."
While sometimes less expensive with family support, care at home still takes proper funding, and that's where LTC coverage may help.
Keywords for this news article include: Dementia, Nationwide, Tauopathies, Alzheimer Disease, Insurance Companies, Brain Diseases and Conditions, Neurodegenerative Diseases and Conditions, Central Nervous System Diseases and Conditions.
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