![\"LifeFact](\"http:\/\/topindependentinsuranceagents.com\/agent\/kate-wilde\/wp-content\/uploads\/sites\/9\/2021\/04\/LifeFact-concern.png\")
<\/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 To contact me for more information, you can view my website at the link below as well as email or call me from the information listed.<\/span><\/p>\n <\/p>\n <\/p>\n INSURANCE SPECIALIST for LONG TERM CARE, LIFE INSURANCE, ANNUITIES, <\/p>\n","protected":false},"excerpt":{"rendered":" Life Fact: A quarter of those already 65+ say that their top financial concern is paying for long-term care expenses. KEY POINTS Over 50% of adults over age 50 say they would rather die than live in a nursing home, according to a recent poll from Nationwide Retirement Institute. Seven out of 10 say […]<\/p>\n","protected":false},"author":1,"featured_media":224,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[],"_links":{"self":[{"href":"https:\/\/topindependentinsuranceagents.com\/agent\/kate-wilde\/wp-json\/wp\/v2\/posts\/222"}],"collection":[{"href":"https:\/\/topindependentinsuranceagents.com\/agent\/kate-wilde\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/topindependentinsuranceagents.com\/agent\/kate-wilde\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/topindependentinsuranceagents.com\/agent\/kate-wilde\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/topindependentinsuranceagents.com\/agent\/kate-wilde\/wp-json\/wp\/v2\/comments?post=222"}],"version-history":[{"count":3,"href":"https:\/\/topindependentinsuranceagents.com\/agent\/kate-wilde\/wp-json\/wp\/v2\/posts\/222\/revisions"}],"predecessor-version":[{"id":308,"href":"https:\/\/topindependentinsuranceagents.com\/agent\/kate-wilde\/wp-json\/wp\/v2\/posts\/222\/revisions\/308"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/topindependentinsuranceagents.com\/agent\/kate-wilde\/wp-json\/wp\/v2\/media\/224"}],"wp:attachment":[{"href":"https:\/\/topindependentinsuranceagents.com\/agent\/kate-wilde\/wp-json\/wp\/v2\/media?parent=222"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/topindependentinsuranceagents.com\/agent\/kate-wilde\/wp-json\/wp\/v2\/categories?post=222"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/topindependentinsuranceagents.com\/agent\/kate-wilde\/wp-json\/wp\/v2\/tags?post=222"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
Correcting misconceptions<\/h2>\n
Please contact me from the info below!<\/h3>\n
KATE WILDE, CLTC
\n<\/b>katewildeltc@gmail.com<\/h3>\n813-966-8895<\/a>
\n<\/b><\/h3>\n\u200b<\/span><\/span><\/div>\n<\/div>\n
\nHYBRIDS, AND COMBINATION PRODUCTS<\/b><\/p>\n