Women Want Home-Based Long Term Care but Not Enough Are Planning Ahead

Of the five million people living with Alzheimer’s disease, two thirds of them are women,” said Roberta Eckert, vice president of the Nationwide Retirement Institute. Alzheimer’s is the top long term care (LTC) claim for women over 65.*

And according to a newly released Nationwide Retirement Institute survey, two in three women want to receive care in their own home, a familiar setting. But most do not believe this will actually occur.

The Harris Poll online survey on behalf of Nationwide of 676 women aged 50 or older also reveals two in three women would rather die than live in a nursing home.

“But what if you were able to pay your loved ones to take care of you?” Eckert said. “Receiving care at home, especially for cognitive conditions takes a lot of planning. However, the reward is a possible delay in moving Mom to a facility.”

Coupled with a life insurance policy, Nationwide’s new LTC Rider II offers a source of monthly benefits for clients to 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 solutions, a cash indemnity benefit payout enables clients to stay where they are familiar – in their home and community – with the option to receive and pay for informal care from family and friends,” explains Eckert.

While sometimes less expensive with family support, care at home still takes proper funding and a lot of planning.

With 86 as the average life expectancy for women, one in four reaches age 92.* Such longevity increases the likelihood of LTC services during their golden years.  That’s why it’s especially important for women to include planning for LTC expenses in retirement.

On average, only 12 percent of women 50 or older have discussed LTC costs with a financial advisor. “The good news is 65 percent of these women say they plan to have these discussions,” said Eckert.  “Financial advisors can play a major role in helping women plan for and live in retirement by providing a fact-based estimate of their long-term care costs and setting up a plan to pay for those costs.”

To encourage such discussions and to simplify these complicated retirement issues, Nationwide’s Personalized Health Care Assessment uses proprietary health risk analysis and updated actuarial cost data to provide a  meaningful, personalized cost estimate that helps advisors and clients plan for future medical and LTC expenses.

Women can also visit http://www.nationwide.com/womenandinvesting for additional retirement planning resources.

FACTS ABOUT ALZHEIMER’S DISEASE

  • The rate of death from Alzheimer’s has increased 71 percent since 2000
  • It is the sixth leading cause of death in America
  • One in three seniors die with Alzheimer’s or some other form of dementia
  • It kills more than breast and prostate cancer combined

 

*Alzheimer’s Association 2016 Alzheimer’s Disease Facts and Figures

**CDC, National Vital Statistics Report, 2011