COLUMBUS, Ohio, Nov. 17, 2021 /PRNewswire/ — Over a year and a bisected into the COVID-19 pandemic, best Americans (85%) accede that it’s added important than anytime to break in their home for abiding care. However, about bisected of those not retired (47%) say they are anxious their accepted home will not be safe for them to “age in place.”
According to the tenth anniversary Civic Retirement Institute® Abiding Care survey of 1,812 U.S. adults age-old 24 or over and 706 caregivers, conducted by The Harris Poll in October 2021, the all-inclusive majority of Americans (88%) accept it’s added important than anytime for bodies to accept a plan for abiding affliction and have long-term affliction allowance (86%) as COVID-19 has aloft apropos about nursing homes.
“The communicable has added fueled people’s abhorrence of actuality abandoned in a nursing home back they charge abiding care,” said Holly Snyder, admiral of Nationwide’s activity allowance business. “Our assay appear that six in 10 adults would rather die than alive in a nursing home. It’s additionally fabricated bodies accede whether they accept a plan that will acquiesce them to age in abode in their accepted home if they charge abiding care.”
What’s more, 80% of Americans accede that it is important for them to alive in a single-floor home back they age. In contrast, 68% of non-retirees say their accepted home has stairs.
“Many adults are anxious about abyssal their home’s stairs and addition entries as they age,” Snyder added. “In fact, about bisected of those we surveyed (47%) say they are added abashed of falling than accepting cancer. There are abiding affliction solutions with banknote apology appearance allowances that acquiesce action holders to use the money to pay for added than aloof archetypal assisted active expenses. You can use this advantage to pay a about to admonition with your abiding affliction and to install lifts, elevators and assurance railings so you can break in your home.”
A ancestors affair
Most adults (70%) would like to accept the advantage of relying on their ancestors for abiding affliction if they charge it. In fact, bisected (50%) feel it is the albatross of their ancestors to affliction for them if they charge abiding care. This affect is decidedly aerial for Millennials (69%) and declines with age (52% for Gen Xers and 33% for Boomers ). Millennials and Gen Xers apprehend their parents to alive with them back they get earlier (61% and 49%), and they apprehend to alive with their developed accouchement back they get earlier (46% and 36% vs. aloof one in four Boomers).
That said, two-thirds of adults (66%) are abashed they will become a accountability to their ancestors as they get older. Seven in 10 adults (70%) would not apprehend a ancestors affiliate to accommodate abiding affliction if they were clumsy to atone them.
Many adults misunderstand abiding affliction coverage
The assay reveals that 25% of adults self-report that they currently own abiding affliction allowance for themselves. This is concerning, as industry abstracts shows alone 15% of Americans accept purchased abiding affliction allowance and best of those are earlier consumers.*
According to the survey, Millennials (39%) are added acceptable than Gen Xers (26%) and Boomers (19%) to affirmation they currently own abiding affliction allowance for themselves. Best say they bought the allowance at work, which gives abroad the delusion – too abounding adults abash abiding affliction allowance with abiding affliction insurance.
“Rarely is abiding affliction included in a aggregation account package,” Snyder said. “This delusion could beggarly that abounding Americans – mostly Millennials – afield accept they accept some array abiding affliction coverage, back in actuality they do not.”
Most Americans (61%) cannot alike appraisal what accepted anniversary nursing home costs could be. Those who did, appraisal accepted anniversary nursing home costs to be $43,096. That is not alike bisected of what a semi-private allowance averages in 2020 ($93,075 semi-private, $105,850 for a clandestine room**). They additionally belittle home bloom affliction costs at $33,617 ($54,912**).
Caregivers face different challenges
According to the survey, two in 10 adults are currently caregivers (21%) and abutting to four in 10 accept been a caregiver at some point in their lives (39%). Caregiving is a time and money-intensive role. On average, best caregivers absorb an boilerplate of 31.4 hours and $692 a ages on caregiving duties.
Eight in 10 (80%) accept they should be able to be a caregiver after dipping into their accumulation to awning day to day expenses. The absoluteness is, abounding say they are abashed caregiving costs will accumulate them from anytime backward (68% of Millennials and 53% of Gen Xers), as able-bodied as anguish caregiving could account them to lose their job (62% of Millennials and 42% of Gen Xers). Despite all this, if accustomed the choice, 80% of caregivers would accept to be a caregiver all over again.
Financial professionals accept solutions
Nearly bisected of adults beyond all age groups accept not discussed abiding affliction costs with anyone. With beneath than one in 10 adults (8%) adage they’ve discussed abiding planning with their banking professional, it’s important they alpha the planning action today to set themselves, their admired ones and approaching caregivers, up for success.
The acceptable account is that added than one-third (36%) plan to altercate abiding affliction costs with a banking able in the future, in accurate adolescent adults (41% Millennials and 46% Gen Xers, vs. 24% Boomers ).
“It is absolute bright that Americans beyond all ancestors charge added apprenticeship about abiding affliction costs and solutions,” Snyder said. “Financial professionals can admonition adults actualize a plan that addresses these issues.”
To animate discussions about bloom affliction and abiding costs in retirement, Nationwide’s Bloom Care/LTC Amount Assessment tool uses proprietary bloom accident assay and adapted actuarial amount abstracts to accommodate a meaningful, alone amount appraisal that will admonition banking professionals and audience plan for approaching medical and abiding affliction expenses.
To apprentice added about the 2021 Civic Abiding Affliction Consumer Survey, appointment www.nationwide.com/ltcinsights. Banking professionals can apprentice added at www.nationwidefinancial.com/ltcinsights.
Methodology
The 2021 Civic Retirement Institute Abiding Affliction assay was conducted online aural the United States amid adults age-old 25 and over by The Harris Poll on account of The Civic Retirement Institute. Aural the survey, respondents who are accepted caregivers or accept been caregivers in the accomplished were identified. Caregivers are authentic as those who accept anytime or are now accouterment paid or contributed abiding affliction to a acquaintance or ancestors member, not through an agency, business, or non-governmental organization. Those who care(d) alone for a adolescent beneath 18 or a adolescent over 18 built-in with a affliction did not authorize as a caregiver for this survey.
Respondents for these surveys were called from amid those who accept agreed to participate in our surveys. Because the sample is based on those who agreed to participate in the online panel, no estimates of abstract sampling absurdity can be calculated. Abstracts are abounding area all-important by age by gender, race/ethnicity, region, education, domiciliary income, conjugal status, domiciliary size, and ability to be online to accompany them in band with their absolute accommodation in the population. A ability account was congenital into weighting to acclimatize for attitudinal and behavioral differences amid those who are online against those who are not, those who accompany online panels against those who do not, and those who responded to this assay against those who did not.
About The Harris Poll
The Harris Poll is one of the longest active surveys in the U.S. tracking accessible opinion, motivations and amusing affect back 1963 and is now allotment of Harris Insights & Analytics, a all-around consulting and bazaar analysis close that delivers amusing intelligence for transformational times. We assignment with audience in three primary areas: architecture twenty-first-century accumulated reputation, crafting cast action and achievement tracking, and earning amoebic media through accessible relations research. Our mission is to accommodate insights and advising to admonition leaders accomplish the best decisions possible. To apprentice more, amuse visit www.theharrispoll.com.
About Nationwide
Nationwide, a Fortune 100 aggregation based in Columbus, Ohio, is one of the better and arch adapted allowance and banking casework organizations in the United States. Civic is rated A by both A.M. Best and Standard & Poor’s. An industry baton in active customer-focused innovation, Civic provides a abounding ambit of allowance and banking casework articles including auto, business, homeowners, acreage and activity insurance; accessible and clandestine area retirement plans, annuities and alternate funds; balance & surplus, specialty and surety; pet, motorcycle and baiter insurance. For added information, visit www.nationwide.com. Follow us on Facebook and Twitter.
*LIMRA Allowance Barometer, 2019 **Genworth’s 2020 Amount of Care Survey
This actual is not a advocacy to buy or advertise a banking artefact or to accept an advance strategy. Investors should altercate their specific bearings with their banking professional.
This admonition is accepted in attributes and is not advised to be tax, legal, accounting or added able advice. The admonition provided is based on accepted laws, which are accountable to change at any time, and has not been accustomed by any government agency.
Nationwide and the Harris Poll are abstracted and non-affiliated companies.
Nationwide Advance Casework Corporation (NISC), affiliate FINRA, Columbus, OH. Civic Retirement Institute is a analysis of NISC.
Nationwide, the Civic N and Eagle and Civic Retirement Institute are account marks of Civic Alternate Allowance Aggregation © Civic 2021
NFM-21484AO
Contact:Charley Gillespie [email protected]
SOURCE Nationwide
http://www.nationwide.com
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