The High Cost and Stress of Caring for the Elderly
Posted on Monday, October 1, 2018 12:27 PM
In a recent study from Nationwide Retirement Institute, 71% of respondents said that they hope that a loved one would care for them instead of going to a nursing home. More than 50 percent of affluent Americans would rather die than go to a nursing home. "It's clear respondents do want the care of a loved one, but they don't want to be a burden on spouses or adult children," said Holly Snyder, vice president of Nationwide's life insurance business.
To care for loved ones, many caregivers must take less demanding jobs or quit all together. Many beneficiaries are surprised by how little Medicare covers, but thanks to a new rule passed in April, Medicare Advantage plans can offer more coverage, but it is not required.
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