Many Retirees Don’t Like to Stay at Nursing Facilities Because of These Unexpected Reasons
What do you imagine doing when you retire? Travel to your dream destination is a popular answer. After all, you didn’t have the luxury to truly enjoy the rewards of your labor when you are still with the workforce. However, you can’t travel for the rest of your life and surely you’ll get bored with your hobby at one point. When you imagine you’re an older adult, what is your greatest fear?
According to a Nationwide Retirement Institute survey that analyzed the answers of 1,462 people of people 50 years old and above, more than half of them do not like to spend their remaining years at a nursing home. Just how much do they hate it? They would rather pass away than stay in a healthcare facility for the aged.
But, why the extreme dislike of nursing homes? Respondents reported not being able to be independent, no presence of a family member, and loneliness as to why the older adults balk at the thought of staying at a facility. More alarming, about three-fourths of those surveyed said they are most scared of the eye-watering healthcare expenses, like the boarding cost at nursing houses.
Cost of Long-Term Care
This speaks a lot about how the rising cost is also being carried by the older retirees, whose fears are a mere reflection of life during long-term care. According to Fidelity Investments, a pair who retires at 65, should shell out about $285,000 in premiums, prescription medicines, and other retirement healthcare expenses – that is clearly not a joke. Add to the mix the $102,200 cost per year for a private room in a nursing home, Genworth Financial reported.
This is also a big implication that there’s a misconception on the anticipation of the cost of long-term care. Nationwide Financial’s Kristi Rodriguez said that others thought they can cover the cost of healthcare but in fact, one out of three of those surveyed admitted they didn’t talk about this with anyone. While everyone has different ways to find a solution to this concern, it pays to talk with an expert.
More importantly, it is best that you talk with your family regarding this eventuality and discuss the steps you could take.
However, this is easier said than done. After all, not everyone is comfortable talking about the future. To this, Kristi suggests asking the right questions to kickstart the conversation in the right way.
What’s the vision? It can be hard to picture your future. For sure, you might be eyeing loads of traveling when you retire, but you will eventually reach a point when you won’t be able to do this anymore. Plus, you might have seen it from your grandparents, so analyze if you want to follow their steps.
Do you want to age at your house? Or generally speaking, where do you plan to let this process happen? Others would prefer to stay at home and be cared for at the comfort of their abodes rather than spend time at the nursing facility.
More in Retirement
Wizards and Witches, You can Now Relive Some Harry Potter Moments: What You Should Know about Staying at the Godric’s Hollow
It is no doubt that J.K. Rowling’s finest creation, Harry Potter, rules the modern world of literature. Its impact in pop...November 12, 2019
Mortgage Loan Application Denied? Here Are Some Reasons That May Have Happened
Most people you know have secured a mortgage loan easily, so, will it be a walk in the park for you,...November 11, 2019
Parasite Effectively Shows the Contrast Between the Rich and the Poor: Here’s a Look at the Houses of the Families in the Film
A film is only effective if it touches the audience in ways unexplainable, it leaves a mark on the viewers, and...November 8, 2019
Vivica A. Fox’s Porter Ranch House is Up for Grabs – Here’s How Much You Need to Shell Out
Vivica A. Fox has proven herself very much in the realm of Hollywood with her three decades in the entertainment industry...November 6, 2019
You’ll Never Guess How Much This Richard Neutra-Styled House of Fashion Designer Tom Ford Was Fetched in the Market
Anyone who loves brands knows who Tom Ford is. A fashion designer who brought back the glory of Gucci and Yves...November 5, 2019
Anne Hathaway’s Lexi in Modern Love Had a Stunning Apartment That Can Be Yours for This Amount!
New York is filled with polarizing opposites – it is noisy and polluted, but at the same time rich in architecture...November 4, 2019
Dakota Fanning Moves Out from Her and Elle’s Place into a Traditional Toluca Lake Home That’s Worth This Much
With a Hollywood tenure spanning to almost two decades, 25-year-old Dakota Fanning literally grew up before our eyes. Who would ever...November 2, 2019
Take a Look at this 19th-Century Palace-Like Mansion on Rhode Island Where Jennifer Lawrence Got Married
Lover her or hate her, it’s no doubt that Jennifer Lawrence is one of the most iconic stars of this generation....November 2, 2019
Ready to Buy Your First Home? Don’t Make Your Head Hurt in the Future by Avoiding These Mistakes
Terrifying and thrilling – this is how you sum up the feeling when you are able to save up and finally...November 1, 2019