More than half of respondents to a Harris poll conducted on behalf of Nationwide Retirement Institute believed that Medicare will cover the costs of long-term care (LTC); a startling 60% of respondents, all of whom had annual incomes of $75,000 or more, intended to rely on Medicaid. But in reality, Medicare’s LTC coverage is short-term and limited and does not support extended care. And Medicaid coverage varies by state, and eligibility usually depends on income and assets.

While many respondents saw aging in place as a way to avoid ballooning LTC costs, that response has challenges, according to Nationwide. Although 77% of respondents would prefer to receive LTC in their own home, 41% said their current home may not be safe or accessible for aging in place, and nearly half, 47%, said they expect modifying their home for aging in place to be unaffordable.

Many who might prefer to move believe the real estate market will make that difficult. The result: 42% of Boomers and older planned to remain in their current homes without making renovations or changes once they retire – despite the potential risks that accompany that decision.

The Nationwide survey includes more statistics on this topic, and points out that LTC insurance, which the company provides, is "misunderstood and underused." The company states, "This year’s survey highlights how urgently society needs to address the myths around Medicare, shift perceptions about affordability, and help Americans take control of their future care."

Although Nationwide’s resources are geared to those selling insurance, they contain good information for professionals who work with older adults, as well as for consumers.

To learn more about planning for healthcare costs and longevity, click here

To read the poll findings, published on the Nationwide website, click here