LONG-TERM CARE

A recent survey indicated that 61 % of people would rather die than live in a nursing home . ¹

Extended care events can be eerily like the COVID-19 crisis . Besides the direct corollaries , we are seeing a domino effect with utilizing long-term care .

Nursing home phenomenon

If someone didn ’ t want to go to a nursing home before COVID , they certainly don ’ t now ! A recent survey indicated that 61 % of people would rather die than live in a nursing home . ¹ Beyond the obvious exposure concerns , everyone has seen reports of families communicating through windows , and people dying alone . As unnerving as those notions are , the fact that a solid , long-term care plan can offer options to help people live in their homes is compelling and undeniable . Unfortunately , most people that haven ’ t experienced a care event personally haven ’ t created a plan . In fact , according to a Thrivent 2021 survey , 70 % of Americans don ’ t have a documented extended care plan in place for themselves or a family member . ²

Preparation can be daunting , but also essential in avoiding rash decisions during a crisis . Whether they impact how the nation responds to COVID , or how families respond to a difficult diagnosis , hasty decisions are seldom the best decisions . Likewise , a plan is always something that ’ s better to have and not need than to need and not have .

Crisis Decision Making

Craig Roers , CLTC ® is the head of marketing for Newman Long Term Care . In his 23 years in LTCI , he has guided thousands of agents in LTC solutions for their clients . He has been featured in CLTC Digest and Forbes . com . Craig . Roers @ NewmanLTC . com

Logic is not a natural human response to an emergency . Our brains are hard-wired for immediate survival , generally compelling us to fight or flee . This arrangement primes us for irrationality . Think we ’ re not irrational ? Did it make sense for Americans to hoard toilet paper at the start of the pandemic ? Well , we did .

Why do we respond irrationally ? Nobel prize-winning psychologist and economist Daniel Kahneman ’ s behavioral finance research suggests there are two modes of thinking :

System 1 are 95 % unconscious acts based on intuitive , emotional , fast thinking , “ what feels right ” decisions .

System 2 make up only 5 % of decisions ⁴ based on rational and deliberate thinking . ³

1 . “ Nationwide Retirement Institute Long-Term Care Survey ”, presented by The Harris Poll . November 2020 .

2 . Samantha Mehrotra , “ New Thrivent survey finds most Americans remain unprepared for the possibility of extended care ”, from the Thrivent News Room , June 8 , 2021 3 . Thinking , Fast and Slow , Daniel Kahneman , 2011 . 4 . Gerald Zaltman in “ When to Sell with Facts and Figures , and When to

Appeal to Emotions ,” Harvard Business Review , 2015 . 5 . ” Beyond Dollars 2018 : How Caregiving Impacts Families , Communities and

Society ”, Genworth Financial , November 2018 . 6 . “ Report : The Ballooning Costs of Long-Term Care ” The American Action

Forum , February 18 , 2020 . 7 . “ Drivers of the Cost of Care ”, J & K Solutions for Genworth , November 2020 .

24 Perspectives Q3 2021

Domino effect continued on page 26

As unnerving as those notions are , the fact that a solid , long-term care plan can offer options to help people live in their homes is compelling and undeniable .