Janice mistakenly thought that Medicare covers the cost of a long-term care in a nursing home.So she did not purchase long-term care insurance or save in case she needed a long stay in a nursing home.Janice's treatment of the risk of a long-term stay in a nursing home is best described as

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Janice's treatment of the risk of a long-term stay in a nursing home can be best described as unplanned retention because she did not plan or prepare for the potential financial burden that comes along with a long-term stay in a nursing home. She mistakenly believed that Medicare would cover the cost, which is not the case for an extended period of time. She did not transfer the risk by purchasing insurance or control the risk by saving for potential costs.

Janice Mistakenly Thought That Medicare Covers the Cost of a Long-Term