You all know that every Friday I share a little something with you in my Fridays with Fisher e-blast and blog (fridayswithfisher.com). I see this as a way to share ideas and information that aren’t corporate generated.
As I was looking for a witty quote, I stumbled into a study that was done by the Associated Press and the NORC Center for Public Affairs Research at the University of Chicago. (That alone is a mouthful to share with you.) This study and the accompanying article “Long Term Care in America: Americans Want To Age At Home” was released in May of this year and I want to share a few point with you.
- 88% would prefer to receive assistance at home or in a loved one’s home
- 51% think Medicare should pay for assistance, and 49% expect to rely on it to pay for care they need as they age.
- 53% have already received health care at home during the pandemic through telehealth
While this may not be a surprise to some of you, one finding – the expectation that Medicare will address their funding need – is of grave concern.
As you know from what I have said in my weekly Fridays with Fisher release, on my weekly LTC Coffee Break webcast, during my virtual consumer seminar, and every meeting – Medicare is NOT a long term care funding solution!
PEOPLE – we have a problem!!! There is a massive level of misunderstanding rattling around the country about how long term care (extended healthcare) is funded!
To quote Rick Riordan’s character Percy Jackson “Humans see what they want to see.” And, in many cases it is what people hear or read. Or said another way, perception becomes reality.
It’s our jobs as advisors to educate our clients about the financial opportunities and obstacles that they may face during their lives. With this in mind – extended healthcare and the funding of those services should be part of our conversations.
Think back to the statistics that I shared with you from the AP/NORC study, over 80% or the people in the survey want to receive care at home and more than half of them expect Medicare to make that happen. Their reality doesn’t even align with the reality of what Medicare provides. Heck, even Medicare plus a Medicare supplement won’t meet their need.
Only education, planning, and funding their extended healthcare plan using private insurance can make their want (stay at home) a reality.
If you want to augment your extended healthcare / long term care conversations with your clients, I offer a 22 minute virtual consumer seminar every Tuesday at 7pm. To get a feel for what it is all about and sample a few minutes of the content, go to the Virtual Consumer Seminar page on LTC Coffee Break website at ltccoffeebreak.com/virtual-consumer-seminar. Please help spread the word with your friends and colleagues about LTC Coffee Break as well as Fridays with Fisher
Of course, you can contact me for to answer questions, address concerns, and schedule virtual and In-person meetings at firstname.lastname@example.org or via phone at (678) 512-9627.
For illustration assistance and product questions, please contact Justin Fox at (844) 658-3725 or email@example.com.