November is designated as Long Term Care Awareness Month and is recognized by many states and Congress as such. Here are a few Did you knows about LTC.
More than 75% of adults who will receive LTC services will receive them at home.
On average, 21 hours of care are provided per week when that caregiver is a family member.
Over 90% of caregivers have to alter their work schedule to provide care to their loved one.
Around 40% of caregivers have to switch from full-time work to part-time work in order to care for a loved one.
The one way to reduce the impact of a long term care event is to have a funded long term care plan in place. A funded plan (ideally funded using the leverage of insurance) can help. This means rather than having a family member put their life on hold, a trained caregiver can provide that care at home or in facility-based care.
That is the whole purpose of an insurance-based strategy – to keep people who require care at home (where they prefer to be) as long as possible. Note, I said an insurance-based strategy – that could come in the form of an asset-based solutions like Asset Care or Annuity Care or from a traditional plan or even from a life insurance policy that might include a long term care rider.
One thing to remember, there is no cookie cutter solution. Every situation is unique.
At OneAmerica, we believe in that – building the right funding solution for your client’s unique needs.
To learn more, join Michael Florio and me on our weekly webcast LTC Coffee Break. LTCcoffeebreak.com is your home page to everything LTC Coffee Break including new episode, an archive of every broadcast, and much more.
OR, schedule a meeting with me (virtually or in-person) – you can call or text me at (678) 512-9627 or via email at firstname.lastname@example.org
For product questions and illustration assistance – call Justin Fox at (844) 658-3725 or email at email@example.com