In last week’s Fridays’ with Feature, I requested your support for the Alzheimer’s Association and their Walk to End Alzheimers. As you are likely aware, the impact of Alzheimer’s and other memory issues is significant and one of the most quickly growing causes for requiring extended healthcare.
According to the Alzheimer’s Association, the average duration of care after the diagnosis of Alzheimer’s is 8 years. In 2022, Alzheimer’s Disease will have cost Americans $321 billion (this number is projected to exceed $1 trillion by 2050).
This is one of the reasons why a planning conversation is necessary.
As we have said before, there are two ways to address a long term care situation – proactively or reactively. We all know that the proactive approach offers less stress, saves money, provides flexibility, and gets everyone on the same page.
Remember, a long term care / extended healthcare issue impacts more than the person that requires care. It impacts everyone around them. This is why we encourage people to plan and have a funded plan.
Memory Care is amongst the most expensive care. When I was on vacation, I saw care provider citing the cost for assisted living support starting at $2,367 and ranging up to $10,730 for rent. Included in the cost is supervisory care 24/7, meals, assistance performing ADLs, and housekeeping services. But, the provider notes that costs “can be higher depending upon your specific needs”.
Certainly, someone who has done a good job of accumulating, saving, and managing their money can absorb some of the cost. But, is their pool of resources deep enough to meet their needs without impacting their finances, their family, and their future legacy?
Consider this – introducing Asset Care or Annuity Care that includes the lifetime benefits. Set up the OneAmerica policy to serves as a backstop or “stop-loss” for a “self-funding” strategy. At worst, there is no need for long term care services and the policy passes the death benefit to whomever the insured chooses. (Remember, the death benefits will differ as Asset Care is life insurance while Annutiy Care is a deferred annuity.) If the plan is needed, tax-free long term care benefits will be paid.
At OneAmerica, our definition of long term care is simply that — LONG TERM. This can be unlimited. With both Asset Care and Annuity Care, we can create unlimited pools of resources to fund extended healthcare / long term care needs.
And, remember, all of the Care Solutions products have the ability to offer a limited duration pool of benefits or unlimited lifetime benefits for a couple! Whatever aligns with the client’s needs … Care Solutions can deliver.
Thanks for making time for me.
Please consider supporting the Alzheimer’s Association’s Walk to End Alzheimer’s.
Scan the QR code to contribute.
Please contact us with your next long term care case. I can be reached via email at firstname.lastname@example.org or you can call me at (678) 512-9627. You can also speak with my internal Justin Fox by calling him at (844) 658-3725.
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