Last week, I vented about what I believe is a major disservice that is taking place by carriers. I believe that carriers are sharing the full story of how their products work when they are utilized by their insured’s family.
And we wonder why there is a credibility problem with the industry ….
(Here is the link to last week’s FWF post.) https://fridayswithfisher.com/?p=3772
This week while I was preparing for a meeting, I observed a social media flurry between a bunch of industry folks (agents, home office types, wholesalers, etc) about a recent article called “Dying Broke: Why Long-Term Care Insurance Falls Short for So Many”, which chronicled the financial and emotional toll of being a family caregiver.
Long and the short of the flurry was that the article was severely slanted. I do not disagree at all.
Frankly, the issue with paying for long term care support and services doesn’t start at the carrier level – it starts at the consumer level!
Insurance and social programs (the government) are always pointed at as being the problem. That is far from the truth. Basic understanding and education concerning the risks associated with long term care need to be discussed.
The point is made in the article – “ Only 3% to 4% of Americans 50 and older pay for a long-term care policy, according to LIMRA … That stands in stark contrast to federal estimates that 70% of people 65 and older will need critical services before they die.”
The problem is not an insurance industry issue – it is an education issue. Unfortunately, the only way people learn is from the industry that is accused of being the problem AND by blatant uneducated reporting by the media.
So, what can we do. The only thing that we can do is slug our way out of this mess. And, we do that through education. We need to inform, educate, and inspire people to take action and at least PLAN for a possible situation where they require long term care support & services.
Developing a plan is free. The only cost for anyone is their time and a little effort to write or type their plan. That is it.
So tell me – how is putting one’s wishes (their plan) a problem that both the insurance industry and governmental programs have brought on?
OneAmerica Financial has developed a simple planning worksheet to help people get a start. It’s all on one page and free. This is one way that we can take control of the narrative and start to impact people’s lives in an inexpensive but meaningful way.
And, yes, we even might be able to help them find a funding solution that fits their specific situation.
The problem is not a product problem or a funding problem. It is an education and planning problem. Fix that and you’ve improved the country.
If you have any questions or comments, you can contact me at kevin.fisher@oneamerica.com or at (678) 512-9627
Fridays with Fisher 
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