Last week, I came across an online article at McKnight’s Senior Living website … Nation’s older adult population changing, federal report shows.
One thing that I think that we need to pay attention to is the shifting demographics of our nation. We are (and have been) getting older on average. In 2022, according to a report from the Administration on Aging, there are 57.8 million people age 65 and older in the United States. This represents approximately 17% of the population; by 2040, that number will grow to 22%. And, by 2030, the Social Security Administration projects that 30 million Americans will be age 75 or older.
Why am a sharing this with you?
Simply to illustrate the situation that we as a nation are facing. This is not a financial services industry or healthcare industry or legal and accounting industry issue – it is an American issue. (In reality, it is a global issue,)
We need to do our jobs and help find solutions for our friends, neighbors, colleagues, acquaintances, and every other American.
It is our responsibility as financial services professionals to help educate, inform, motivate, and encourage our clients and prospects to look at the big picture and have some difficult conversations. You can call yourself and agent, broker, advisor, anything you want – if you are offering advice or selling a product to meet a financial need, you are who I am talking to.
We need to have those hard discussions and ask people – “what is your plan when you experience and an extended care event?”
Remember this – we all have a default plan. But that is often the worst plan of all because it is a plan of hope.
HOPE that nothing happens.
But if it does – HOPE that it isn’t anything major.
But if it is – HOPE that you have the resources available.
And if you do – HOPE that they do not run out.
That doesn’t sound like much of a plan to me but that is our default plan. There is a better way. OneAmerica Financial has produced two consumer pieces to help people start their long-term care / extended care planning. It is free, it is simple, and it is a smart thing for them to be doing.
Step by Step Guide to Receiving Long Term Care (consumer approved)
Care Planning Worksheet (consumer approved)
And, if you haven’t done your planning, it might be worth taking a few minutes to consider how you want things to go when you are experiencing a care event.
Too many times, the plan of HOPE fails. With a plan of purpose, at least you improve the odds of things succeeding by establishing a course of action. Remember, this is only the first part of their plan.
Part 2 is how do they plan to pay for things. And that is where WE can make the difference.
So, back to the demographic information that I shared with you earlier. OneAmerica Financial offers a solution for people up to the age of 85 who own nonqualified deferred annuities and can answer a few health questions. If you want to see then, check out last week’s post.
The long and the short of this is that even if people are above “the average age” for purchasing a long term care insurance policy, there are financial solutions. We need to simply ask the question – what’s your plan and how will you pay?
Want more funding ideas?
Contact one of my internal sales partners – Justin Fox at (844) 658-3725 & justinfox.isp@oneamerica.com or Nick Angelov at (844) 623-4251 & nick.angelov@oneamerica.com
Fridays with Fisher 