According to estimates from the U.S. Department of Health & Human Services, over half of Americans turning 65 today will develop disabilities significant enough to require long-term support and services.
This differs from the oft quoted and heavily criticized statistic of 70% of people age 65 will need some form of long-term support and service during their lifetime.
Regardless of how you slice it, there is at least a 50/50 chance of drawing the losing hand. Sadly, most people do not recognize this and, if they do, opt to ignore the possibility that it could happen to them.
People – we need to do a better job and educate people about this risk.
Earlier this year, a documentary produced by Bradley Cooper premiered on PBS – Caregiving. It shares the experiences of a variety of unpaid and professional caregivers and makes you consider the role of the caregiver, their sacrifices, and how important they are in the aging process.
As a financial professional, this should serve as a wakeup call. Are we doing enough to educate, motivate, and provide solutions for people? Or, are we cutting short the planning discussion because it is uncomfortable for us? We all need to do more.
I remember before the pandemic, I shared in Fridays with Fisher a piece about Alzheimer’s and planning. About an hour after it was posted and distributed, I received an email from an advisor in the upper Midwest who said, “take me off your distribution list because your post today made me think about my mother’s situation.”
I respected his wishes then called and asked why. The answer was simply that my words hit him hard and highlighted his “failure to take care of her”. I asked why he felt that way and his response was that he “failed” (his words) because he was uncomfortable talking about long-term care planning and assumed that it wouldn’t happen. Unfortunately – it happened and the monies that they accumulated were bled dry due to her need for memory care which lasted almost a decade.
The point of this is simply a call to action – talk with your clients about what their plan is and how they would like things done. It doesn’t need to be a full blown financial plan – it just has to be an understanding of what they want and how they want things to play out when a long-term care situation occurs.
Once their wishes are known, then you can develop a more personal plan and fully document it before they share it with their family. Once everyone knows the who, where, what, and how – questions should arise which will ultimately lead to the “how do you pay for it” conversation which is where you are the expert.
You don’t need to be an expert on long-term care; you just need to have a conversation. OneAmerica Financial has produced a couple of pieces to help the conversation.
Step by Step Guide to Receiving Long Term Care (consumer approved)
Care Planning Worksheet (consumer approved)
Document Worksheet (consumer approved)
Contact my internal sales partner Kelley Hilliard at (844) 623-4251 or via email at kelleyhilliard.isp@oneamerica.com for more information or for an illustration of one of the Care Solutions products.
Fridays with Fisher 