Thought for the day:

Behind every great man is a woman rolling her eyes.   –Jim Carrey

 

If you will read no further:

On a typical day in 2009, 42million family caregivers nationwide were providing care for an adult with LTSS needs, with women being the vast majority of unpaid caregivers. When you do not insist upon a sound plan to pay for long-term care, you may be essentially advising your clients to possibly go to work as a caregiver in order to earn again what has been accumulated in the estate to support him/herself once their loved one is deceased.

Thought for the week:

Believe it or not, there are other things happening on Capitol Hill besides the budget, debt ceiling and Obama Care.

Most PEARLS readers will not be reading the Commission on Long-Term Care Report to Congress, submitted on Sept.18, 2013; yet it delves into one to the most significant issues affecting our clients and by association, should be of concern to all advisors. So from time to time over the next several weeks I shall endeavor to impart some of the more important (as I see them) pearls from this 114 page report. Hopefully you will find the information interesting and useful. If not, there is still the “Delete” button.

• The new government acronym is LTSS, Long-Term Services and Supports and encompasses everything from (paid and unpaid) human assistance with activities of daily living (ADLs) to the systems, institutions, facilities and technologies involved.

• About half of the physical functional impairments associated with LTSS needs of older adults have onset after age 65 and are caused primarily by arthritis, heart condition and diabetes. An additional 22% of older adults suffer from Dementia (60-80% Alzheimer’s disease) and stroke. One in 8 Americans over age 65 has Alzheimer’s and the disease affects 42.5% of Americans over 85. That includes families responsible for provide the care or paying the bills. All numbers are expected to increase as the boomers (our clientele) reach 65 and above.

• Currently, the majority of care is provided by family members due to the cost of professional care and lack of sufficient financial resources to pay for it. But too often they do not have training in the medical/nursing tasks they need to perform this function, making the entire process an even greater burden.

• Currently there is no comprehensive community-based approach to care coordination for individuals and caregivers. Absent the commercial insurance system, services and support may not be provided in the most appropriate setting by the most appropriate provider, the individual’s needs and preferences may not be met and their caregivers may experience substantial stress trying to arrange for or provide care…..putting individuals at risk for injuries and or adverse health consequences requiring additional medical attention.

If you have been following these pages for some time, you are probably aware of most of this information. But it is good to be reminded of the specifics, especially when confirmed by an in-depth study such as this; all the more reason to seriously counsel your clients on long-term care planning. The assistance that is provided by an LTCi carrier at the time of need is an invaluable service to both you and your client. And no benefit such as the extra income available from a quality insurance solution is more valuable and appreciated at a most difficult time.