Panel Encourages Advisors To Educate Clients On Protecting Assets
While Preparing For Long-term Care Issues
RADNOR, Pa., Dec. 6, 2012 /PRNewswire/ -- A panel of
long-term care experts participating in a Lincoln Financial
Group-sponsored webcast, encouraged Americans to be more proactive
in their long-term care efforts and to partner with knowledgeable
financial professionals to ensure customized programs that can help
protect assets and prepare for retirement issues. The webcast
titled, "Steps to Building Greater Financial Certainty," was
hosted by Lincoln Financial Distributors, the wholesale
distribution subsidiary of Lincoln Financial Group (NYSE: LNC).
(Logo: http://photos.prnewswire.com/prnh/20050830/LFLOGO )
The panel of industry professionals included Steve Schoonveld, head of Linked Benefit
Products for Lincoln Financial Group; Melissa Spickler, senior vice president, wealth
management advisor of Merrill Lynch; and, Dr. Stephen Holland, chief medical officer of
Univita Health. Moderating the webcast was Andrew Bucklee, head of MoneyGuard Solutions
Distribution for Lincoln Financial Distributors.
"As the population ages, the prevalence of chronic disease,
disability and dependence will increase," said Dr. Holland.
"Approximately 70 percent of those over 65 will require some type
of long-term care support during their lifetime, which can range
from assistance with bathing and dressing to supervision for a
cognitive impairment to medication management. These services can
be provided formally by paid caregivers or informally by friends
and family, and in a facility or at home."
"Without proper planning, family members, especially caregivers,
are left with few options for managing long-term care expenses,"
Bucklee said. "As the needs of each individual are unique, it is
critical each works with the right financial professional to
customize an effective plan."
"Many Baby Boomers in the absence of a plan, will turn to their
children to help provide care," said Schoonveld. "When that time
comes, those family caregivers often put their careers and
retirement plans on hold while also facing the prospect of paying
for all or some of their parents' long-term care. This is in
addition to financially supporting their own children."
"Separately, for older married couples where one spouse is
impaired, assets can be quickly depleted or divested to pay for
professional care potentially impacting the surviving spouse and
heirs. In either case, the retirement plans of the extended
family are at severe risk," said Schoonveld.
Spickler observed that "Too many people, for a variety of
reasons, end up not preparing for long-term care and are forced to
make rushed and very expensive decisions almost overnight.
The result can put huge amounts of assets at risk, bring about a
rapid draining of financial resources and endanger the stability of
a family."
"As Americans are living longer and healthcare costs continue to
rise, the need for long-term care takes on greater importance. To
prepare for an unanticipated long-term care need, it's critical to
have a plan in place well before you need it," she said.
"Research has shown that people prefer to remain at home as they
age," said Dr. Holland. "For this to happen, consumers should
do what they can now to ensure they are able to cover the cost,
should the need arise. Those that plan ahead and receive
professional guidance are more likely to receive care in the
setting and in the way they prefer."
"Knowing when, where and how you want to receive care goes
hand-in-hand with understanding how you'll need to pay for the kind
of care you want to receive," said Schoonveld. Based on extensive
Lincoln research, Schoonveld
underscored some best practices by those who were proactive in
building a long-term care plan. "Successful consumers first
clarify what they want and where they want to receive care. Next,
they assess the resources available to them and evaluate support
systems. Finally, the most successful of consumers partner
with a professional. Meeting with a knowledgeable advisor enables
consumers to talk through their goals, as well as assumptions, and
be confident that their planning pays off."
Adding to those best practices Spickler said, "It may be helpful
to have a Power of Attorney and Advance Healthcare Directive in
place. As people start becoming forgetful, someone needs to be
involved in helping with the decision-making process. Many people
want a son or daughter on the account."
"In addition, having a qualified third-party as part of the
process can be helpful in making the right decisions for loved ones
whether financial or healthcare-related. Knowledgeable advisors
will be able to recommend a good attorney to help with that
specific process," Spickler added.
"A vast majority of those who need long-term care services
receive it informally through family and friends," said Dr.
Holland. "While studies show providing care for an aging
loved one can negatively affect the health and well-being of a
caregiver, technology has evolved to support these needs.
Caregivers can call upon medication management tools, home safety
devices, and online coordination and advisory services to assist
with this effort."
Bucklee added, "It is critical that everyone involved in
long-term planning have a deeper understanding of what drives
consumers to take that next step and also what gets in their way,
so they can better help them decide on the best funding options to
meet their specific needs."
About Univita Health
Univita provides home-based care
management through specialized support and in-home interventions to
people with complex needs. Univita's comprehensive approach to
delivering, integrating and managing home care services, promotes
patient independence, improves accountability and lowers health
care costs. Univita works with current and emerging population risk
managers such as health plans, integrated health systems and
physician groups, serving commercially insured working age,
Medicare and Medicaid populations. To learn more, visit
www.univitahealth.com.
About Lincoln Financial Group
Lincoln Financial Group
is the marketing name for Lincoln National Corporation (NYSE:LNC)
and its affiliates. With headquarters in the Philadelphia region, the companies of Lincoln
Financial Group had assets under management of $174 billion as of September 30, 2012. Through its affiliated
companies, Lincoln Financial Group offers: annuities; life, group
life, disability and dental insurance; 401(k) and 403(b) plans;
savings plans; and comprehensive financial planning and advisory
services. For more information, including a copy of our most recent
SEC reports containing our balance sheets, please visit
www.LincolnFinancial.com.
SOURCE Lincoln Financial Group