Many Expect Care from Family or Close Friends but Haven’t Yet Talked About It

Only 50% of Americans have talked with family members or close friends about who will provide or oversee LTC if needed.

By Ayo Mseka

More than two-thirds of Americans (71%) say that if they had an illness or injury that required care assistance for an extended period of time (long-term care), they would expect a family member or close friend to oversee and/or provide that care.

However, only 50% of Americans say they’ve had a conversation with family members or close friends about who will provide or oversee their long-term care (LTC) in the event they needed it.

A recent survey, conducted online by The Harris Poll on behalf of OneAmerica, asked 2,017 U.S. adults age 18 and over whether they’d expect a family member or close friend to oversee or provide assistance with care if they were to need it for an extended period of time (more than 90 days).

The numbers show that when it comes to LTC, many people may not know that their loved one is expecting them to help with care, when in fact, millions of Americans will one day help fill that role for loved ones. For example, for people with Alzheimer’s and other dementias alone, in 2018, 16.3 million family members and friends provided 18.5 billion hours of unpaid care. Nearly one-fourth of caregivers of people with Alzheimer’s and other dementias are “sandwich generation” caregivers — they are caring for aging relatives with the disease while also supporting their children and/or grandchildren.

“One of the most important steps families can take to prepare for the future is to talk about who will care for loved ones as they age,” said Tracey Edgar, vice president of sales, Care Solutions, at OneAmerica. “Time spent together at the holidays is a great opportunity to start these conversations and think through steps that can be taken before care is needed.”

Planning ahead for the possibility of LTC can ensure that everyone is clear about expectations, that legal steps for care are planned for, and that assets are best positioned for any need that arises. Asset-based LTC protection is one solution that may be more within reach than people realize, and one that can help provide benefits for care assistance in-home or in a facility. “One of the benefits of asset-based LTC protection is its flexibility,” Edgar said. “The benefits can allow people to choose how and where they want to receive care.”

OneAmerica offers asset-based LTC solutions, which can help protect retirement income from the drain of unexpected expenses, while providing a death benefit if LTC benefits aren’t fully used. With asset-based LTC protection, premiums are guaranteed and may include protection of two people with one policy and the option for lifetime benefits.

For more information and scenarios about how long-term care protection can help protect assets, download ‘Planning for Every Possibility’ at www.oneamerica.com/ltcstudies.

OneAmerica is a founding sponsor of NAIFA’s LECP Center, designed to rethink extended and long-term care. For more information, visit https://lecp.naifa.org.

References:

1. This survey was conducted online within the United States by The Harris Poll on behalf of OneAmerica from December 12-16, 2019, among 2,017 U.S. adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact Tammy Lieber at tammy.lieber@oneamerica.com.

2. ‘Alzheimer’s Disease Caregivers,’ Alzheimer’s Association, March 2019, accessed at https://act.alz.org/site/DocServer/caregivers_fact_ sheet.pdf?docID=3022.

NAIFA Member Profile: Mark Acre

Over the years, this outstanding NAIFA member has given much of his time and talent to NAIFA.

Mark Acre, LUTCF, is a NAIFA member on the move. He is the president of a successful insurance and financial practice and recently joined the NAIFA Board of Trustees. This article shines the spotlight on Acre and the many accomplishments he has achieved.

Acre is president of OneSource Insurance Group, based in Springfield, Missouri. His areas of expertise include retirement planning, auto and home owner’s insurance, business, life and health insurance, as well as employee benefits. He is a LILI graduate and has participated in many Day on the Hill events.

Acre has dedicated several years of service to NAIFA and has served the association in many capacities, including:

• Vice Chair of the National APIC Committee

• Past President of NAIFA-Springfield, Missouri

• Past President of NAIFA-Missouri

• Past YAT Liaison to APIC

• Past Chair of the National YAT Committee

• National Platinum BOBO Award Recipient

• Past IFAPAC Chair for NAIFA-Missouri

• Past Government Relations Chair — NAIFA-Missouri

• Past LILI Chair — NAIFA-Missouri

• Past Membership Chair — NAIFA-Missouri

Acre is a YAT mentor and as part of the National YAT Committee, this group has ushered many non-members into the NAIFA Advisor Ambassador Program.

As the membership chair for both his local and state associations, Acre was involved in many areas of membership. He created a Membership Development Plan for NAIFA-Springfield the year in which he was President-Elect of his local association. The association implemented the plan, and during the following year, it achieved the Platinum BOBO Award. Most importantly, the organization won that award for two of the next three years, helping to sustain its growth and becoming a strong and vibrant association.

Acre has also conducted several agency presentations for various agent groups and achieved great success in doing so. In addition, he is a YAT Mentor and as part of the National YAT Committee, this hard-working group has ushered many non-members into the new Advisor Ambassador Program. Acre also takes time from his busy schedule to moderate LUTCF classes.

With all of these tasks he performs for NAIFA, Acre is still focused on meeting the needs of his clients, which has allowed him to win several company awards and accolades, starting as far back as 2005. These wins and accomplishments include:

2005 – #19 Agent out of over 5,000 nationwide for the Torchmark Corporation — Year 1 in the industry

2006 – #3 Unit Manager out of over 1,400 nationwide for the Torchmark Corporation

2007 – #1 Recruiter nationwide for the Torchmark Corporation

2011 – Judy Sorensen Memorial Award recipient from NAIFA- Springfield, Missouri

2013 – Advisor of the Year from NAIFA-Springfield, Missouri

2014 – NAIFA National YAT Leader of the Year

2015 – Chamber of Commerce Business of the Year, Ozark, Missouri

2019 – Springfield Business Journal 40 Under 40 Award Recipient

With a firm belief in paying it forward, Acre is active in his community. He is on the board of directors of the Missouri State University Alumni Council, is national chair of the Man Up and Go non-profit organization and is a general member of the Ozark Rotary Club. He is also a sought-after speaker by many organizations and has spoken on a variety of topics at NAIFA’s Performance + Purpose Conferences and for NAIFA’s National Advisor Ambassador Program.

Believing that the absence of a challenge degrades a human being, Acre enjoys tackling many challenges. He recently summited Mt. Kilimanjaro in Tanzania to raise money for Man Up and Go. In addition, he enjoys walking his children through hobbies that they are passionate about.

“Ten years after starting my firm, OneSource Insurance Group, we were named the 7th largest agency in Springfield, Missouri,” Acre said. “I am convinced that a large part of my success is due primarily to my NAIFA membership. As Trustee, my vision is that advisors all over the country experience NAIFA in a new way so that they too can experience the success that I have achieved as a NAIFA member.”

Nominate a Rising Star Now

Someone you know is a leader. He or she is successful, of course, but also committed to their community, family and team. They're already a great example for their peers. Nominate them for Four Under Forty Awards. It's the recognition they deserve and the next step in their amazing career.

Winners will appear on the cover of the September/October 2020 issue of Advisor Today. But that's just the beginning. Past Four Under Forty winners have a proven track record of continued success through industry leadership roles, speaking engagements and increased peer recognition.

How to Nominate

All NAIFA members are welcome to nominate a rising star for Four Under Forty. Nominees must be NAIFA members in good standing and 40 years of age or younger.

All submissions are due by Mav1a,2020