As the cost of caregiving continues to rise, tools like the MoneyGuard Market Advantage® Conversation Catalyst can help Americans understand long-term care options and how to pay for the associated costs
The market for at-home long-term care is large and growing, and family members have become more financially impacted by the increasing costs of care services as they continue to rise each year.1 According to Lincoln Financial’s (NYSE: LNC) annual What Care Costs study, the rates for care in an assisted facility average over $51,000 per year, and the costs for a home health aide rose more than 5% from 2020 to 2021.2
Four out of five families surveyed noted concerns about the cost,3 which can vary greatly depending on the type of care needed and where a person lives. In fact, some 53 million Americans now provide unpaid care for family members.1
Understand the options
Nearly 96% of consumers surveyed agree it is important to plan for long-term care and for families to talk about their care preferences, but only one in five Americans surveyed have planned for their long-term care, and just one in 10 have a plan for how to pay.2
“The benefit of having a long-term care plan is that it can help ease the emotional and financial decisions that could otherwise fall to a person’s caregivers if or when the need occurs,” said Heather Deichler, senior vice president, MoneyGuard Business Management. “Having an open dialogue and ensuring you have the type of care when, where and how you want it is essential as you plan for the future.”
Use available resources
When planning for long-term care, it’s important to understand what type of care is desired and the flexibility of location and facilities offered. Costs for skilled nursing facilities, assisted living facilities and home health aides can vary significantly depending on the level of care offered, the region of the country and the facility itself. Lincoln Financial’s What Care Costs website (enter code ‘Lincoln’ in upper right corner) can provide average rates from more than 30,000 different skilled nursing homes, home health care and assisted living facilities at the national, state and metropolitan statistical area level.
Taking it one step further, the MoneyGuard Market Advantage® Conversation Catalyst tool is designed to help customers understand care options, identify preferences and associated costs, and confirm your funding is set up to meet your needs. This innovative tool provides a personalized hypothetical example of how a MoneyGuard Market Advantage policy could perform and cover long-term care expenses. MoneyGuard Market Advantage is a variable universal life insurance policy with a rider that reimburses for qualified long-term care costs (not available in California or New York).
“As customers’ needs and expectations change, Lincoln Financial continues to identify ways to evolve the resources we provide to meet them where they are, enhancing the ability to provide solutions to meet their needs,” said Bill Nash, senior vice president, MoneyGuard Distribution at Lincoln Financial Distributors. “We have put a close focus on tools that help customers understand their needs and options, provide support with a simplified claims process and guide customers and their families when it is time to plan for the impacts of a long-term care event.”
Lincoln is committed to investing in data, tools and technologies that enhance the customer experience. Other recent examples of customer-centric innovation include the launch of an enhanced digital claims experience and the Lincoln Concierge Care Coordination platform aimed at guiding customers and their families in how to plan for the impacts of a long-term event.
For more information on the MoneyGuard Market Advantage Conversation Catalyst tool, click here.
About MoneyGuard Market Advantage
MoneyGuard Market Advantage® is a variable universal life insurance policy issued by The Lincoln National Life Insurance Company, Fort Wayne, IN on Policy Form ICC20-MGV892/20-MGV892 with a Long- Term Care Benefits Rider (LTCBR) on Rider Form ICC20LTCBR-892/LTCBR-892, and a Value Protection Rider on Form ICC20VPR-892/VPR-892.
Lincoln variable universal life insurance is sold by prospectus. Carefully consider the investment objectives, risks, and charges and expenses of the policy and its underlying investment options. This and other important information can be found in the prospectus for the variable universal life policy and the prospectuses for the underlying investment options. Download a copy of the prospectus at www.lfg.com/public/performance-prospectus or call 800-454-6265. Read carefully before investing or sending money.
MoneyGuard Market Advantage® is a variable universal life insurance policy with a Long-Term Care Benefits Rider (LTCBR) that accelerates the specified amount of death benefit to pay for covered long-term care expenses and continues long-term care benefit payments after the entire specified amount of death benefit has been paid. Any surrender benefit provided will be adjusted by any loans/loan interest/loan repayments, withdrawals taken, and claim payments made. The cost of riders will be deducted monthly from the policy accumulation value. The insurance policy and riders have limitations, exclusions and reductions. Renewability, Termination and Cancelability: The LTCBR is noncancelable. This means you have the right, subject to the terms of your policy and rider(s), to continue this rider as long as your policy stays in-force. The Lincoln National Life Insurance Company cannot change any of the terms of your policy and rider(s) on its own and cannot increase the monthly rider charges or monthly inflation charges. If your policy enters a grace period, we will allow 61 days to pay a premium sufficient to prevent your policy form lapsing. The Long-Term Care Benefit Rider may not cover all costs associated with long-term care costs incurred by the insured during the coverage period. All contract provisions, including limitations and exclusions, should be carefully reviewed by the owner. For costs and complete coverage details, contact your financial professional.
Products, riders and features are subject to state availability. Limitations and exclusions apply. For costs and complete details of the coverage, call your producer or the company.
For use with the general public. The purpose of this communication is the solicitation of life insurance. Contact will be made by a licensed insurance agent/producer or insurance company.
About Lincoln Financial
Lincoln Financial Group provides advice and solutions that help people take charge of their financial lives with confidence and optimism. Today, approximately 16 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, and guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. The company had $308 billion in end-of-period account values as of March 31, 2022. Lincoln Financial Group is a committed corporate citizen included on major sustainability indices including the Dow Jones Sustainability Index North America and FTSE4Good and ranks among Newsweek’s Most Responsible Companies. Dedicated to diversity, equity and inclusion, we are included on transparency benchmarking tools such as the Corporate Equality Index, the Disability Equality Index and the Bloomberg Gender-Equality Index. Committed to providing our employees with flexible work arrangements, we were named to FlexJobs’ list of the Top 100 Companies to Watch for Remote Jobs in 2022. With a long and rich legacy of acting ethically, telling the truth and speaking up for what is right, Lincoln was recognized as one of Ethisphere’s 2022 World’s Most Ethical Companies®. Learn more at: www.LincolnFinancial.com. Follow us on Facebook, Twitter, LinkedIn, and Instagram. Sign up for email alerts at http://newsroom.lfg.com.
About Cost of Care
LTCG conducts this annual cost of care study to better inform long term care recipients, their families, insurers and agents who represent them as they plan for future care needs or evaluate the right policy to purchase. The 2021 LTCG Cost of Care Study examines the range of charges made and the average cost of long-term care services provided in the home, in an assisted living facility, in a nursing home and in an adult day care center. Regional, state, and national averages are included. LTCG’s annual Cost of Care Study documents changing costs of care across all regions of the country and provider types.
1 AARP Research Report, “Caregiving in the U.S.,” 2020
2 LTCG. 2021 Cost of Care Survey,” March 2022, https://www.whatcarecosts.com/Lincoln
3 VerstaResearch, “2020 LTC Marketing and Thought Leadership Research, Findings from Surveys of Advisors and Consumers,” August 2020. http://visit.lfg.com/MG-VRST-PPT001