Trustmark Mutual Holding Co.
10/21/2024 | News release | Distributed by Public on 10/21/2024 08:56
Amplifying the long-term care conversation through storytelling
Like many of us in this industry, I've experienced firsthand the difficulties and financial stress related to long-term care (LTC). It's one of the reasons I found this new role with Trustmark exciting and thought-provoking. It's allowed me to ask, "How can I help my partners and their clients grasp the significance of LTC in the same way I do?"
Through the years, I've realized that many clients we work with (and their employees) probably have not experienced the effects of LTC in the same way as I have -their view of the care crisis is less urgent than mine. To counter this, we typically present various facts and perspectives demonstrating why everyone should prepare for the care crisis and the importance of obtaining voluntary LTC benefits. But too often, it just becomes information overload.
When we teach employers about LTC, we want our communication to stick. Sometimes the stats aren't enough to do it. Many times, it's the stories from ourselves, or from are friends within the industry, that can help our partners truly understand the important of LTC benefits. Here's mine:
Both my father and father-in-law were hardworking men who had saved for their well-earned retirement. My dad, like many Americans, well outlived his financial nest egg. He did have a traditional LTC policy, but it was unclear towards the end of his life whether he would qualify for his benefits. By the time he was 90 years old and unable to live alone, he needed to move from his affordable independent living facility to a much more expensive assisted living facility.
When he moved into his facility, the all-in cost per for his care equated to about $9,325 per month. My father lived off roughly $27,000 a year (between social security and a small pension)-about a ¼ of the years' worth of expenses he needed-and we relied on the hope that his LTC benefits would kick in.
In those first few months, we could see how the financial stress affected my father. For myself and my siblings, it was difficult to see him during this time because of the weight it was putting on him - but we continued daily visits split between us kids because we knew he needed someone to continue to advocate for him. He knew he would be entirely out of money in a few months if his policy did not come through.
Fortunately for my father, he qualified for his LTC benefits, which was truly his saving grace. His benefits helped him become himself again. He was in a facility for roughly 18 months (incurring more than $150,000 in facility charges) before he passed, and we were so grateful he acted early on in his life to get LTC benefits.
Shortly after my father passed away, my wife's father needed more care than his wife could provide. He had some retirement assets but did not have a LTC policy like my father. Eventually, my wife and I took my father-in-law in and tried to care for him to help alleviate his costs for care and allow time for us to understand better his options moving forward, but it was not easy.
At one point, my wife decided to take a leave of absence from her job to ensure that someone could always be there with him. This was both physically and mentally taxing for everyone involved. He was not oblivious to the burden he was placing on us, and it was ultimately decided amongst everyone that-despite not having coverage for LTC-it was time for him to move to an LTC facility.
When he moved into his facility, the facility charge was $8,200 per month. Despite having retirement savings to draw from, this was very stressful for him as the full cost of care was paid out of pocket. Each month, he wrote a check for the full amount and questioned the value of what he was paying for. His hard work and financial sacrifices to build a nest egg for retirement were quickly undone by the high cost of living in a long-term care facility.
I firmly believe that sharing personal stories, especially at the employee level, is crucial in communicating the need for LTC. As a broker, you have a unique opportunity to use these stories to engage your clients in a way that facts alone cannot. When working with brokers, I encourage them to share my story and let them know that they have the power to do the same.
A well-told story can create a lasting impression and ultimately drive your clients to take action. So, whether that means telling it yourself or looping them into the conversation to tell it, your partners with firsthand experience are ready to help you educate your clients through storytelling, so you, too, can help paint a better picture and really drive home the need for LTC benefits.
Through the years, I've realized that many clients we work with (and their employees) probably have not experienced the effects of LTC in the same way as I have -their view of the care crisis is less urgent than mine. To counter this, we typically present various facts and perspectives demonstrating why everyone should prepare for the care crisis and the importance of obtaining voluntary LTC benefits. But too often, it just becomes information overload.
When we teach employers about LTC, we want our communication to stick. Sometimes the stats aren't enough to do it. Many times, it's the stories from ourselves, or from are friends within the industry, that can help our partners truly understand the important of LTC benefits. Here's mine:
A tale of two dads
Both my father and father-in-law were hardworking men who had saved for their well-earned retirement. My dad, like many Americans, well outlived his financial nest egg. He did have a traditional LTC policy, but it was unclear towards the end of his life whether he would qualify for his benefits. By the time he was 90 years old and unable to live alone, he needed to move from his affordable independent living facility to a much more expensive assisted living facility.
When he moved into his facility, the all-in cost per for his care equated to about $9,325 per month. My father lived off roughly $27,000 a year (between social security and a small pension)-about a ¼ of the years' worth of expenses he needed-and we relied on the hope that his LTC benefits would kick in.
In those first few months, we could see how the financial stress affected my father. For myself and my siblings, it was difficult to see him during this time because of the weight it was putting on him - but we continued daily visits split between us kids because we knew he needed someone to continue to advocate for him. He knew he would be entirely out of money in a few months if his policy did not come through.
Fortunately for my father, he qualified for his LTC benefits, which was truly his saving grace. His benefits helped him become himself again. He was in a facility for roughly 18 months (incurring more than $150,000 in facility charges) before he passed, and we were so grateful he acted early on in his life to get LTC benefits.
Shortly after my father passed away, my wife's father needed more care than his wife could provide. He had some retirement assets but did not have a LTC policy like my father. Eventually, my wife and I took my father-in-law in and tried to care for him to help alleviate his costs for care and allow time for us to understand better his options moving forward, but it was not easy.
At one point, my wife decided to take a leave of absence from her job to ensure that someone could always be there with him. This was both physically and mentally taxing for everyone involved. He was not oblivious to the burden he was placing on us, and it was ultimately decided amongst everyone that-despite not having coverage for LTC-it was time for him to move to an LTC facility.
When he moved into his facility, the facility charge was $8,200 per month. Despite having retirement savings to draw from, this was very stressful for him as the full cost of care was paid out of pocket. Each month, he wrote a check for the full amount and questioned the value of what he was paying for. His hard work and financial sacrifices to build a nest egg for retirement were quickly undone by the high cost of living in a long-term care facility.
Utilize your partners to help tell a story
My experiences with my father and father-in-law make communicating the need for LTC easy. However, if you're a broker who doesn't share a similar life experience, chances are you know of someone with a similar story to tell or your client themselves may have their own story.I firmly believe that sharing personal stories, especially at the employee level, is crucial in communicating the need for LTC. As a broker, you have a unique opportunity to use these stories to engage your clients in a way that facts alone cannot. When working with brokers, I encourage them to share my story and let them know that they have the power to do the same.
A well-told story can create a lasting impression and ultimately drive your clients to take action. So, whether that means telling it yourself or looping them into the conversation to tell it, your partners with firsthand experience are ready to help you educate your clients through storytelling, so you, too, can help paint a better picture and really drive home the need for LTC benefits.