Alzheimer’s disease is the leading cause of long-term care insurance claims. Currently an estimated 5.8 million Americans are living with Alzheimer’s disease. That number is expected to increase to 14 million by 2050. Today, the U.S. Senate Finance Committee Subcommittee on Health Care chaired by Sen. Pat Toomey held a hearing titled “Alzheimer’s Awareness: Barriers to Diagnosis, Treatment and Care Coordination.” Sen. Toomey has a proposal to help families pay for long-term care insurance. In a statement for the hearing record, American Council of Life Insurers President and CEO Susan Neely and National Association of Insurance and Financial Advisors CEO … Continue reading "Senators Scrutinize Alzheimer’s, Long-Term Care Insurance Provides Solutions"
Life Insurance 101 Series: This series features IMPACT posts that detail the breadth of the industry’s reach and benefits provided to consumers. Working Americans recognize that health insurance is essential to protect themselves and their loved ones from overwhelming medical expenses. But even with insurance, a serious illness or injury can still be quite costly. Think high deductibles and co-pays. Limited paid time off. Transportation and related costs. On top of that, many are strapped with student debt, high housing costs and other bills that make it difficult to maintain enough savings to cover expenses not covered by health insurance. … Continue reading "Supplemental Benefits Help Consumers Avoid Financial Hardship"
For many people in my generation, we have a picture of what we want our financial lives to look like as our children leave home, and we enter the second half of our working lives. In reality, we’ve found that our parents’ pensions and Social Security benefits may not cover their living costs, especially if they have chronic health issues, as 1 out of 4 Americans do (the number rises to three in four Americans age 65 and older). At the same time, we have children who are still living at home or we’re paying an average of $26,500 a year for … Continue reading "The Sandwich Generation and Long-Term Care Insurance"