Lincoln Financial Group Website Reveals the Cost of Long-Term Care, Offers Personalized Resources to Help Plan for Long-Term Care Needs
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
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
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 Catalysttool 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
“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
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
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.
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
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
3 VerstaResearch, “2020