Cheryl actively participates in her community and helped care for her mom at her home. When her mom’s condition worsened, Cheryl had to move her to a skilled nursing home. Luckily the facility was only a couple minutes away, so Cheryl could see her every day and share precious moments together.
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Keeping mom close to home
Watch Cheryl’s video to hear her full story, and check out the variety of resources below, including client-approved materials you can share.
Understanding the client need
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LTC conversation starters
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Suggesting solutions
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Video transcript and financial professional talking points
Cheryl Sigsworth: My name is Cheryl Sigsworth. I live here in Akron, Ohio. It’s a great part of the country to live in. We get all four seasons.
The family I grew up in — I’m the youngest of three. I have two older brothers who all live out of state. I have a wonderful husband, Bob, and we have three great kids.
I love volunteering. I have volunteered all my life. My husband and I belong to a mission church, it’s called Heart for the City. The goal of our church is to meet the needs of the community around us. So, we have a food pantry every Thursday night.
I was a high school English teacher before I had kids, so I love to read. I love to cook. I love to feed people. But the last five years, I’ve been taking care of my mom. My mom was living about 45 minutes away from me, and it became apparent that she would need to be closer.
Bob Sigsworth: Cheryl’s mom had to go into the skilled nursing center. Her condition deteriorated fairly rapidly.
Cheryl: One morning she called me, and she was in tears. She said “Cheryl, my legs don’t work.” I mean it happened overnight.
We were very blessed. My mom had financial means, and so we could choose where she ended up for her skilled nursing facility. [When] Corona[virus] started, they shut down. And so, I decided to start writing her letters. She would then have something in her hands that if she forgot, or if things got confusing, she could look back on those letters and know that I loved her, and that she wasn’t alone.
Cheryl:
“I had 18 days with my mom before she passed. It was beautiful. It was hard.”
Pre-planning
(1:46) Cheryl’s mom was able to pay out of pocket for her long-term care (LTC) needs, but what if she had needed multiple years of care?
Cheryl:
“I wish more people knew that there were long-term care options. When you’re on Medicaid, you go where there’s an empty bed. So, my mother could have ended up 45 minutes or an hour away from me. Instead she was three minutes, and I could be there every day.”
“I wish more people knew that there were long-term care options. When you’re on Medicaid, you go where there’s an empty bed. So, my mother could have ended up 45 minutes or an hour away from me. Instead she was three minutes, and I could be there every day.”
Choosing how and where to receive care
(1:53) Medicare and Medicaid offer very limited coverage for LTC. Medicare typically covers only care after a health-related event. And Medicaid offers limited choices of facility and typically requires the person to be in a low-income/low-asset situation.
Cheryl: My mom knew she was not alone, that she didn't need to be afraid, and that she was going to be cared for right till the very end.
Cheryl:
“Having my mom in skilled nursing and having to pay for that — those were the biggest checks I’ve ever had to write in my entire life. I have two kids who went to private colleges, and nursing care is more expensive.”
“Having my mom in skilled nursing and having to pay for that — those were the biggest checks I’ve ever had to write in my entire life. I have two kids who went to private colleges, and nursing care is more expensive.”
Making the cost more manageable
(2:25) While LTC expenses can seem overwhelming, planning ahead helps ensure that there’s a source of funds dedicated to LTC costs.
Cheryl:
“My husband is nine years older than I am, and having gone through this with my mom, we understand how important it is to protect ourselves.”
“My husband is nine years older than I am, and having gone through this with my mom, we understand how important it is to protect ourselves.”
Women as the caregivers
(2:40) It’s important that couples plan for this potential scenario to minimize the stress associated with caregiving. Even if a wife is able to care for her husband, she’ll need enough funds to pay for the heavy lifting needed to protect her own physical health.
Bob: I purchased a long-term care policy almost 20 years ago. The reason that I got that is because if I needed intensive health care, then I would want those costs to be covered so she didn’t have to dispose of our assets — you know, possibly sell the home. It wouldn’t be a huge impact on her financially; that would be covered.
Cheryl: Having a long-term care policy is probably the most important insurance we've ever bought.
Cheryl:
“We have some wonderful things going on in our life right now. My oldest daughter is getting married in May. My youngest is graduating from college this year.”
“We have some wonderful things going on in our life right now. My oldest daughter is getting married in May. My youngest is graduating from college this year.”
Preserving other assets
(3:16) Having a plan helps ensure that other funds can be used the way that a client intends.
Cheryl: And my husband will be retiring in a couple years, and we really like each other, so we are looking forward to having that time to spend together.
Sharable content for financial professionals
Download these assets to share Cheryl’s story with your clients.
Use the provided video clips and social post text to help show clients the value of taking control of their future with long-term care planning.
Share Cheryl’s story to help how clients the value of taking control of their future with long-term care planning.
Sharable content for brokerage general agents
Download these assets to share Cheryl’s story with financial professionals.
Use the provided video clips and social post text to help demonstrate to financial professionals the value that long-term care plans can have in helping clients prepare for the future.
Share Cheryl’s story to help demonstrate to financial professionals the value that long-term care plans can have in helping clients prepare for the future.
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