Prevention Is the Best Long-term Care Planning Strategy

According to Genworth’s Cost of Care Survey 2023, assisted living facility rates have reached a national median cost of $64,200 per year.

The annual median cost of a home health aide is $75,500, and a semi-private room in a skilled nursing facility is $104,000.

Small Steps, Big Mutual Benefit

Championing preventative health empowers professionals to align their financial interests with client well-being, creating a win-win situation for everyone.

The insurtech industry is developing solutions designed to drive this common objective of helping clients live longer, healthier lives.

By using data analytics and predictive modeling, insurance carriers can reach out to these individuals, offering assistance, guidance and resources to address their needs before a crisis occurs.

These programs offer policyholders access to targeted, personalized health and wellness services like fitness programs, nutrition counseling, mental health support and preventive screenings.

One example is Assured Allies’ own NeverStop, a wellness rewards program that’s built into an insurance policy.

By using wellness programs to promote healthier lifestyles and early intervention, insurers can reduce the chances of claims arising from preventable health issues while improving the overall customer experience, building stronger and deeper connections.

Small interventions can make a huge impact on health and well-being.

Falls are the leading cause of fatal and nonfatal injuries for people 65-plus, with one out of four falling each year.

Simply installing a grab bar in a bathtub can decrease fall hazards by 76%.

And, treating hearing loss may lower the risk of dementia, with hearing aids reducing the rate of cognitive decline in older adults at high risk by almost 50% over a three-year period.

Promoting the Power of Prevention

Clients depend on trusted advisors to educate them about long-term planning strategies.

Initiating a conversation isn’t easy, but it’s incumbent on advisors to raise awareness and lead consumers to where they want to be: enjoying the healthy, active retirement of their dreams. We want to work with advisors to help them make that happen.

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Larry Nisenson is chief growth officer at Assured Allies, an aging tech firm. The firm’s NeverStop team runs wellness incentive programs for insurers’ older insureds.