By Dr. Bill Lloyd,
Health Director for Transamerica Posted Oct. 18, 2018
Planning to Outsmart Cancer Toolkit DOWNLOAD
Did you know 1.5 million
Americans are diagnosed with cancer every year? It’s the second leading cause
of adult mortality right behind heart disease. Learning of a cancer diagnosis
is extremely upsetting news that generates anxiety, stress, and helplessness.
It’s often a double-edged sword worrying about personal survivorship and future
needs of the family.
There is, however a
growing sense of justified optimism regarding long-term cancer outcomes. Over
the past two decades there have been extraordinary advances in cancer diagnosis
and treatment and progress continues to accelerate. A cancer diagnosis is no
longer considered a death sentence. Consider these statistics from the American
Cancer Society (ACS):
·
Greater than 1-in-3
adults will develop cancer during their lifetime.1
·
87% of cancers are
diagnosed in people age 50 and older.1
·
Currently there are
over 15 million cancer survivors in the United States.1
The most astounding
ACS statistic for financial professionals to remember is that the overall
five-year survival rate for all cancers (the clinical benchmark for cancer
cure) is now at 69% — the highest rate of success ever recorded.1 In fact, overall cancer death rates have
dropped 26% since 1991.1 That means many
more people are living with a cancer diagnosis, and cancer care is very
expensive. Treatment can be administered over months, even years. Ongoing
follow-up tests and imaging studies persist for years. Even with insurance,
cancer patients incur heavy out-of-pocket expenses for many reasons. Insurance
and Medicare are inadequate. Laws that try to limit out-of-pocket expenses only
apply to covered benefits. Individuals need emergency savings to be able to
prosper during this difficult time.
A cancer diagnosis can
also steadily drain retirement assets. Consider the experience of six-time PGA
winner Stewart Cink. His personal and professional life were forever impacted
when his wife was diagnosed with cancer.
Here’s where you can
demonstrate your value to the client and family. Making yourself available to
help individuals plan for the costs of cancer treatment and cancer survivorship
offers a positive path away from worry that also encourages them to own the
journey to recovery.
As much as your
clients will need to rely on expert medical resources for diagnosis and treatment,
they should also seek out the best available financial support to identify
effective strategies to help alleviate the financial burden created by a cancer
diagnosis.
Ideally, you have
already established a close relationship with your clients so they immediately
think of you whenever trouble arises. This crisis can be a powerful opportunity
for financial professionals to prove themselves as a trusted ally of the
family. Your insight, resources, and genuine concern will be witnessed and
appreciated by the entire family.
Download our Planning
to Outsmart Cancer Toolkit.
This resource updates
our current knowledge about cancer in simple language. From there it describes
three key areas of focus for financial professionals and their clients. You do
not need to be a physician to share the clear and impactful health care and
financial strategies outlined in the toolkit. You simply need to be willing to
engage your clients by offering holistic best practices at a time when it
really counts.
1 American Cancer
Society. Cancer Facts & Figures 2018. Atlanta: American Cancer Society;
2018
Doctor Bill Lloyd is a board certified surgeon and pathologist. He
joined Transamerica earlier this year as its first Health Director. Bill and
his wife Mary (also a physician) live in Sacramento, California.
Neither Transamerica nor its agents or representatives may provide
medical, tax, investment, or legal advice. Anyone to whom this material is
promoted, marketed, or recommended should consult with and rely on their own
independent tax and legal advisors and financial professional regarding their
particular situation and the concepts presented herein.
Transamerica Resources, Inc. is an Aegon company and is affiliated
with various companies which include, but are not limited to, insurance
companies and broker dealers. Transamerica Resources, Inc. does not offer
insurance products or securities. The information provided is for educational
purposes only and should not be construed as, medical, insurance, securities,
tax, legal or financial advice or guidance. Please consult your personal
independent advisors for answers to your specific questions.
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