PLANADVISER - September/October 2018 - 31

Caregiver Planning Support Can Make a Difference
value by raising this topic with current
and prospective
clients,
showing
that
1 of 6 Workers
in the U.S. who
are caregivers
9 of 10 Receive
little or no
financial support
often unaware of the impact special needs
planning issues can create, as well as the
opportunities. Consider retirement readiness-almost
one-third of caregivers are
not saving at all for retirement6
, and more
than three-quarters are concerned they
won't be able to retire on their terms7
.
This is where employers can step
in with education, tools and benefits to
enhance their broader financial wellness
programs. They can begin with education
and access to information on fundamental
topics. Our Voya Cares resources highlight
some of the most important government
programs, such as Supplemental Security
Income (SSI), Social Security Disability
Insurance (SSDI), Medicaid and Medicare.
There are also rules to know about beneficiary
designation on financial accounts and
insurance policies so that a caregiver does
not inadvertently disqualify their loved one
from means tested assistance.
Employers can also consider providing
additional benefits. These include more
established offerings, such as employee
assistance
programs,
emergency
caregiving
services and flexible personal leave
policies. There is also a growing trend to
make new services available that help
workers take on the burden of managing
and coordinating their entire care process,
from the creation of a plan to execution.
When we bring up these services to sponsors,
the response is always positive and
they want to know more, especially in a
tight employment market where companies
strive to be an employer of choice to
1. U.S. census Bureau. " Americans with Disabilities: 2010; 2.
2011; 3.
Family Caregiver Alliance: Caregiver Statistics - Work and Caregiving, 2016; 4.
Alliance for Caregiving and AARP: Caregiving in the U.S., 2015; 5. Ibid; 6.
Financial Services study (Greenwald & Associates, 2016); 7. Ibid; 8.
Award Winner in CSR/Diversity (2017 and 2018)
Voya Cares® helps Americans living with special
needs and disabilities, and their caregivers,
plan for the future they envision by providing
resources, education and solutions. For more
information, visit VoyaDifference.com/Advisors.
Products and services offered through the Voya®
family of companies. CN0917-44981-1019D
Chief Investment Officer / December 2014 31
SPONSORED SECTION
Gallup-Healthways Well-Being Index,
National
The American College of
Wealth Management Industry
attract and retain top talent.
By knowing the pressures and anxieties
that keep caregivers up at night,
employers can adjust their benefits to fit
the culture of their organization. This can
further talent recruitment and retention
efforts, support a diverse and inclusive
culture, and make all employees feel integral
to the success of the organization.
Advisers Can Add
Value to the Special Needs
Planning Process
Michael De Feo: When you consider the
numbers that are providing care, there's a
good chance someone making a decision
about the plan - a benefits manager or plan
committee member - may also be part of
that group. As an adviser, if you are able to
talk to someone about what is happening
to them on a personal level, you have an
opportunity to make an emotional connection
and have a very different conversation.
In an extremely competitive market,
advisers
can
demonstrate
distinctive
3 of 10 Are not
saving at all
for retirement
he or she can comfortably talk about
sensitive issues and provide access to
training, resources and guidance. All else
being equal, this knowledge can be the
single differentiator in an otherwise very
commoditized landscape.
As we continue to give presentations
and speak about this topic, we encounter
more advisers who are extremely receptive
and engaged. They are also sharing their
own personal stories, and we're finding
many want to thank us for being a go-to
resource, because it's not an area that gets
a lot of attention as a source of financial
stress and anxiety.
Our Voya Cares program is gaining
with many resources
industry recognition8
that help people navigate their disability
situation. This
includes a web-based
resource center with self-service planning
tools, education materials and information
to say, " Here's a checklist; here are
different organizations and sites you can
access; here's how to write a letter of intent;
because just finding the information can
be daunting. " This centralized repository
is where advisers can refer individuals to
go for information on community resource
groups and experts who focus on special
needs planning, beneficiary designations
and legal and tax assistance.
We could all use a little help planning
for the future-and when you have special
needs to consider, knowing where to start
and what resources are available can be one
of the biggest challenges. At Voya, we're
committed to helping all Americans retire
better; and this includes making a positive
impact in the lives of people with disabilities
as well as their families and caregivers. n
http://www.VoyaDifference.com/Advisors
PLANADVISER - September/October 2018

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