The Growing Impact of Chronic Illness

79% of workers are concerned about suffering a chronic or long-term condition or illness, and most are financially unprepared for that event.1

No one plans on falling ill

But when a person becomes chronically ill, it impacts their daily living and ability to work. Having additional financial resources can reduce stress and help them focus on what matters most. Right now, millions of adults in the U.S. are estimated to be suffering from a chronic illness. 6 in 10 adults in the U.S. have a chronic disease, and 4 in 10 adults have two or more.² The chance of becoming chronically ill grows with age. 

70%

Someone turning age 65 today has almost a 70% chance of needing some type of long-term care services and supports in their remaining years.³

As Americans are living and working longer, it is important for employers and their brokers to understand the potential impacts of chronic illness on their workforce.

The next chapter of your Financial Wellness story

Read the 2020 Chronic Care Survey to equip yourself with the knowledge and resources to inform your clients of the cost of chronic illness and the need for coverage. The study is designed to help brokers and consultants:

Nearly

8 in 10

workers are concerned about suffering a chronic or long-term illness.1

2/3of consumers are interested in life insurance chronic care benefits.1 Now it’s time to find a solution that fits.

Employee health issues translate into billions in higher healthcare costs, lower productivity, and lost wages annually.⁴ Help alleviate this stress with a benefit both employees and their employers can count on.

A story clients will want to hear

American workers, regardless of age, want and need help protecting their families from the financial burden of a chronic illness. In fact, our 2020 study found that 73% of employees are interested in purchasing long-term or chronic care coverage at work.¹ 

That is because chronic illness is all too familiar for many. 57% of workers have had at least one family member need chronic care.¹ 

Making a great plan even better

At MassMutual, we’re committed to providing innovative, industry-leading financial wellness solutions that help you and your clients build financial security for life’s what ifs.

For life's what ifs

Life is full of what if’s, so what if your life insurance policy could provide a safeguard against these uncertainties. This whitepaper focuses on group whole life insurance as a financial wellness tool and presents key findings from the 2019 MassMutual Chronic Care Survey to demonstrate the important role chronic care benefits can play in helping to strengthen the financial safety net employees need to build financial security for the future.

FOR MORE INSIGHTS, DOWNLOAD THE

2020 Chronic Care Survey

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¹ The MassMutual Chronic Care Research Survey, conducted by PSB Research, polled 1,250 adults aged 30 -60. The Survey was completed in November 2019 and will be published in 2020.

 

² Chronic Diseases in America, Centers for Disease Control and Prevention. 2019. https://cdc.gov/chronicdisease/resources/infographic/chronic-diseases.htm

 

³ LongTermCare.gov., U.S. Department of Health and Human Services 2017. https://longtermcare.acl.gov/the-basics/how-much-care-will-you-need.html3 LongTermCare.gov., U.S. Department of Health and Human Services 2017. https://longtermcare.acl.gov/the-basics/how-much-care-will-you-need.html

 

⁴  The Cost of Chronic Disease in the U.S., Milken Institute, 2018, (The total direct cost of Alzheimers’ Disease was $185.9 billion in 2016.  Figure 1, p. 1)  http://milkeninstitute.org/reports/costs-chronic-diseases-us

 

⁵ A qualifying chronic illness is characterized by the loss of at least two Activities of Daily Living (ADLs) due to functional capacity; or severe cognitive impairment that requires substantial supervision.

 

⁶ The payout is calculated as 75% of the face amount plus any Paid Up Additions minus the sum of:  a present value based fee, which is a percentage of the eligible amount based on age (Under 35: 36%, 35-44: 27%, Over 44: 18%), plus any due and unpaid premiums. Certificate owners will also have to pay 75% of any outstanding certificate debt before receiving the benefit.

 

⁷ The payment of the Chronic Care Benefit will reduce the certificate’s death benefit and any cash value. The certificate’s premium payments will then be based on the reduced amount of insurance and the rates in effect for the policy.

Receipt of the Chronic Care Benefits under the certificate MAY AFFECT MEDICAID and SUPPLEMENTAL SECURITY INCOME (“SSI”) eligibility. Contact the Medicaid Unit of the local Department of Public Welfare and the Social Security Administration Office for more information. “Reduction.”

 

⁸ The Chronic Care Benefit is intended to qualify for favorable tax treatment under Section 101(g) of the Internal Revenue Code. Based upon the current tax code, benefits provided by this Endorsement may be taxable if the Insured is not the certificate owner, the spouse of the certificate owner, or the dependent child of the certificate owner. Certificate owners should seek tax advice from their tax advisor prior to requesting a Chronic Care Benefit payment.

 

The product and/or certain features may not be available in all states. State variations will apply.

Group Whole Life Insurance (GPWL), (policy/certificate forms MM-GPWL-2014 and MM-GCWL-2014, and MM-GPWL-2014 (NC) and MM-GCWL-2014 (NC) in North Carolina), is level-premium, participating permanent life insurance. The GPWL policy and GCWL certificates are issued by Massachusetts Mutual Life Insurance Company, Springfield, MA 01111-0001.

 

FOR FINANCIAL PROFESSIONAL USE ONLY. Not for use with the public.

 

CRN202211-264685