STAMFORD, Conn., June 6, 2019 /PRNewswire/ -- According to the Alzheimer's Association, 5.8 million Americans are currently living with Alzheimer's, which, at $290 billion annually, ranks as the most expensive disease in the United States – costing more than cancer and heart disease. Recognizing Alzheimer's and Brain Awareness Month this June, specialty lender Fifth Season Financial has developed an online resource for caregivers as well as a solution to help alleviate the financial strain associated with Alzheimer's disease and other advanced-stage illnesses.
Living with Alzheimer's is a major challenge – and not just for the millions of Americans diagnosed with the disease. Fifth Season Financial's new blog post, Caring for a Loved One with Alzheimer's, includes a series of tips to improve quality of life for both the patient and their caregiver – from fostering a safe living environment to setting realistic expectations.
Another concern for families coping with this progressive disease are the potentially steep costs, some of which may not be covered by insurance. Fifth Season Financial's Funds for Living and Giving (FLAG) program addresses this problem by leveraging an asset that many have, but don't always capitalize on: their existing life insurance policy.
"Coping with a serious illness can drain savings and rack up bills swiftly," said Fifth Season Financial president Adam Balinsky. "While medical care is high on the list of costs that accompany Alzheimer's disease, there are often many other expenses to consider as well including home safety modifications or services, prescription drugs, personal care supplies and in-home, day or full-time residential care."
Fifth Season Financial's FLAG program allows individuals to access a portion of the face value of their life insurance policy (as opposed to the cash surrender value) at a time when financial assistance is most critical. With no restrictions regarding how the advance can be used, clients are empowered to spend their funds in whichever manner best meets their needs.
Throughout the process, the individual's policy is kept in place. Fifth Season Financial handles all remaining premium payments and out-of-pocket expenses. Ultimately, the advance is repaid using the proceeds of the policy and, in more than 90 percent of cases, funds remain to pass on to beneficiaries.
"The ultimate goal of our FLAG program is to help relieve financial stress so that clients can focus on their health and quality of life," noted Balinsky. "We provide access to funds when they are needed (funds for living), while maintaining a portion of the policy for the surviving family (funds for giving)."
Fifth Season Financial is located at 2777 Summer Street, Suite 304 in Stamford, CT. They can be reached at (866) 459-1271 or by visiting www.fifthseasonfinancial.com. For the latest news and updates, follow @5SeasonFin on Facebook and @fifth-season-financial-assistance on LinkedIn.
About Fifth Season Financial
Since 2007, Fifth Season Financial has offered a solution to combat the financial strain caused by serious illness. The Funds for Living and Giving (FLAG) program utilizes an often-overlooked asset for people with advanced-stage illnesses – their life insurance policy and, in more than 90 percent of cases, funds remain to pass on to beneficiaries. Fifth Season has provided over $190 million in financial assistance to more than 600 patients across the United States. Clients are able to secure immediate cash advances with no restrictions and leave funds for their beneficiaries later. For more information, visit www.fifthseasonfinancial.com.