PLACENTIA, Calif. /eNewsChannels/ — Today the Association of Professional Ball Players of America (APBPA) announces the selection of LTC Financial Partners LLC (LTCFP) to offer long-term care education and long-term care insurance coverage to their 11,000 Members. For members that choose to purchase the insurance, applications for individual policies will be completed by LTCFP and underwritten by Transamerica Life Insurance Company.
This development comes on the heels of the Obama Administration’s decision to abandon plans to implement the CLASS Act. CLASS, standing for “Community Living Assistance Services and Supports,” was the public option for long-term care insurance, the part of health reform championed by the late Ted Kennedy.
Why should healthy, athletic baseball players, of all people, be concerned about future long-term care needs? “They’re no different than the general public,” says Dick Beverage, The Association Secretary-Treasurer. “Very few plan for their long-term care until it’s too late. Years pass and then they may no longer be able to afford insurance.”
The cost can be large, according to Cameron Truesdell, LTCFP’s CEO. “Let’s say a player gets injured or ill and needs long-term care in their home,” he says. “According to the MetLife Mature Market Institute, a trained assistant now costs $21 per hour on average. And if the player needs extended care in a nursing home, the annual cost is $83,500 for a private room.” Protecting a retirement plan against such a hit is “good business for all professionals including baseball players.”
The Association was created in 1924 when twelve former ballplayers met in Los Angeles and determined that there was a need to take care of the less fortunate members of their profession. From these beginnings the Association has provided financial assistance for those professional baseball players, coaches, umpires, scouts, clubhouse men and other members of the baseball family who are in need. No distinction is made between the major leagues and the minor leagues. Participation in what is a unique fraternity is the defining factor.
Major League Baseball and the National Association of the Minor Leagues have both endorsed APBPA as their benevolent organization. Many of the greatest names in baseball have served on The Association’s Board: Babe Ruth, Lou Gehrig, Ted Williams, Joe DiMaggio, Casey Stengel and Sparky Anderson. Current Board members include Roland Hemond, Mike Scioscia, Tony LaRussa and Tom Lasorda.
The Association does not publicize its benevolent efforts. This is by design, to protect the dignity and anonymity of their members. All cases where financial assistance is requested are evaluated and investigated with great discretion.
Says Roland Hemond, the Association President, “We’ve helped over three thousand ballplayers, some in the Hall of Fame and others who enjoyed only a brief career.” Total financial assistance has been in the millions, including helping with long-term care costs, but benevolent help has its limits. With the new program announced today, “many members will see the benefit of purchasing long-term care insurance, for themselves and family, when they’re healthy and it is most affordable,” says Hemond. “This will allow the Association to concentrate its benevolent help on older, retired players, those who have been ravaged by illness and the infirmities of old age.”
Additional information may be requested from Dick Beverage, Secretary-Treasurer, at 714-528-2012 or http://www.APBPA.org .
LTCFP is a co-founder and sponsor of the “3 in 4 Need More” campaign, which seeks to alert Americans to the long-term healthcare crisis, and to multiply the number protected by long-term care planning. More information is available at http://www.ltcfp.com .
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