National Donor Day, February 14
Did you know that February 14th is National Donor Day? Many nonprofit health organizations sponsor blood and marrow drives and organ/tissue sign-ups across the nation. The day focuses on the five points of life: organs, tissues, marrow, platelets, and blood.
Let me show you how February 14th is about more than hearts and flowers and how I can help you help others.
Recently, I came across a story of a babysitter who donated her liver to the toddler that she babysits. When Kiersten Miles learned Talia needed a liver transplant, she wanted to be her donor without a second thought. In January 2017, both girls underwent surgery. Talia’s parents believe Kiersten was placed in their lives for a reason, to save their little girl. This story really touched me.
How prevalent is organ transplantation?
According to kidney.org, there are currently 121,678 people waiting for lifesaving organ transplants in the U.S. Even with a 38% increase in deceased donations over the last five years, organ donors’ need is immense. Organdonor.gov says, “Every 9 minutes, another person is added to the transplant waiting list. “
What is the cost?
According to this article, “Virtually all of the nation’s more than 250 transplant centers, which refer patients to a single national registry, require patients to verify how they will cover bills that can total $400,000 for a kidney transplant or $1.3 million for a heart, plus monthly costs that average $2,500 for anti-rejection drugs that must be taken for life, Arthur Caplan, a bioethicist at the New York University Langone Medical Center, said. Coverage for the drugs is more scattershot than for the operation itself, even though transplanted organs will not last without the medicine.”
GoFundMe has been the go-to for patients and their families to raise money. However, it is recommended that they use fundraising organizations specifically aimed at those costs, transplant experts say, including HelpHopeLive, the National Foundation for Transplants and the American Transplant Foundation.
As a donor, the recipient’s insurance covers medical costs. But there are other non-medical costs such as lost wages, travel, meals, parking, or a hotel. The Trump administration has expanded the scope of qualified reimbursable expenses for living organ donors to include lost wages, child-care and elder-care expenses, in the hope of encouraging more people to donate organs.
The role of living benefits
Life Insurance with Living benefit riders, including major organ transplants can provide another option for cash available for those needing an organ donor. Clients covered will be able to file a claim and receive a percentage of their life insurance benefits that they can use for both medical and non-medical expenses. These can allow the patient to pass the financial screening to receive the organ sooner rather than wait with uncertainty to raise enough funds.
I hope this information helps you become prepared and if you want to find out more about how you can do right by the people you love, give me a call. After all, life insurance has always been for the people we love.
Do you have any questions about how Living Benefits can help your family during a medical crisis? To find out more schedule a meeting with me.
We are proud to help 250 families (and counting) all over the United States!
Join me:
February 8th, 2021 Financial Expo
It’s time to get financially fit for the New Year!
Join us as we discuss:
- Real estate in today’s market
- Why put your home in a trust
- Umbrella Insurance
- Insurance tips for 2021
- Healthcare plans for 2021
And get a chance to win a gift at the end!
February 8th, 2021
1 pm to 2 pm
Zoom Meeting ID: 967 067 4837
Passcode: expo
https://bit.ly/3qC4qOr
Looking for a family-friendly excursion?
Go for a hike! Check out the Purisima Creek Redwoods Purisima Creek Road
Half Moon Bay, CA
Length: 0.25 miles Parking: free.
It is home to redwood trees and a variety of interesting plants. Your kids will love spotting and counting the banana slugs along the trail.
There are harder trails for the adventurous. We did a 10-mile trail here a few weeks ago, minus the kids.
Ask Sheilla
Q: I own a small business, and I wonder if the premiums on my life insurance plan are tax-deductible?
A: First, a disclosure: I can not give tax advice, and this does not take the place of talking with your CPA or EA. Life insurance premiums for the individual owner are not tax-deductible. Buy and Sell Agreement and Key Person Insurance premiums are not tax-deductible if the beneficiary is the business.
Life insurance paid for by the business where the beneficiary is its employees is deductible. An example of this is group life insurance up to $50,000. With an executive bonus plan, the C-Corp business can use tax-deductible company funds to provide valued benefits to key people selectively. To find out if this is right for you, give me a call.
If your business is looking to decrease your tax liability further every year, give me a call for consultation. Your business may be eligible for plans that can cut your tax bill by the thousands.
Something to think about: Are you in a business partnership? Have you thought about how your business will be impacted if your partner suddenly can’t show up to work one day? If you want to do the right thing for your business, planning for the unexpected will go a long way. Let me help you.
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Sheilla Vidal is a Retirement Income Certified Professional RICP® and life insurance broker. Sheilla is also a physical therapist, wife, mother of two, and one of the caregivers for her 85-year-old father. She is an avid learner. She writes, speaks, and recognizes that her work in helping clients live with dignity is her God-given mission.
