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Archives for June 2012

Forbes article almost (but not quite) gets it right

June 29, 2012 by Honey Leave a Comment

See my response below to an article by Howard Gleckman on Forbes online, June 28, 2012. The article is titled, “10 Questions to Ask Before Buying LTC Insurance.

Thanks for decent article on long-term care insurance (LTCi), Mr. Gleckman, but one part of your advice makes no sense to me. Why do you always recommend that people with net worth of under $200K do not need to worry about purchasing LTCi? 1) Many of these people have ample income to afford LTCi and 2)you readily admit that Medicaid-paid LTC leaves a lot to be desired as far as choice and quality goes. You admit that Medicaid’s future funding is uncertain. Why wouldn’t people with less net worth want the dignity, options and choices LTCi ownership provides?

Why do you advise that people with net worths of more than $2 million can self-insure? $2 million is not that much money and doesn’t throw off that much income. Even for people with many millions, they already designate their income to support their normal lifestyle. A sudden “hickey” of thousands upon thousands of $$ needed for LTC really cramps their lifestyle and can possibly threaten the welfare of the healthy spouse if equity is eroded paying for LTCi. Also, in these situations there is more money to bicker over and familiy members often quarrel over the quality and quantity of LTC their loved one needs. These type of fights may be largely avoided with LTCi ownership.

I sell lots and lots of LTC insurance to people with net worths under $200K and over $2 million. You do the public a dis-service with this advice.

Filed Under: Correcting Ignorant Public Figures, Helpful Information About LTC, I'll Just Self-Insure, Information About LTC Tagged With: Forbes Magazine, Honey Leveen, Howard Gleckman, LTC Insurance, Medicaid, www.honeyleveen.com

Long-term Care Insurance (LTCi) Can Help Reduce Fall Rates in Nursing Homes

June 28, 2012 by Honey Leave a Comment

A new study cited in the June 28, 2012 issue of Health Day http://consumer.healthday.com/Article.asp?AID=665947 reported that 21% of patients admitted to nursing homes in the U.S. suffered a fall within the first 30 days.  The authors noted unfamiliarity with the facility and staff contributed to these accidents.  On an optimistic note, the study found “…that higher levels of staffing with certified nursing assistants reduces the risk of patient falls.”

Most nursing home care in the US is paid for by Medicaid. Medicaid accepting facilities are notoriously understaffed. Since long-term care insurance provides additional financial resources, it often enables people to avoid Medicaid-paid nursing homes with poor staffing ratios. LTCi owners are much more likely than non-LTCi owners to be able to access long-term care at home and in facilities with better staffing.

Filed Under: Helpful Information About LTC, I'll Just Self-Insure, Information About LTC Tagged With: Honey Leveen, Long Term Care insurance, LTCi, Medicaid, Nursing Homes, www.honeyleveen.com

Are You on the Hook for Mom’s Nursing Home Bill?

June 26, 2012 by Honey Leave a Comment

In an article that EVERY Boomer should read, “Are You on the Hook for Mom’s Nursing Home Bill?” (http://online.wsj.com/article/SB10001424052702303506404577446410116857508.html), in the June 22, 2012 Wall Street Journal, Kelly Greene notes that “29 states have ‘filial support’ laws that could be used to go after patients’ adult children for unpaid long-term-care bills.”  And although these laws have not been enforced in many states,  “…Pennsylvania nursing homes have started routinely using the law to prod families into paying their elders’ bills or completing Medicaid paperwork on their behalf.”  And it’s a good bet that other states will begin to use their laws as Medicaid funding dries up and nursing homes become increasingly desperate to cover their costs.

So just when you thought Mom and Dad would receive their long-term care (LTC) in a local nursing home at the federal government’s expense, you may be asked to ante up – conceivably for hundreds of thousands of those dollars that you were planning to support your comfortable retirement!

 The answer, of course, is early planning.  “The best defense against such laws, elder-law experts say, is planning,” Greene continues. ‘If your parents aren’t multimillionaires, then you need to get some advice way early, maybe when they’re 65,’ says Carolyn Rosenblatt, aSan Franciscomediator, elder-law attorney and registered nurse. ‘By the time they’re in their 80s, most people need some help. How would you pay for that?’ 

The best way to eliminate this potential problem entirely is to begin a discussion of LTC insurance with your parents when they reach their 50s or early 60s at the latest.  And while you’re at it, you can begin planning to purchase your OWN LTC insurance so you don’t your children don’t have to suffer through the same emotional and financial stress in your later years.

Filed Under: Helpful Information About LTC, I'll Just Self-Insure, Information About LTC Tagged With: Baby Boomers, Filial support law, Honey Leveen, Kelly Greene, Nursing Homes, Pennsylvania, Wall Street Journal, www.honeyleveen.com

Reaming Diane Rehm

June 22, 2012 by Honey 6 Comments

Believe-it-or-not, not everything you hear on the radio is true!  I’ve just mailed the following  letter to Diane Rehm, who recently aired a show on Long-Term Care insurance  (LTCi) that contained many inaccuracies.

I’ve been specializing exclusively in sales and support of  LTCi for over 22 years. Sadly, I can still only dream of the day that long-term care insurance will be truthfully and accurately covered by the media.

June 21, 2012

 Dear Ms. Rehm:

 I enjoy listening to your show whenever I can.

 As an expert who has specialized in the placement of long-term care insurance (LTCi) policies for over 22 years, I took great interest in your May 29, 2012 program.

 I have just listened to this show again online, this time isolating many inaccuracies.

 Not a single one of your panelists represented the LTCi industry! One is a journalist, three are academics and or work at a non-profit. None are insurance licensed or have direct experience selling LTCi.

 This was not a program on long-term care insurance. This show was about exploring how and why the government needs to pay for long-term care. This show could or should have more aptly been called “Options for Publicly Paid LTC” or “How to Fix Long-Term Care,” or “Why Publicly Paid LTC Needs Re-vamping.” This is Mr. Gleckman’s area of expertise and you spent a lot of on air time with him. Mr. Gleckman is unqualified to answer many of the questions you asked about LTCi, however, as were your other panelists.

I know how strongly you must feel about helping your listeners, but this program has hurt them. I understand this was inadvertent, but because your guests attempted to address questions they were unqualified to answer, LTCi was unfairly disparaged.

On the following pages I have identified just a few specific instances where false on-air statements and/or answers were given, resulting or the unwarranted disparagement of LTCi. 

Your listeners deserve to know the truth about LTCi. Studies show that over 95% of all LTCi claims are paid and that LTCi policyholders are very satisfied at claim time. The reasons that claims are rejected are straightforward and should have been clearly explained to your listeners.    

LTCi premiums do not have to be expensive. What can be expensive is needing LTC for a lengthy amount of time and not owning LTCi.

LTCi is about making sure that people have the dignity, options and choices they’ve been accustomed to throughout their entire life, including at the end of life, when the cost of healthcare is most likely to be catastrophically high. You did not emphasize this, yet this is what should have been highlighted. In addition, LTCi preserves wealth. Most people buy LTCi for the first reason and consider wealth preservation to be a secondary benefit. (This is why people with high net worth AND people with barely any net worth often buy LTCi.)

The primary reason why more people do not own LTCi is because they are simply unwilling to discuss or imagine a future in which they might require long-term care, not because premiums are high.

Mr. Gleckman’s goals for public LTC financing sound great in theory, but in light of practical issues like today’s political environment and huge budget shortfalls, LTCi policyholders do not and will not count on this.  And neither should Americans without LTCi.

Currently, the majority of LTC in the USis paid for with government dollars. Few things in life are easier to demonstrate than the already inferior quality of government-paid nursing homes, and this is before the deluge of Baby Boomers starts overwhelming this system. 

 This program has hurt your listeners badly. You would do your listeners a true service if you would invite some guests who are actually experts on LTCi onto your program.  I would be happy to help you identify such individuals.

 Please see the following pages for examples of falsehoods aired on your program.

 Sincerely,

 Honey Leveen

Documentation of May 29, 2012 Diane Rehm Show LTCi disparagment

Minute 2:10

Ms Langford states that Lifetime benefits are “extraordinarily expensive,” which is false and disparaging of LTCi.

Minute 2:45

Ms. Langford states that built-in 5% compounding is what has driven recent Long-Term Care Insurance (LTCi) rate hikes. This is patently false. The primary reasons are: higher than anticipated persistency and artificially protracted, low interest rates on the sizeable reserves that insurance companies are required by law to maintain to cover claims.  For more information on the causes of recent LTCi rate hikes, read the article National LTC Events, found at

http://archive.constantcontact.com/fs024/1102230271684/archive/1109959361711.html

 Ms. Langford quotes the average cost of care as $238/day. This is the average cost of nursing home care. People who own LTCi are highly unlikely to receive care in nursing homes because LTCi enables them to afford preferable options like assisted living and home health care. However, people who do not own LTCi and spend down their life’s savings until they qualify for  Medicaid will likely wind up in nursing homes. It is wrong to peg the average cost of care for a LTCi policyholder at $238/day.

Mr. A states that LTCi is for the relatively affluent, this is false.

Minute 4:38

Repeatedly, points are made about LTCi preserving wealth. LTCi is primarily about preserving dignity and options, then wealth. I did not hear discussion of how much choice LTCi offers at all. This was a very large omission.

Minute 5:00

LTCi is not just for the top 15%, it predominantly for the middle class, who are most exposed. Very affluent people, as well as those with little net worth, also purchase it.  Virtually all my policy holders want to ensure their dignity by having options and to reduce and/or avoid family arguments about money. LTCi is a solution that can be reasonably priced for almost anyone insurable, if they willing to learn about it.

Minute 5:50

Ms. Langford states the Lifetime benefit periods have driven recent LTCi rate hikes. Again, consult the brief article National LTC Events at

http://archive.constantcontact.com/fs024/1102230271684/archive/1109959361711.html

for the correct explanation of recent rate hikes. Ms. Langford also stated that Lifetime benefit periods and 5% compounding have caused recent LTCi market contraction. The cause of LTCi market contraction is the same cause as the recent LTCi rate hikes: higher than anticipated persistency and artificially protracted, low interest rates.

 Minute 6:40

The discussion was on nursing home care. This is not where most LTCi policyholders get their care. People who own LTCi can normally get care at home or in an assisted living facility. 

Minute 7:20

Mention was made that LTCi premiums are too high for moderate income people. This is false! What a disservice to your listeners! The panelist further discourages purchase of LTCi by stating that it is not a product for the broad middle class. This is false. LTCi can be made very affordable. The conversation was steered towards the use of Medicaid for LTC provision. This is economically irrational and unsustainable, and what about the quality of Medicaid-paid LTC? What is your preference? To be marooned in a Medicaid LTC facility, or would you prefer to receive your LTC at home or in an assisted living facility? The quality of Medicaid-paid LTC is a subject that was simply not addressed by your panelists.  Furthermore, they are unqualified to answer your in-depth questions about LTCi and came to you with a clear anti-LTCi bias.

Minute 20:00

There was discussion of the stability of LTCi carriers. If you’d had actual LTCi experts on, they would have explained how and why LTCi carriers are enormously stable, and in fact a lot more trustworthy and capable of paying for LTC than the government is. What a pity LTCi was again disparaged. 

Minute 20:18

A comment was made about the “disarray” of the LTCi industry, I believe by you. This is an inflammatory, false, and disparaging comment. The LTCi industry is in a state of contraction, not disarray. This comment was not useful to the public who are eager to actually learn about LTCi. Instead, throughout this program, the public was dissuaded from carefully evaluating LTCi. This was a true disservice.

 Minute 22:04

Mention of LTCi’s high cost was made. LTCi can be made very affordable. What’s not affordable is needing LTC for a lengthy amount of time and not owning LTCi. If your panelists were qualified to talk about LTCi, they would have said this. 

Minute 30:50 and again at minute 51:40

There was discussion of “surprise” rate hikes. LTCi rate hikes are unusual. LTCi rate hikes are neither arbitrary nor easy to get, due to strict government regulation. Disclosure of the possibility and carriers history of rate hikes is made obvious in all LTCi sales materials. Agents are carefully trained to explain this possibility and can be sanctioned if they don’t. All clients should understand this can happen when they place their applications.

Filed Under: Correcting Ignorant Public Figures, Helpful Information About LTC, Information About LTC Tagged With: Diane Rehm, Diane Rehm Show, Honey Leveen, Howard Gleckman, Long Term Care insurance, LTCi, www.honeyleveen.com

Families’ Resources for Financing Long-term Care (LTC) Have Declined Precipitously

June 21, 2012 by Honey Leave a Comment

According to “Family Net Worth Drops to Level of Early ’90s, Fed Says” (New York Times, June 12, 2012), the median American family’s net worth in 2010 has dropped to its level in the early 1990s – a 40% reduction from $126,400 in 2007 to $77,300 in 2010!  Three quarters of the drop was caused by the crash in housing prices so although we may regain a portion of our losses, it will likely be many years before we climb back up to the 2007 figure in real dollars. 

Furthermore, median income also declined from $49,600 to $45,800 during the same period. So Americans are earning less and have far less in reserve, thanks to the catastrophic recession beginning in 2007. 

What does this mean for the 75% of Americans who will need LTC after they reach age 65?  Even though they may be struggling to make ends meet in these hard times, they had better budget for reasonably priced LTC insurance premiums NOW to ensure options, dignity & choices in accessing the care they need.  Otherwise, they may find themselves bankrupt and marooned in a Medicaid nursing home.

Filed Under: Denial, Helpful Information About LTC, Information About LTC Tagged With: LTC Insurance, LTCi, New York Times, Nursing Homes, NY Times

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Phone: 713-988-4671
Fax: 281-829-7177

Email: honey@honeyleveen.com

Email: honey@honeyleveen.com

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