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Archives for March 2013

A Third of Us Will Die With Dementia

March 29, 2013 by Honey Leave a Comment

Senior With DementiaA recent study cited on March 19, 2013, by Selena Gordon in US News and World Report found that one-third of US seniors die while suffering from Alzheimer’s or another form of dementia.  Between 2000 and 2010, the rate of deaths from Alzheimer’s has risen 68% while deaths from other major diseases have decreased.  The report attributes these divergent changes partially to the high level of government funding for research on heart disease, AIDS, etc., compared to much lower funding for Alzheimer’s.

Ms. Gordon’s article was based on a newly published study by the Alzheimer’s Association.

The physical, emotional and financial toll on families is enormous. In 2012, more than 15 million people were Alzheimer’s caregivers. They provided more than 17 billion hours of unpaid care that the Alzheimer’s group estimated was valued at $216 billion.  And, of course, as the Baby Boomers age, the rate of Alzheimer’s and its death rate can only increase.

Nearly every American has been affected by this increasingly common disease, either through a family member or friend, and many are even serving as unpaid caregivers.  Those all-to-rare victims of this dreaded disease who own long-term care insurance have purchased a wonderful gift for their loved ones – financial resources to provide professional care and thereby reduce the emotional and physical stress of struggling to provide care themselves.

Filed Under: Helpful Information About LTC, I'll Just Self-Insure Tagged With: Alzheimer's Association, Baby Boomers, Selena Gordon, US News & World Report

Retirement Crisis Ahead for Boomers and Gen Xers as Many Keep Their Heads in the Sand

March 27, 2013 by Honey Leave a Comment

Head In The SandA new report released by the Employee Benefit Research Institute (ERBI) this month. Its title is “ERBI’s 2013 Retirment Confidence Survey: Perceived Savings Needs Outpace Reality for Many”

This new survey echos other surveys that have forecast a bleak picture for Americans planning to retire in the next decade or two.  In particular, this new Retirement Confidence Survey (Employee Benefit Research Institute and Mathew Greenwald & Associates) found:

  1. Only two-thirds of workers reported that they and/or their spouse have saved money for retirement, down from 75% in 2009, probably due to the depressed economy.
  2. 57% of workers have less than $25,000 saved, not including the value of their primary residence, and only 24% have savings of greater than $100,000.
  3. Denial is not a river in Egypt – only 46% of respondents have even tried to figure out how much savings they will need to live comfortably in retirement!

Tragically, Americans will continue to experience a rude awakening as they begin their “golden years”, which might be more accurately labeled as their “desperate years.”  And, of course, if they have not included long-term care insurance in their retirement planning, they may see what little they have saved for retirement disappear in less than a year if they need care!

Filed Under: Denial, Helpful Information About LTC, Information About LTC

Fiscal Cliff Legislation to Create New Long-Term Care Commission

March 23, 2013 by Honey Leave a Comment

Deader Than A DoornailOn January 1, 2013, the fiscal cliff has was averted at the last minute with the passage of H R 8, the American Taxpayer Relief Act of 2012 (ATRA).

A section of ATRA 2012 includes the formal repeal of the Community Living Assistance Services and Supports (CLASS) Act. The CLASS Act was supposed to create a voluntary, worker-paid long-term care (LTC) benefits program. Health and Human Services Secretary Kathleen Sebelius announced that she could not set up the CLASS Act program because she could see no way to guarantee that the program would be actuarially sustainable. In reality, the CLASS Act has been “deader than a doornail” for a long time. This legislation just makes its demise official.

The most interesting part of ATRA 2012 for me is that it will establish a commission on long-term care.

The LTC commission is supposed to include representatives from LTC insurance providers as well members representing the interests of family caregivers, health care workers, users of LTC services, and users of LTC insurance. Some commission members are supposed to have demonstrated experience in dealing with public and private insurance.

The commission is also supposed to develop recommendations for creating “a comprehensive, coordinated, and high-quality” LTC system within six months after the commission members have been appointed.

We will see how this shakes out. Both parties agree that the biggest causes of budgetary concern are Medicare and Medicaid usage. I want to be optimistic and believe that sane, sustainable solutions for our nation’s long-term care crisis will result. Unfortunately, however, I am skeptical that much good will come of this new, well-intentioned panel, due to the current contentious political climate and the often demonstrated reluctance of legislators to broach the sensitive subject of Medicare and Medicaid reform.   Stay tuned…

Filed Under: Helpful Information About LTC, Information About LTC Tagged With: American Taxpayer Relief Act of 2012, ATRA 2012, CLASS Act LTC, Community Living Assistance Services and Supports Act, Honey Leveen, Long Term Care insurance, LTC Insurance, Medicaid, Medicare, www.honeyleveen.com

Nursing Homes Face Very Perilous Times

March 14, 2013 by Honey Leave a Comment

Nursing HomeOn March 7, 2013, the Jewish Herald-Voice reported on a potential tragedy.

In Houston, Malcomn Slatko, CEO of Seven Acres Nursing Home, and George Linial, president and CEO of LeadingAge Texas, an association of not-for-profit long-term care facilities, held a press conference to inform the public about the financial peril they face due to shortfalls in Medicaid funding.

The article reports that funding for Medicaid in Texas is the 49th lowest rate nationally. There is a big disparity between the cost of caring for Medicaid-paid nursing home patients and the true cost of caring for them. According to the Texas Department of Health and Human Services, the average Medicaid payment per patient is 17% lower than the actual cost of providing quality care for them.

85% of Seven Acres residents do not own long-term care insurance (LTCi), have exhausted their savings, and are on Medicaid.

To make matters worse, today’s nursing home resident is admitted sicker, frailer, and more needy than in years past.

Like Seven Acres, more and more nursing homes operate in the red.  The article reports the inevitable result – there have already been nursing home closings.

When people have the money long-term care insurance provides to pay for care, they are often able to avoid nursing homes and get care instead at home or in good assisted-living facilities.

Nursing homes are not where anyone would choose to receive long-term care. Yet, if you refuse to plan for long-term care responsibly in advance, you might wind up in one.

Filed Under: Helpful Information About LTC, Information About LTC Tagged With: George Linial, LeadingAge Texas, Malcolm Slatko, Medicaid, Seven Acres Nursing Home

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

Email: honey@honeyleveen.com

Email: honey@honeyleveen.com

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