Archives for November 2014

Undeniable Proof That LTCi Is Good for America!

November 24, 2014 by Honey Leveen Leave a Comment

A report proving how and why long-term care insurance (LTCi) helps all of us and our country was just published. LifePlans conducted the study over a period of twelve years. It was commissioned by America’s Health Insurance Plans (AHIP).

Here’s background on the report.

The report shows that that for LTCi policyholders:

A typical 60-year old LTCi policyholder would pay $188/month in premium for the same amount of care they would otherwise have to save $1,666/month, for 22 years, for.
Roughly 22 years of premium payments would be returned after only five months of collecting from the average LTCi policy.
The majority (97.6%) of all LTCi claims get paid. My experience has been that the only reasons LTCi claims are not paid are due to incomplete claim paperwork or no true need.
Most LTCi claimants agree that LTCi enhances access and flexibility as they seek to obtain to the services of their choice.
LTCi owners receive on average 35% more hours of care than those without, and their care is also more likely to address their needs.
The LTCi industry currently serves 7.4 million policyholders and is expected to pay out roughly $700 billion in claims over the life of those policies.

For Family Caregivers, the report shows:

Individuals caring for family members with LTCi are nearly twice as likely to be able to continue working as when there is no LTCi.
Caregivers of LTCi claimants experience less stress finding appropriate services for their loved ones.
LTCi enables family members to spend less time on hands-on care and more on social interaction and companionship, which leads to better experiences and less stress.

Why the report proves that LTCi is good for America:

Because LTCi covers a majority of LTC costs, insureds are not forced to depend on Medicaid.
Between 21 and 31% of insured nursing home residents would spend down to qualify for Medicaid if they did not own LTCi. Fewer than 5 percent of LTCi policyholders spend down to Medicaid.
Today’s 7.4 million current LTCi policyholders are expected to save the Medicaid program about $50 billion over their lifetimes. Annualized Medicaid savings per in-force policy are about $334.

The graphics in the report are great. They are straightforward and easy to understand, as is the report itself. If you would like to receive a copy of the entire report, email me at honey@honeyleveen.com.

“Glen Campbell…I’ll Be Me”: See it!

November 17, 2014 by Honey Leveen Leave a Comment

Google “Glen Campbell” and you will find hundreds of links to stories about this famous and beloved entertainer and his struggle with Alzheimer’s Disease. A documentary called “Glen Campbell…I’ll Be Me” is opening across the country during October and November 2014, to very favorable reviews. Click here to see a film trailer.

Jim and I just saw the film on its opening day here in Houston. We not only enjoyed it, but we also highly recommend that you see the film. If you miss it, you should be able to find it on Amazon or as part of your Netflix subscription.

Although the film is on a very tough subject, it is thoroughly entertaining. It is unabashedly graphic and candid. Mr. Campbell’s ordeal is described and shown, but not ruminated on. As this Variety story states, laughter outweighs tears in the film.

It is very clear to me that Mr. Campbell and his large, well-functioning, loving, courageous family are sharing their experience to help educate and warn people to plan for long-term care, due to the impending Alzheimer’s epidemic.

The family has been accused of exploiting Mr. Campbell’s condition for personal gain. How ridiculous! They already have huge wealth, and I doubt that the film will generate much money. Even though it is excellent, it’s no blockbuster.

In one of the interviews I watched (minute 3.20), Mrs. Campbell says Mr. Campbell needed not one, but two caregivers at a time to help with lesser-known Alzheimer’s symptoms, such as agitation, nightmares and hallucinations. She says that he has now progressed to Stage 6 and lives in an Alzheimer’s specific facility.

None of the articles I read or interviews I watched disclosed the cost of Mr. Campbell’s care. It is undoubtedly exorbitant. It is also obvious to me, and I will bet my entire career on this, that he does not own long-term care insurance (LTCi). I am sure that if he owned LTCi, it would have been mentioned and praised.

Yet Mrs. Campbell appears to be composed and shows few or no signs of caregiver stress. She and her children are present and involved with her husband’s care, but not shackled to his side. Good outcomes under the circumstances described, are simply a matter of having enough money. Google Glen Campbell net worth to discover he is worth $50 million. This family has so much money that the cost of giving Mr. Campbell the very best possible care is of little consequence to them.

Few of us are as wealthy as the Campbells. If we have need and want to access high quality long-term care and all the dignity associated with it, without damaging our family or finances, there is no other option than LTCi ownership.

Mechanics and Basics of LTC Rate Increases

November 10, 2014 by Honey Leveen Leave a Comment

I’m fond of this article about long-term care insurance (LTCi) rate hikes from The Society of Actuaries Long-Term Care newsletter.

Yes, I belong to the Society of Actuaries! I have for years. I’m in the LTCi section. I get a quarterly newsletter and try never to miss their annual conference. I normally can barely understand lots of their newsletter articles (which, unsurprisingly, are usually written by actuaries) because they’re so technical.

Once in a while, however, actuaries write articles that are accessible to non-professional mathematicians. “Mechanics and Basics of Long-Term Care Rate Increases” is an example of such a rare event.

Click here to read my prior blog about how and why LTCi rate hikes occur.

Any detail-oriented person interested in really understanding the inner working mechanisms of LTCi should read both my blog and this article.

Human-Caused Global Warming Is Here But Denied, Just Like LTC Odds

November 2, 2014 by Honey Leveen Leave a Comment

According to an article in the September-October issue of Audubon Magazine by Elizabeth Kolbert, who’s written the recently released “The Sixth Extinction: An Unnatural History,” 97% of all climate scientists agree that human-caused climate change is happening.

According to a Pew Research Center Study done earlier this year asking Americans about their own beliefs in global warming, only 45% of us believe human activity was the main cause. And only 58% of us know that carbon dioxide is the gas most scientists believe causes temperatures in the atmosphere to rise.

I am pretty fascinated by this denial of climate change. It parallels denial of the need for responsible long-term care planning in so many ways. I believe the psychological denial mechanism used to avoid believing in global warming is nearly identical to denial of the high probability of needing long-term care. Both are about avoidance of the most unpleasant facts. Both issues mandate discussion and education in order to understand them properly and to do something constructive about them.

Global warming has been in the press a lot lately and is now being given the credibility it deserves. Still, important discussions about it in Washington and most states is not occurring.

For most of the 25 years I’ve been selling long-term care insurance (LTCi), the press has often misrepresented the facts and typically led articles with a negative, inflammatory bias even when some truth follows. And financial pundits have often pooh-poohed the need for LTCi.

Recently, however, the press and pundits have begun to report affirmatively on the need for LTCi and responsible LTC planning. Still, not enough of us are following their lead. In coming years, there will be a lot of Baby Boomers and their families in turmoil and crisis due to unplanned needs for LTC.

Here’s a cool website called What We Know. Its purpose is to educate the public, which hopefully, will create better public policy concerning global warming. This site is produced by the American Association for the Advancement of Science.

The long-term care insurance (LTCi) industry has comparable, highly reputable sites with outstanding LTCi content and education. Here’s one: www.aaltci.org. Find links to several more, here.

No one seems to read these sites. Or perhaps they read them and there is some type of emotional disconnect, an inability to assimilate such inconvenient truths.

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Archives for November 2014

Undeniable Proof That LTCi Is Good for America!

“Glen Campbell…I’ll Be Me”: See it!

Mechanics and Basics of LTC Rate Increases

Human-Caused Global Warming Is Here But Denied, Just Like LTC Odds

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