Long Term Care Insurance Expert | Honey Leveen | Houston, TX

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Archives for May 2018

Retirees Don’t Want to Spend Their Retirement Savings On Care

May 10, 2018 by Honey Leveen 1 Comment

Senior man holding piggy bankThere’s yet another piece of research out telling us that retirees are unwilling to pay for long term care (LTC), even when they have more than enough in retirement savings. They are reluctant to “spend down” their accumulated wealth, “even when assets are plentiful or when there is guaranteed income available to ensure that retirees will not run out of money.”

Lori Lucas, president and CEO of the Employee Benefit Research Institute (EBRI), points to all the financial uncertainty of retirement. These pensioners may be “afraid of facing catastrophic health care costs if they need to stay in a long-term care facility for a prolonged period.”

Ironically, the monthly cost of a LTC insurance (LTCi) premium would go a long way to relieve that uncertainty.

You can read the detailed study here, “Asset Decumulation or Asset Preservation? What Guides Retirement Spending?”

They Won’t Dip In to Their Retirement Savings

I spoke with a home care agency owner who sees this all the time. He said that 75% of his clients who own long-term care insurance (LTCi) would not be getting much-needed care without their LTCi benefits. Even though they lived in million dollar homes with abundant financial resources, they’d rather not spend the money. Despite their ability to pay, they would rather do without the care were it not for their LTCi benefits. They just don’t want to “spend down” their retirement savings.

If you scroll through the comments on my Testimonials page, you’ll see many adult children confirming that their highly affluent parent would not have consented to needed care if they didn’t own LTC insurance.

Here’s another blog I did about highly affluent people who just don’t like to spend money.

LTC insurance helps people access high quality care, it’s that simple! Click here to receive your free customized quote.

Filed Under: Elephant in the Room, I'll Just Self-Insure, Information About LTC Tagged With: ltc planning

LTC Planning: What’s Scaring the Financial Advisors?

May 5, 2018 by Honey Leveen Leave a Comment

Frightened Financial AdvisorPlanning for the future requires some expert advice. Financial advisors assist their clients in achieving their goals for retirement, travel and even providing for their children. What about planning for the inevitable costs of medical treatment and long term care?

Jamie Hopkins shares my passion of planning for security in our retirement years. He talks about some important gaps in the retirement planning industry in this article (Forbes, April 2018). He shines a light on a downside of specialization I frequently see. “While 94% of advisors reported that their clients are waiting too long to plan for long-term care, only 26% of these advisors stated that they discussed long-term care planning with their clients.”

Financial Advisors Avoid the Hard Conversation

And why are these advisors avoiding this important conversation? Mostly because it is simply outside of their specialty.

“…many advisors reported that they don’t like bringing up the topic because they believe their clients see it as depressing, overly complicated, and time consuming.”

Apparently, these financial advisors are uncomfortable with the difficult conversations required to create a holistic retirement plan for their clients.

I am in complete agreement with Jamie Hopkins! He also presents some practical and creative solutions for your consideration. Yes. A thousand times: YES!

Are you curious about the cost of your own long term care solution? Click here to receive your own free, personalized quote.

Filed Under: Denial, Elephant in the Room, Helpful Information About LTC Tagged With: Jamie Hopkins, Long Term Care insurance

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

Email: honey@honeyleveen.com

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Testimonials

Open Quotation Mark"Honey - Whenever I need a clarification regarding our “LTC” you are “Johnny on the spot” responding in a very prompt manner, reassuring me, informing me in a concise way, patient with me as I massage the understanding in my own words. Your knowledge is current and expressed with confidence, offered in your conscientious and upbeat personality. Quotation Mark ClosedIt is a pleasure to work with you. Thank you for your expertise." ~ Nancy Damon, Houston, TX
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Honey Leveen, LUTCF, CLTC, LTCP
“The Queen, by Self-Proclamation, of Long-Term Care Insurance (LTCi)”
404 Royal Bonnet
Ft. Myers, FL 33908

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

Email: honey@honeyleveen.com

Email: honey@honeyleveen.com

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