Archives for August 2019

Using Your Long Term Care Insurance In Your 60s (or Younger!)

August 26, 2019 by Honey Leveen Leave a Comment

When you think of Long Term Care Insurance (LTCi), you’re probably thinking about planning for medical expenses and care for your later years. However, there are plenty of adults under 65 who are already using their LTCi policy for ongoing care.

Imagine thinking you’ve got decades before you need to start drawing on your LTCi when suddenly, the unexpected event happens. The catastrophic accident you didn’t see coming. The diagnosis that your physical injury is permanent and you will require full-time care for the rest of your life.

Few adults under 65 are prepared for this possibility.

We have a friend who had a fall at his home which resulted in severe spinal injury. He is now quadriplegic. He was in his mid-50s at the time of the accident.

While his health insurance paid for the immediate expenses including the surgeries and rehabilitation, it did not cover the ongoing care necessary for his continued recover. His original physical therapy required intensive sessions 5 days each week and he was making remarkable progress under this program. Unfortunately, his insurance company declined continuing coverage and he was discharged.

Needing Long Term Care Under 65

In 2018, the global financial services company Morningstar reported that 45% of adults requiring long term care are under 65 years old. In fact, 8% of people between the ages of 40 – 50 will have a disability that requires long term care.

Reasons for early long term care include:

Psychiatric or neurologic illness
Developmental disabilities
Traumatic physical injury, like brain or spinal cord damage

The AMDA (American Medical Directors Association) has even published a guidebook, “The Younger Adult in the Long Term Care Setting” to help navigate the options available. They recognize that the needs of this particular group are quite different from those over 65.

For starters, how does one prepare for living the next 30 – 60 years of their life in a nursing home facility?

That manual is available to members of the Society for Post-Acute and Long-Term Care (PALTC).

Relying on Tea Leaves?

None of us knows how our future plays out. That’s why we purchase health insurance and auto insurance. The younger residents now living in nursing homes didn’t plan for this scenario. Those who have long term care insurance have better options and access to a higher quality of life and medical care.

Make plans to protect your future self. Click here to receive your free, no-obligation quote for your own LTCi policy.

Indecision Paralysis Can Be Very Expensive

August 20, 2019 by Honey Leveen Leave a Comment

I had a phone conversation with a 62-year old woman I’ll call Margaret who was interested in learning more about long term care insurance (LTCi). She still works full-time, and her “off hours” are completely dedicated to caring for her husband who suffers from Alzheimer’s disease. She wanted to learn about LTCi costs and how it works.

In our chat, Margaret quickly revealed some details about her own health: a long-time smoker and her frail stature. She described the daily demands of her time and energy, caring for her husband after putting in a full day at her job. I could feel the weight of her words as she shared her concerns with me.

For now, her husband is able to stay home unsupervised while she works. Margaret understands that this is only temporary, as her husband’s condition continues to decline. And she worries that if he should fall during the day, it could result in very dangerous, if not fatal, injury.

Margaret’s nights and weekends are consumed with caring for her husband. She has no social life outside of the home. And she is keenly aware that the day is coming when she can no longer leave her husband unsupervised.

Will she have to

Hire a professional caregiver?
Move her husband into a facility, separating them for the first time in their 40+ year marriage?
Leave her job?

Discussing LTCi Costs

When Margaret and I met, we discussed the current quality of her life. The weight of her responsibility was really taking its toll on her. And it served as her motivation to shield her son from taking on this same role if she ever became unable to care for herself.

Margaret understands better than most the important value of buying LTC insurance.

We talked about the fact that if her husband had an LTCi policy, they both would be benefiting socially, economically, medically, and emotionally. For example, there could be a caregiver in their home, giving her peace of mind while she worked and easing her responsibilities when she came home.

She desired these options for her son so he wouldn’t have to sacrifice so much of his life to take care of her in the later years. We also talked about the quality of life for Margaret, having access to a variety of lifestyle choices and restoring dignity to her days.

Even Knowing All the Facts

Margaret chose not to proceed with her LTCi application. Maybe “chose” is the wrong word. What really happened is that she was paralyzed with indecision. Even though she understood the importance of long term care insurance and saw she could manage the LTCi premiums, she was unable to make that next step. I wish I did not see this as often as I do.

Unfortunately, if Margaret needs long-term care (LTC), she and her son will end up paying a higher price in time, energy, quality of life, and stress.

You don’t have to be caught by surprise, like a deer in the headlights. Take that first, proactive step to protect you and your family. Click here to receive your free no-obligation quote for your own LTCi policy.

Lady Astor Was a Victim of Brain Loss and Elder Abuse

August 12, 2019 by Honey Leveen Leave a Comment

Lady Brooke Astor was a beloved philanthropist of New York’s high society. She died in 2007, leaving an estate valued at $185 million. Unfortunately, Alzheimer’s disease stole her later years. As a result, she fell victim to devastating elder abuse from her son, Anthony Astor.

Taking advantage of her condition, he convinced her she was going broke. He sold valuable pieces from her art collection and funneled nearly $1 million into his personal projects. He also reduced her care, resulting in severe neglect. She spent her days in a filthy nightgown. Her luxury apartment fell into ruin.

Money Is No Protection Against Elder Abuse

Lady Astor’s grandson, Philip Marshall, brought charges against his father, Anthony Astor, for his abusive acts. After the 6-month trial, investigations revealed that Anthony had, indeed, stolen $60 million from his mother’s estate. With her impaired mental abilities, it was easy to persuade his mother to make periodic, favorable adjustments to her will.

As a result of these investigations, Philip Marshall has become an outspoken advocate in the fight against elder abuse. He remarked, “When I was trying to protect my grandmother, I thought the financial exploitation was the least of the problems. It ended up finances were the key.”

His organization, Beyond Brooke, is dedicated to empower and educate seniors to help them protect themselves from the financial abuse his grandmother suffered. Marshall’s biggest piece of advice?

“It’s back to engaging in relationships and making sure you’ve got people in your life who will watch your back. It sometimes takes just one person or three or five people in your life who are checking in—and cultivating those relationships.”

Have the Conversation

As Philip Marshall recommends, it’s important to have these discussions to properly plan for care. Lady Astor’s family and advisors failed to protect her. While your own estate may only be a fraction of her original value, the consequences of neglect cross all social and economic borders.

An easy starting point is to research options through long term care insurance (LTCi) so your needs are properly addressed. Click here to receive your free no-obligation quote on your own LTCi policy.

Work With a Long Term Care Insurance Specialist

August 12, 2019 by Honey Leveen Leave a Comment

Insurance is insurance, right? WRONG! That’s like going to a podiatrist when you have a sore throat. Sure, they both went to medical school, but they each developed a specialty and expertise in very different fields. The same guidance applies when seeking long term care insurance (LTCi). Most agents who sell LTCi are generalists and not nearly as qualified to successfully get you coverage. It’s best to talk with a long term care insurance specialist.

The annual Millman Long Term Care Insurance Survey is highly respected> This year’s results also support the idea of using a specialist. For example, they report that some financial advisors are less likely to even recommend LTCi coverage to their clients, for fear of a rejected application.

When Working With a Specialist

About 60% of LTCi applications are approved when submitted by generalist insurance agents. This low success rate is mostly due to the agents’ lack of experience in submitting correctly qualified applications. On the other hand, LTCi specialists get about 80% of their submitted applications approved.

According to the data, “… specialist agents can be about five times more effective at getting clients coverage than generalist agents.” Isn’t that an advantage you want?

My own approval rate is over 80%. I’ve specialized in this field for thirty years. I have a deep understanding of the application process and what benefits my clients. I also have access to a wider variety of products, and can customize solutions based on my clients’ needs.

The Professional Advantage

When you’re ready to make the decision to protect your future, be sure you to stack the deck in your favor. A LTCi specialist like me has:

Access to a wide variety of products and options to choose from.
A proven success rate for your application approval.
The ability to match you with the optimal product.
The experience to accurately explain your coverage and make you confident in your decision.

Click here to request your free, no-obligation quote for long term care insurance.

Keep Your Long Term Care Insurance After You Move to a CCRC

August 6, 2019 by Honey Leveen Leave a Comment

As a resident at Shell Point Retirement Community (SPRC), I have had a number of interesting, eye-opening conversations with my neighbors. Many of them believe that living in a Continuing Care Retirement Community (CCRC) is an opportunity to safely let go of their long term care insurance (LTCi). I do not recommend this!

Before you make this potentially dangerous decision for yourself or your parents, please read through these 3 experiences. Hopefully, they will serve as a cautionary tale and help you from repeating their mistakes.

1. Living in a CCRC Doesn’t Always Include Payment for Home Care

Sally’s mother lived in SPRC for 26 years. Although she needed care, her mother did not own long term care insurance (LTCi), since she believed the CCRC would cover the costs of her needs. Over the years, Sally’s mother was unwilling to accept the fact that her health was deteriorating and that she needed additional care. Ideally, she would have moved to the on-site assisted living facility or elected for home care.

The majority of CCRC’s pay for assisted living or nursing home care, but they don’t pay for home care.

As you’ll hear in Sally’s video testimony below, her mother was unwilling to pay for home care, preferring to preserve her estate for the benefit of her children. Her situation got so dangerous that Sally had to enlist intervention by a professional to “force” her mother into better care. Sally realizes now that the entire situation could have been avoided if her mother had been covered by a LTCi policy.

2. Nursing Care Paid Out-of-Pocket

When Hugh and his wife moved here to SPRC, they assumed that they no longer needed their LTCi since the CCRC would pay for their assisted living and nursing care. So they stopped paying their monthly LTCi premiums and let their policies lapse.

In her last months, Hugh’s wife became extremely disabled, needing care above and beyond what the assisted living facility could legally provide. Hugh was advised to move his wife to the on-site nursing home so she could receive the care she needed. While the assisted living center provides a cheery, home-like atmosphere, the nursing home is more sterile and institutional. Hugh just couldn’t bear moving his wife into the nursing home.

By remaining in assisted living, Hugh had to pay for round-the-clock caregivers out of his own pocket. As he shared his story with me, I told him about my work. He recognized how much he regretted giving up their long term care insurance. He knows that if they’d kept their policies active, the cost needed for his wife’s additional care would have been covered.

3. The Unexpected Need for an Off-site Facility

Nancy’s husband was stricken with Lewy Body Dementia. If this sounds familiar, this is the same illness that actor Robin Williams suffered from. This form of dementia can damage thinking and alertness. Symptoms can include physical stiffness, hallucinations and even violence.

As a result of his condition, Nancy’s husband became physically violent and needed more care than SPRC could safely provide. Despite their best efforts, SPRC was unable to keep him onsite. Nancy was forced to find an off-site facility that could properly care for her husband. Those unexpected costs (paid without the benefit of LTCi coverage) nearly demolished her savings.

Learning from Experience

You don’t have to have these experiences in order to learn the same lessons. Moving to a Continuing Care Retirement Community (CCRC) does not mean it’s time to end your long term care insurance policy. In fact, this may be the time you most want that peace of mind.

Click here to receive a free, no-obligation quote for your own LTCi policy.

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