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

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Search Results for: 2014 ahip study

Affluent Retirees Won’t Spend Their Money!

August 22, 2018 by Honey Leveen Leave a Comment

Money in shape of heartAffluent people often tell me they don’t need long-term care insurance (LTCi). They’ll self-insure, instead. This is contrary to my experience.

Traditional retirement planning typically calls for a gradual drawing down of savings to produce retirement income. Contrary to this long-held belief, a recent study published by Employee Benefit Research Institute (ERBI) proves otherwise. In fact, affluent retirees do not want to spend their money!

As illogical as it sounds, this is a point I have been writing about for years. Retirees find great comfort in the size of their nest egg and there is too much uncertainty in their future.

ERBI’s new study shows affluent retirees (with over $500,000 in non-housing savings) had only spent down 11.8 percent of their savings within the first twenty years of retirement. This is far less than projected. In fact about one-third of sampled retirees increased their assets over that period.

Relaxing About the Future

My strong opinion, based on nearly 30 years of client observation, is this: LTC insurance ownership releases people from an ever-present gray storm cloud of a possible LTC need looming on the horizon. The gray cloud grows ever larger with each passing year. Let’s call it the LTC Storm Cloud. It’s caused by fear of an unexpected, unplanned for, possibly catastrophically expensive “Spending Shock“, caused by a chronic long term care need.

An AHIP study released in 2014 (email me at honey@honeyleveen.com for the actual study) confirms LTC insurance owners get 35% more hours of care, as well as many additional advantages, such as increased independence and dignity, decreased financial stress, higher quality family relationships, and the list goes on.

The reason LTC insurance owners obtain more care is because they’re not paying for it out of their income or savings.

I see people denying their true need for care all the time. Often, it’s because they have the money for it, but just don’t want to spend it. They’re afraid of losing their wealth. Don’t let this happen to you!

When you’re ready to get some peace of mind about your future needs, click here to receive a no-obligation quote for your personal LTCi policy.

 

Filed Under: Helpful Information About LTC, I'll Just Self-Insure, Information About LTC, Misinformation About LTC, Uncategorized

Undeniable Proof That LTCi Is Good for America!

November 24, 2014 by Honey Leveen Leave a Comment

LTCi is Good for AmericaA 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.

Filed Under: Helpful Information About LTC, I'll Just Self-Insure, Information About LTC, The Magic of owning long-term care insurance Tagged With: AHIP, Honey Leveen, LifePlans, Long Term Care insurance, LTCi, Medicaid, Medicare, www.honeyleveen.com

Contact Me

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

Email: honey@honeyleveen.com

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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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Here’s how to reach me:

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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