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LTCi Pays – Have the Conversation Now!

March 3, 2016 by Honey Leave a Comment

The following piece was authored and is re-published here with the permission of my dear friend and colleague Tobe Gerard.

Tobe makes two points. The first is that long-term care insurance (LTCi) policies are normally purchased many years in advance of being needed. We are now seeing “the tip of the iceberg” of claimants who need to collect from their LTCi. For the foreseeable future, we should see annual increases in the number of claims being filed and the amount of money being paid out for LTC.

The second point Tobe is making is that it is typically a son or daughter who assists with the claim. LTCi claims are not onerous, but policyholders are typically not able to manage them alone. Letting kids and other trusted individuals know you own LTCi is sometimes difficult, but worth it. Knowing a parent owns LTCi proves to be a balm and a source of extra piece of mind and security for all involved.

Here is Tobe’s excellent blog:

According the the American Association for Long-Term Care Insurance, long-term care insurance (LTCi) companies paid $8.15 billion in claim benefits to 260,000 policyholders in 2015. That number is 4% more than what was paid out in 2014. We are all living longer, and though your clients hope to never have to use their policies, the good news is that policyholders and their families are benefiting from owning this important insurance protection. When the rubber hits the road, LTCi policies are paying out!

With that in mind, many advisors encourage their clients to have “the long-term care conversation” with their adult children. It’s not an easy conversation, but it is an important one. Having this conversation early allows adult children to know that their parents have thought things through and have a plan in place. Among other things, breaking the ice by having this conversation early allows adult children to know their parents own LTCi policies. The reality is that in most instances it will be the adult children who will be involved with filing the initial LTCi claim and, in many cases, supervising the care that will be required over time. Adult children want to learn what their parents have in mind. Owning a LTCi care policy should never be kept a secret!”

November is National Long Term Care Awareness Month

November 5, 2019 by Honey Leveen Leave a Comment

November is upon us which means… It’s Long Term Care Awareness Month! And time for my annual awareness-raising post. Just kidding! Most of my posts are about raising awareness. 😉

This isn’t just another “Hallmark Holiday”. Long Term Care Awareness Month was created by Congress in 2001. They recognize how important it is to bring this topic into the American conversation. Since then, several governors and mayors have also joined the campaign to highlight this important information campaign.

When it comes to being able to afford often catastrophically expensive long term care (LTC) costs, many of us are unprepared. Our government will not be able to adequately bear the costs of providing LTC. Long term care insurance costs are often a fraction of actual long term care costs.

Measuring Long Term Care Awareness

In 2017, Genworth Financial conducted a survey to see how informed Americans were on the costs, options and even the need for long term care. Participants in the survey shared that their greatest fear about aging was “not having enough money to pay for long term care.” Despite this fear (or maybe because of it? See past blog, “Indecision Paralysis“), only one in five of the respondents had any plan in place to pay for those future medical costs.

The survey found that at least part of this lack of planning is due to misunderstanding what kind of costs could be in their future and which of those costs would be covered by government programs.

“Two out of three adults expect government programs to partially or fully cover the costs of their long term care services, despite the fact that Medicare pays for only limited care and Medicaid has strict financial eligibility requirements. In addition, both programs have come under increasing funding pressure.”

When it came to the purpose of long term care insurance (LTCi):

62% did not understand what LTCi covers
61% didn’t know that LTCi can, among other benefits, help create personalized care plans and locate quality care providers

November is Perfect Timing

Many families spend more time together this time of year. This is a great time to start asking questions and exploring your options together. After all, the decisions you make today will affect your entire family in the future.

Genworth has a wonderful resource to guide family members through this unfamiliar territory. Their “Conversation Starters” can help you navigate though uncomfortable topics like wills, power of attorney, and health care directives. There’s also questions about lifestyle and preferences for medical care options.

November is the perfect month to protect you and your loved ones by building a financial plan. Proper planning can help you access the care you’ll need and will make the quality of life you envision a real possibility.

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

Practical, Useful Advice for Caregivers

October 29, 2019 by Honey Leveen Leave a Comment

Roslynn Carter once said, “There are only four kinds of people in the world – those who have been caregivers, those who are caregivers, those who will be caregivers and those who will need caregivers.”

Helping a loved one as their caregiver is a selfless responsibility many of us will take on at some point during our lives.

Readers of this blog already know how stressful caregiving can be. Things get harder without detailed planning. Long term care insurance (LTCi) can provide some financial security and peace of mind.

Challenges Caregivers Face

To help caregivers understand and find solutions to their challenges, EduMed created a fantastic online guidebook for caregiving success. I like this guidebook because it is brief, concise, and gives actionable advice. I read many stories about caregiver and patient suffering and hardship. Very few sources provide practical, useful advice helping caregivers find their way forward.

The guidebook begins by highlighting the challenges facing caregivers on a regular basis. It’s important to know that these experiences are shared by so many others.

These challenges include:

Time Management — How to juggle daily errands, feeding & bathing your loved one, doctor appointments and your own self-care.
Stress (physical and emotional) — Like headaches, chest pain, loneliness and/or anxiety.
Lack of Privacy — Your life is no longer your own, as the needs of your loved ones take priority. Whether or not they or the rest of your family appreciate your efforts.
Financial Strain — Even with your attentive care, medical bills might be adding up. Without proper planning and effective coverage from long term care insurance, the pressure easily builds.
Lack of Sleep — The added responsibilities of caregiving can often lead to increased anxiety or insomnia.
Isolation — Spending so much time caring for your loved one can limit the time you used to share with friends. The mere idea of lunch out can sound like a fantasy.
Burnout — The combination of physical, mental and emotional energy required can overwhelm most people.

Suggestions to Support Caregivers

Fortunately, this guidebook gives some practical advice that caregivers can follow. They boil down to 3 major areas:

Process (organize your tasks)

Make lists, capture appointments and reminders on calendars. Research the numerous phone apps that are available (Some suggestions are included in the handbook).

People & Community (connect with a support system)

You don’t have to do this alone! For example, consider building a support team so you can delegate certain tasks. Find support groups so you can connect with others to share your stories, your woes and your wins.

Self Care (don’t forget YOU)

Even the lightest exercise routine can make a difference in your outlook. So can healthy food choices. And don’t forget to make time to have some fun (remember fun?). You can’t help anyone when your own tank is running on fumes.

Choosing to take care of a loved one is a huge decision, not to be made lightly. With all of the uncertainty and self-sacrifice, one of the most helpful things you can do is plan ahead. As I’ve written in multiple posts, have the conversation today! Decide what that care will look like, what’s expected of you and a reasonable budget.

Perhaps you’ve been thinking about long term care insurance (LTCi) to help reduce some of these challenges. Click here to receive a free, no-obligation quote for your own LTCi policy.

LTC Insurance is Still Useful While Living in a CCRC

October 16, 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 stop paying for their long term care insurance (LTCi), now that their care is provided by the facility. On the contrary, there are plenty of reasons you’ll want to continue maintaining your LTC insurance in a CCRC.

Before you make this potentially dangerous decision for yourself or your parents, take a moment to review the following list of expenses that can by paid for by LTC insurance. Without the benefit of LTCi, these costs will be paid out-of-pocket by the resident or family.

1. Paying 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. She would not admit this.

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, even though she could afford it. She wanted 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. One More Story About Needing Home Care

When Hugh and his wife moved here to SPRC, they assumed that they no longer needed their LTC insurance in a CCRC, since the cost of assisted living and nursing care was included. 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 life in 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. So he chose to keep her in the assisted living facility and supplement her care with 24 hour a day caregivers.

Hugh had to pay for his wife’s 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. Visiting Your Hairdresser

We often see wheelchair or walker-bound residents in our beauty salons, restaurants, walkways, or swimming pool. These are typically assisted living residents. They’re accompanied by scrub-clad caregivers. The cost of this personalized care is paid out-of-pocket and can really add up over time. With proper planning, LTCi can often help pay for these costs.

4. Meals Aren’t Free

You had to eat before, and you continue to need to eat when you reside in an assisted living facility. Eating is not part of long term care. Your high quality care is paid by the CCRC, but meals are not included. In my community, for example, there is an additional charge of approximately $1,000/month to cover meals. LTCi can help pay for this.

5. Apartment Space

At our CCRC, if you live in a fairly small home, you’ll be assigned a smaller assisted living apartment. If, however, you want to upgrade and move into a larger apartment, LTC insurance can often pay for the additional cost of a larger assisted living apartment at the CCRC. That’s right! Your long term care insurance payments could help cover the extra charges for more spacious living or a better view.

6. 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 on-site. 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.

Hold On to Your LTCi

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.

Now is the time to start planning for your future needs. Click here to receive a free, no-obligation quote for your own LTCi policy.

Caring for Elder Orphans

October 8, 2019 by Honey Leveen Leave a Comment

Care for ourselves or our parents is often provided by family members. In fact, 80% of home care is given by one or more members of the family. But what happens if there isn’t family available? No spouse, no children nearby (or none at all) — this is the world of Elder Orphans.

They may live full and active lives. But when it comes to making plans for this chapter of their lives, most of this growing population is dangerously unprepared. This is a tricky segment of people to even properly identify, so most reports are subjective. Still, this is still an important aging phenomenon that needs our attention.

Elder Orphans are Aging Alone

Let’s start by understanding how one becomes part of this growing category of seniors. For starters, understand that it can be totally voluntary. For example, a person may be happily single in their later years, thoroughly enjoying the freedom and privacy living alone affords them. Or they chose to build a life without children.

On the other hand, this may not be the life they originally signed up for. The death of a lifelong spouse or a divorce can leave someone surprisingly single when they need someone most. Even if they have children, they may live too far away to provide regular, consistent home care. Sometimes, parents are estranged from their kids.

As you can see, a variety of circumstances can lead to becoming an elder orphan. Regardless of how they got here, there are specific and unique challenges they’ll have to manage. And, like so many long term care issues, ignoring them doesn’t change the needs they create down the road.

Financial Insecurity and Health Concerns

There are a number of groups in Facebook that have sprung up in response to growing needs. The most popular one, Elder Orphans – Aging Alone, has over 9,000 members! The group serves as a resource for information to its members and also provides some emotional support.

The group conducted an informal survey, as reported by the Washington Post. Of the 500 people who responded, 70% revealed that they had not identified a person who could take care of them when they could no longer care for themselves.

Respondents shared some of their most pressing fears for their future:

25% worried about losing their housing
23% reported having at least one incident in the past year where they lacked enough money to cover basic needs
40% admitted to struggling with depression

The Power of Community

To prepare to be an elder orphan, you must establish a strong, supportive community, way in advance of need. You need to have brutally frank, explicit, frequent conversations with friends, family, and all fiduciaries about your wishes. My husband and I have taken this advice. We live in a Continuing Care Retirement Community, even though we’re both active and in great health. In addition to knowing each others wishes. Our fiduciaries know our wishes. We tell friends of our wishes.

As for the financial concerns… long term care expenses can be manageable and affordable, with the proper planning. The time for planning is Now. You don’t have to navigate your future alone. The resources you or your parents will need are well within your grasp.

When you’re ready to take that first step, click here to receive a free, no-obligation quote for your own long term care insurance policy.

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