Honey Leveen, Author at Long Term Care Insurance Expert | Honey Leveen

Pseudo Journalism Schlock, the Sequel

August 18, 2013 by Honey Leveen Leave a Comment

As I promised in my prior blog, Pseudo Journalism Schlock, Part 1, here are a few corrections to Clark Howards error-riddled piece masquerading as journalism. You will find the following comments, and more, posted at the bottom of Mr. Howard’s piece. The very best commenter is last.

Jesse Slome Executive Director American Association for Long-Term Care Insurance comments:

“Some good info some outdated info (including companies that no longer offer this product). May I suggest starting with 4 consumer guides that are a quick read and offer current facts and suggestions on ways to make this most affordable. You can find them at http://www.aaltci.org/long-term-care-insurance-costs and NO sign-in info is required to access them. Today, because of the many changes, it really pays to work with a long term care insurance specialist. That is someone who has helped 100 (or more) people get this protection.”

From Phillip Sullivan President – SellingLTC.com www.sellingltc.com:

“An insurance company’s financial rating does not guarantee there will never be a premium increase. Premium increases are caused by product pricing and current interest rates (which have been historically low for some time). Case in point, State Farm (Rated A++) increased its rates in 2012 on their LTCi policies sold from 1997-2001 in 15 states, (including Georgia with a 12% average increase) and other states increased as high as 40%. You further recommend using an independent broker who can shop the market. This is good advice, except independent brokers cannot sell State Farm, USAA, Northwestern Mutual or New York Life.”

From D.O Long Term Care Specialist. PO Box 1654 Snellville Ga 30078:

“As stated by Mr. Slome, some good info while some outdated info also. States Farm does not work with independent brokers and the plans they tend to recommend do not include the compounded inflation protection options which is highly recommended for younger folks as well as required for the Georgia Partnership Program. In addition, I disagree with the idea of not buying ltc if you are rich. Rich folks do not self insure their homes or health insurance. Why would anyone want to self insurance a potential risk that can result in financial ruins. They are various options from traditional ltc policies to hybrids plans. Best time to look into ltc is while you are in good health. The younger the better for obvious reasons.”

And here’s my very favorite comment, from “Signed, A concerned life and securities professional”:

“Hey Clark, if you want to provide your opinion, then state that it is an OPINION. You are not licensed by the State of Georgia as an insurance agent, nor are you federally licensed to provide financial advice on stocks, mutual funds, and any other investment platform. Stop providing ADVICE of every kind, as although I am sure you have good intentions, you ARE NOT LICENSED TO PROVIDE ADVICE, and many of your readers/listeners will accept your words as gospel. Your comment where you say “you should not buy LTC insurance if you are very wealthy or don’t have a lot of assets” is not necessarily wrong, however it is not wholeheartedly accurate. Blanket statements are unacceptable in our profession, and only by an individual/family working with a duly licensed professional can proper and case specific information and advice be provided. I am licensed in many states as a life agent AND as a securities professional. MY opinion is that by providing incomplete information, you are causing more harm than good. Even if ONE PERSON makes a poor decision based on your incomplete information, you are doing a disservice to my profession. As I work for a national firm with a large compliance department, I cannot sign my name because I did not get preapproval to write this note. This is because many large firms want to make sure that all written communication with clients meets both the firm’s and various regulatory requirements. Even if I had preapproval, I could not write an article such as yours, because it was incomplete and somewhat misleading.”

Pseudo Journalism Schlock, Part 1

August 17, 2013 by Honey Leveen Leave a Comment

Beware of newspaper or online columns by “consumer advocates” who are not legitimate journalists.

The following column hit Internet searches set for “long-term care insurance” last week: “Clark Howard: Do your homework before buying long-term care”. What’s not to like about Mr. Howard’s down-home, sincere looking headshot? I’m sure Mr. Howard is a nice guy, but he is not qualified to write about long-term care insurance. Yet, he does.

I’ve already busted Scott Burns, another financial advisor with a newspaper column, who doesn’t need to research his columns in depth before having them published. This is because Mr. Burns, like Mr. Howard, is a financial advisor, not a journalist.

Mr. Howard does not derive much, if any, of his income from his pseudo-journalism. I clicked through to his website. His livelihood appears to come from being some sort of financial advisor. Yet his column gets published online and possibly in the hard-copy Atlanta Journal-Constitution. I’m sure many readers accept what he says without questioning because it looks and seems credible.

I’ve said it before, I’ll say it again. My colleagues and I are exhausted from having to combat the amount of misinformation about long-term care insurance (LTCi) that manages to get published. Mainstream media publishes a lot more misinformation than it does properly researched, accurate information on LTCi.

It is obvious to me and my colleauges that Mr. Howard is speaking out of his a** on the subject of LTCi. A lot of what he’s written does not make sense or is not possible. I guess Mr. Howard had a deadline to meet and was in a time crunch. Clearly, minimal research has been done.

Beware of Mr. Howard, Mr. Burns, and others like him. They are not a journalists. Lack of adequate editorial oversight enables them to give un-researched, false information and have it published, appearing as fact.

In my sequel to this blog, “Pseudo Journalism Schlock, Part II”, I will give the falsehoods in Mr. Howard’s piece and correct them.

New, Easy-To-Use Tools Show Why Owning Long-Term Care Insurance Makes So Much Sense

July 25, 2013 by Honey Leveen Leave a Comment

We now have some fabulous, simple-to-use, easy-to-understand tools that show you arithmetically why owning long-term care insurance makes so much sense.

You can find each of the tools described below by clicking on this link.

Cost of Care Generator: Check out the costs of care for the major cities in your state.

Self Insuring (Savings Chart): See the financial ramifications of trying to save to pay for long-term care.

Cost of Waiting: Hesitation can be costly. If you’re thinking about waiting before you buy, see how this strategy may effect you.

Co-Insuring: You can keep your long-term care premiums low if you co-insure. This charts helps you determine your co-insurance tolerance.

Inflation: Inflation will cause the cost of care services to increase over time. See how a Benefit Increase Rider helps your policy keep up with inflation.

Elimination Period: The Elimination Period is your policy’s deductible and is measured in days. Translate your deductible back into dollars to see the real costs to you.

Lump Sum Chart: Find out how much money you need to put aside today to pay for a future long-term care stay.

Recoup Premiums Chart: Find out how many days on claim it will take you to recoup all of your premiums paid.

An Option for Single Women Boomers

June 18, 2013 by Honey Leveen Leave a Comment

Last Wednesday morning I awoke to an engaging story on NPR about aging Baby Boomer women with limited finances, living together to create a sense of family, save money, and have fun.

A growing number of pioneering women are starting group homes with their single peers. Some are being advertised on Craigslist as Golden Girl Houses. According to Bonnie Moore, a 60-something divorcee who lives in a well-kept, five-bedroom house in Bowie, Md., a cozy suburb of Washington, D.C., it’s “a little bit like family, a little bit like roommates, a little bit like a sorority house.”

I say more power to them! They can pool their resources, strengths & weaknesses and create a responsive new family for themselves. This is a great solution up to the point any of the “Golden Girls” needs long-term care. At that point, this model could prove stressful and problematic, as increased physical and emotional demands are made upon the housemates.

The women pictured in this story appear to be in their 50’s and 60’s, and in good enough health to qualify for long-term care insurance (LTCi). I should think that their obvious savings on rent and other household expenses would easily enable them to afford LTCi premiums, which can be reasonable.

LTCi has been, still is, and will always be the most dignified, sane option for middle class people needing long-term care.

Caregiver Daughter is Exhausted, Angry

June 10, 2013 by Honey Leveen Leave a Comment

Here’s the June 3, 2013 Dear Abby column. I hear variations of this same story almost every day. It’s a story of resentment, anger, and wasted dreams.

The family member needing care most likely chose to avoid having a conversation about responsible – and reasonable – long-term care planning when they were able to.

“DEAR ABBY: I took care of my grandmother until her death a few years ago, and now my mother is very sick. I feel angry because I’m only 23, and it seems all I have ever done is take care of sick people. I sit at the hospital sometimes just fuming.

Mom was a smoker and now she has cancer. I keep thinking if she hadn’t smoked, she wouldn’t be in this fix, and neither would I. I always visit her and try to do everything she asks of me, and yet I think I’m starting to hate her. I dread going to the hospital, sitting there and waiting for test results, etc. What kind of daughter has feelings like this? — WORST DAUGHTER ON EARTH

DEAR DAUGHTER: Please stop beating yourself up. Your feelings are normal. You have a right to be angry that your mother is sick. At 23, you have had an unusual amount of responsibility thrust upon you for someone your age. That her disease has taken over your life is also a reason to be angry.

However, please stop blaming her for her illness. Right now, you need each other. And nonsmokers get cancer, too. The American Cancer Society has support groups where family members can safely share their feelings. Please check them out.”

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Pseudo Journalism Schlock, the Sequel

Pseudo Journalism Schlock, Part 1

New, Easy-To-Use Tools Show Why Owning Long-Term Care Insurance Makes So Much Sense

An Option for Single Women Boomers

Caregiver Daughter is Exhausted, Angry

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