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Tony Bennett is Not in San Francisco

February 15, 2021 by Honey Leveen Leave a Comment

Tony Bennet’s story has now gone public. It is uncannily similar to Glen Campbell’s. Each was concertizing well into his moderate-to-late stage dementia. Deeply entrenched job functions are some of the last skills people with dementia lose.

Mr. Bennett’s wife and son have begun to speak out. The article says Mr. Bennett started showing signs of Alzheimer’s in 2015.

Tony Bennett has a $200 Million net worth, yet it sounds like he has no long-term care insurance (LTCi).

“Susan Bennett is serving as her husband’s caregiver.” Why? The article describes Mr. Bennett as at the stage where he needs a lot of watching.

Even super-affluent people neglect formal planning for their LTCi. Even more surprising is when they get to the point where they need care, though they have virtually unlimited funds, these folks often still want to avoid spending their own money to pay for LTC!

I believe additional caregiver support would lower stress and enable Mrs. Bennet and her family experience a more qualitative relationship with her Mr. Bennett.

Hyper affluent people like the Bennetts are not too rich to own long-term care insurance (LTCi). Many hyper-affluent people do. LTCi makes sense for them financially. But many, like Peter Max, Brooke Astor, Penny Marshall, to name just a few, didn’t own LTC. They and their families suffered badly as a result. One might even conjecture they suffered worse, because there was more money for family to squabble over, and because  such folks are accustomed to 5-star comfort, dignity, security, which is not how their last months and years turned out.

Tony Bennett Reveals He Has Alzheimer’s Disease

“He’s not the old Tony anymore,” his wife, Susan, said. “But when he sings, he’s the old Tony.”

 

The singer Tony Bennett has announced that he has Alzheimer’s disease, writing on Twitter: “Life is a gift — even with Alzheimer’s.”
The singer Tony Bennett has announced that he has Alzheimer’s disease, writing on Twitter: “Life is a gift — even with Alzheimer’s.”Credit…Evan Agostini/Invision, via Associated Press
Sarah Bahr

By Sarah Bahr

  • Published Feb. 1, 2021Updated Feb. 2, 2021, 12:32 a.m. ET

Tony Bennett, the 94-year-old singer who has become a beloved interpreter of the American songbook, has been diagnosed with Alzheimer’s disease, his wife, Susan, told AARP The Magazine this week.

“Life is a gift — even with Alzheimer’s,” the singer tweeted on Monday morning. “Thank you to Susan and my family for their support.”

Susan Bennett, and Tony Bennett’s eldest son, Danny, told the magazine that Bennett was diagnosed with Alzheimer’s — a degenerative brain disease that causes memory loss, among other things — in 2016.

According to the magazine, Bennett began showing symptoms in 2015. “Even his increasingly rare moments of clarity and awareness reveal the depths of his debility,” the article states. But it said that he had not experienced the disorientation that prompts some patients to wander off, or episodes of terror, rage or depression.

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Before the coronavirus pandemic, Bennett had continued to perform extensively. But backstage, relatives told the magazine, he could seem “mystified about his whereabouts.”

“But the moment he heard the announcer’s voice boom ‘Ladies and gentlemen — Tony Bennett!’ he would transform himself into performance mode, stride out into the spotlight, smiling and acknowledging the audience’s applause,” the piece said.

His wife, Susan, would watch nervously, worrying that he would forget a lyric. “I was a nervous frigging wreck,” she told the magazine. “Yet he always delivered!”

The early signs came in 2015, she told the magazine, when he began forgetting musicians’ names onstage, and began stashing a list on the piano, she said. But he knew something was wrong and wanted to see a doctor, she said, and he learned he had Alzheimer’s in 2016.

Susan Bennett said that he can still recognize family members, but the magazine reported that “mundane objects as familiar as a fork or a set of house keys can be utterly mysterious to him.”

Bennett, who has had a seven-decade-long career, scored his first big hit in 1951, “Because of You.” In 1962 he recorded “I Left My Heart in San Francisco,” which became his signature song. Long after other crooners had died or faded from the airwaves, Bennett experienced a resurgence in popularity: He won a Grammy for his 1994 album, “Tony Bennett: MTV Unplugged.” Since then, he has recorded duets with a string of notables including James Taylor, Sting and Amy Winehouse.

He recorded an album with Lady Gaga in 2014, “Tony Bennett & Lady Gaga: Cheek to Cheek,” which debuted at No. 1 on the Billboard’s Top 200 pop and rock chart. According to the AARP article, a follow-up album with Lady Gaga, which was recorded between 2018 and early 2020, will be released this spring.

Lady Gaga was aware of Bennett’s condition when they were recording their most recent collaboration, the article said. In documentary footage of the sessions, Bennett rarely speaks, and offers one-word responses like “Thanks” or “Yeah.”

But his appetite for all things musical remains robust. According to the magazine, he continues to rehearse a 90-minute set twice a week with his longtime pianist, Lee Musiker — and does so without any of the haltingness that can characterize his speech.

More than five million Americans are living with Alzheimer’s, according to the Alzheimer’s Association, including one in 10 people age 65 or older. Symptoms may initially include repeating questions, getting lost in a familiar place or misplacing things, and may eventually progress to hallucinations, angry outbursts, and the inability to recognize family and friends or communicate at all. Alzheimer’s has no cure.

Susan Bennett is serving as her husband’s caregiver.

“I have my moments and it gets very difficult,” she told the magazine. “It’s no fun arguing with someone who doesn’t understand you.” But she added that they felt more fortunate than many other people living with Alzheimer’s.

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Bennett’s last public performance was in March at the Count Basie Center for the Arts in Red Bank, N.J. Before the coronavirus shut down live performances, he was touring often, singing a 90-minute set without cluing in audiences or critics that anything was amiss.

“He’s not the old Tony anymore,” Susan Bennett told the magazine. “But when he sings, he’s the old Tony.”

Filed Under: Denial, I'll Just Self-Insure, Information About LTC Tagged With: long-term care, LTC costs, LTC Insurance, LTCi

Same Old Story

February 2, 2021 by Honey Leveen Leave a Comment

Just a few months ago Al was enjoying his wife, family and traveling. An acute health event occurred – an aneurism, I think. Now Al will need a tremendous amount of long-term care, for a long time. His family was unprepared for this.

While the circumstances are not that unusual, this particular story hit me hard. Al is my age, only about 68; he was my high school classmate.

This couple had successful careers and saved for retirement. They were constructive, active, engaged, intelligent, business-literate people. But they didn’t prepare properly for long-term care (LTC). If their situation is like most I encounter, an ethical and wise professional, like me, probably knocked on their door many years ago asking to introduce them to how LTC insurance works. They decided they didn’t need LTC insurance and were comfortable enough to self-insure for LTC. After all, they probably wouldn’t need it.

They are now stoically in reactive mode, cobbling together Al’s plan of care, under duress. I bet they do have the money to self-insure for Al’s LTC but they’re reluctant to use it, especially because Al’s need for care could last decades.

Al may need round the clock care. If they had LTC in place, it would pay enough to at least offer respite, possibly changing the wife’s caregiver role enough so that she had opportunity to enjoy her husband’s company.

The following is his wife’s post, the names have been changed:

“Al was transferred to *** **** Lab on 1/18 and it took several more days to wait for Covid results. By the time I finally saw Al, 6 weeks had gone by since I called 911. The family had daily FaceTime conferences with Al while he was in the ICU, but nothing could have prepared me for how lethargic he appeared. Al did remember me, but correct orientation was so limited. I went into a panic mode when a few days later, I was informed that Al’s discharge date to our home would be on 2/11 and that he would require 24 hour supervision for safety, home health and a nurses aide. My mind worked overtime trying to get answers and accommodate our home while planning to keep Al safe. It was much easier to spend whole days at Al’s bedside. Our time together was just as sweet and tender as could be.
THEN, during the second week of rehab, Al started to wake up! He had more periods of lucid wakefulness. His eyes were open and he could hold his head up. Many of his positive, adorable attributes started to emerge, including wanting to wear the “executive director” hat when working with a young speech pathologist. He has such a strong intellect! Al is learning to motor plan for getting from in/out of a chair/bed and using a walker 300 ft with 2 rest breaks and physical assistance. His appetite is getting better and he can feed himself, brush his teeth and use an electric razor, with supervision to stay on task.
I’m being truthful to all of you so that there are no misunderstandings or hopeful inflations of what Al can and cannot do at this time. Al is making progress every day and it may take a year or more. Currently, Al has a limited understanding of his struggles and concrete orientation to time and place continues to be a challenge. He is trying to fill in the blanks of his memory files and it is our responsibility to ensure that he files the correct information. I discovered that this is why watching tv is not helpful!
Discharge planning is underway and all home equipment will be ordered. ***, ***, ***** and I did a complete Do it yourself makeover of Al’s ground floor home office. This room is accessible and a place where we will be living for however long it takes. We are lucky that we planned this addition with a ramp and French doors. In addition, there is an attached efficiency kitchen and full bathroom.
I help the nurses and therapists with Al’s care. I am lucky that patient care and rehab are the foundation of my OT career. This part does not intimidate me at all. While Al is at home, we will set up a daily schedule with music, current events for time and place, self help, seated cooking, games with grandkids, etc. Home will be a good place for continued recovery.
Before we left on our trip, we were in the process of joining ALL of our accounts and passwords. We ran out of time and did not complete this task, which was a big and costly mistake. Now that Al is not able to manage those accounts, I’m am locked out and and I had to obtain legal representation. My advice to friends and family, handle your affairs. Wrap it up in a bow for your trusted partner, family member or friend.
Thank you for all of the continued notes of love and concern. Al’s group of Brother/friends and wives/partners are a lifeline. I plan to lean on them once they get their covid shots. For all others offering help, that time will come when I may ask you.
Bye for now,”

Filed Under: I'll Just Self-Insure, Information About LTC, Uncategorized Tagged With: Excuses For Not Buying LTCi, home health care, Information About LTC

The Latest LTC Statistics – 2021 Update

January 18, 2021 by Honey Leveen Leave a Comment

Christine Benz updates her “Must-Know Statistics About Long-Term Care” report every year and the newest LTC information is now available.  She is a Personal Finance Director at Morningstar and these annual reports are packed with invaluable long term care statistics. We’re so grateful to her for this!

No stranger to the value of long term care, Benz openly shares about her obsession (her words!). Both of her parents required it later in their lives. Even though her parents had the funds to pay for their LTC, “… it was still a terribly hard process for them, my siblings, and me.”

Ms. Benz’s statistics cover a broad spectrum. If you click on the link to the report, you’ll find that each statistic is linked to the underlying research.

Some Interesting Long Term Care Statistics

How long will we actually use our long term care coverage?

  • Women will need more LTC than men.
  • 48% of us will likely need LTC for less than a year.
  • 21% of us will likely need LTC for 2-5 years.
  • 13% of will will need LTC for more than 5 years.

She shows us who and at what age people will need LTC, and how long they’ll need LTC coverage. Women will need more LTC than men. Although 48% of us will need LTC for less than a year, 21% of us will need LTC for 2 – 5 years and 13% of us will need LTC for more than five years.

The Dementia Factor

  • 38% of Americans over the age of 85 have Alzheimer’s disease.
  • 64% of those afflicted are women.
  • From 2000 – 2017, Alzheimer’s-related deaths rose by 145% (deaths from heart disease decreased by 9% over the same period).

The Costs of Long Term Care

  • LTC costs rose dramatically between 2000 and 2015. They’re now more than $208 billion/year.
  • 51% of LTC costs were paid by Medicaid
  • The estimated lifetime cost of caring for a dementia patient is $350,174.
  • The median annual cost of living in a nursing home is $102,200 (depending on geographic location and facility amenities offered).

Statistics on the Unpaid Caregiver

  • 34.2 million people provided unpaid care to someone 50 years or older during the past 12 months.
  • Over 75% of these unpaid caregivers are women.
  • The average age of these unpaid caregivers is 49.2, while 34% are 65 or older.
  • 70% of caregivers experience work-related challenges due to their caregiving responsibilities.
  • If they are able to maintain their paying jobs, they report spending an additional 34.7 hours each week providing unpaid care.

Maintaining Your Independence

In light of the ever-increasing costs of long term care along with the increasing age of the U.S. population, the ability to afford effective medical care is more important than ever. Instead of relying on family or friends, consider the possibility of hiring trained professionals for your care. You can move into a safe, comfortable environment or receive regular visits in your own home.

Click here to receive a free, no-obligation quote for your own LTCi coverage. It’s a great time to learn what options are available to you in the future with just a little planning today.

FILED UNDER: UNCATEGORIZEDTAGGED WITH: ALZHEIMERS DISEASE, CHRISTINE BENZ, FAMILIAL CAREGIVERS, LTC CLAIMS, LTC COSTS, LTC INSURANCE, LTC STATISTICS, MEDICAID, MORNINGSTAR, UNPAID CAREGIVERS

Filed Under: Helpful Information About LTC, I'll Just Self-Insure, Information About LTC Tagged With: Christine Benz, Morningstar

The Question Every Millenial/Gen X-er, etc. Should Be Asking Their Parents

December 24, 2020 by Honey Leveen Leave a Comment

 

The blog below was written by my good friend and long-time colleague, Phyllis Shelton. I’ve re-published it because I can’t possibly think of a way to say it better. Thank you, Phyllis!

Okay. You need a grownup question to ask your parents besides,

  • Can I borrow the car keys? Or Have you seen my car keys?
  • When am I going to get a car?
  • Can I get a raise on my allowance?
  • Can I have a toy, ice cream, ANYTHING?

You are WAY PAST those whiny ones. Your parents (or someone) generally raised you out of them. They took care of you, good, bad or indifferent childhood as you may have had. They sheltered you, fed you, sent you to school, and kept you from dying before today from all the crazy things you did as a kid.

Now it’s your turn. We don’t ever, ever, EVER want to think of our parents as getting old and needing our help.

I get it. But think you must.

With the pandemic and news shouting at you on every device that saving for retirement is going to be even harder now, is it even possible to consider that you might have to step up and help your parents

…at the peak of your career

…when you are sending your own kids to college?

…when you are trying to make (or repair) your marriage to be the best ever?

Fortunately, you don’t have to…if you ask The Question.

Mom/Dad, do you have long-term care insurance?

Then before they can react, add “I really appreciate everything you have done for me. I want to know you will be taken care of someday just as well as you have taken care of me.”

If the answer is “yes,” ask them to show you where the policy is in case you need to access it suddenly.

If the answer is “mind your own business,” you have to be firm with “This is my business. You are my parents and I owe you everything. I want to be there for you, but I will need the resources so I can quarterback your care. I’m concerned that I won’t be able to do it myself plus take care of [name your spouse, children].

Oh honey we would never expect you to do that.

Then give me two minutes to tell you what I have learned from TIME, Inc.

  • Most long-term care which is care lasting longer than 90 days is not in a nursing home.
  • Most people are never in a nursing home.
  • A spouse (partner) can’t do it all. Mom will want to, but we want her to have time with [name your kids]. She will need time to rest and when is the last time she picked you up?
  • Hiring caregivers in 20 years could easily cost $40/hr. That gets to be a couple of hundred thousand a year pretty fast.
  • Those country club assisted living facilities are projected to be a quarter of a million a year in 20 years…couples can stay together when they no longer want to keep up their house and they look nothing like nursing homes…
  • Health insurance and Medicare don’t pay for long-term care. After about three months, you are on your own…pay with your own money, pay with some type of long-term care insurance, or go on Medicaid, which means spending down most of your retirement savings.
  • Over half of people age 65 are expected to need some type of LTC in their lives…probably won’t be nursing home care, but home care can actually cost more than a nursing home, depending on how much you have. [Reference another family if you know one that has spent an inordinate amount of money today…like “you know Jamie had to hire round the clock caregivers for his dad for four years at over $200,000 a year and he just passed away a couple of years ago. I can’t imagine what they would pay 20 years from now.]
  • Today there are policies that have guaranteed premiums so you never have to worry about rate increases and can be paid off early so you don’t have to pay premium in retirement.
  • Policies like these return the money to a beneficiary if you never need care so it’s not the “use it or lose it” kind.
  • There are policies that pay a cash benefit so you can save money by hiring anyone you want to take care of you.
  • All those benefits are tax-free.
  • There are policies that you can buy with your IRA or 401(k) if that’s the best way and even those can be tax-free after a few years.
  • There are even policies that protect your assets from Medicaid if you ever had to go in that direction.  What worries me about this is with this pandemic, state budgets are really slashed and it might be tough to get much help from Medicaid when you need it.

I love you Mom and Dad and I’m bringing this up because I want to be sure you are taken care of as well as you took care of me [and name your siblings]. You have to check on this stuff when your health is good so that’s why I’m bringing it up now. If I gave you a couple of websites to look at, would you do that for me?

Filed Under: Elephant in the Room, Helpful Information About LTC, I'll Just Self-Insure Tagged With: asset based LTC, long-term care, LTC Insurance, LTCi facts

The Senior Housing Glut: Signs of Increasing Denial

February 3, 2020 by Honey Leveen Leave a Comment

Senior housing used to be a “sure bet” for investors. Their gamble was based on statistics that showed the Silver Tsunami of Baby Boomers turning 80 in the next 10 years. In anticipation of this aging population, investors rushed to back development of the housing units that would be required to meet the rising demands. And now they’re dealing with a lot of vacant properties causing a senior housing glut.

Mish Shedlock reports that this might be one of the biggest real estate miscalculations in recent memory.

What’s Behind the Senior Housing Glut?

There were double the number of new senior housing units built in 2018, compared to 2014. Senior housing units are expected to hit an all-time high in 2023. There’s now a large supply of this type of housing while occupancy rates are lower than expected.

My anecdotal observation is too many people fail to move into them as soon as they should.

Some experts think the vacant housing may be due to the improved ability we have to control the progression chronic illnesses.

There are seniors who just don’t want to live among a bunch of other old people. They may see it as a jinx. Others just feel depressed by the idea.

Technology is also a driving factor. Venture capital and other investment firms are expected to invest about $1 billion this year in “aging in place” technologies. That’s about double the spending from three years ago. As the Wall Street Journal reports, “Seniors would prefer to remain at home near families and friends than live among others their own age.”  Advances in technologies help support those wishes.

Or at least create the perception that their care at home is comparable to the care they’d receive in housing designed for the care of its senior residents. My experience is that too many people postpone moving into these facilities, to their detriment.

That River of Denial

When long-term care is needed, no technology can replace warm, loving, human touch and the ready support of community and friends. At a time in life when you’re less mobile, or cognitively impaired, my opinion is home is often not the healthiest, safest place to be.

I personally believe that the desire to age at home has less to do with longer lifespans, better treatments, ageism, or technology. It has to do with the topic I most frequently write about: Denial.

I find that some people don’t want to admit they are in need or are approaching the time when they require more help. For example, elderly spouses, frail themselves, often choose to be primary caregivers, insisting “nothing’s wrong”. Denial often detracts from the dignified, graceful outcome that might have been possible.

Are you ready to plan for your best possible future? If so, click here to receive a free, no-obligation quote for your own LTCi coverage. The life that is waiting for you might surprise you.

Filed Under: Age related brain loss, Age related cognitive impairment, Denial, Elder fraud exploitation scams, Elephant in the Room, Helpful Information About LTC Tagged With: artificial intelligence, assisted living, home care, long-term care, Nursing Homes, senior housing, senior medical devices

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

Email: honey@honeyleveen.com

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