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All the Single Ladies, All the Single Ladies… LTCi and Single Women

September 30, 2019 by Honey Leveen Leave a Comment

The need for long term care doesn’t think about your gender, your financial success or even your age. A life-changing medical crisis can barrel into your life when you least expect it, like an unexpected car accident. Or, it can sneak up on you, introducing subtle symptoms over time, barely noticeable. We see this, for example, with Alzheimer’s disease in people even in their 40s. What we do know is that single women are more in need for long term care insurance (LTCi) than others.

The Special Case for LTCi and Single Women

The two major factors driving the need of LTCi by women are longevity and caregiving.

It probably won’t surprise you to read that women live longer than men. More than two-thirds of Americans over the age of 85 are women. And 80% of centenarians are women. It’s no wonder most residents in nursing homes are women.

At the age of 75, almost 70% of women are single (widowed, divorced or never married). This means they typically live alone, without help with their daily tasks. And because of their historically lower earnings, single women at this age have significantly lower income from Social Security and other retirement plans.

Women are also more likely to be providing care for family members. 75% of people providing home care are women and typically a daughter caring for her mother. On average, she will devote 20 hours each week taking care of her mother. However, 1 in 6 caregivers will provide 40+ hours each week.

Older Women and Poverty

A report compiled by Justice in Aging last year found that out of the 7.1 million older adults that live in poverty, nearly two-thirds of them are women.

The report points to a number of issues that impact the incidence of poverty among women (You can click here to read the full report).

Wage Gap and Low Paying Jobs — 70% of workers earning $10/hour or less are women.
Caregiving — Caring for children and/or parents takes time away from paid employment.
Higher Health Care Costs — A 65-year old woman will spend $47,000 more in health care than a 65-year old man.
Domestic Violence — Affects physical and mental health, so it keeps women in poverty.
Wealth Gap — The Wage Gap reduces many women’s ability to accumulate wealth over their lifetimes.

If you are a woman, you are more likely to need medical care in your later years. Even if that care doesn’t begin until your 70s or 80s. If you have spent years taking care of parents and/or children, this is the time to start thinking about taking care of yourself.

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

Pro-Act, Don’t Re-Act

September 17, 2019 by Honey Leveen Leave a Comment

At long last, we have a string of incredibly positive articles featuring LTCi news! Writers are really doing their homework and digging into the research. They are reporting on the many benefits of long term care insurance (LTCi).

1. When to Move to Assisted Living

It can feel tricky when to make that decision. At what point do we need to leave traditional independent living and move into an assisted living community? This article in U.S. News & World Report (Aug. 9, 2019) gives some simple indicators to look for:

Has there been a decline in medical conditions? Is there overall weakening in personal strength or more falls happening?
Are personal finances becoming more difficult to manage? Are there more money-related problems?
Is the home no longer kept clean? Is personal hygiene falling off? Are there healthy meals prepared daily?
Are there signs of depression or social isolation?

As we age, it is more common to experience multiple medical conditions at the same time. Degrading vision along with a neurological disease like Parkinson’s creates a formidable challenge in maintaining independent living.

And, as I’ve often discussed, the brain deterioration of dementia or Alzheimer’s disease can result in forgetfulness (taking prescriptions properly), poor decision-making and poor motor skills (prone to dangerous falls).

Have That Conversation EARLY

When that time comes, will we be able to recognize the signs? And with all those signs staring us in the face, will we be willing to accept the decision ahead of us? Roxanne Sorensen, an Aging Life Care specialist, reports that, “Families are making some of the most important decisions of their life while they’re emotional. They don’t have time to think about it. They’re in a crisis situation, and now they’re faced with the decision of where mom or dad is going to be institutionalized for the rest of their life.”

Once again, we’re reminded that the time to make these plans is before the decisions have to be made. When we’re less emotional and more level-headed. Plus, having this conversation early provides extra time to research local community options and make the best possible choice. What a luxury to have the time to join a waiting list for the more popular places instead of taking “whatever we can find”.

2. Assisted Living Improves Quality of Life

The very same week, the same publication printed a separate article on LTCi news. They list some of the great benefits of moving to assisted living. Here’s a sample of offerings from some communities:

DAILY TASKS: This includes support for regular grooming, bathing and preparing healthy meals that support specific dietary needs (diabetes, blood pressure, etc.).
SOCIAL ENGAGEMENT: One of the easiest remedies for social isolation and depression is the feeling of belonging that comes from living in a supportive and active community.
RECREATION: Exercise, movies, walking clubs and reading groups can rapidly fill the calendar of residents.
MEDICATION MANAGEMENT: Assuring prescriptions are taken at the right time, in the correct dosage. Also coordinating timely delivery from local pharmacies.
EDUCATION/CULTURAL PROGRAMS: Guest lecturers, educational curriculum and culturally-themed events adds tremendous richness.
SAFE ENVIRONMENT: Having staff on hand to assist in difficult tasks, living heavy objects or just taking a walk around the grounds.
MEMORY SUPPORT: Daily interaction with therapeutic recreation, under the supervision of trained professionals, from memory classes to art classes.

Of course, these benefits will vary from facility to facility, so be sure to do your research EARLY to find the best match for your needs.

3. Boomers As Caregivers

In more LTCi news, the Baby Boomer generation is facing the hard decisions as they try to manage the long term care needs of their parents. In fact, 9 out of 10 boomers who expect to be caregivers recognize that they’ll be making significant sacrifices in their own lives for the sake of their parents’ care.

These sacrifices range from cuts in personal spending and travel to reducing work hours or completely leaving their careers.

The good news is that the boomer generation is more willing to have the important conversations with their children when it comes to planning for their own care in later life. They recognize how likely it is that they will need long term care. And they are making the necessary plans to prepare themselves and their family for that future.

The article cites a study that concludes, “With one-third of caregivers tapping into their nest eggs to pay for health care expenses, it’s vital that payment planning for future caregiving is considered and prioritized in equal measure.”

Striking Gold With LTCi News

Reading these 3 recent articles completely align with the themes that drive my passion for my work in long term care insurance. I believe it’s better to stay ahead of problems. The time to act is when “the writing is on the wall”, not when the wall is crumbling down around you.

I know how important it is to have these difficult conversations with our loved ones (and ourselves!). It is my mission to support people in creating the best possible environment in their later years. One of quality living, dignity and independence.

To begin, click here to receive your free no-obligation quote for your own LTCi policy.

Eating For Life – An LTCi Benefit

September 3, 2019 by Honey Leveen Leave a Comment

Many people believe that, as they age, they will naturally fall victim to a variety of diseases. I want you to understand that there is nothing “natural” to this cycle. There’s a lot to the aging process that we have control over. Sure, it all catches up with us in the end. But isn’t it interesting to imagine living out more of your years with independence, vigor and joy?

A recent Op-Ed in the NY Times (Aug. 26, 2019) was written by two noted authorities on the subject. Dariush Mozaffarian is dean of the Tufts Friedman School of Nutrition Science and Policy. His co-author, Dan Glickman, is a former secretary of agriculture (1995 – 2001). Their piece does not mince words. As stated in the title, “Our Food is Killing Too Many of Us“.

They make a well-researched argument for the value of healthy eating for life, especially in today’s climate of rising health care costs and reduced funding for government-sponsored programs. Almost half of the adults in the US are pre-diabetic or diabetic. 3 out of 4 adults are overweight or obese and cardiovascular disease kills 2,300 people every day. Every single day.

As they report, “More Americans are sick, in other words, than are healthy.”

Eating For Life – A Hidden LTCi Benefit

Our newsfeeds are full of information about how our diet affects our health. Our diet also directly affects our wealth. By making the decision to eat just a little healthier, we can significantly reduce the burden of medical expenses and also increase the quality of our lives.

Here’s something you may not have thought about. The longer you can sustain a healthy lifestyle, the longer you can postpone filing a claim from your long term care insurance (LTCi). That means that the policy continues to build value over a longer period of time.

A study printed in JAMA (the Journal of the American Medical Association) found that over 45% of cardiometabolic (heart, stroke or Type 2 diabetes) deaths were due to poor diet. They specifically cited “excess sodium intake, insufficient intake of nuts/seeds, high intake of processed meats, and low intake of seafood omega-3 fats.”

Today’s Decisions, Tomorrow’s Benefits

This is totally preventable! I encourage you to review your typical eating styles and see if there are small changes you can make today. The benefits will last a lifetime. A lifetime that can be filled with more joy and greater vigor.

Now is also a great time to learn how long term care insurance can provide for you in your later years. Click here to receive a free, no-obligation quote for your own LTCi policy.

There’s No Planning Without Communication

July 22, 2019 by Honey Leveen Leave a Comment

Communication is one of the most important factors in any significant relationship, right? And yet it is usually absent or at least faulty when it comes to sharing important information about health and finances. Sometimes the parents hide information from their children or the kids keep details from their parents. Or spouses feel the need to protect one another from the truth of their declining health.

In a recent issue of the newsletter published by the Society of Actuaries, I read an article written by my friend and colleague, Eileen Tell. Tell is an academic and a researcher. Her article is based on findings from research she conducted for the Office of the Assistant Secretary of Planning and Evaluation (ASPE), part of the U.S. Department of Health and Human Services.

In the article, Tell summarizes observations from consumer focus groups conducted as part of that study, intended to better understand a family’s search process for long term care services. The findings of the study support the same experiences I observe among my own clients.

“A common theme heard in all the groups was the lack of awareness of the decline in either physical or cognitive health of their loved one until this acute episode occurred.” By shielding family members from important facts, most are caught by surprise when there is a sudden decline in their health.

In many cases, it takes a major event to trigger family involvement. A fall, sudden illness, a stroke, or the unexpected need for a new primary caregiver. Family members find themselves unprepared to manage the important decisions that require immediate answers.

Communication Has To Happen

George Bernard Shaw wrote, “The single biggest problem in communication is the illusion that it has taken place.” You may wish that it happened. You may even think you were clear. But until all parties have the details and understand the situation, there’s no way you can properly prepare.

The study groups reveal the same patterns I see with my clients:

A lack of awareness of the decline in their loved one, until an acute episode occurred.
Aging parents typically shield their adult children from the realities of their limitations.
Where mom or dad ultimately winds up receiving care is very much a function of finances.

Sometimes, family members begin to address the sensitive subject of long term care, only to be met with silence, half-answers or a complete change of subject. Especially when it came to talking about paying for that care.

This type of denial is so widespread, that I’ve written many dozens of blogs about it.

I will never understand why people elect to re-act, rather than pro-act. I’ve seen many people who could have afforded long term care insurance (LTCi), but they refused to consider it. As if the very conversation was more taboo than their actual future without plans. LTCi can help cover a lot of future costs. Some often include care coordinators, too.

For my clients, LTCi is often transformative, a game-changer. This makes my career career hugely satisfying.

It’s rare to find families who are composed, level-headed and functional when long term care is needed. One thing should be obvious, though. When someone buys LTCi, they are stacking the deck in their favor that their future will unfold in a more dignified, graceful, considerate and affordable lifestyle.

Click here to receive your free, no-obligation quote for your customized long term care policy.

One in Five Nursing Home Residents Report Abuse

June 20, 2016 by Honey Leave a Comment

A new study reports one in five – or about 20% of nursing home residents – have experienced at least one resident-to-resident abusive event.

This is a conundrum brought about by abysmally low pay to nursing home caregivers, and by Medicaid reimbursement rates so low it is difficult for nursing homes to stay in the black. The majority of nursing home residents are covered by Medicaid.

Here’s a blog I wrote showing nursing home workers are quitting to work at McDonald’s, where they get paid more and don’t have to mess with bedpans or possible back injuries.

The article mentions the double homicide at a nursing home not far from here. Here is a series of blogs I did about this event.

If you want to greatly increase the odds you will not wind up in a nursing home, you need to own long-term care insurance (LTCi). Most LTCi policyholders are able to remain at home or move to an assisted living facility, instead of a nursing home. The evidence is in a recent AHIP study sited here; ask and I will email the complete study to you.

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Eating For Life – An LTCi Benefit

Eating For Life – A Hidden LTCi Benefit

Today’s Decisions, Tomorrow’s Benefits

One in Five Nursing Home Residents Report Abuse

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