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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.

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.

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.

Indecision Paralysis Can Be Very Expensive

August 20, 2019 by Honey Leveen Leave a Comment

I had a phone conversation with a 62-year old woman I’ll call Margaret who was interested in learning more about long term care insurance (LTCi). She still works full-time, and her “off hours” are completely dedicated to caring for her husband who suffers from Alzheimer’s disease. She wanted to learn about LTCi costs and how it works.

In our chat, Margaret quickly revealed some details about her own health: a long-time smoker and her frail stature. She described the daily demands of her time and energy, caring for her husband after putting in a full day at her job. I could feel the weight of her words as she shared her concerns with me.

For now, her husband is able to stay home unsupervised while she works. Margaret understands that this is only temporary, as her husband’s condition continues to decline. And she worries that if he should fall during the day, it could result in very dangerous, if not fatal, injury.

Margaret’s nights and weekends are consumed with caring for her husband. She has no social life outside of the home. And she is keenly aware that the day is coming when she can no longer leave her husband unsupervised.

Will she have to

Hire a professional caregiver?
Move her husband into a facility, separating them for the first time in their 40+ year marriage?
Leave her job?

Discussing LTCi Costs

When Margaret and I met, we discussed the current quality of her life. The weight of her responsibility was really taking its toll on her. And it served as her motivation to shield her son from taking on this same role if she ever became unable to care for herself.

Margaret understands better than most the important value of buying LTC insurance.

We talked about the fact that if her husband had an LTCi policy, they both would be benefiting socially, economically, medically, and emotionally. For example, there could be a caregiver in their home, giving her peace of mind while she worked and easing her responsibilities when she came home.

She desired these options for her son so he wouldn’t have to sacrifice so much of his life to take care of her in the later years. We also talked about the quality of life for Margaret, having access to a variety of lifestyle choices and restoring dignity to her days.

Even Knowing All the Facts

Margaret chose not to proceed with her LTCi application. Maybe “chose” is the wrong word. What really happened is that she was paralyzed with indecision. Even though she understood the importance of long term care insurance and saw she could manage the LTCi premiums, she was unable to make that next step. I wish I did not see this as often as I do.

Unfortunately, if Margaret needs long-term care (LTC), she and her son will end up paying a higher price in time, energy, quality of life, and stress.

You don’t have to be caught by surprise, like a deer in the headlights. Take that first, proactive step to protect you and your family. Click here to receive your free no-obligation quote for your own LTCi policy.

Good News: LTCi Keeps People out of Nursing Homes!

July 30, 2019 by Honey Leveen Leave a Comment

One of the greatest fears among seniors is having to move to a nursing home. In fact, a study reports that seniors fear nursing homes more than they fear death. They don’t want to lose their independence.

And the majority of family members polled have serious concerns about their loved one suffering from neglect or mistreatment in nursing homes.

When I began selling LTCi in the late-1980s, assisted living was a new industry and facilities were hard to find. Most long term care took place in nursing homes or at home. In those days, some LTCi policies did not include assisted living coverage because it was so unknown.

Well, I’ve got some good news to share!

LTCi Can Keep People Out of Nursing Homes

Things are very different today. The 2019 Millman Long Term Care Insurance Survey is out, reporting on the current landscape of the LTCi landscape. It contains lots of good news for LTCi policyholders.

In 2013, 60% of policyholders avoided nursing homes. In 2017, only 30% of LTCi claims were for nursing homes.

People being cared for in assisted living live longer than in any other setting. LTCi claims for assisted living are now the longest and most expensive claims paid.

I expect this significant drop in nursing home admissions to continue. At least for those who are protected by their long term care insurance. Today, every traditional LTCi policy on the market will cover assisted living. This was not true years ago. Assisted living is now mainstream, popular, rapidly growing, and profitable. Happily, there are so many more choices are available.

Claims Are Getting Paid and In Record Time

The good news continues!

In 2017, payments to LTCi policyholders came to $11 billion for claims. This is a 55.9% increase in claim payments in the previous year. And claims are being paid 8% faster which means families are getting relief in a more timely manner. Expect this trend to continue.

Remember, LTCi ownership is a “long” game. The average age of LTCi purchase is 57. However, people don’t usually need to file a claim until they’re in their late 70s or well into their 80s. People who buy LTCi are realists, willing to plan for a future that’s years away.

If you’re someone who enjoys reading detailed insurance analysis, you can find the full report by clicking the image, below. And if you’re someone who likes planning for an easier future, click here to receive your free, no-obligation for long term care insurance coverage.

2019 Milliman Long Term Care Insurance Survey

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