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Happy Long-Term Care Awareness Month!

November 2, 2016 by Honey Leave a Comment

November is National Long-Term Care Awareness Month (LTCAM). The US Congress created LTCAM so that people would learn more about how hight long term care insurance costs can be.

LTCAM is well recognized by a number of Governors, including Rick Perry and George W. Bush. Houston’s own Mayors Bill White and Annise Parker have issued LTCAM proclamations.

Local, state and national governments recognize how unprepared citizens are. 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.

Does Medicare pay for long-term care? No! Not type of care most Americans need. When long term care lasts for more than a short time, costs can be catastrophic. How much does long term care cost? Visit the Cost of Care Calculator at www.Genworth.com to find out.

The purpose of LTCAM is to raise awareness of the need to plan responsibly for LTC, right now! This is the very best way to ensure dignity, options, access and choices if LTC is necessary.

Unfortunately, the odds of needing LTC are high. You protect against other risks, like a car accident or house fire. The need for LTC is more likely than a house fire or car accident. LTC often costs more than a car or a house. If you’re not prepared, a lengthy LTC need puts your savings and retirement, and family at risk.

Just as it is smart to plan ahead for retirement, it’s smart to plan now for long-term care.

Please check the Resources page of my site for comprehensive, reputable information on LTC.

If you haven’t yet planned for your LTC, I urge you to do so.

One More Example of Media getting LTCi Very, Very Wrong

September 3, 2016 by Honey 4 Comments

Here’s an example of pundits getting long-term care insurance (LTCi) very, very wrong. Wrong to the point that it is harmful to the public because it dissuades people from considering LTCi by using false information.

The author turned to “one sharp advisor” who is unfortunately not well educated in LTCi and as a result, advised self-insuring. This is bad advice. Too many advisors fail to understand that the primary benefit of LTCi is rapid, worry- and stress-free access to long-term care without hesitation and without fear of threatening the health, financial, or emotional status of their loved ones. “One sharp advisor” and the author do not mention these benefits. All they are concerned about is wealth preservation, which is a secondary consideration.

The author, Richard Eisenberg, also picked an LTCi agent named Irv, to make LTCi recommendations. Here’s what Irv did wrong. He said, “…my wife and I would need to spend an hour with him on the phone so he could ask us some questions.” Health questions should never take more than a few minutes…period. They should never be the conversational focus point. Irv went on to say that “…if I chose to wait five more years to buy the policy he recommended from Mutual of Omaha, I’d be rejected. That company won’t sell long-term care coverage to someone who has had diabetes for 20 years.” This is a false, manipulative, scare tactic. Irv is an embarrassment to my profession.

Mr. Eisenberg wrote eloquently about why it is very important for him to own LTCi. I feel sorry for Mr. Eisenberg because of the poor advice that he received from both parties. He is a very smart guy, evidently very in touch with his feelings and the realities of what long-term care entails. I fear that doubt about his decision to abort his search for reasonably priced long-term care insurance will grow through the years and will haunt him during retirement.

The last way to find a good LTCi agent is through direct mail, as Mr. Eisenberg did. Try your friends, colleagues, and the internet first. Visit agent websites before you call. This is how ALL my clients find me.

Wade Pfau, a noted financial advisor with more credentials than “one sharp advisor”, gets LTCi right. Smart financial advisors do.

What a pity. Many people are harmed by published falsehoods about LTCi.

You are Not as Financially Smart as You Think You Are

August 9, 2016 by Honey Leave a Comment

The name of the New York Times article is “What You Think You Know About Money, but Don’t, Can Hurt You”. I prefer to be more blunt: You are not as financially smart as you think you are.

The Finra Investment Foundation does a long-term, ongoing study on the public’s financial literacy. The 2016 study has just been released.

People are far more financially vulnerable than they believe they are. Fewer people got the answers the same five questions correct this year; this is a continued trend. Conversely, 76% of subjects gave themselves a “very high” rating on financial knowledge. This percentage continues to increase.

I have no idea whether these trends correlate to increasing income inequality, decreasing educational levels or overall hard times.

This behavior correlates well with the denial I’ve faced for over 25 years. When I ask people with good jobs and lots to lose, who know me, who like me, who recognize my competence, ethics and sincerity, whether they’ll have a conversation with me about long-term care planning odds and options, my invitation is usually declined.

The Finra study proves to me that we are going to have millions upon millions of people who need long-term care and are woefully unprepared for it. Because of this, many people will suffer unnecessary loss of dignity, family discord and sacrifice, and financial ruin.

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.

Does Your Long-Term Care Plan Account for Your Own Normal, Natural Cognitive Decline?

May 19, 2016 by Honey Leave a Comment

Wade Pfau, PhD, CFA, whom I’ve previously praised effusively, writes about research confirming that we all will, very gradually, lose our cognitive speed, financial literacy and verve. I believe our natural good judgment will fade along with these things because I see my clients demonstrate this so very often.

Here’s a paper Dr. Pfau cites that illustrates this normal, natural cognitive decline.

Here’s another paper Dr. Pfau cites proving normal decline in financial literacy at advanced ages.

At a healthy age 63, I notice these changes in myself to a very minor extent. I am pretty sure it’s age related and not dangerous yet. It is just annoying.

I had breakfast with a long-time financial planner this week. He believes affluent people should self-insure for long-term care. I believe that he, like so many, is divorced from and not willing to imagine the psychological reality of what often happens at advanced ages.

I gave him many reasons why affluent people need long-term care insurance (LTCi). They buy it in disproportionately high numbers. I have blogged about this extensively.

Dr. Pfau’s article gives compelling scientific proof of why the elderly are often the victims of their own bad business decisions.

I see in-person proof of these same things. Even if they have no diagnosis of cognitive impairment, I see elderly clients making very bad personal and business decisions, time and time again. I am very disturbed by this.

Children of affluent clients with multi-million dollar wealth tell me their parents would not avail themselves of home or assisted living care without their LTCi.

From what I’ve seen with my clients during the past 25-plus years, the most important reason to own LTCi may be the lack of good judgment plus the common familial dysfunction that too often accompanies aging and decline.

Long-term care insurance provides a plan that plugs in and works. When need arises, no thoughts about which assets to liquidate to pay for LTC are necessary. Irrational thoughts of outliving savings are quashed. Thoughts of imposing on family members are minimized. LTCi can drastically reduce stress and increase quality outcomes.

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Happy Long-Term Care Awareness Month!

One More Example of Media getting LTCi Very, Very Wrong

You are Not as Financially Smart as You Think You Are

One in Five Nursing Home Residents Report Abuse

Does Your Long-Term Care Plan Account for Your Own Normal, Natural Cognitive Decline?

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