I'll Just Self-Insure Archives - Page 29 of 34 - Long Term Care Insurance Expert | Honey Leveen

Personal stories about long-term care

July 8, 2012 by Honey Leave a Comment

I enjoyed my good friend and colleague Margie Barrie’s column in June’s Senior Market Advisor Magazine.

Long-term care insurance allows you to have choices, access and options not just now, while you are independent, but through the final days of your life.

The following actual testimonials are from Margie’s column. They are written by LTCi claimants and families. Thanks to colleagues Mark Goldberg and Matt McCann for sharing these.

Written by a claimant’s husband:

“We bought our policy when we were 60. My wife had a stroke when she was 64. The stroke left her partially paralyzed, and we were devastated. She required care to just cope with the stuff you have to do every day to live. If it wasn’t for this insurance, she would have gone into a nursing home permanently. But because she had this protection, we could bring help into the house. We didn’t have to change the way we lived. Without the policy, I would have been the one who provided the care and my daughter would have had to quit her job to help me.

“Because we had this policy, it prevented us from having to change our life, and that made all the difference in the world. As far as I am concerned the value of having the policy is priceless. It’s probably the best investment we have ever made.”

Written by claimant’s daughter and son:

“We didn’t even know that mom and dad had long-term care insurance until they both got sick. This policy made helping them find the best care for their circumstances so much easier.

“We had no idea how flexible their policies were. The fact they had the choice of going into an assisted-living facility instead of a nursing home has given us both great relief. We might not have that option if we didn’t know we would have the dollars the policy provides them for the care.

“My brother and I have both applied for coverage for ourselves as we have experienced firsthand what the impact of having these policies can have. My parents never wanted to be a burden, and I don’t want to be a burden to my kids.

“I am a mother of two teenage children and if I had to be the one who had to coordinate and provide my parents’ care, it would make my life impossible. My brother is in a similar situation.”

Forbes article almost (but not quite) gets it right

June 29, 2012 by Honey Leave a Comment

See my response below to an article by Howard Gleckman on Forbes online, June 28, 2012. The article is titled, “10 Questions to Ask Before Buying LTC Insurance.

Thanks for decent article on long-term care insurance (LTCi), Mr. Gleckman, but one part of your advice makes no sense to me. Why do you always recommend that people with net worth of under $200K do not need to worry about purchasing LTCi? 1) Many of these people have ample income to afford LTCi and 2)you readily admit that Medicaid-paid LTC leaves a lot to be desired as far as choice and quality goes. You admit that Medicaid’s future funding is uncertain. Why wouldn’t people with less net worth want the dignity, options and choices LTCi ownership provides?

Why do you advise that people with net worths of more than $2 million can self-insure? $2 million is not that much money and doesn’t throw off that much income. Even for people with many millions, they already designate their income to support their normal lifestyle. A sudden “hickey” of thousands upon thousands of $$ needed for LTC really cramps their lifestyle and can possibly threaten the welfare of the healthy spouse if equity is eroded paying for LTCi. Also, in these situations there is more money to bicker over and familiy members often quarrel over the quality and quantity of LTC their loved one needs. These type of fights may be largely avoided with LTCi ownership.

I sell lots and lots of LTC insurance to people with net worths under $200K and over $2 million. You do the public a dis-service with this advice.

Long-term Care Insurance (LTCi) Can Help Reduce Fall Rates in Nursing Homes

June 28, 2012 by Honey Leave a Comment

A new study cited in the June 28, 2012 issue of Health Day http://consumer.healthday.com/Article.asp?AID=665947 reported that 21% of patients admitted to nursing homes in the U.S. suffered a fall within the first 30 days. The authors noted unfamiliarity with the facility and staff contributed to these accidents. On an optimistic note, the study found “…that higher levels of staffing with certified nursing assistants reduces the risk of patient falls.”

Most nursing home care in the US is paid for by Medicaid. Medicaid accepting facilities are notoriously understaffed. Since long-term care insurance provides additional financial resources, it often enables people to avoid Medicaid-paid nursing homes with poor staffing ratios. LTCi owners are much more likely than non-LTCi owners to be able to access long-term care at home and in facilities with better staffing.

Are You on the Hook for Mom’s Nursing Home Bill?

June 26, 2012 by Honey Leave a Comment

In an article that EVERY Boomer should read, “Are You on the Hook for Mom’s Nursing Home Bill?” (http://online.wsj.com/article/SB10001424052702303506404577446410116857508.html), in the June 22, 2012 Wall Street Journal, Kelly Greene notes that “29 states have ‘filial support’ laws that could be used to go after patients’ adult children for unpaid long-term-care bills.” And although these laws have not been enforced in many states, “…Pennsylvania nursing homes have started routinely using the law to prod families into paying their elders’ bills or completing Medicaid paperwork on their behalf.” And it’s a good bet that other states will begin to use their laws as Medicaid funding dries up and nursing homes become increasingly desperate to cover their costs.

So just when you thought Mom and Dad would receive their long-term care (LTC) in a local nursing home at the federal government’s expense, you may be asked to ante up – conceivably for hundreds of thousands of those dollars that you were planning to support your comfortable retirement!

The answer, of course, is early planning. “The best defense against such laws, elder-law experts say, is planning,” Greene continues. ‘If your parents aren’t multimillionaires, then you need to get some advice way early, maybe when they’re 65,’ says Carolyn Rosenblatt, aSan Franciscomediator, elder-law attorney and registered nurse. ‘By the time they’re in their 80s, most people need some help. How would you pay for that?’

The best way to eliminate this potential problem entirely is to begin a discussion of LTC insurance with your parents when they reach their 50s or early 60s at the latest. And while you’re at it, you can begin planning to purchase your OWN LTC insurance so you don’t your children don’t have to suffer through the same emotional and financial stress in your later years.

“Life Is What Happens to You While You’re Busy Making Other Plans” (John Lennon): Part II

June 14, 2012 by Honey Leave a Comment

In “Counting on an Inheritance? Count Again” the June 11, 2012 Wall Street Journal documents trends that are becoming all too familiar to Baby Boomers. First, their parents are living longer. “How much longer?” the article asks. “Thanks to medical gains, a 65-year-old man has a 60% chance of living to age 80 and a 40% chance of reaching 85. For women, the odds are 71% and 53%, respectively.” Therefore, Mom & Dad are much more likely to spend your inheritance simply to make ends meet as they age.

AND if you add in the cost of long-term care, which 75% of Americans over age 65 are likely to need, you might as well bid fond farewell to that lump sum you were planning on after both parents pass.

Second, just like the Boomers, their parents have seen their investments shrink substantially in the past few years – which will lead to an even smaller inheritance for the children. In fact, the Boomers may find themselves pitching in to help support Mom & Dad! According to a recent study from Northwestern Mutual Life Insurance Co. in Milwaukee, the WSJ article notes, “…when asked how prepared they feel to live to various ages, one in three surveyed adults age 60-plus said they didn’t feel prepared financially to live to age 85.” And, sadly, many Boomers avoid such discussions with their parents – until it is too late.

On the positive side, the Wall Street Journal notes that some financial advisors are recommending (FINALLY!!!) that Boomers help their parents pay for long-term care insurance (LTCi) premiums to defray potentially catastrophic costs as they age. The lack of these policies can lead to family squabbles about the quality of care that Mom & Dad need and their cost. Of course, any Boomers who have to struggle with this dilemma should certainly consider LTCi for themselves to capture insurability and low premiums while they are still healthy and spare their own children future headaches.

Request a Free, No-Obligation LTCi Quote

Personal stories about long-term care

Forbes article almost (but not quite) gets it right

Long-term Care Insurance (LTCi) Can Help Reduce Fall Rates in Nursing Homes

Are You on the Hook for Mom’s Nursing Home Bill?

“Life Is What Happens to You While You’re Busy Making Other Plans” (John Lennon): Part II

From My Blog

Podcast Illuminates LTC Need

LTCI is Magical at Time of Need!

Testimonials