I'll Just Self-Insure Archives - Page 4 of 34 - Long Term Care Insurance Expert | Honey Leveen

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

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.

Actress, Director Penny Marshall Also A Victim of Brain Loss

June 24, 2019 by Honey Leveen 1 Comment

I’ve been writing a lot lately on the devastating (and often silent) effects of Brain Loss that often strike in our later years. The Journals of Gerontology published the results of a study on age-related brain changes and how these changes can leave the subject vulnerable to financial exploitation. According to their findings, “Approximately 1 in 20 adults can be expected to experience some form of financial exploitation past the age of 60, an incidence rate eclipsing many age-related diseases.” This financial exploitation is a result of impaired financial judgment. Which brings us to the final years of the life of Penny Marshall.

Penny Marshall Was Unprotected

Beloved actress and director, Penny Marshall, died in 2018, from complications from diabetes. It is also known that she had a bout with lung cancer which ultimately metastasized in her brain. Fortunately, both the lung and brain cancer went into remission after 2 years of treatment.

In a recent interview, Anjelica Huston shared about her friendship with Marshall, describing the peculiar way the director spent her nights. “Her rooms were freezing. Like air-conditioned, way up. She stayed up all night, followed QVC for beanbag dolls and stuff. She had this collection of sports memorabilia. She had a sort of museum in her basement full of signed baseballs and Lakers shirts. I just couldn’t relate. And also, frankly, she took a lot of coke.”

It became too much for Huston and she stopped visiting her friend.

Who Will Watch Out For You?

Penny Marshall’s final years contains some indications of erratic spending habits and other unusual behavior. There were no controls in place to protect her from herself or to ensure that she was receiving the best possible medical care to properly manage her diabetes.

I will continue to beat the drum, reminding you how important it is to have a clear plan in place that provides for your care and protects your interests. It may be difficult to acknowledge your future need for assistance, but denying the liklihood doesn’t improve your odds. In fact, it actually increases your risk.

The time to make these plans is NOW, while you are still thinking clearly. Penny Marshall failed to plan and, by default, planned to fail.

Click here to receive your free no-obligation quote for long term care insurance coverage. It only takes a minute and can make all the difference!

Preparing for Financial Scams

June 12, 2019 by Honey Leveen Leave a Comment

In 2018, the Federal Trade Commission received almost 3 million reports of financial scams, which is an increase from the previous year. A study by New York State estimates that for every instance of financial exploitation reported, as many as 44 scamming cases go undetected.

Another study has calculated that older people lose over $36 billion each year from financial exploitation.

A Couple of Surprises About Financial Scams

It’s common knowledge that the elderly are easy targets of financial scams. What you may not know is that younger people (aged 20 – 29) actually report losing money more often than older people (aged 70 – 79). And it’s a significant difference! Younger people make up about 43% of these reports vs. only 15% from older people.

The difference is that once they fall prey to these operations, the elderly suffer considerably higher losses, since they have accumulated more wealth than younger generations.

There is a lot of scientific evidence that shows how vulnerable we become to these scams as we age. Most people believe that this is a symptom of cognitive impairment. But this isn’t always the case. It may also be part of isolation, loneliness, and other symptoms of physical decline. No two cases are alike.

While thoughtful estate planning and having a living will are very important, they will not necessarily protect someone from becoming an unwilling victim of financial scams.

To avoid being scammed or falling victim to fraud, difficult conversations must occur.

Here’s a wonderful video about how to talk with loved ones about the possibility of financial fraud.

In an earlier blog, I discussed a series from NPR’s Marketplace called “Brains and Losses“. I’m sharing the link to the podcast again because the information was so useful.

It’s not easy preparing for difficult circumstances that might lie ahead for us or for those we love. That’s why I am so deeply committed to my role as a Long Term Care Insurance Specialist. Together, we can create a plan that will make future decisions easier for you. Click here to receive your free, no-obligation quote so we can get started.

“Brains and Losses” – Financial Scams on Seniors

May 28, 2019 by Honey Leveen Leave a Comment

NPR’s Marketplace has done a thoughtful, engaging investigative series on age-associated financial vulnerability, called “Brains and Losses”. You can click here to listen to the 5-part audio series (Don’t worry — each episode is only about 5 minutes long!). It’s an interesting look at new research involving why we are more prone to financial scams as we age.

Even back in 2015, a well-respected and often-cited study found that Americans lose over $36 billion each year to “elder financial abuse”. The study breaks down those losses in 3 major areas:

$17 billion from exploitation – Seniors are led to making poor decisions based on confusing language or high sales pressure.
$12.8 billion from fraud – Seniors fall prey to identity theft or cons to send strangers money.
$6.7 billion from abuse of trust – Seniors who rely on the guidance of close friends, family or other advisors are deceived by the relationship and bilked out of their money.

It seems obvious that as age-related cognitive abilities decline, seniors become an easier target. In fact, I’ve written about this before. One of the early signs of oncoming cognitive impairment is falling for financial scams.

I’ve Seen This Too Often

I’ve observed the warning signs with my own clients and prospective clients. They ask the same questions again and again. They don’t seem to be absorbing the answers I give to their questions. Sometimes they drop their long-term care insurance (LTCi) policies. In a panic, they – or their kids – later call me, wanting to reinstate the policy. This is not a change of heart, but recognizing that a poor decision was made. And it is heartbreaking to me.

As I began listening to the 5-part audio series, I anticipated I’d be hearing more of these kind of stories. Boy, was I wrong. The series examines and explains so much more!

It turns out that you don’t have to be cognitively impaired to fall victim to these scams. There are a host of other factors that also sets someone up for these traps. Financial vulnerability may also be associated with loneliness, isolation, and impaired physical health.

Have the Conversation

I’ve shared the importance of having the difficult conversations with parents about care in their later years. Talking about financial management is a big part of this.

Here are 4 suggested questions that can get the ball rolling:

As you get older, what are your spending priorities?
Do you know what a scam is? What would you do when a stranger calls you, asking for money?
Who do you trust to help you with your finances? How often do you want to talk to them?
If you start to start to get a little shaky around these decisions, what do you want us to do for you?

The bottom line: be proactive. Protect yourself, protect your family, by having explicit conversations, now!

A great way to protect the future financial and medical options for you or someone you love is through long-term care insurance (LTCi). To receive your own free, customized no-obligation quote, click here. Let’s start this conversation!

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Good News: LTCi Keeps People out of Nursing Homes!

LTCi Can Keep People Out of Nursing Homes

Claims Are Getting Paid and In Record Time

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