I'll Just Self-Insure Archives - Page 6 of 34 - Long Term Care Insurance Expert | Honey Leveen

Retirees Don’t Want to Spend Their Retirement Savings On Care

May 10, 2018 by Honey Leveen 1 Comment

There’s yet another piece of research out telling us that retirees are unwilling to pay for long term care (LTC), even when they have more than enough in retirement savings. They are reluctant to “spend down” their accumulated wealth, “even when assets are plentiful or when there is guaranteed income available to ensure that retirees will not run out of money.”

Lori Lucas, president and CEO of the Employee Benefit Research Institute (EBRI), points to all the financial uncertainty of retirement. These pensioners may be “afraid of facing catastrophic health care costs if they need to stay in a long-term care facility for a prolonged period.”

Ironically, the monthly cost of a LTC insurance (LTCi) premium would go a long way to relieve that uncertainty.

You can read the detailed study here, “Asset Decumulation or Asset Preservation? What Guides Retirement Spending?”

They Won’t Dip In to Their Retirement Savings

I spoke with a home care agency owner who sees this all the time. He said that 75% of his clients who own long-term care insurance (LTCi) would not be getting much-needed care without their LTCi benefits. Even though they lived in million dollar homes with abundant financial resources, they’d rather not spend the money. Despite their ability to pay, they would rather do without the care were it not for their LTCi benefits. They just don’t want to “spend down” their retirement savings.

If you scroll through the comments on my Testimonials page, you’ll see many adult children confirming that their highly affluent parent would not have consented to needed care if they didn’t own LTC insurance.

Here’s another blog I did about highly affluent people who just don’t like to spend money.

LTC insurance helps people access high quality care, it’s that simple! Click here to receive your free customized quote.

Happy Alzheimer’s Awareness Month!

November 28, 2017 by Honey Leveen Leave a Comment

November is officially Alzheimer’s Awareness Month. This is the perfect time to better understand how so many families are affected by this disease. Especially since most families don’t see it coming until it’s too late to do any effective planning.

Less than 2 million people were diagnosed with Alzheimer’s Disease in 1983. Currently, about 5.5 million people have it. By 2050, that number could rise to 60 million. Click here for a breakdown of some simple facts put together by the Alzheimer’s Association. I bet you find a few surprises in there!

The average long term care insurance (LTCi) claim lasts about three years, although I’ve had many clients’ claims last much longer. In fact, I expect that as more people are diagnosed with Alzheimer’s Disease, LTCi claims will continue to lengthen.

In Honor of Alzheimer’s Awareness Month

It’s time to raise your Alzheimer’s awareness! To help you out, here are just a few of the articles that have made the news:

RAND Corporation Reports on the Readiness of the American Health Care System

Here’s a Washington Post article that shares some findings from a recent study from the RAND Corporation. Turns out, even the health care system is underprepared to treat the rising tide of dementia and Alzheimer’s patients. A major concern is developing early screening.

“Once people are in the grip of dementia, it’s too late. Any successful treatment probably will need to be given when the disease is nascent — before it has significantly eroded people’s memories and personalities.”

Bill Gates Joins the Search for Treatment

Did you hear?? Bill Gates recently invested $50 million in the Dementia Discovery Fund to support their efforts to find more treatment options.

“… my personal experience has exposed me to how hopeless it feels when you or a loved one gets the disease. We’ve seen scientific innovation turn once-guaranteed killers like HIV into chronic illnesses that can be held in check with medication. I believe we can do the same (or better) with Alzheimer’s.”

You can read more about Gates’ motivation and vision in this thoughtful piece he wrote.

Honey Leveen – Past Blogs on Alzheimer’s Disease

Most people are simply unprepared for the physical, financial, and emotional tolls Alzheimer’s can take on the patient, their family and their close friends. I’ve written extensively about this over the years to help raise Alzheimer’s awareness. This link will guide you to a number of past blogs I’ve shared.

Genworth Video Library

As we move to prepare for the likely onset of Alzheimer’s, we know that time is our enemy and knowledge is our greatest defense. Genworth has built a great collection of short videos. You can hear how people have used their long term care insurance plans when these life events happen.

Have You Had The Talk Yet?

There are also some helpful videos that guide us through these difficult conversations with our family. As families are gathering together during this holiday season, take the opportunity to have “The Talk”. Your parents or your children need to understand what’s ahead. Need a little encouragement?

If you are interested in planning for your long term care needs, the first step is getting a quote for good coverage. Click here to receive your personalized quote.

Affluent People Should Self-Insure for LTC, Right?

October 31, 2017 by Honey Leveen Leave a Comment

Many affluent people believe that they’re better off using their own money to self-insure long term care (LTC) needs. They view their savings and investments as their personal safety net, their rainy day fund. And yet, with all that financial preparation, they still can’t face the facts when their health declines and it becomes time to get extra care. Acknowledging the truth about your health is very emotional, no matter how much money you have.

When You Self-Insure Long Term Care

The easy part is recognizing that you will, at some time in the distant future, need long term care. Choosing to fund these needs from personal savings could end up working against you.

First of all, with no formal policy in place, how do you know when it’s the right time to start stepping up your level of care? Your long term care insurance has specific guidelines.
Secondly, an LTC insurance plan provides a blueprint for your loved ones to follow. Without this blueprint, nobody really knows how much care you intended to receive.
Even for the highly affluent, financial planners describe unplanned LTC costs as a dangerous “spending shock” that should be avoided.

Once you have a good LTC insurance plan in place, be sure to let your family know about it. Share your plans so they know what you want. Unnecessary sibling disagreements about money may be avoided.

Both affluent and non-affluent families suffer from postponing receiving the care that they need in their later years.

Here’s a great story by Christine Benz, who shares in her opening paragraphs how her parents could well afford to self-insure for long-term care (LTC), but her family denied the need!

Check out my testimonials page for examples of affluent and non-affluent families where LTCi ownership made a huge difference for the better.

I encourage you to avoid denial of your need for long term care! Use your LTCi as you originally intended: to prevent you from being a burden on those you love. Live out your life in comfort and grace!

Click here if you’d like a free quote on long term care insurance for you or someone you love.

How Could This Happen? A Story of Procrastination

September 18, 2017 by Honey Leveen Leave a Comment

“June 22, 2012 – Patient needs assistance at home, currently does not need medical care. Patient lives very remotely and may not be able to find certified caretakers,” read the physician’s comments on the “Evaluation of Cognitive Impairment” form. And just like that, the patient (my client) became eligible to start receiving long term care insurance payments. “Diagnosis: G30.1 Alzheimer’s”

With this diagnosis, many of us would immediately spring into research mode. We would take a deep dive into the science around this disease, build an understanding of the future symptoms and also determine what care would be needed as the disease advanced.

Many of us would, but not everyone. Because in order to begin the research, we must first accept the reality of our new circumstances.

Three Years Later…

His wife (also my client) called me two years ago, asking me to review his policy with her. We discussed his diagnosis. I recommended that she hire home care, as originally recommended by the doctor. I also suggested that she research other options that would probably be needed in the future, like assisted living.

His long term care insurance (LTCi) policy currently pays $208 per day for home care, assisted living, nursing home care, and more. This couple is eligible to receive over $6,000 per month! It would have begun payments on the first day he needed care, covering up to four years at home and unlimited time in an assisted living facility.

Last Month: Still Not Claiming Long Term Care Insurance Payments

His wife called again just a couple of weeks ago, asking for another policy review. I could tell she was stressed and distracted. Her mind was unfocused. She was too distraught to fully digest my answers to her questions. She also had questions that had nothing to do with the LTCi policy.

I could feel the fear, as she was finally facing the reality of her husband’s condition. I wish I could have sat with her, rubbed her shoulders, and given her a hot cup of tea. In retirement, this couple had moved to a very rural area in Colorado and they have limited access to traditional care.

By the way, even in very rural areas, there are fantastic alternative solutions available, including ways to locate qualified caregivers. Especially, like my client, if your LTCi provides the financial coverage for these needs.

The High Cost of Delayed Filing

Primary family caregivers typically suffer physical, mental, and financial problems twice as often as non-caregivers. Purchasing a LTCi policy will significantly ease these challenges. But that’s only the first step.

You also have to acknowledge the seriousness of the situation and ask for help. You’ve faithfully paid the premiums all these years. This help is yours to receive.

The husband’s long term care insurance payments could have already provided many tens or hundreds of thousands of dollars in claim payments by now. Their lives could have been far less stressful with more joy and dignity.

With LTCi, as with other things in life, planning ahead can greatly reduce suffering. This couple did the right thing, the wise thing, when they bought their LTCi. When they heard the Alzheimer’s diagnosis, they sunk into denial. Very, very powerful, unnecessesarily stressful denial, with expensive consequences, both financially and emotionally.

Your LTCi purchase is about preserving wealth. But more importantly, your LTCi purchase is about having dignity, options, and access to high quality care when needed.

We have control over whether to be honest about the truth or deny it.

Take the first step in planning for an easier life. Click here to receive a free quote for long term care insurance.

When to File Your LTCi Claim? Don’t Wait!

September 4, 2017 by Honey Leveen Leave a Comment

When my clients buy long term care insurance (LTCi), they are typically healthy. The idea of actually using the policy benefits feels waaay out in the future. So when their health begins to decline, there can be a lot of emotional denial. They don’t want to accept that their change in health status is not temporary and they postpone asking for help. They forfeit collecting many thousands of dollars from their LTCi. This is all unnecessary hardship. The solution? File your long term care insurance claim as soon as you qualify.

Time to Get Real

Your close circle of support (spouse, kids, friends & neighbors) will pitch in and help you. They may also be in denial. They’ll do their best to provide the care they think you need, but their good intentions can only go so far.

Family and friends are not prepared or trained for the level of support needed. Often, there is undue stress, confusion, dysfunction, depression and resentment. People are re-acting, not pro-acting to circumstances. This produces the opposite of the dignified, graceful decline you envisioned for yourself.

When You File Your Long Term Care Insurance Claim

LTCi policies pay out large – often lavish – sums of money, enabling you to freely choose and access the type of care you want, with little pause or concern about money. LTCi’s purpose is to ensure your dignity, options, and choices. This is why you purchased it! If dignity, options and choices are what you want, this cannot happen until you are honest and realistic about your condition and prognosis, from the date of diagnosis! This is when you need to need to research, explore, make concrete LTC plans, and make them known.

Affluent people should self-insure for LTC, right?

You might think affluent people with more than enough money to “self-insure” for future long term care would recognize when it was time to pay for extra care. Nope! The decision to request help often isn’t about financial ability to pay. Facing the true condition of declining health is primarily an emotional matter.

For affluent people, having long term care insurance (and letting your family know you have it), provides a blueprint for your loved ones to follow. Your family is more likely to know what you want even if you may not be able to tell them at the time. The costs of your health care are taken care of which can help avoid unnecessary disagreements among your children. But not until you file your long term care insurance claim.

Both affluent and non-affluent families suffer from denial of long term care need. Yet the cost of this care can be so great that, even for the highly affluent, financial planners describe unplanned LTC costs as a dangerous “spending shock” that should be avoided.

Peruse my testimonials page for examples of families from both ends of the income spectrum where LTCi ownership made a huge difference for the best.

Here’s a great story by Christine Benz, who shares in her opening paragraphs how her parents could afford to self-insure for long-term care (LTC), but her family denied the need!

I encourage you to avoid denial of your need for long-term care! Use your LTCi as you originally intended: to prevent you from being a burden on those you love, and live out your life in comfort and grace! And it all begins when you file your long term care insurance claim.