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It’s National Long Term Care Awareness Month!

December 12, 2018 by Honey Leveen Leave a Comment

November is officially National Long Term Care Awareness Month (LTCAM). The US Congress created LTCAM in 2001, making this the 17th anniversary! Congress recognized the need to promote LTCAM as a month-long campaign aimed at educating Americans on the importance of owning Long Term Care insurance (LTCi).

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.

How is Your Long Term Care Awareness?

Last year, Genworth Financial conducted a survey to see how informed Americans were on the costs, options and even the need for long term care. They found that only 1 in 5 respondents had taken any action in planning for their future medical needs.

They also found a lot of misunderstanding about who pays for for LTC costs, understanding the difference between Medicare and Medicaid, and a general lack of knowledge about what kind of costs are covered.

2 out of 3 respondents expect government programs to cover the costs of their LTC needs; however, 45% admitted that they didn’t know the difference between Medicare and Medicaid programs.
GenX is most concerned about paying for their medical expenses as they age. And yet, they are least likely to have a financial plan in place.
Millennials are most likely to have made proactive plans for their future. The research suggests that they have the lowest expectations of the government being able to pay, so they have taken action to protect themselves.

Here is a first-hand testimonial of someone who didn’t think she needed Long Term Care insurance, kept an open mind and bought the policy.

Knowledge is Power

The purpose of Long Term Care Awareness Month is to raise your 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.

Take that first step. Click here to receive your free, no-obligation quote for your own Long Term Care insurance coverage.

Falling Down is no Joke for the Elderly

December 8, 2018 by Honey Leveen Leave a Comment

The World Health Organization (WHO) announced that falls are the second highest cause of injury in seniors. Falls trail just behind traffic-related injuries. In fact, over 37 million of these falls are serious enough to require medical attention, globally.

Here in the U.S., the Center for Disease Control (CDC) reports that one in four seniors, aged 65+, fall each year. Those falls mean more than 2.8 million visits to the emergency room. Tragically, there are over 27,000 deaths each year from falls.

Preventing Falls

The WHO lists multiple fall prevention strategies to help reduce risk, including:

Muscle strengthening and balance retraining
Introduction and use of physical devices to assist those with physical and/or sensory impairments
Thorough assessment of the living environment for potential falling hazards

The rest of the list, along with a discussion of other risk factors can be found here on the WHO website.

The Cost of Falls – not just in dollars

The CDC explains that the total cost of the injuries from falls was about $50 billion in 2015. By 2020, these costs are expected to be over $67 billion.

There has been a lot of work raising awareness around preventing these falls. Unfortunately, many seniors react in fear, so they change their regular activities. They choose to stay home and “play it safe”. However, reducing their social interaction and physical routines creates their own problems. They often experience an increase in alienation and depression.

You don’t have to hide in fear of falls! A thoughtful long term care insurance (LTCi) policy can help you easily prepare to navigate this road. Perhaps you want to hire trained home healthcare professionals. Maybe you’re looking for a facility that is properly equipped with safety features to reduce your risk. These options become available to you, especially when you plan in advance for your future needs.

The first “step” is beginning your research. Click here to receive your free, no-obligation quote for your own LTCi policy.

State of the LTC insurance industry – August 2018

September 14, 2018 by Honey Leveen Leave a Comment

2018 Update: I’m happy to report that the LTC Insurance industry is alive and quite healthy! The reason is, quite simply, our nation’s need for long term care insurance coverage continues to escalate. Unfortunately, our senior population continues to be increasingly unprepared.

In August, I attended the annual conference of the Long Term Care Producers Group (LTCPG). This is one of the highlights of my year, as I get to reconnect with “my tribe” and also hear insights from some extremely knowledgeable professionals in the LTCi industry. These updates help me stay informed on changes and projected trends so that I can best serve you, my clients. These sessions also provide us important information on products:

What’s most popular among current policyholders
What’s most needed to best serve the future needs of our aging population
How the public’s perception of LTCi has shifted over the last year

The LTC Insurance Industry

I began my career in the LTCi industry about 30 years ago. At that time the only “arrow in our quiver” was traditional LTCi. Although we had many more traditional LTCi carriers to choose from back then, the remaining options have withstood the tests of time. They have survived the uncertainty of the financial markets, since long term projections are very dependent on fluctuations in interest rates.

There’s also the ongoing challenge of resistance. Much of the media resists taking the time to gain a complete understanding of how LTCi products work. When the public reads this misinformation, they feel justified in their decision to postpone or even ignore this important financial crossroad that almost certainly lies in their future. Let’s face it, talking about the possibility of future medical care and planning for those needs can be unpleasant. Especially when trying to look down the road, so many years into the future.

New Needs Bring New Solutions

The good news is that we now have a much broader portfolio of new LTC solutions to offer clients who are prepared to plan for their future. Not only do these products better serve the needs of policyholders, but they have resulted in more robust sales, enhancing the long term financial health of the insurance carriers.

Asset-Based Plans

The most popular new products are called asset-based LTC plans. You’ll also hear them referred to as “hybrid”, or “combo” LTC plans. They are very popular, as seen by the brisk sales of these plans. These policies are part-LTCi and part life insurance. They provide robust long-term care protection.

Here’s one of many posts I’ve shared in the past on hybrid, asset-based policies. In the post, I share a link to an article in Forbes, providing a deeper dive into these plans. Depending on the client’s needs and resources, this can be an excellent solution. Having this alternative available widens the options for long term planning.

Short-Term Care (STC)

We also have STC (Short-Term Care) policies which did not exist just a few years ago. These are very reasonable plans, generally for people who do not qualify for traditional LTC or asset-based LTC policies.

New Annuities

There are unique, new Annuities available, with unusual qualification standards. Typically, a potential policyholder in good health is the ideal purchaser of LTC coverage. Qualifying for these annuities is based on one’s poor health, not one’s good health. They are for who already need the long term care. The policies can ensure that families will never run out of money while providing the necessary medical care for loved ones.

Life Settlements

Life Settlements also provide a great alternative to families seeking access to cash flow. Many seniors already owns a life insurance policy they no longer need. Should their medical needs unexpectedly escalate, they may suddenly have an increased need for LTC. Thanks to the Life Settlements, people can get immediate cash from their life insurance policy, resulting in adequate funds to pay for their long term care needs.

Click here to receive your free, no-obligation quote for your customized LTC insurance coverage.

Affluent Retirees Won’t Spend Their Money!

August 22, 2018 by Honey Leveen Leave a Comment

Affluent people often tell me they don’t need long-term care insurance (LTCi). They’ll self-insure, instead. This is contrary to my experience.

Traditional retirement planning typically calls for a gradual drawing down of savings to produce retirement income. Contrary to this long-held belief, a recent study published by Employee Benefit Research Institute (ERBI) proves otherwise. In fact, affluent retirees do not want to spend their money!

As illogical as it sounds, this is a point I have been writing about for years. Retirees find great comfort in the size of their nest egg and there is too much uncertainty in their future.

ERBI’s new study shows affluent retirees (with over $500,000 in non-housing savings) had only spent down 11.8 percent of their savings within the first twenty years of retirement. This is far less than projected. In fact about one-third of sampled retirees increased their assets over that period.

Relaxing About the Future

My strong opinion, based on nearly 30 years of client observation, is this: LTC insurance ownership releases people from an ever-present gray storm cloud of a possible LTC need looming on the horizon. The gray cloud grows ever larger with each passing year. Let’s call it the LTC Storm Cloud. It’s caused by fear of an unexpected, unplanned for, possibly catastrophically expensive “Spending Shock“, caused by a chronic long term care need.

An AHIP study released in 2014 (email me at honey@honeyleveen.com for the actual study) confirms LTC insurance owners get 35% more hours of care, as well as many additional advantages, such as increased independence and dignity, decreased financial stress, higher quality family relationships, and the list goes on.

The reason LTC insurance owners obtain more care is because they’re not paying for it out of their income or savings.

I see people denying their true need for care all the time. Often, it’s because they have the money for it, but just don’t want to spend it. They’re afraid of losing their wealth. Don’t let this happen to you!

When you’re ready to get some peace of mind about your future needs, click here to receive a no-obligation quote for your personal LTCi policy.

It’s How You Say It

July 9, 2018 by Honey Leveen Leave a Comment

“It’s not what you say but how you say it.” This quote (or some version of it) is one of the many gems of Mae West. We love it because it’s true! We may have the most important, critical information to share. But if you can’t communicate, what’s the use? It’s like yelling down a well.

Margie Barrie, a long-time friend and colleague, writes on a variety of topics concerning long term care insurance (LTCi). Her latest article in ThinkAdvisor (June 2018) highlights the importance of the language we use when addressing topics that are hard to hear.

She has a gift for finding the right words to get our attention.

This is How You Say It

Margie lists some pointed questions and terms that truly draw peoples’ attention to the urgent need for long term care planning.

Here are some of my favorites, excerpted from her article:

What’s your plan for when you get a little older and a little sicker and you need help to put on your shoes and pants and get breakfast? (The imagery makes it very real.)
One day you are not going to be as healthy and good looking as you are today. (Suggested by Gene Cutler).
70-70-70: 70 million people are turning 70, and 70% will need long-term care.
What have you allocated in your retirement portfolio for long term care? (Until you have planned for long term care expenses, you have allocated everything for long term care expenses.)
If one of you has an extended health care need, which of your assets would you liquidate first?
This plan is not designed to make you rich. It is designed to keep you from being poor.
Put a wall of protection around your portfolio.
Wealth protection tool.
Having a plan in place gives you a map to follow.
Say when your health changes, instead of if. (Suggested by Linda Jobin).
Failing to plan is planning to fail.

Dr. Wade Pfau likes to used the term “Spending Shock” to describe the devastating emotional and financial effect from an unforeseen, expensive long term care event. He often writes how it “… can wreak unnecessary, avoidable financial, mental and physical havoc on families and estates.”

Do any of these points speak to you? Do they get you thinking about your plans? If so, take the first step: Click here to receive your no-obligation quote for your personal LTCi policy.

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