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Same Old Story

February 2, 2021 by Honey Leveen Leave a Comment

Just a few months ago Al was enjoying his wife, family and traveling. An acute health event occurred – an aneurism, I think. Now Al will need a tremendous amount of long-term care, for a long time. His family was unprepared for this.

While the circumstances are not that unusual, this particular story hit me hard. Al is my age, only about 68; he was my high school classmate.

This couple had successful careers and saved for retirement. They were constructive, active, engaged, intelligent, business-literate people. But they didn’t prepare properly for long-term care (LTC). If their situation is like most I encounter, an ethical and wise professional, like me, probably knocked on their door many years ago asking to introduce them to how LTC insurance works. They decided they didn’t need LTC insurance and were comfortable enough to self-insure for LTC. After all, they probably wouldn’t need it.

They are now stoically in reactive mode, cobbling together Al’s plan of care, under duress. I bet they do have the money to self-insure for Al’s LTC but they’re reluctant to use it, especially because Al’s need for care could last decades.

Al may need round the clock care. If they had LTC in place, it would pay enough to at least offer respite, possibly changing the wife’s caregiver role enough so that she had opportunity to enjoy her husband’s company.

The following is his wife’s post, the names have been changed:

“Al was transferred to *** **** Lab on 1/18 and it took several more days to wait for Covid results. By the time I finally saw Al, 6 weeks had gone by since I called 911. The family had daily FaceTime conferences with Al while he was in the ICU, but nothing could have prepared me for how lethargic he appeared. Al did remember me, but correct orientation was so limited. I went into a panic mode when a few days later, I was informed that Al’s discharge date to our home would be on 2/11 and that he would require 24 hour supervision for safety, home health and a nurses aide. My mind worked overtime trying to get answers and accommodate our home while planning to keep Al safe. It was much easier to spend whole days at Al’s bedside. Our time together was just as sweet and tender as could be.

THEN, during the second week of rehab, Al started to wake up! He had more periods of lucid wakefulness. His eyes were open and he could hold his head up. Many of his positive, adorable attributes started to emerge, including wanting to wear the “executive director” hat when working with a young speech pathologist. He has such a strong intellect! Al is learning to motor plan for getting from in/out of a chair/bed and using a walker 300 ft with 2 rest breaks and physical assistance. His appetite is getting better and he can feed himself, brush his teeth and use an electric razor, with supervision to stay on task.

I’m being truthful to all of you so that there are no misunderstandings or hopeful inflations of what Al can and cannot do at this time. Al is making progress every day and it may take a year or more. Currently, Al has a limited understanding of his struggles and concrete orientation to time and place continues to be a challenge. He is trying to fill in the blanks of his memory files and it is our responsibility to ensure that he files the correct information. I discovered that this is why watching tv is not helpful!

Discharge planning is underway and all home equipment will be ordered. ***, ***, ***** and I did a complete Do it yourself makeover of Al’s ground floor home office. This room is accessible and a place where we will be living for however long it takes. We are lucky that we planned this addition with a ramp and French doors. In addition, there is an attached efficiency kitchen and full bathroom.

I help the nurses and therapists with Al’s care. I am lucky that patient care and rehab are the foundation of my OT career. This part does not intimidate me at all. While Al is at home, we will set up a daily schedule with music, current events for time and place, self help, seated cooking, games with grandkids, etc. Home will be a good place for continued recovery.

Before we left on our trip, we were in the process of joining ALL of our accounts and passwords. We ran out of time and did not complete this task, which was a big and costly mistake. Now that Al is not able to manage those accounts, I’m am locked out and and I had to obtain legal representation. My advice to friends and family, handle your affairs. Wrap it up in a bow for your trusted partner, family member or friend.

Thank you for all of the continued notes of love and concern. Al’s group of Brother/friends and wives/partners are a lifeline. I plan to lean on them once they get their covid shots. For all others offering help, that time will come when I may ask you.

Bye for now,”

The Latest Long Term Care Statistics – 2019 Update

December 23, 2019 by Honey Leveen Leave a Comment

Christine Benz updates her “Must-Know Statistics About Long-Term Care” report every year and the newest LTC information is now available. She is a Personal Finance Director at Morningstar and these annual reports are packed with invaluable long term care statistics. We’re so grateful to her for this!

No stranger to the value of long term care, Benz openly shares about her obsession (her words!). Both of her parents required it later in their lives. Even though her parents had the funds to pay for their LTC, “… it was still a terribly hard process for them, my siblings, and me.”

Ms. Benz’s statistics cover a broad spectrum. If you click on the link to the report, you’ll find that each statistic is linked to the underlying research.

Some Interesting Long Term Care Statistics

How long will we actually use our long term care coverage?

Women will need more LTC than men.
48% of us will likely need LTC for less than a year.
21% of us will likely need LTC for 2-5 years.
13% of will will need LTC for more than 5 years.

She shows us who and at what age people will need LTC, and how long they’ll need LTC coverage. Women will need more LTC than men. Although 48% of us will need LTC for less than a year, 21% of us will need LTC for 2 – 5 years and 13% of us will need LTC for more than five years.

The Dementia Factor

38% of Americans over the age of 85 have Alzheimer’s disease.
64% of those afflicted are women.
From 2000 – 2017, Alzheimer’s-related deaths rose by 145% (deaths from heart disease decreased by 9% over the same period).

The Costs of Long Term Care

LTC costs rose dramatically between 2000 and 2015. They’re now more than $208 billion/year.
51% of LTC costs were paid by Medicaid
The estimated lifetime cost of caring for a dementia patient is $350,174.
The median annual cost of living in a nursing home is $102,200 (depending on geographic location and facility amenities offered).

Statistics on the Unpaid Caregiver

34.2 million people provided unpaid care to someone 50 years or older during the past 12 months.
Over 75% of these unpaid caregivers are women.
The average age of these unpaid caregivers is 49.2, while 34% are 65 or older.
70% of caregivers experience work-related challenges due to their caregiving responsibilities.
If they are able to maintain their paying jobs, they report spending an additional 34.7 hours each week providing unpaid care.

Maintaining Your Independence

In light of the ever-increasing costs of long term care along with the increasing age of the U.S. population, the ability to afford effective medical care is more important than ever. Instead of relying on family or friends, consider the possibility of hiring trained professionals for your care. You can move into a safe, comfortable environment or receive regular visits in your own home.

Click here to receive a free, no-obligation quote for your own LTCi coverage. It’s a great time to learn what options are available to you in the future with just a little planning today.

The LTCi Industry Is Alive, Well, and Kicking! Industry Update, 2019

April 8, 2019 by Honey Leveen Leave a Comment

Honey at the LTCI Conference — Honey at the ILTCI Conference, March 2019

It’s April, so if you’re a follower of this blog, you’ll know that I’ve recently returned from the Annual Intercompany Long Term Care Insurance conference. It’s the largest LTCi conference in the world. This year’s theme was “Imagine the Possibilities” and it did not disappoint.

LTCi Conference Highlights

The sessions provided fantastic learning opportunities about all the new, expanded options now available to support our clients through their later years.

Throughout the event, I mingled with about 1,000 actuaries, claims people, insurance regulators, marketing colleagues, and top management. I learned a lot, caught up with colleagues, and had fun. It is so important to spend time with my collaborative partners and industry experts to share experiences, creative solutions and outlooks.

I am happy to report that the LTC insurance industry is alive & kicking and in solid financial condition. LTC sales have increased this past year. Why shouldn’t they? The need for long-term care is not going away any time soon!

The good news is that the public is learning to recognize the need for this coverage and actually taking action to plan for their future financial needs. We now have more products and choices available, making it easier to find helpful solutions for more people.

There is still no substitute for the dignity, choices, grace, security, and access only LTC protection provides!

Are you ready to take action for your future or for a loved one? Click here to receive your free, no-obligation quote for long-term care insurance coverage. The time is NOW.

Are Assisted Living Facilities Keeping Up With Needs?

March 26, 2019 by Honey Leveen Leave a Comment

Assisted living facilities and their residents don’t tire of blaming each other for sub-standard care.

An article in the New York Times reported the tragic and avoidable death of a 90-year-old resident, suffering from dementia. A resident of Brookdale Charleston Senior Living, she wandered outside — and not for the first time.

Nobody noticed her absence for seven hours. She was found in the pond behind the facility, dead from puncture marks to her ear, temple, jaw and cheeks. Her pacemaker was discovered inside one of the alligators that lived in the pond.

The assisted living facility has already settled the family’s claim for wrongful death and is now facing an additional suit for emotional distress.

Sharing the Blame

I believe that the residents, their families and the facilities can share in the blame.

Undertrained Staff

Assisted living is not federally regulated. Nursing homes are. State enforcement and sanctions are often lax and not very stringent.

Many experts agree that much of the problem stems from inadequate staffing which I’ve blogged about in the past. Adequate funding will easily resolve these shortcomings. An simple recommendation, but more difficult to implement.

Assisted living started as a service for people who were more independent. Residents who need help with activities of daily living (ADLs). Some residents were experiencing early cognitive challenges. Just a generation later, assisted living often accepts people with far greater needs. Needs they may not be prepared to fully accommodate. I often see this, and it disturbs me.

The Facility’s Profit Motive

Many assisted living facilities are for-profit entities, earning handsome returns to their investors. I have some friends who manage the marketing at some of these organizations. They often tell me that they are pressured by management to fill as many apartments as they can.

Facilities cannot offer this needed care at an affordable price point that fills apartments and attain financial returns that please their investors. As the saying goes, “No one can serve two masters.”

The Resident’s Budget

The residents (or their families) pay for assisted living out of their own pockets, unlike nursing homes. Medicare or Medicaid do not contribute. They have a high appeal, as they emphasize independent living instead of intensive medical care.

Many residents are unable to afford the higher cost of fully trained and properly staffed facilities, so they let their budget determine the quality of care they receive.

People want to deny the almost certain fact that they might ever need long term care (LTC). When they inevitably do need LTC, it is common for them and their family to downplay the true extent of their needs.

So they choose the posh, upscale environment so many assisted living facilities have, instead of one that may be better-equipped to actually care for the resident.

What happens when the residents and their family realize that they’re not getting the care they need? They might experience the tragic consequences like the resident in the NYT article. They might move to another facility more appropriate for their escalating needs.

Decide to Plan

When planning for your future needs, wouldn’t it be nice to make your decisions based on quality of life and not settle for a sub-standard solution just because of your financial limitations?

Choose quality! Click here to receive your free, no-obligation quote for your own Long Term Care insurance policy.

Aging In Uncharted Territory

January 10, 2019 by Honey Leveen Leave a Comment

You probably don’t need me to tell you: We are living in a brand new era. And there’s no road map, no experienced sages who have navigated times like this. Even on the topic aging, we’re headed into uncharted territory.

According to the U.S. Census Bureau, the time is rapidly approaching when people over 65 will outnumber those under 18. This shift has never happened in the history of the United States. By the year 2030, an astounding 1 in 5 adults will be of retirement age.

The Key to Long Life: Long Life

It sounds trite, but it’s true. The numbers show that if you live to age 65, you are likely to live well into your 80s. And if you reach your 80s, you’re probably going to live into your 90s… and beyond! Today’s lifespans are unprecedented; the fastest-growing segment of our population is between the ages of 85 and 94!

Americans are living longer and having fewer children. But longevity alone will not transform senior housing. We are about to experience a revolution for which most are ill-prepared.

Very few of us are ready for long life expectancy. Even fewer of us are prepared for the likelihood of needing long term care (LTC). Sure, you might be thinking or even talking about your future needs. But 50% of seniors who “make plans” for their future financial needs rarely get past the planning stage.

In fact, more than 75% of seniors would rather plan for their funeral than plan for their final years. Talk about living in denial.

The High Cost of Denial

Many of us dwell in denial. After all, it’s a natural survival mechanism during complicated times like this. But refusing to plan for your future long term care needs helps nobody. I’ve railed against denial for years. When it comes to LTC, denial can be the ruin of people and families. The costs of LTC can be a destroyer of dignity, grace and finances without advance planning.

For those of us who’ve planned for LTC and embraced the possibility of living long lives, living at a CCRC (Continuing Care Retirement Community) is possible.

Jim and I are moving to a fabulous CCRC in February, 2018. That’s soon! Stay tuned for our updates.

In the meantime, if you think you’re going to live to 65, then 85, and maybe even 95… let’s make a plan for you. Click here to receive your free, no-obligation quote for your LTC insurance coverage.

Request a Free, No-Obligation LTCi Quote

Same Old Story

The Latest Long Term Care Statistics – 2019 Update

Some Interesting Long Term Care Statistics

Maintaining Your Independence

The LTCi Industry Is Alive, Well, and Kicking! Industry Update, 2019

LTCi Conference Highlights

Are Assisted Living Facilities Keeping Up With Needs?

Sharing the Blame

Undertrained Staff

The Facility’s Profit Motive

The Resident’s Budget

Decide to Plan

Aging In Uncharted Territory

The Key to Long Life: Long Life

The High Cost of Denial

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