home care Archives - Long Term Care Insurance Expert | Honey Leveen

The Senior Housing Glut: Signs of Increasing Denial

February 3, 2020 by Honey Leveen Leave a Comment

Senior housing used to be a “sure bet” for investors. Their gamble was based on statistics that showed the Silver Tsunami of Baby Boomers turning 80 in the next 10 years. In anticipation of this aging population, investors rushed to back development of the housing units that would be required to meet the rising demands. And now they’re dealing with a lot of vacant properties causing a senior housing glut.

Mish Shedlock reports that this might be one of the biggest real estate miscalculations in recent memory.

What’s Behind the Senior Housing Glut?

There were double the number of new senior housing units built in 2018, compared to 2014. Senior housing units are expected to hit an all-time high in 2023. There’s now a large supply of this type of housing while occupancy rates are lower than expected.

My anecdotal observation is too many people fail to move into them as soon as they should.

Some experts think the vacant housing may be due to the improved ability we have to control the progression chronic illnesses.

There are seniors who just don’t want to live among a bunch of other old people. They may see it as a jinx. Others just feel depressed by the idea.

Technology is also a driving factor. Venture capital and other investment firms are expected to invest about $1 billion this year in “aging in place” technologies. That’s about double the spending from three years ago. As the Wall Street Journal reports, “Seniors would prefer to remain at home near families and friends than live among others their own age.” Advances in technologies help support those wishes.

Or at least create the perception that their care at home is comparable to the care they’d receive in housing designed for the care of its senior residents. My experience is that too many people postpone moving into these facilities, to their detriment.

That River of Denial

When long-term care is needed, no technology can replace warm, loving, human touch and the ready support of community and friends. At a time in life when you’re less mobile, or cognitively impaired, my opinion is home is often not the healthiest, safest place to be.

I personally believe that the desire to age at home has less to do with longer lifespans, better treatments, ageism, or technology. It has to do with the topic I most frequently write about: Denial.

I find that some people don’t want to admit they are in need or are approaching the time when they require more help. For example, elderly spouses, frail themselves, often choose to be primary caregivers, insisting “nothing’s wrong”. Denial often detracts from the dignified, graceful outcome that might have been possible.

Are you ready to plan for your best possible future? If so, click here to receive a free, no-obligation quote for your own LTCi coverage. The life that is waiting for you might surprise you.

The High Cost of Avoidance and Denial

January 20, 2020 by Honey Leveen Leave a Comment

Over the years, I’ve written multiple blogs posts about the importance of creating a solid long term care plan to address your late life wishes. Make the plan and share it with your family. And yet, time after time, I read horror stories about unnecessary suffering, neglect and even death because they never had “the conversation”. As if avoiding this important discussion gives them some artificial sense of control and safety. There is a cost of avoidance and it’s very high.

“I’d rather die than talk about this.”

The truth is that once chronic health problems arise, your ability to make good decisions often decreases. This is partly because your brain may have reduced cognitive powers. And also because making good choices becomes harder when you’re feeling panicked with fewer options. It’s really hard to see the big picture when it feels like your world is getting smaller.

Mr. & Mrs. Shaver Paid the Cost of Avoidance

As reported in the New York Times (Dec 2019), their love story is the thing movies are made of. A romantic courtship and a loving marriage of 60 years. Unfortunately, his wife starting showing signs of dementia. Even though his children encouraged hiring home care help, Mr. Shaver refused any discussion. “Mind your own business. I’m taking care of it.”

He had ample savings for their retirement, so we know the cost of hiring help was not the issue. As the sole caregiver to his wife, he was obviously aware of her declining state of mind. However, he was unwilling to make any move that would improve their environment.

It must have broken his heart to see the love of his life disappear from his life. She no longer recognized him or their daughters. One day, while she was asleep, her loving husband laid down in bed next to her and shot his wife. And then shot himself.

The Time to Plan is Now

I’ve been helping people create these plans for 30 years. One thing I’ve learned is that having such a plan in place provides a peace of mind and increases quality of living. Without the comfort of a strategy, the fear of aging only grows over the years. As you age, the concerns over injury (falling in the shower, tripping over furniture, dizziness from medications) can contribute to mounting fears.

Once the fear takes hold, it becomes harder to make clear and thoughtful decisions. I’ve done several blogs on age-related brain loss and cognitive decline.

For most of us, whether we’re middle class or more affluent, owning long term care insurance (LTCi) is critical for ensuring dignity, options, and access to quality long term care. But it’s not enough. You must have ongoing, difficult conversations with your family so everyone understands the outcome you desire.

Click here to receive a free, no-obligation quote for your own LTCi coverage. Your family will thank you.

Practical, Useful Advice for Caregivers

October 29, 2019 by Honey Leveen Leave a Comment

Roslynn Carter once said, “There are only four kinds of people in the world – those who have been caregivers, those who are caregivers, those who will be caregivers and those who will need caregivers.”

Helping a loved one as their caregiver is a selfless responsibility many of us will take on at some point during our lives.

Readers of this blog already know how stressful caregiving can be. Things get harder without detailed planning. Long term care insurance (LTCi) can provide some financial security and peace of mind.

Challenges Caregivers Face

To help caregivers understand and find solutions to their challenges, EduMed created a fantastic online guidebook for caregiving success. I like this guidebook because it is brief, concise, and gives actionable advice. I read many stories about caregiver and patient suffering and hardship. Very few sources provide practical, useful advice helping caregivers find their way forward.

The guidebook begins by highlighting the challenges facing caregivers on a regular basis. It’s important to know that these experiences are shared by so many others.

These challenges include:

Time Management — How to juggle daily errands, feeding & bathing your loved one, doctor appointments and your own self-care.
Stress (physical and emotional) — Like headaches, chest pain, loneliness and/or anxiety.
Lack of Privacy — Your life is no longer your own, as the needs of your loved ones take priority. Whether or not they or the rest of your family appreciate your efforts.
Financial Strain — Even with your attentive care, medical bills might be adding up. Without proper planning and effective coverage from long term care insurance, the pressure easily builds.
Lack of Sleep — The added responsibilities of caregiving can often lead to increased anxiety or insomnia.
Isolation — Spending so much time caring for your loved one can limit the time you used to share with friends. The mere idea of lunch out can sound like a fantasy.
Burnout — The combination of physical, mental and emotional energy required can overwhelm most people.

Suggestions to Support Caregivers

Fortunately, this guidebook gives some practical advice that caregivers can follow. They boil down to 3 major areas:

Process (organize your tasks)

Make lists, capture appointments and reminders on calendars. Research the numerous phone apps that are available (Some suggestions are included in the handbook).

People & Community (connect with a support system)

You don’t have to do this alone! For example, consider building a support team so you can delegate certain tasks. Find support groups so you can connect with others to share your stories, your woes and your wins.

Self Care (don’t forget YOU)

Even the lightest exercise routine can make a difference in your outlook. So can healthy food choices. And don’t forget to make time to have some fun (remember fun?). You can’t help anyone when your own tank is running on fumes.

Choosing to take care of a loved one is a huge decision, not to be made lightly. With all of the uncertainty and self-sacrifice, one of the most helpful things you can do is plan ahead. As I’ve written in multiple posts, have the conversation today! Decide what that care will look like, what’s expected of you and a reasonable budget.

Perhaps you’ve been thinking about long term care insurance (LTCi) to help reduce some of these challenges. Click here to receive a free, no-obligation quote for your own LTCi policy.

Caring for Elder Orphans

October 8, 2019 by Honey Leveen Leave a Comment

Care for ourselves or our parents is often provided by family members. In fact, 80% of home care is given by one or more members of the family. But what happens if there isn’t family available? No spouse, no children nearby (or none at all) — this is the world of Elder Orphans.

They may live full and active lives. But when it comes to making plans for this chapter of their lives, most of this growing population is dangerously unprepared. This is a tricky segment of people to even properly identify, so most reports are subjective. Still, this is still an important aging phenomenon that needs our attention.

Elder Orphans are Aging Alone

Let’s start by understanding how one becomes part of this growing category of seniors. For starters, understand that it can be totally voluntary. For example, a person may be happily single in their later years, thoroughly enjoying the freedom and privacy living alone affords them. Or they chose to build a life without children.

On the other hand, this may not be the life they originally signed up for. The death of a lifelong spouse or a divorce can leave someone surprisingly single when they need someone most. Even if they have children, they may live too far away to provide regular, consistent home care. Sometimes, parents are estranged from their kids.

As you can see, a variety of circumstances can lead to becoming an elder orphan. Regardless of how they got here, there are specific and unique challenges they’ll have to manage. And, like so many long term care issues, ignoring them doesn’t change the needs they create down the road.

Financial Insecurity and Health Concerns

There are a number of groups in Facebook that have sprung up in response to growing needs. The most popular one, Elder Orphans – Aging Alone, has over 9,000 members! The group serves as a resource for information to its members and also provides some emotional support.

The group conducted an informal survey, as reported by the Washington Post. Of the 500 people who responded, 70% revealed that they had not identified a person who could take care of them when they could no longer care for themselves.

Respondents shared some of their most pressing fears for their future:

25% worried about losing their housing
23% reported having at least one incident in the past year where they lacked enough money to cover basic needs
40% admitted to struggling with depression

The Power of Community

To prepare to be an elder orphan, you must establish a strong, supportive community, way in advance of need. You need to have brutally frank, explicit, frequent conversations with friends, family, and all fiduciaries about your wishes. My husband and I have taken this advice. We live in a Continuing Care Retirement Community, even though we’re both active and in great health. In addition to knowing each others wishes. Our fiduciaries know our wishes. We tell friends of our wishes.

As for the financial concerns… long term care expenses can be manageable and affordable, with the proper planning. The time for planning is Now. You don’t have to navigate your future alone. The resources you or your parents will need are well within your grasp.

When you’re ready to take that first step, click here to receive a free, no-obligation quote for your own long term care insurance policy.

How I Discovered My Fate – Part 1

September 9, 2019 by Honey Leveen Leave a Comment

In high school, I remember my social studies teacher telling us that we were going to have an aging crisis. There was going to be an enormous bulge of Baby Boomers with unprecedented long lifespans. With longer lifespans, they would have medical needs like we have never experienced before. She explained that we were not equipped to handle this crisis. Little did I know this was my earliest career call!

This thought lodged into the subconscious of my brain, resting dormant for many, many years.

About 20 years later, I got my insurance license. In the early days of my career, I was an agent for life, health and disability insurance. Looking back, I’m so grateful I took the time to build this fundamental knowledge of insurance products. It’s really helped me and my clients in my work in long term care insurance.

Great Advice

When I got my insurance license, my beloved Aunt Ruth, who I dearly miss, mentioned that she had bought a long term care insurance (LTCi) policy for herself. She described what it was and how it worked. And she recommended that I look into this new product. She suggested that adding it to my growing portfolio of insurance solutions could create even more options to help my clients. To my credit, I already learned that my aunt’s advice was usually correct and I began my research.

Back in those days, I actually had to go to the library to research long term care insurance. I was unable to find any information in the books, magazines or journals on the shelves. So I turned to the microfiche (Do you remember those whirring machines?) where I finally found a few articles about this fascinating new insurance coverage. I was immediately intrigued and smitten by the nascent LTCi industry! The need and the product made so much sense to me!

A Quick LTCi History Lesson

While LTCi had been around since the 1970s, it really didn’t get much attention until the late 1980s. Even then, very few insurance agents understood it or offered it to their clients.

As my social studies teacher predicted so many years ago, our advances in medicine and technology were helping people live much longer than expected. Which was great news. Except that we forgot to plan for housing and care for our aging population as they became unable to care for themselves.

Heeding the Siren Call

Since my time in the microfiche stacks, the call of LTCi kept tugging at me. It was a brand new product. Hardly anyone owned it yet. Few people had ever heard of it. I could see the obvious need for it.

The economics were clear: Increased LTC Demand + Scarce Caregiver Supply = High LTC Costs.

Thanks to my early work, I already understood how insurance protects assets and gives people more access to a variety of options. The world of LTCi became an obvious path for me. A perfect fit!

LTCi is a product I could believe in with total conviction. It was something that could make a transformative difference for people and their families.

I believed the world needed a long term care insurance (LTCi) specialist. So, in the late 1980s, I launched my solo LTCi practice. I knew that being a pioneer in this industry would have its challenges. But I also believed the journey would end up helping a great many people!

More LTCi History: My Journey Begins

Stay tuned for Part 2 of my story!

In the meantime, if you’d like to receive a free, no-obligation quote for your own LTCi policy, just click here.

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