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You Can’t Insure A Barn Once It’s on Fire!

January 5, 2016 by Honey Leave a Comment

The following is a guest blog by my dear friend and trusted colleague Tobe Gerard of www.tobegerardinsurance.com:

Burning BarnDuring Chanukah, my brother-in-law greeted us with the unexpected news that he had been diagnosed with Parkinson’s Disease.  He is 62.  As we were coming to grips with his diagnosis, whispers at a holiday party related that one of our favorite neighbors had also been diagnosed with Parkinson’s Disease.  He is 60.   Last week, while attending a seminar, I ran into an insurance colleague who I haven’t seen in 10 years and he mentioned that he too has Parkinson’s.  He is 59.  These ages are all the norm for the onset of PD.

According to the Parkinson’s Disease Foundation, there are 1 million Americans who have PD, with men more than 1½ times more likely to have PD than women.

My brother in law and our neighbor are both divorced with no children.  I had discussed long-term care insurance (LTCi) with each of them 10 years ago, 5 years ago, and even 1 year ago.  Here’s the gist of our most recent conversation: “I’m asking this, but I already know what you’re going to say.  It’s too late to purchase a policy – right?”   Unfortunately, the answer is always: “Yes, it’s too late.”   With the work that I do, more and more people are asking me that same question, and the only answer that I have is: “Yes, it’s too late.”

Dread diseases such as: Parkinson’s, Muscular Dystrophy, MS, ALS, and early onset Alzheimer’s, are rearing their ugly heads younger and younger.   Your clients don’t have to have a family history with any of these to be hit.  Encourage your clients to consider LTCi around the time they turn 50; waiting until they are in their 60’s can be risky business these days in LTCi land!

Filed Under: Helpful Information About LTC, I'll Just Self-Insure, Information About LTC Tagged With: ALS, home care, home health care, Long Term Care insurance, Lou Gehrig's Disease, LTCi, MS, Muscular Dystrophy, Parkinson's Disease

Long-Term Care Insurance Can Be Costly but Effective

December 26, 2015 by Honey 1 Comment

Elderly WomanWhy doesn’t this New York Times article report on what its title promises it will, which is the effectiveness of long-term care insurance (LTCi)?

While being factually correct, this article puts the wrong “spin” on things.

It starts by giving the wrong title. LTCi is not necessarily costly. What can easily be far more costly is needing long-term care for anything but a short length of time and not owning LTCi.

The article “hooks” readers in the first paragraph by describing how LTCi preserves wealth. From there, this article gives readers excuses to avoid responsible LTC planning.

The truth is, the most important reason to own LTCi is not to preserve wealth. It is to preserve family integrity by reducing family resentment, stress and discord. The fact that LTCi also preserves wealth, and does it so well, is “icing on the cake.”

Families and governments are in budgetary crisis due to skyrocketing LTC costs.

Reporters and editors need to get the above perspectives corrected. Reporting needs to be done – now – on the hundreds of thousands of families collecting from LTCi and the radical qualitative difference that LTCi creates in their lives.

Here are some examples of the harmful “spin” I’m talking about:

The article hints that Ms. Cheng’s father is collecting enormous amounts from his LTCi policy, but it is not explicit about this. Why not? Why isn’t any space devoted to describing the extraordinary, qualitative difference LTCi has made not only for Ms. Cheng, but for her father?

Does Ms. Cheng own LTCi herself? Her advice about needing correct professional assistance with choosing LTCi, having a holistic outlook about the role of LTCi in estate planning, and asking children for input and help is sage. The reporter (Mr. Wasik)  should have asked her to comment about her own LTCi (if she doesn’t own LTCi, I just don’t understand why not, based on her personal experience and how wise she seems to be).

Instead, Mr. Wasik sidetracks readers with some “red herrings.”

There’s an irrelevant sentence describing how Keith Singer recommends clients with more than $500,000 should own LTCi. (I doubt he has any clients with less than a $500,000 net worth; most financial planners don’t.)  This sentence is harmful to readers, giving lower net-worth people one more excuse to dissuade themselves from doing responsible LTC planning. Such people are far more prone to catastrophe resulting from unplanned LTC needs. Here’s a story about a solid middle class couple with a 0,000 net worth that was devastated by unplanned LTC costs. This couple probably could have purchased very reasonable LTCi while they were insurable.

This sentence does not report on the effectiveness of LTCi (as the title purports) and is again potentially harmful to readers : “After a 90-day “elimination” period (often partly covered by Medicare for people whose need for extra care is hastened by a stroke or other medical emergency), the policy covers all assisted living, community and home care.” This perspective is incorrect, and further goads the American public to avoid responsible LTC planning by hinting that Medicare might assist with LTC costs. Medicare-paid LTC is not only paltry and inadequate; most people are not entitled to it.

Shame on Mr. Wasik and the NYT editors, whom I otherwise hold in high esteem. For the sake of the American public, reporting needs to be done now on the extraordinary, qualitative, transformative difference LTCi has and will make for hundreds of thousands of us.

Filed Under: 3 in 4 Need More, Denial, Helpful Information About LTC, Information About LTC, Misinformation About LTC, New York Times Tagged With: adult day care, assisted living, home care, home health care, Long Term Care insurance, Medicare, New York Times, Nursing Homes, Wealth Preservation

One Family’s True Story

December 6, 2015 by Honey Leveen Leave a Comment

The following testimonial was written by my colleague, Stacey Merritt. He is a leader in the health insurance industry here in Texas, and nationally. He owns www.tpasystems.net. I thank him for having the courage to share his story. We both hope it will influence more people to plan appropriately for their long-term care.

Stacey Merritt“My mother, Charlotte, a single parent for my entire childhood, worked two jobs for most of her life. In 2000, at my mother’s age of 77, I received a courtesy call from her employer, the general manager of the nicest hotel in El Paso, Texas, who cordially, but plainly informed me that she had reached the point where she should no longer be working. Of course, he was right. So, within a very few months, I arranged for her to move from her lifelong hometown to Houston, where we could be more involved and keep a close eye on her.

The next twelve years were simply awful; more awful for her, but awful for everyone nonetheless. Unable to work, to socialize in a work setting, and to drive a car depressed her. She didn’t have any assets other than her personal belongings, and we all suspected the day would come when we could no longer be her caregivers. She began withering away before our eyes.

In late May of 2008, we got a call from Life Alert – a great product that helps the elderly contact emergency services. I arrived at her apartment before the paramedics did; she had fallen and broken her hip. While the paramedics were arranging to move her as she laid still on the bedroom floor, she said, ‘I am sorry for what this is going to put you through’. Boy, no kidding!

She never lived alone again. She went through surgery and as much physical therapy as the providers could squeeze out of her Medicare. When my mom moved into our house in August, I became steadfast in being her care provider including showering her three times a week for 18 months.

My wife Kellie and I decided to add a living space downstairs onto the house for my mother.  The buildout took longer than we expected; however we were able to move her into her quarters in August of 2009. At this point, she became largely incontinent yet still ambulatory. Once every hour, we commuted to her room to help her to and from the bathroom. I can’t praise my wife enough for the help that she provided during this time; everyone was burdened to be sure.

Finally, in January, 2010, she announced that she couldn’t commute to and from the bathroom anymore. This was the day of reckoning. I responded by saying, “Mom, are you sure? If you are right, this is a game-changer.” She was sure. Within a month, she was out of the house and in a nursing home as a Medicaid beneficiary. She was one of the lucky ones. Turns out that if you have your mental faculties but are physically disabled, as was the case with my mother, the waiting period to get into a nursing home is comparatively short as a Medicaid beneficiary. However, if you’re suffering from Alzheimer’s or dementia, it can take many months.

I bought a long term care plan on my mother when we were all much younger. However, I reached a point where I couldn’t pay the premiums and had to let the policy lapse. This was most unfortunate, indeed. By the time I was at a place in life when I could afford the premium, my mother was uninsurable. My biggest regret was the lack of home healthcare benefits to rely on for her care. Had that been in place, she could have stayed home longer and would have been cared for by people more qualified than my wife and me. She might even have been able to die at home.

I can certainly tell you that the LTCi premiums for Kellie and me get paid every month. And yours should, too!”

Filed Under: Helpful Information About LTC, I'll Just Self-Insure, Information About LTC Tagged With: assisted living, broken hip, home care, Life Alert, long-term care, LTC, LTC Insurance, LTCi Testimonial, Nursing Homes, Stacey Merritt

Low Caregiver Wages Create Vicious Cycle

February 24, 2015 by Honey Leveen Leave a Comment

Low Paid Healthcare WorkerHigher wages are needed to sustain a viable home-care workforce, especially as demand for home services continues to grow with an aging population, home-care worker advocates have argued. A new study has just been published. Here’s the report (PDF), which demonstrates just how serious the wage issue is for home-care workers and those they serve.

An article in the February 18, 2015 edition of Modern Healthcare says we’re going to have a burgeoning number of Baby Boomers who’ll need home care. Most of them will unfortunately, be financially unprepared for long-term care. The article states, “Projections have estimated the number of Americans age 65 and older will more than double, from 40 million in 2010 to 88 million by 2050, according to HHS.”

Quoting again, because home care providers are currently paid such low (and actually declining) wages, “Three out of five of the country’s 2 million home-care aides rely on some type of public assistance through programs such as Medicaid, food stamps or help paying for housing and utilities.”

“The average hourly wage for home-care workers is around $9.61, for an annual median income of $13,000, just above the individual federal poverty level of $11,770.”

“Low pay, scarce worker benefits and limited opportunities for advancement have contributed to an annual turnover rate of 50% among home-care workers.”

The study proves that poverty that poverty wages undermine quality of care.

If you want a to stack the odds in favor of a high dignity, caring, nurturing outcome if you need long-term care, you will need to pay caregivers a living wage. The only way, for most middle-to-upper-class Americans to do this is by owning long-term care insurance (LTCi).

Filed Under: I'll Just Self-Insure, Information About LTC, Long-Term Care Awareness Month Tagged With: home care, Honey Leveen, www.honeyleveen.com

How Long-Term Care Insurance Can Transform Lives

January 28, 2015 by Honey Leveen Leave a Comment

Edna MartinEdna Martin, Long-Term Care Insurance Specialist

What follows is the true story my colleague, Edna Martin, of Seattle, was kind enough to share. In so doing, we hope we will help others understand the transformative difference long-term care insurance ownership can make in peoples lives.

“My parents were beginning to have trouble living independently, primarily because my mother was in the beginning stages of dementia.   She had a second aneurism when she was 70. From that point forward, although she recovered she was never quite the same.  Slowly over time, she became more and more dependent on my father.  She had trouble remembering things and her ability to walk was becoming affected.

As time went on, my father was becoming overwhelmed with caring for my mom, and my husband and I often had to run over to their house to help them.   At that time, my parents were in their early 80’s.  We decided it would be easier for everyone if we combined households and had them live with us so we could be instantly available to help.  My husband remodeled our house into two separate living units – each had its own kitchen, living room and bedroom.  Plus, we installed a chairlift so that my mother, if she became completely wheelchair bound, would have a way to get out of their unit.  A couple of years later, we were grateful for the lift since she completely lost her ability to walk.

Having them move in with us meant I was going to have to change how I earned a living. I knew I would have to take time off to assist my folks. I chose an insurance career because it provided me with the flexibility to control my schedule. At first I sold life, disability and long-term care insurance (LTCi). I didn’t know anything about LTCi; it was just something that was part of my portfolio. However, it didn’t take me long to realize that LTCi could be a life changer for families like ours. The more I read about it, and the more emergencies that befell our household, the more I realized the importance of owning it.

Early one beautiful Sunday morning, my dad was lifting my mom out of the car into her wheelchair.  He got her right up to the front door of their church only to drop dead from a heart attack. Suddenly, I became my mom’s primary caregiver. I couldn’t work at all because I had to assume all of my mother’s care. It was the toughest job I’ve ever had. We were scrambling every week to make ends meet while caring for someone who couldn’t perform 5 out of 6 Activities of Daily Living (ADL’s) and had dementia. We were forced to make decisions during a time of crisis.

To replace my father we hired help 8 hours a day, 7 days a week and were spending close to $5,000 a month this way. That left us 16 hours a day with no help! My mother didn’t have enough funds to cover that cost herself so we supplemented it with our own funds which completely halted (and reversed) our retirement savings. Plus, I had to stay home to help with her care, further compounding the cost in lost income. I never knew if a caregiver was going to show up or not—and if they didn’t, it was up to me. If I’d known about LTCi when my parents were younger I would have insisted they purchase it.

Having a policy would have provided the funds to get care in much sooner, thus alleviating the strain off my dad.  As a caregiver, I realized how much my dad had taken on.  I experienced a tremendous amount of physical strain lifting my mom, dressing her, cleaning and feeding her.  We couldn’t go anywhere and were virtually housebound, which meant we could never get a break.   I was lucky that my husband was so supportive and that I adored my mother who was sweet and loving throughout that time.  The year that followed caring for my mother was one of the most profoundly moving years of my life.  However, physically I was hurting and eventually was forced to relinquish her care to a nearby facility where they had the manpower to care for her 24 hours a day.  We visited her nearly every day of the 3 ½ years she was there until her eventual death at 91.

My husband and I consider LTCi ownership to be an essential part of our well-being.  It is also a gift to our daughter so she never has to be faced with what we went through.”

Filed Under: Denial, Elephant in the Room, Helpful Information About LTC, I'll Just Self-Insure, Information About LTC, The Magic of owning long-term care insurance Tagged With: home care, Honey Leveen, Long Term Care insurance, LTCi, www.honeyleveen.com

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Phone: 713-988-4671
Fax: 281-829-7177

Email: honey@honeyleveen.com

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From My Blog

Podcast Illuminates LTC Need

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Testimonials

Open Quotation Mark"Honey - Whenever I need a clarification regarding our “LTC” you are “Johnny on the spot” responding in a very prompt manner, reassuring me, informing me in a concise way, patient with me as I massage the understanding in my own words. Your knowledge is current and expressed with confidence, offered in your conscientious and upbeat personality. Quotation Mark ClosedIt is a pleasure to work with you. Thank you for your expertise." ~ Nancy Damon, Houston, TX
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Honey Leveen, LUTCF, CLTC, LTCP
“The Queen, by Self-Proclamation, of Long-Term Care Insurance (LTCi)”
404 Royal Bonnet
Ft. Myers, FL 33908

Phone: 713-988-4671
Fax: 281-829-7177

Email: honey@honeyleveen.com

Email: honey@honeyleveen.com

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