Honey Leveen Archives - Page 28 of 28 - Long Term Care Insurance Expert | Honey Leveen

UK on Collision Course with Long-term Care (LTC) Costs

July 7, 2011 by Honey Leave a Comment

A newly released report by the Alzheimer’s Society (The Dementia Tax Report 2011. Alzheimer’s Society, Devon House, 58 St Katharine’s Way, London E1W 1LB) minces no words describing the collision course between the UK economy and its growing long-term care needs.

Although the report studied the British, the many similarities between our two countries and cultures make the study relevant here.

The study found that only 3% of those with dementia own long-term care insurance (LTCi). The LTCi industry has existed in Britain for quite some time, but it is not as fully evolved as the LTCi industry in the US, where about 10% of us own LTCi, as my blog on the new Urban Institute study confirms.

The Alzheimer’s Society study (p. 3) states that “Despite the hard work of many care staff and care providers there are many thousands of people who cannot access the quality care and support that they need to have a good quality of life. Latest reports from the Equality and Human Rights Commission, Age UK and others show that the system is not simply in need of repair but is fundamentally broken.

There are currently 750,000 people living with dementia in the UK and this number will grow to over 1 million by 2021. Two thirds of people living in care homes and one quarter of people in hospitals are people with dementia.”

Yow!

Interestingly, but not really surprising, the survey asked British respondents why they did not own LTCi. They gave the same excuses we Americans do: they didn’t know about it, they didn’t expect to need care, and LTCi is too expensive. In my March 28, 2011 blog I reported similar results of Prudential’s recent study.

Of course, LTCi is not too expensive. “LTCi is too expensive” is simply an excuse people give to avoid having a conversation about responsible long-term care planning. Here’s the simple math. Say your premiums are $2,000/year. Say you need to collect from your LTCi in 20 years (pick any number and the math. is the same). From your $40,000 investment, you will collect over $60,000 (in today’s dollars) from your LTCi policy when you need care for ONLY ONE YEAR. According the US Department of Health and Human Services, the odds of needing some type of long-term care at age 65 are at least 70%.

If you don’t yet own LTCi, please take heed of these warnings and act responsibly – NOW!

I Love You, Ron Hagelman

April 21, 2011 by Honey Leave a Comment

Here’s a link to Ron Hagelman’s column in the March, 2011 edition of Broker World Magazine.

An excerpt from Ron’s piece:

“As mentioned in earlier columns: There is an elephant in the room that will not go away. Its presence should be crowding out any breathing room remaining to maintain a seemingly impenetrable wall of self-deception. In recent speeches, our Health and Human Services Secretary has concluded her long term care conversation by clearly defining the presence of the massive pachyderm: ‘In the years to come, nearly every American family will have a grandmother or a father or a sister or a son who needs daily help because of a disability.’

As one of those involved in sales every day, I remain puzzled, perplexed and peeved at the amazingly resilient ability to ignore the size, girth and smell of our extra large peanut-eating friend. It must somehow appear not to be a real elephant. It must miraculously be seen as only the illusion of an elephant.

The only way I can explain the persistent ability to so completely ignore the obvious is that this must be the proverbial pink elephant. An elephant that can appear and disappear based on one’s level of alcohol intake. But don’t be fooled, that pink elephant is on a 24/7 eating binge!

Again quoting the HHS ringmaster: ‘Approximately 10 million Americans need long term care services and support, ranging from having an aide visit for a few hours a week to living in a nursing home with around the clock care. As Americans age, that number will rise steadily; by 2020, the estimate is that 15 million Americans will need some kind of care…We know that one out of six people who reach the age of 65 will spend more than $100,000 on long term care.’”

Ron, I love you. Thanks for making me laugh out loud. I read this to my husband, and although he is not involved in the insurance industry, he enjoyed a hearty laugh, too – especially because he HAS long-term care insurance.

Although my colleague Ron writes for a trade journal, “lay” readers will easily understand it. I hope you’ll read Ron’s column. Be amused, but take what he says to heart.

Policing the Media, Again

April 13, 2011 by Honey Leave a Comment

Here are my comments about a piece in the April 13, 2011 StarTribune, titled, “Keep those fingers crossed: long-term care insurance“. The reporter, Katy Read, is trying to do the right thing but failing:

Katy, you have attempted to do the right thing by imparting some truthful and accurate information about the odds of needing long-term care and the cost of LTC insurance (LTCi).

Unfortunately for the public you strive to help, you have sandwiched this info into a bad spin. You have erroneously stated, twice, once in the first paragraph, that LTCi is expensive. This indicates to me that you, like the public you seek to inform, are in denial that you might need care. If this is what you think, even if subconsciously, even a $100/year LTCi premium might be too high.

The truth is that contrasted with how likely it is any of us will need care (which you correctly state in your article), and how many thousands upon thousands of dollars people are collecting from their LTCi, the premium is paltry.

It would be great if reporters could get the perspective correct and stop unfairly maligning this essential coverage. I say LTCi is essential, but this is only if one wants to make certain they have all their care choices and options and wish to preserve their wealth without being forced to liquidate it under penalty or stress. If you won’t mind suffering such consequences, you don’t need LTCi.

It would be great if you could report on how easily, well and often these policies pay, and how much better life and legacy turns out for LTCi owners and their families when care is needed.
Honey Leveen
www.honeyleveen.com

Dear Abby tackles long-term care issues

January 2, 2011 by Honey Leave a Comment

In her December 19, 2011 column, quoted completely, below, Dear Abby published a letter about someone who is 99.9% likely to NOT own long-term care insurance (LTCi). I say this not just because statistically, only 10% of Americans in optimum age range and income brackets do (see my blog on the Urban Institute report). If the lady described below owned LTCi, she might have been less hesitant to access the long-term care she sadly, and very evidently needs. LTCi would have pumped money with which care could be paid for. I informally observe that when insurance pays, people get the right kind of care earlier and more often.

The situation below is very sad, and largely avoidable when long-term care planning has been done. Unfortunately, we see similar situations very often.

“DEAR ABBY: I have an elderly neighbor I have been friends with for many years. Over the past several years she has had numerous medical problems. I have done everything I can to be her friend. I do things around the house, bring her meals, whatever I can. She has no family and only one other friend besides me.

She is depressed and stays in bed most of the day, which contributes to her aches and pains. I keep telling her she needs to get up and walk or her pain will get worse. It has reached the point where she’s so nasty about everything that I don’t even want to talk to her.

I understand that she’s scared and feels beaten up. I try to talk about things that are noncontroversial — happy things. It doesn’t work. She turns everything into an argument. I don’t know what to do. I hate to ignore her, but it’s really taking a toll on me. Am I a fair-weather friend? — TRYING TO BE A GOOD NEIGHBOR IN MASSACHUSETTS

DEAR GOOD NEIGHBOR: No, you are a caring friend. Your elderly neighbor is ill, and she may be becoming demented. Because she is no longer able to care for herself or her home, contact the nearest hospital or senior center and ask to speak with a social worker on staff. The woman you describe may need more help than you can give her, from people with the training to do it.”

Request a Free, No-Obligation LTCi Quote

UK on Collision Course with Long-term Care (LTC) Costs

I Love You, Ron Hagelman

Policing the Media, Again

Dear Abby tackles long-term care issues

From My Blog

Podcast Illuminates LTC Need

LTCI is Magical at Time of Need!

Testimonials