Long Term Care insurance Archives - Page 3 of 34 - Long Term Care Insurance Expert | Honey Leveen

The Special Case for Women and Alzheimer’s

December 19, 2018 by Honey Leveen Leave a Comment

As I reported in October 2015, Alzheimer’s disease has a disproportionate impact on women. As we close out 2018, the statistics have not improved for us. In fact, two-thirds of America’s 6 million Alzheimer’s patients are women. It’s time for us to pay special attention to women and Alzheimer’s disease.

First, some quick facts from the Alzheimer’s Association and the Women and Alzheimers site:

Every 65 seconds, someone in the US develops Alzheimer’s
At age 65, a woman has a 1 in 6 chance of developing Alzheimer’s disease. Her risk for breast cancer is 1 in 11.
Also by age 65, a woman is twice as likely to develop Alzheimer’s than a man. By age 75, she is three times as likely.
More than 60% of unpaid Alzheimer’s caregivers (friends and family of Alzheimer patients) are women.

More Likely In Women

It seems like Alzheimer’s disease can affect any family at any time. So why is it more prevalent among women? Is it because women live longer than men? After all, the disease is more prevalent as we age. But we now know that the early symptoms of Alzheimer’s often begin 20 years before they are ever diagnosed.

Genetic risk factors are now getting more attention and focus. Back in the 1990s, scientists found that the presence of the ApoE4 gene was the primary culprit in the patient’s memory and other mental abilities. Further tests showed that this is more applicable to females.

Heart disease and smoking are also considered contributors to the onset of Alzheimer’s disease. So is depression, which is more common in women than in men. And there is always the deepening discussion around hormonal changes that are so much more intense for women as they age.

Because women usually take on the responsibility of caregiving, there is some research that points to this extra emotional burden as a possible risk factor.

Alzheimer’s patients and their families have a great amount of uncertainty and difficult decisions in their future. If you or someone you love is a woman, extra care should be taken to prepare for this disease.

Don’t get caught by surprise when the statistics are this powerful. You can begin by clicking here to receive your free, no-obligation quote for a long term care insurance policy.

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.

Denial of the Facts Does Not Make Them Less True

October 10, 2018 by Honey Leveen Leave a Comment

Resistance to planning for long term care and doubting that human activities have created global warming share some very interesting roots. What a revelation to me! Author Karie Marie Norgaard connected these dots in her book, Living in Denial.

In the book, Norgaard examines the thought processes behind those who choose to deny the existence of climate change. I read an essay by Andy Skuce in which he takes a deep dive into Norgaard’s research and understanding about Denial.

Types of Denial

The book divides denial into 3 categories:

Literal denial. This happens when people don’t trust the facts, even when overwhelmingly supported by objective and thorough scientific data. We often see this from “Climate Skeptics”.
Interpretive denial. This one gets slippery. It accepts the facts (climate change is real), but reinterprets the meaning so it doesn’t sound like a real threat. That removes their responsibility to make proactive changes, since it’s not a real problem.
Implicatory denial. In this case, the facts and the interpretations are generally accepted. But then, “the psychological, political or moral implications that conventionally follow” are discounted and ignored. Climate change is already too advanced for anyone to do anything about it, so I’m off the hook and don’t have to make hard choices.

Denying the Need for Long Term Care

If these thought processes sound familiar, these are exactly the same behaviors I’ve been writing about throughout my career as a Long Term Care Insurance Specialist. Let’s run through these again:

Literal denial. Not trusting the facts — No matter how many studies get funded, no matter how may reports get written. There are always going to be people who refuse to accept that they are probably going to need financial help to cover their future medical care.
Interpretive denial. Accepting the facts: Yes, we’re living longer. Yes, we’ll probably need help in our later years. BUT… we’ve always taken care of each other. Or our family is ready to step in to help. We’ll be fine.
Implicatory denial. I know, we’ve got some uncertain times ahead of us. BUT… ‘they’ say that there’s no real reliable coverage. Or it costs too much. What can I do at this point?

For almost 30 years I’ve had well-educated, affluent friends and acquaintances make excuses to avoid the conversation about reasonable, responsible long term care planning. Intellectually, these people know better. They are making sound decisions in other areas of their lives, but they refuse to accept the fact that after age 65, they might be one of the 70% of us are going to need some sort of long-term care.

Denial is not a river in Egypt and the first step is easy. Click here to receive your no-obligation quote on your own Long Term Care insurance plan.

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.

LTC Planning: What’s Scaring the Financial Advisors?

May 5, 2018 by Honey Leveen Leave a Comment

Planning for the future requires some expert advice. Financial advisors assist their clients in achieving their goals for retirement, travel and even providing for their children. What about planning for the inevitable costs of medical treatment and long term care?

Jamie Hopkins shares my passion of planning for security in our retirement years. He talks about some important gaps in the retirement planning industry in this article (Forbes, April 2018). He shines a light on a downside of specialization I frequently see. “While 94% of advisors reported that their clients are waiting too long to plan for long-term care, only 26% of these advisors stated that they discussed long-term care planning with their clients.”

Financial Advisors Avoid the Hard Conversation

And why are these advisors avoiding this important conversation? Mostly because it is simply outside of their specialty.

“…many advisors reported that they don’t like bringing up the topic because they believe their clients see it as depressing, overly complicated, and time consuming.”

Apparently, these financial advisors are uncomfortable with the difficult conversations required to create a holistic retirement plan for their clients.

I am in complete agreement with Jamie Hopkins! He also presents some practical and creative solutions for your consideration. Yes. A thousand times: YES!

Are you curious about the cost of your own long term care solution? Click here to receive your own free, personalized quote.

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