long-term care Archives - Long Term Care Insurance Expert | Honey Leveen

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.

All the Single Ladies, All the Single Ladies… LTCi and Single Women

September 30, 2019 by Honey Leveen Leave a Comment

The need for long term care doesn’t think about your gender, your financial success or even your age. A life-changing medical crisis can barrel into your life when you least expect it, like an unexpected car accident. Or, it can sneak up on you, introducing subtle symptoms over time, barely noticeable. We see this, for example, with Alzheimer’s disease in people even in their 40s. What we do know is that single women are more in need for long term care insurance (LTCi) than others.

The Special Case for LTCi and Single Women

The two major factors driving the need of LTCi by women are longevity and caregiving.

It probably won’t surprise you to read that women live longer than men. More than two-thirds of Americans over the age of 85 are women. And 80% of centenarians are women. It’s no wonder most residents in nursing homes are women.

At the age of 75, almost 70% of women are single (widowed, divorced or never married). This means they typically live alone, without help with their daily tasks. And because of their historically lower earnings, single women at this age have significantly lower income from Social Security and other retirement plans.

Women are also more likely to be providing care for family members. 75% of people providing home care are women and typically a daughter caring for her mother. On average, she will devote 20 hours each week taking care of her mother. However, 1 in 6 caregivers will provide 40+ hours each week.

Older Women and Poverty

A report compiled by Justice in Aging last year found that out of the 7.1 million older adults that live in poverty, nearly two-thirds of them are women.

The report points to a number of issues that impact the incidence of poverty among women (You can click here to read the full report).

Wage Gap and Low Paying Jobs — 70% of workers earning $10/hour or less are women.
Caregiving — Caring for children and/or parents takes time away from paid employment.
Higher Health Care Costs — A 65-year old woman will spend $47,000 more in health care than a 65-year old man.
Domestic Violence — Affects physical and mental health, so it keeps women in poverty.
Wealth Gap — The Wage Gap reduces many women’s ability to accumulate wealth over their lifetimes.

If you are a woman, you are more likely to need medical care in your later years. Even if that care doesn’t begin until your 70s or 80s. If you have spent years taking care of parents and/or children, this is the time to start thinking about taking care of yourself.

Click here to receive a free, no-obligation quote for your own LTCi policy.

Pro-Act, Don’t Re-Act

September 17, 2019 by Honey Leveen Leave a Comment

At long last, we have a string of incredibly positive articles featuring LTCi news! Writers are really doing their homework and digging into the research. They are reporting on the many benefits of long term care insurance (LTCi).

1. When to Move to Assisted Living

It can feel tricky when to make that decision. At what point do we need to leave traditional independent living and move into an assisted living community? This article in U.S. News & World Report (Aug. 9, 2019) gives some simple indicators to look for:

Has there been a decline in medical conditions? Is there overall weakening in personal strength or more falls happening?
Are personal finances becoming more difficult to manage? Are there more money-related problems?
Is the home no longer kept clean? Is personal hygiene falling off? Are there healthy meals prepared daily?
Are there signs of depression or social isolation?

As we age, it is more common to experience multiple medical conditions at the same time. Degrading vision along with a neurological disease like Parkinson’s creates a formidable challenge in maintaining independent living.

And, as I’ve often discussed, the brain deterioration of dementia or Alzheimer’s disease can result in forgetfulness (taking prescriptions properly), poor decision-making and poor motor skills (prone to dangerous falls).

Have That Conversation EARLY

When that time comes, will we be able to recognize the signs? And with all those signs staring us in the face, will we be willing to accept the decision ahead of us? Roxanne Sorensen, an Aging Life Care specialist, reports that, “Families are making some of the most important decisions of their life while they’re emotional. They don’t have time to think about it. They’re in a crisis situation, and now they’re faced with the decision of where mom or dad is going to be institutionalized for the rest of their life.”

Once again, we’re reminded that the time to make these plans is before the decisions have to be made. When we’re less emotional and more level-headed. Plus, having this conversation early provides extra time to research local community options and make the best possible choice. What a luxury to have the time to join a waiting list for the more popular places instead of taking “whatever we can find”.

2. Assisted Living Improves Quality of Life

The very same week, the same publication printed a separate article on LTCi news. They list some of the great benefits of moving to assisted living. Here’s a sample of offerings from some communities:

DAILY TASKS: This includes support for regular grooming, bathing and preparing healthy meals that support specific dietary needs (diabetes, blood pressure, etc.).
SOCIAL ENGAGEMENT: One of the easiest remedies for social isolation and depression is the feeling of belonging that comes from living in a supportive and active community.
RECREATION: Exercise, movies, walking clubs and reading groups can rapidly fill the calendar of residents.
MEDICATION MANAGEMENT: Assuring prescriptions are taken at the right time, in the correct dosage. Also coordinating timely delivery from local pharmacies.
EDUCATION/CULTURAL PROGRAMS: Guest lecturers, educational curriculum and culturally-themed events adds tremendous richness.
SAFE ENVIRONMENT: Having staff on hand to assist in difficult tasks, living heavy objects or just taking a walk around the grounds.
MEMORY SUPPORT: Daily interaction with therapeutic recreation, under the supervision of trained professionals, from memory classes to art classes.

Of course, these benefits will vary from facility to facility, so be sure to do your research EARLY to find the best match for your needs.

3. Boomers As Caregivers

In more LTCi news, the Baby Boomer generation is facing the hard decisions as they try to manage the long term care needs of their parents. In fact, 9 out of 10 boomers who expect to be caregivers recognize that they’ll be making significant sacrifices in their own lives for the sake of their parents’ care.

These sacrifices range from cuts in personal spending and travel to reducing work hours or completely leaving their careers.

The good news is that the boomer generation is more willing to have the important conversations with their children when it comes to planning for their own care in later life. They recognize how likely it is that they will need long term care. And they are making the necessary plans to prepare themselves and their family for that future.

The article cites a study that concludes, “With one-third of caregivers tapping into their nest eggs to pay for health care expenses, it’s vital that payment planning for future caregiving is considered and prioritized in equal measure.”

Striking Gold With LTCi News

Reading these 3 recent articles completely align with the themes that drive my passion for my work in long term care insurance. I believe it’s better to stay ahead of problems. The time to act is when “the writing is on the wall”, not when the wall is crumbling down around you.

I know how important it is to have these difficult conversations with our loved ones (and ourselves!). It is my mission to support people in creating the best possible environment in their later years. One of quality living, dignity and independence.

To begin, click here to receive your free no-obligation quote for your own LTCi 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.

Using Your Long Term Care Insurance In Your 60s (or Younger!)

August 26, 2019 by Honey Leveen Leave a Comment

When you think of Long Term Care Insurance (LTCi), you’re probably thinking about planning for medical expenses and care for your later years. However, there are plenty of adults under 65 who are already using their LTCi policy for ongoing care.

Imagine thinking you’ve got decades before you need to start drawing on your LTCi when suddenly, the unexpected event happens. The catastrophic accident you didn’t see coming. The diagnosis that your physical injury is permanent and you will require full-time care for the rest of your life.

Few adults under 65 are prepared for this possibility.

We have a friend who had a fall at his home which resulted in severe spinal injury. He is now quadriplegic. He was in his mid-50s at the time of the accident.

While his health insurance paid for the immediate expenses including the surgeries and rehabilitation, it did not cover the ongoing care necessary for his continued recover. His original physical therapy required intensive sessions 5 days each week and he was making remarkable progress under this program. Unfortunately, his insurance company declined continuing coverage and he was discharged.

Needing Long Term Care Under 65

In 2018, the global financial services company Morningstar reported that 45% of adults requiring long term care are under 65 years old. In fact, 8% of people between the ages of 40 – 50 will have a disability that requires long term care.

Reasons for early long term care include:

Psychiatric or neurologic illness
Developmental disabilities
Traumatic physical injury, like brain or spinal cord damage

The AMDA (American Medical Directors Association) has even published a guidebook, “The Younger Adult in the Long Term Care Setting” to help navigate the options available. They recognize that the needs of this particular group are quite different from those over 65.

For starters, how does one prepare for living the next 30 – 60 years of their life in a nursing home facility?

That manual is available to members of the Society for Post-Acute and Long-Term Care (PALTC).

Relying on Tea Leaves?

None of us knows how our future plays out. That’s why we purchase health insurance and auto insurance. The younger residents now living in nursing homes didn’t plan for this scenario. Those who have long term care insurance have better options and access to a higher quality of life and medical care.

Make plans to protect your future self. Click here to receive your free, no-obligation quote for your own LTCi policy.

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