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Good News: LTCi Keeps People out of Nursing Homes!

July 30, 2019 by Honey Leveen Leave a Comment

One of the greatest fears among seniors is having to move to a nursing home. In fact, a study reports that seniors fear nursing homes more than they fear death. They don’t want to lose their independence.

And the majority of family members polled have serious concerns about their loved one suffering from neglect or mistreatment in nursing homes.

When I began selling LTCi in the late-1980s, assisted living was a new industry and facilities were hard to find. Most long term care took place in nursing homes or at home. In those days, some LTCi policies did not include assisted living coverage because it was so unknown.

Well, I’ve got some good news to share!

LTCi Can Keep People Out of Nursing Homes

Things are very different today. The 2019 Millman Long Term Care Insurance Survey is out, reporting on the current landscape of the LTCi landscape. It contains lots of good news for LTCi policyholders.

In 2013, 60% of policyholders avoided nursing homes. In 2017, only 30% of LTCi claims were for nursing homes.

People being cared for in assisted living live longer than in any other setting. LTCi claims for assisted living are now the longest and most expensive claims paid.

I expect this significant drop in nursing home admissions to continue. At least for those who are protected by their long term care insurance. Today, every traditional LTCi policy on the market will cover assisted living. This was not true years ago. Assisted living is now mainstream, popular, rapidly growing, and profitable. Happily, there are so many more choices are available.

Claims Are Getting Paid and In Record Time

The good news continues!

In 2017, payments to LTCi policyholders came to $11 billion for claims. This is a 55.9% increase in claim payments in the previous year. And claims are being paid 8% faster which means families are getting relief in a more timely manner. Expect this trend to continue.

Remember, LTCi ownership is a “long” game. The average age of LTCi purchase is 57. However, people don’t usually need to file a claim until they’re in their late 70s or well into their 80s. People who buy LTCi are realists, willing to plan for a future that’s years away.

If you’re someone who enjoys reading detailed insurance analysis, you can find the full report by clicking the image, below. And if you’re someone who likes planning for an easier future, click here to receive your free, no-obligation for long term care insurance coverage.

 

2019 Milliman Long Term Care Insurance Survey

Filed Under: Denial, Elephant in the Room, Helpful Information About LTC, I'll Just Self-Insure Tagged With: assisted living, Long Term Care insurance, LTC costs, LTCi, Millman Long Term Care Insurance Survey, nursing facilities, Nursing Homes

World Getting ‘Super-aged’ at Scary Speed!

September 8, 2014 by Honey Leveen Leave a Comment

Super AgedCNN Money just published a great article about a just-released report by Moody’s Investment Service. It is about how rapidly much of the world is aging, and how disastrous this will be for the world economy.

The article states that by 2020, 13 countries will be “super-aged” – with more than 20% of the population over 65.

That number will rise to 34 nations by 2030. Only three qualify now: Germany, Italy and Japan.

“Demographic transition … is now upon us,” warn Elena Duggar and Madhavi Bokil, the authors of the Moody’s report.

“The unprecedented pace of aging will have a significant negative effect on economic growth over the next two decades across all regions.”

This excellent interactive chart shows how much and how rapidly the world will be super-aged.

Moody’s finds that accelerating population growth will lead to slower economic growth. Will this also lead to a shortage of caregivers? I think so, especially for those without the money long-term care insurance (LTCi) provides to pay for care. This is certainly evidence that our government will not be capable of paying for the long-term care so many of us will need.

Formal long-term care planning, well in advance, with traditional long-term care insurance or the excellent asset-based LTC products now available, is the only sane way for the majority of us to ensure and conserve emotional, physical and fiscal health.

Filed Under: Elephant in the Room, Helpful Information About LTC, I'll Just Self-Insure, Information About LTC Tagged With: Aging, CNN Money, Elena Duggar, Honey Leveen, long-term care, LTC costs, LTCi, Madhavi Bokil, Moody's Investment Service, super-aged, www.honeyleveen.com

To Move or Not to Move…

February 23, 2012 by Honey Leave a Comment

Many elders insist on staying at home, rather than transitioning to an independent or assisted living facility.  I’ve been advising against doing this for years. Long-term care at home may cause isolation or possibly even caregiver abuse. Existing studies already prove the importance of social interaction for those needing LTC. Staying at home is not as safe from a medication management, home maintenance, proper nutritional and safety and security standpoint, either. Now, a new study, titled, “Myths & Realities of Continuing Care Retirement Facilities (CCRC’s)”  backs me up on this.

The study was performed by nationally recognized gerontologist Ken Dyhtwald of Age Wave and sponsored by Vi (71 South Wacker Drive, Suite 900,Chicago,IL 60606), a leader in senior living that currently operates ten continuing care retirement communities (CRCCs). 

 With careful research, the study debunks these five “myths:”  

1. “My current home will be the best possible place to live in my post-retirement years.”

2. “My current home is the best option to continue an active social life and stay connected with my friends.”

3. “It’s less expensive and more financially secure for me to stay in my current home.”

4. “It would be easy to get any care I need at home.”

5. “CCRCs are filled with old people who are sick and dying.”

The cost of Vi’s typical CCRC is approximately $2,800 per month, which covers rent, food, and all social/learning activities.  Even if your mortgage is paid off, property taxes, home insurance, utilities, food, transportation, maintenance/repairs, etc can add up to a very big number! 

 When it’s time to progress to assisted living, compared to the average $55,000 per year cost for home health care, the average cost of $39,000 per year in an assisted living facility looks pretty attractive.

 And, as always, the good news is that home health care care or assisted living at a CCRC will be covered by your long-term care insurance policy. 

I urge all seniors to visit some CCRCs in their area to see what a supportive, friendly home they offer.  I think you’ll find that these myths fade away very quickly.

 

 

Filed Under: Helpful Information About LTC, Information About LTC Tagged With: Age Wave, assisted living, CCRC's, Continuing Care Retirement Communities, home health care, Honey Leveen, Ken Dyhtwald, Long Term Care insurance, long-term care costs, LTC costs, LTC Insurance, Nursing Homes, Vi, www.honeyleveen.com

A Sad, and All Too Common Story

December 18, 2010 by Honey Leave a Comment

I recently made a long-term care (LTC) insurance presentation to a 62 year old woman, still working full-time.  She was very eager to meet with me and learn about how LTC works and how much it costs.  Before my visit, she explained that she smokes and is so small she’s almost below desirable height and weight guidelines, because she is a caregiver. She went on at length, emptying her heart to me before we even met. I think she knew I understood what she was going through. I think she is in a state where she is continuously overwhelmed by her circumstances, to the point where they pre-occupy her subconsciously. I’m sure she is effective at work, but I feel her load is so heavy and overwhelming that it must cast a gray cloud over everything she does.

She described her constant state of concern about her husband, because he suffers from Alzheimer’s Disease.  Evidently, he is still able to stay at home, unsupervised, during the day, while she works. I believe she realizes this may not be the optimal alternative for him, and that he may fall into harm’s way. When she returns home at night, and during weekends, her life is consumed by her caregiving responsibilities. To hear her tell it, she has no social life whatsoever. She is extremely aware of the fact that although her husband is presently able to remain home during the day unsupervised, she knows its only a matter of time before this will no longer be possible. She also expressed fear of when that day might come. Hers is a one day at a time existence. She cannot make any plans. Indeed, she commented that all the plans they had made, have changed. I think she’s like a bird in a cage. I have tremendous empathy for her.

Who would understand better than this woman, the urgent need for her to buy LTC insurance?

During my presentation, we talked about the fact that if LTC had been in place for her husband, their economic and social situation would be entirely different. For example, there would be a caregiver at home, to offer her respite. She would not be worrying about how to pay for care. She would not be carrying the same large burden, and nagging fear of the worst. We talked about LTC being necessary so that her son would not be caught in the same dilemma if she winds up needing any type of care. We talked about the dignity of having choices, and not having to depend entirely on loved ones, that LTC insurance can provide.

I am blogging about this because of the disturbing outcome of this story. Unfortunately, I have encountered similar circumstances and outcomes over and over, in my 19 years as a long-term care insurance specialist. Perhaps no one understands the importance of LTC insurance better than this lady.  Often, people in these situations get paralyzed, like a deer caught in headlights. They are unable to see the forest for the trees. They are panicked. They are frozen. They are unable to come to decisions. They feel they cannot afford to spend any money. I showed this lady some very low LTC premiums, but she was unable to go forward with an application.

This makes me so sad.

Filed Under: Denial, Helpful Information About LTC, Information About LTC, Long-Term Care Awareness Month Tagged With: Alzheimers Disease, dementia, Long Term Care insurance, LTC, LTC costs

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

Email: honey@honeyleveen.com

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Honey Leveen, LUTCF, CLTC, LTCP
“The Queen, by Self-Proclamation, of Long-Term Care Insurance (LTCi)”
932 Sand Dollar Ct.
Ft. Myers, FL 33908

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

Email: honey@honeyleveen.com

Email: honey@honeyleveen.com

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