LTCi Archives - Page 2 of 30 - Long Term Care Insurance Expert | Honey Leveen

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.

Eating For Life – An LTCi Benefit

September 3, 2019 by Honey Leveen Leave a Comment

Many people believe that, as they age, they will naturally fall victim to a variety of diseases. I want you to understand that there is nothing “natural” to this cycle. There’s a lot to the aging process that we have control over. Sure, it all catches up with us in the end. But isn’t it interesting to imagine living out more of your years with independence, vigor and joy?

A recent Op-Ed in the NY Times (Aug. 26, 2019) was written by two noted authorities on the subject. Dariush Mozaffarian is dean of the Tufts Friedman School of Nutrition Science and Policy. His co-author, Dan Glickman, is a former secretary of agriculture (1995 – 2001). Their piece does not mince words. As stated in the title, “Our Food is Killing Too Many of Us“.

They make a well-researched argument for the value of healthy eating for life, especially in today’s climate of rising health care costs and reduced funding for government-sponsored programs. Almost half of the adults in the US are pre-diabetic or diabetic. 3 out of 4 adults are overweight or obese and cardiovascular disease kills 2,300 people every day. Every single day.

As they report, “More Americans are sick, in other words, than are healthy.”

Eating For Life – A Hidden LTCi Benefit

Our newsfeeds are full of information about how our diet affects our health. Our diet also directly affects our wealth. By making the decision to eat just a little healthier, we can significantly reduce the burden of medical expenses and also increase the quality of our lives.

Here’s something you may not have thought about. The longer you can sustain a healthy lifestyle, the longer you can postpone filing a claim from your long term care insurance (LTCi). That means that the policy continues to build value over a longer period of time.

A study printed in JAMA (the Journal of the American Medical Association) found that over 45% of cardiometabolic (heart, stroke or Type 2 diabetes) deaths were due to poor diet. They specifically cited “excess sodium intake, insufficient intake of nuts/seeds, high intake of processed meats, and low intake of seafood omega-3 fats.”

Today’s Decisions, Tomorrow’s Benefits

This is totally preventable! I encourage you to review your typical eating styles and see if there are small changes you can make today. The benefits will last a lifetime. A lifetime that can be filled with more joy and greater vigor.

Now is also a great time to learn how long term care insurance can provide for you in your later years. Click here to receive a free, no-obligation quote for your own LTCi policy.

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.

Indecision Paralysis Can Be Very Expensive

August 20, 2019 by Honey Leveen Leave a Comment

I had a phone conversation with a 62-year old woman I’ll call Margaret who was interested in learning more about long term care insurance (LTCi). She still works full-time, and her “off hours” are completely dedicated to caring for her husband who suffers from Alzheimer’s disease. She wanted to learn about LTCi costs and how it works.

In our chat, Margaret quickly revealed some details about her own health: a long-time smoker and her frail stature. She described the daily demands of her time and energy, caring for her husband after putting in a full day at her job. I could feel the weight of her words as she shared her concerns with me.

For now, her husband is able to stay home unsupervised while she works. Margaret understands that this is only temporary, as her husband’s condition continues to decline. And she worries that if he should fall during the day, it could result in very dangerous, if not fatal, injury.

Margaret’s nights and weekends are consumed with caring for her husband. She has no social life outside of the home. And she is keenly aware that the day is coming when she can no longer leave her husband unsupervised.

Will she have to

Hire a professional caregiver?
Move her husband into a facility, separating them for the first time in their 40+ year marriage?
Leave her job?

Discussing LTCi Costs

When Margaret and I met, we discussed the current quality of her life. The weight of her responsibility was really taking its toll on her. And it served as her motivation to shield her son from taking on this same role if she ever became unable to care for herself.

Margaret understands better than most the important value of buying LTC insurance.

We talked about the fact that if her husband had an LTCi policy, they both would be benefiting socially, economically, medically, and emotionally. For example, there could be a caregiver in their home, giving her peace of mind while she worked and easing her responsibilities when she came home.

She desired these options for her son so he wouldn’t have to sacrifice so much of his life to take care of her in the later years. We also talked about the quality of life for Margaret, having access to a variety of lifestyle choices and restoring dignity to her days.

Even Knowing All the Facts

Margaret chose not to proceed with her LTCi application. Maybe “chose” is the wrong word. What really happened is that she was paralyzed with indecision. Even though she understood the importance of long term care insurance and saw she could manage the LTCi premiums, she was unable to make that next step. I wish I did not see this as often as I do.

Unfortunately, if Margaret needs long-term care (LTC), she and her son will end up paying a higher price in time, energy, quality of life, and stress.

You don’t have to be caught by surprise, like a deer in the headlights. Take that first, proactive step to protect you and your family. Click here to receive your free no-obligation quote for your own LTCi policy.

Work With a Long Term Care Insurance Specialist

August 12, 2019 by Honey Leveen Leave a Comment

Insurance is insurance, right? WRONG! That’s like going to a podiatrist when you have a sore throat. Sure, they both went to medical school, but they each developed a specialty and expertise in very different fields. The same guidance applies when seeking long term care insurance (LTCi). Most agents who sell LTCi are generalists and not nearly as qualified to successfully get you coverage. It’s best to talk with a long term care insurance specialist.

The annual Millman Long Term Care Insurance Survey is highly respected> This year’s results also support the idea of using a specialist. For example, they report that some financial advisors are less likely to even recommend LTCi coverage to their clients, for fear of a rejected application.

When Working With a Specialist

About 60% of LTCi applications are approved when submitted by generalist insurance agents. This low success rate is mostly due to the agents’ lack of experience in submitting correctly qualified applications. On the other hand, LTCi specialists get about 80% of their submitted applications approved.

According to the data, “… specialist agents can be about five times more effective at getting clients coverage than generalist agents.” Isn’t that an advantage you want?

My own approval rate is over 80%. I’ve specialized in this field for thirty years. I have a deep understanding of the application process and what benefits my clients. I also have access to a wider variety of products, and can customize solutions based on my clients’ needs.

The Professional Advantage

When you’re ready to make the decision to protect your future, be sure you to stack the deck in your favor. A LTCi specialist like me has:

Access to a wide variety of products and options to choose from.
A proven success rate for your application approval.
The ability to match you with the optimal product.
The experience to accurately explain your coverage and make you confident in your decision.

Click here to request your free, no-obligation quote for long term care insurance.

Request a Free, No-Obligation LTCi Quote