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The Distilled LTCi Facts

January 27, 2015 by Honey Leveen Leave a Comment

DistilledBig thanks to Margie Barrie, long-time colleague and friend, for the following insights that “sum it up” for long-term care insurance (LTCi). The information below came from an article Margie recently wrote for LifeHealthPRO.

1. 73 percent of claimants are receiving benefits outside of a nursing home:

  • 49 percent: Home health care.
  • 24 percent: Assisted living.
  • 27 percent: Nursing home.

2. 21 percent of claims are expected to last five years or longer.

3. What are the odds of needing long term care?

  • 58 percent of men ages 65 and over will need care, for an average of 2.2 years.
  • 79 percent of women ages 65 and over will need care, for an average of 3.7 years.

4. Assisted living facility, average length of stay: 21 months. 

5. The average premium for a stand-alone LTCI policy is $2,400. That’s 3 percent higher than it was a year ago.

6. 92.3 percent of buyers are buying policies with elimination period of 90 to 100 days. 

For clients who want to dive deeper

6. Medicaid: $117,240 is the maximum amount of assets that the federal government will let a healthy spouse keep before the other spouse can be eligible for Medicaid long-term care benefits. (Many states set the cap at a lower level.)

7. Lapse rate for LTCI policies:

  • 1 percent is the estimated lapse rate for stand-alone LTCI policies.
  • 0.5 percent is the estimated lapse rate now being used by Genworth in its projections.

8. 4.5 years is the average length of time someone lives after being diagnosed with dementia.

9. Claims length:

  • 42 percent of claims last less than one year.
  • Claims lasting less than year are usually for home health care and caused by falls.
  • The average length of claim that lasts more than a year is four years.

10. Claims: How much?

  • $7.5 billion of LTCI claims were paid in 2013.
  • Over $5.2 million was paid each business day.
  • 273,000 people received benefits.

11. Claims: Who’s getting the benefits?

  • 71 percent of the benefits dollars are paid to female claimants
  • 51 percent of the benefits are paid to claimants with mental disorders, including dementia.

12. Claim records (from Genworth):

  • 27 is the age of the youngest person to go on claim.
  • 103 is the age of the oldest person to go on claim.
  • About 20 years is the length of the longest claim.
  • $1.3 million is the amount of benefits paid in connection with the biggest single claim.

13. Age of buyers:

  • 24.7 percent are between the ages of 45 and 54.
  • 54 percent are between the ages of 55 and 64.
  • 57 is the average age of applicants.

14. In 2011 and 2012, 67 percent of nursing home residents were female.

15. The number of people using long-term care services:

  • 15 million: The number of people in the United States using nursing homes, alternative residential care or home-care services for LTC needs in 2000.
  • 27 million: The number of people in the United States who are projected to be using nursing homes, alternative residential care or home-care services for LTC needs by 2050.

16. Demographics:

  • 40.2 million: The number of Americans ages 65 or older in 2010.
  • 88.5 million: The projected number of Americans ages 65 or older in 2050.

17. Burden on unpaid caregivers:

  • 80 percent of long-term care is provided by unpaid caregivers at home.
  • 67 percent is the approximate percentage of unpaid caregivers who are female.
  • 67 percent of the people who plan to have a loved one provide care, haven’t asked the loved one.

Filed Under: Elephant in the Room, Helpful Information About LTC, I'll Just Self-Insure, Information About LTC Tagged With: assisted liv, Honey Leveen, Long Term Care insurance, LTCi, Margie Barrie, Medicaid, Medicare, Nursing home, www.honeyleveen.com

Powerful New Tool for Peers

May 20, 2013 by Honey Leveen Leave a Comment

Selling LTCi TodayI want to recommend a powerful new book to all readers who are financial advisors.

Margie Barrie is a nationally recognized long-term care insurance (LTCi) expert and a good friend of mine. Senior Market Magazine voted her one of the ten most influential people in the LTCi industry nationally. She is the long-time author of the “LTCi Insider” column in that magazine and a nationally recognized, sought-after speaker.

Margie has just published her second book, “Selling LTCi Today: 46 Ways to Find Clients and Close More Sales.”

Margie has asked many of the most experienced and well-known LTCi professionals in the country to contribute short chapters with their best tips and advice. This array of different perspectives makes her book a lively read.

Any financial professional who is sincere about wanting to cultivate LTCi clients should get this book right away.

You can learn more about Margie Barrie and purchase the book at www.margiebarrie.com.

Filed Under: Helpful Information About LTC, Information About LTC Tagged With: Long Term Care insurance, LTCi, Margie Barrie

Personal stories about long-term care

July 8, 2012 by Honey Leave a Comment

I enjoyed my good friend and colleague Margie Barrie’s column in June’s Senior Market Advisor Magazine.

Long-term care insurance allows you to have choices, access and options not just now, while you are independent, but through the final days of your life.

The following actual testimonials are from Margie’s column. They are written by LTCi claimants and families. Thanks to colleagues Mark Goldberg and Matt McCann for sharing these.

Written by a claimant’s husband:

“We bought our policy when we were 60. My wife had a stroke when she was 64. The stroke left her partially paralyzed, and we were devastated. She required care to just cope with the stuff you have to do every day to live. If it wasn’t for this insurance, she would have gone into a nursing home permanently. But because she had this protection, we could bring help into the house. We didn’t have to change the way we lived. Without the policy, I would have been the one who provided the care and my daughter would have had to quit her job to help me.

“Because we had this policy, it prevented us from having to change our life, and that made all the difference in the world. As far as I am concerned the value of having the policy is priceless. It’s probably the best investment we have ever made.”

Written by claimant’s daughter and son:

“We didn’t even know that mom and dad had long-term care insurance until they both got sick. This policy made helping them find the best care for their circumstances so much easier.

“We had no idea how flexible their policies were. The fact they had the choice of going into an assisted-living facility instead of a nursing home has given us both great relief. We might not have that option if we didn’t know we would have the dollars the policy provides them for the care.

“My brother and I have both applied for coverage for ourselves as we have experienced firsthand what the impact of having these policies can have. My parents never wanted to be a burden, and I don’t want to be a burden to my kids.

“I am a mother of two teenage  children and if I had to be the one who had to coordinate and provide my parents’ care, it would make my life impossible. My brother is in a similar situation.”

Filed Under: Helpful Information About LTC, I'll Just Self-Insure, Information About LTC Tagged With: Honey Leveen, Margie Barrie, Mark Goldberg, Matt McCann, Senior Market Advisor, www.honeyleveen.com

Contact Me

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

Email: honey@honeyleveen.com

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Open Quotation Mark"Honey - Whenever I need a clarification regarding our “LTC” you are “Johnny on the spot” responding in a very prompt manner, reassuring me, informing me in a concise way, patient with me as I massage the understanding in my own words. Your knowledge is current and expressed with confidence, offered in your conscientious and upbeat personality. Quotation Mark ClosedIt is a pleasure to work with you. Thank you for your expertise." ~ Nancy Damon, Houston, TX
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Honey Leveen, LUTCF, CLTC, LTCP
“The Queen, by Self-Proclamation, of Long-Term Care Insurance (LTCi)”
404 Royal Bonnet
Ft. Myers, FL 33908

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

Email: honey@honeyleveen.com

Email: honey@honeyleveen.com

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