www.honeyleveen.com Archives - Page 16 of 25 - Long Term Care Insurance Expert | Honey Leveen

Truthful Info on LTCi Claim Payments

August 20, 2013 by Honey Leveen Leave a Comment

These statistics from Genworth, a leading long-term care insurance (LTCi) carrier, provide insights into the nature and complexion of LTCi claims:

If you missed Genworth’s webinar on their claims history over the past 38 years, here are some interesting facts:

Youngest claimant: 27 years old
Oldest claimant: 103 years old
Longest claim: 19.6 years
Most expensive claim (still ongoing): $1,300,000
71% of all claimants are females 29% of all claimants are male
51% went on claim due to dementia & cognitive issues
15% of all claims lasted more than 5 years
Average length of claims, if on claim more than 1 year: 3.9 years
71% of claims started with home care 13% of claims started with assisted living facilities 16% of claims started with nursing homes
50% of claims lasted less than 1 year (conversely, 50% lasted more than 1 year)
The reason claims closed: 61% death 28% Recovery 11% exhausted benefits
Average age of claimant: 79
Who goes on claim? 38% Single women 28% Married Women 10% Single men 24% Married men
Most expensive claims: Dementia & Parkinson’s

Pseudo Journalism Schlock, the Sequel

August 18, 2013 by Honey Leveen Leave a Comment

As I promised in my prior blog, Pseudo Journalism Schlock, Part 1, here are a few corrections to Clark Howards error-riddled piece masquerading as journalism. You will find the following comments, and more, posted at the bottom of Mr. Howard’s piece. The very best commenter is last.

Jesse Slome Executive Director American Association for Long-Term Care Insurance comments:

“Some good info some outdated info (including companies that no longer offer this product). May I suggest starting with 4 consumer guides that are a quick read and offer current facts and suggestions on ways to make this most affordable. You can find them at http://www.aaltci.org/long-term-care-insurance-costs and NO sign-in info is required to access them. Today, because of the many changes, it really pays to work with a long term care insurance specialist. That is someone who has helped 100 (or more) people get this protection.”

From Phillip Sullivan President – SellingLTC.com www.sellingltc.com:

“An insurance company’s financial rating does not guarantee there will never be a premium increase. Premium increases are caused by product pricing and current interest rates (which have been historically low for some time). Case in point, State Farm (Rated A++) increased its rates in 2012 on their LTCi policies sold from 1997-2001 in 15 states, (including Georgia with a 12% average increase) and other states increased as high as 40%. You further recommend using an independent broker who can shop the market. This is good advice, except independent brokers cannot sell State Farm, USAA, Northwestern Mutual or New York Life.”

From D.O Long Term Care Specialist. PO Box 1654 Snellville Ga 30078:

“As stated by Mr. Slome, some good info while some outdated info also. States Farm does not work with independent brokers and the plans they tend to recommend do not include the compounded inflation protection options which is highly recommended for younger folks as well as required for the Georgia Partnership Program. In addition, I disagree with the idea of not buying ltc if you are rich. Rich folks do not self insure their homes or health insurance. Why would anyone want to self insurance a potential risk that can result in financial ruins. They are various options from traditional ltc policies to hybrids plans. Best time to look into ltc is while you are in good health. The younger the better for obvious reasons.”

And here’s my very favorite comment, from “Signed, A concerned life and securities professional”:

“Hey Clark, if you want to provide your opinion, then state that it is an OPINION. You are not licensed by the State of Georgia as an insurance agent, nor are you federally licensed to provide financial advice on stocks, mutual funds, and any other investment platform. Stop providing ADVICE of every kind, as although I am sure you have good intentions, you ARE NOT LICENSED TO PROVIDE ADVICE, and many of your readers/listeners will accept your words as gospel. Your comment where you say “you should not buy LTC insurance if you are very wealthy or don’t have a lot of assets” is not necessarily wrong, however it is not wholeheartedly accurate. Blanket statements are unacceptable in our profession, and only by an individual/family working with a duly licensed professional can proper and case specific information and advice be provided. I am licensed in many states as a life agent AND as a securities professional. MY opinion is that by providing incomplete information, you are causing more harm than good. Even if ONE PERSON makes a poor decision based on your incomplete information, you are doing a disservice to my profession. As I work for a national firm with a large compliance department, I cannot sign my name because I did not get preapproval to write this note. This is because many large firms want to make sure that all written communication with clients meets both the firm’s and various regulatory requirements. Even if I had preapproval, I could not write an article such as yours, because it was incomplete and somewhat misleading.”

An Option for Single Women Boomers

June 18, 2013 by Honey Leveen Leave a Comment

Last Wednesday morning I awoke to an engaging story on NPR about aging Baby Boomer women with limited finances, living together to create a sense of family, save money, and have fun.

A growing number of pioneering women are starting group homes with their single peers. Some are being advertised on Craigslist as Golden Girl Houses. According to Bonnie Moore, a 60-something divorcee who lives in a well-kept, five-bedroom house in Bowie, Md., a cozy suburb of Washington, D.C., it’s “a little bit like family, a little bit like roommates, a little bit like a sorority house.”

I say more power to them! They can pool their resources, strengths & weaknesses and create a responsive new family for themselves. This is a great solution up to the point any of the “Golden Girls” needs long-term care. At that point, this model could prove stressful and problematic, as increased physical and emotional demands are made upon the housemates.

The women pictured in this story appear to be in their 50’s and 60’s, and in good enough health to qualify for long-term care insurance (LTCi). I should think that their obvious savings on rent and other household expenses would easily enable them to afford LTCi premiums, which can be reasonable.

LTCi has been, still is, and will always be the most dignified, sane option for middle class people needing long-term care.

Caregiver Daughter is Exhausted, Angry

June 10, 2013 by Honey Leveen Leave a Comment

Here’s the June 3, 2013 Dear Abby column. I hear variations of this same story almost every day. It’s a story of resentment, anger, and wasted dreams.

The family member needing care most likely chose to avoid having a conversation about responsible – and reasonable – long-term care planning when they were able to.

“DEAR ABBY: I took care of my grandmother until her death a few years ago, and now my mother is very sick. I feel angry because I’m only 23, and it seems all I have ever done is take care of sick people. I sit at the hospital sometimes just fuming.

Mom was a smoker and now she has cancer. I keep thinking if she hadn’t smoked, she wouldn’t be in this fix, and neither would I. I always visit her and try to do everything she asks of me, and yet I think I’m starting to hate her. I dread going to the hospital, sitting there and waiting for test results, etc. What kind of daughter has feelings like this? — WORST DAUGHTER ON EARTH

DEAR DAUGHTER: Please stop beating yourself up. Your feelings are normal. You have a right to be angry that your mother is sick. At 23, you have had an unusual amount of responsibility thrust upon you for someone your age. That her disease has taken over your life is also a reason to be angry.

However, please stop blaming her for her illness. Right now, you need each other. And nonsmokers get cancer, too. The American Cancer Society has support groups where family members can safely share their feelings. Please check them out.”

Fiscal Cliff Legislation to Create New Long-Term Care Commission

March 23, 2013 by Honey Leave a Comment

On January 1, 2013, the fiscal cliff has was averted at the last minute with the passage of H R 8, the American Taxpayer Relief Act of 2012 (ATRA).

A section of ATRA 2012 includes the formal repeal of the Community Living Assistance Services and Supports (CLASS) Act. The CLASS Act was supposed to create a voluntary, worker-paid long-term care (LTC) benefits program. Health and Human Services Secretary Kathleen Sebelius announced that she could not set up the CLASS Act program because she could see no way to guarantee that the program would be actuarially sustainable. In reality, the CLASS Act has been “deader than a doornail” for a long time. This legislation just makes its demise official.

The most interesting part of ATRA 2012 for me is that it will establish a commission on long-term care.

The LTC commission is supposed to include representatives from LTC insurance providers as well members representing the interests of family caregivers, health care workers, users of LTC services, and users of LTC insurance. Some commission members are supposed to have demonstrated experience in dealing with public and private insurance.

The commission is also supposed to develop recommendations for creating “a comprehensive, coordinated, and high-quality” LTC system within six months after the commission members have been appointed.

We will see how this shakes out. Both parties agree that the biggest causes of budgetary concern are Medicare and Medicaid usage. I want to be optimistic and believe that sane, sustainable solutions for our nation’s long-term care crisis will result. Unfortunately, however, I am skeptical that much good will come of this new, well-intentioned panel, due to the current contentious political climate and the often demonstrated reluctance of legislators to broach the sensitive subject of Medicare and Medicaid reform. Stay tuned…

Request a Free, No-Obligation LTCi Quote

Truthful Info on LTCi Claim Payments

Pseudo Journalism Schlock, the Sequel

An Option for Single Women Boomers

Caregiver Daughter is Exhausted, Angry

Fiscal Cliff Legislation to Create New Long-Term Care Commission

From My Blog

Podcast Illuminates LTC Need

LTCI is Magical at Time of Need!

Testimonials