Author Steven F. Rowley At Library––

A Short Talk On Long Term Care Insurance

By Dottie Evans

It’s hard to make predictions, especially about the future.

––Yogi Berra

Considering all the things that can go wrong in the space of a lifetime –– damage or loss of an automobile, bodily injury, loss of a home through fire, long-term disability, loss of health, loss of one’s job –– it’s a wonder any of us ever sleep at night.

While not exactly the seven plagues of Egypt, these very serious scenarios are some of the bad future outcomes against which most of us try to insure ourselves, hoping we will never have to make claims.

Now we might want to add a new item to that list: the need to insure against potentially bank busting costs of long-term healthcare.

Author Stephen F. Rowley will be speaking at the Booth Library at 7 pm next Tuesday, March 23, on the ins and outs of long-term care insurance.

“For most of us, Medicare is available after the age of 65. But even with Medicare, additional insurance is usually recommended because there is not sufficient coverage for long-term care, either in one’s home or in an assisted living situation.

“People want to stay out of nursing homes and maintain their independence as long as possible,” he said.

Mr Rowley is a Newtown resident with 15 years’ experience in the reinsurance business. He has written an 89-page booklet on The Consumer’s Guide To Long Term Care Insurance, and will speak at the library covering topics introduced in his recently published book, which is oriented toward helping the consumer faced with making health care decisions.

During his talk, Mr Rowley hopes to demystify the process of choosing a long-term care (LTC) insurance policy, and the topics covered will range from the history and evolution of elder care, Medicare and Medicaid, and claims management to rating agencies.

“I wrote it a year ago out of frustration,” Mr Rowley said during an interview at The Bee.

“There are a lot of books about LTC needs and options, but few talk about the actual insurance policies –– and if they do, they are written from a sales aspect that may play to a person’s fears.

“You will be in a stronger position if you think about certain options before you meet with an agent. For example, there is a 40 to 50 percent possibility that rates will go up. You want to protect your assets, especially your home,” Mr Rowley said.

Because of his experience as vice president of risk management for a major international re-insurer, Mr Rowley is in a unique position to assess the industry as a whole, and to advise people who are unfamiliar with how LTC insurance works. Another reason for writing the book was to clear up certain misconceptions.

“You can be insured even up to age 85 even if there are prior conditions,” he said.

In the process, he found himself thinking about his own parents who are in the 70s and planning to make changes to their house to maintain their quality of life.

“They’ll be installing grab bars, moving the washer and dryer up out of the basement, putting a ramp over some steps –– doing things now that might protect them from a simple fall. There are many things people can do to avoid falls, which are the leading precipitators of insurance claims.”

 

LTC Insurance In A Nutshell

Mr Rowley’s book is available at approximately $11 per copy at the Drug Center in Newtown, at the Booth Library, or at online book sites.

It was self-published Mr Rowley said, “because I was determined to keep it as short as possible and the publishers were only interested if I could double the size of the manuscript.

“I know I’m not going to get rich on this book, I just hope to break even.”

The book can be read in a night or two and a relatively large type font was chosen (Ariel, 12-points) to increase readability.

“I also made a conscious effort to avoid using industry jargon,” Mr Rowley said.

To help with this goal, he credited Booth Library Director Janet Woycik and a group of eight volunteers who acted as a focus group and critiqued the manuscript in its early stages.

“They told me when I wasn’t explaining something clearly. It was incredibly valuable and believe me, they were brutal…but honest and insightful.”

Stephen Rowley has set up a series of area speaking engagements –– not only to publicize the book, but to offer an opportunity for questions from audience members.

In addition to Tuesday evening’s talk at the library, Mr Rowley’s presentation will also take place in the following area community centers: Wednesday, March 24, 7:30 pm, at the Monroe Public Library; Tuesday, April 13, at 10:30 am, at the Brookfield Senior Center, and the same day, at 1 pm at the Newtown Senior Center; Tuesday, April 27, 10:30 am, at the Bethel Senior Center; and Thursday, May 13, at 7:30 pm at the Brookfield Public Library.

Stephen Rowley’s website: www.RowleyInsuranceServices.com.