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Long Term Care Starter Plan

Finishing Well / Hans Scheil
The Cross Radio
August 27, 2022 8:30 am

Long Term Care Starter Plan

Finishing Well / Hans Scheil

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August 27, 2022 8:30 am

This week Hans and Robby discuss long term care starter plans. Hans and Robby go over much needed information to help you make sound decisions.  

Don’t forget to get your copy of “The Complete Cardinal Guide to Planning for and Living in Retirement” on Amazon or on for free!

You can contact Hans and Cardinal by emailing or calling 919-535-8261. Learn more at Find us on YouTube: Cardinal Advisors.

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Rob West and Steve Moore
Finishing Well
Hans Scheil
Rob West and Steve Moore
Rob West and Steve Moore

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This is Mike Swick from if not for God podcast our show stories of hopelessness turned in the hope your shows an Truth Network podcast is starting to just enjoy it. Sure, but most of all, thank you for listening shoes. The truth podcast. This is Truth Network welcome to finishing well brought to you by Cardinal God, certified financial planner belongs agile best selling author and financial planner helping families finish well for over 40 years finishing well will examine both biblical and practical knowledge to assist families in wishing well, including discussions on managing Medicare IRA long-term care life insurance and investments and taxes. Now let's get started with finishing well wishing well as a general discussion of education issues facing Cardinal advisors I'm sure I'll see if Pete insurance this show does not offer investment products or investment advice welcome to finishing well, a certified financial planner Hans Schild kind of a fun show today because I am actually at MorningStar down to man up conference from the cuticle losses you hear some music or something in the background.

That's because I'm recording from the conference room floor here and we got our wonderful home financial planner and certified financial expert on Schild with this and today show order timeout along term care starter plan like wow what a cool thing. A long term care starter plan and so Hans as I was thinking about that idea. I thought wow you know what a cool thing that you have faith that this situation would be covered and so of faith. Starter plan seems to be in order and as I was thinking about that idea in my mind.

I pictured some Hebrew words is in Hebrew words are put in pictures and so if I could just describe those pictures for you for a minute on what I know his name would represent. So you might remember now a built in article is really important for God that Nella would comfort his people, so he gave them a name that means comfort and that name in if I could take the two letters is pictures have to do with the seed of faith is actually the first letter that sounds I can in and the second letter which sounds like an age actually looks like a page in its own way because it is the idea of the marriage canopy or marriage Cooper and so there's a male energy and a female energy kind with God hovering above that and so is he got this idea of this plant that is planted in the good soil. You see, has faith that that faith seed is going to have faith that someday it will be united with God. See articles that and then when you take that backwards, which is how you spell the word grace.

In Hebrew, you take those exact same two letters you'd flip upside down and you go see have the marriage canopy sitting next to the seed of faith.

So once we get married to Jesus, then our plan begins to grow and we can bear fruit. Beautiful.

But what's really cool about that. When you think about it is Jesus now has faith in you. In other words, your his favorite, and that's the idea of graces is the he has faith in you and and and its unmerited favor essentially is a beautiful amazing idea, but once we have that faith, then we can begin the bear fruit in ways we have children right we don't want to put a burden on them for long-term care. So that's a perfect transition.

There today, I thought I was. You are a problem we all we were talking today about really an alternative to what we recommend for most people, and that the long-term care starter for the long-term care starter kit. This is kind of arisen out of real really two groups of people.

The group of people that just can't afford or they're not willing to pay even if they could afford for full-blown long-term care insurance is going to cover the risk for a number years and it's gonna pay out of natural amount for either home healthcare or assisted living or nursing home care, and we show that to a lot of people. We talked to a lot of people about that are coming financial planning and some of them just don't have the money.

The end but yet they're still concerned about the problem or there's people that do have the money and the resources that they just stay doing it big deal over there left out by one of these hybrids with a substantial portion of the retirement yet I find a lot of people usually dismiss this and they say all just enough that haven't mailed to deal with it when when that happens there. You know that the people that have money and resources to say like I have enough of that happened to me, out of pay for myself and so what were talking about today is where we what we end up recommending and a lot of times not right at the time whether rejecting the larger plan to come back around and explain the starter plan to them really is an alternative to the larger recommendation that makes sense to me. Absolutely it's it's definitely I love the way you guys set it in your video that that this situation can easily crash your retirement plan and so you know this is this is part of what a good plan. This is looks to know what some of the possibilities are what you know people a lot of people that we help another on a fixed income. They don't have a lot of assets may be what they do have it in an IRA and their want to preserve that and are living off their Social Security maybe a little work and making it last. And you know they discover through working with us that they're not paying much taxes on that Social Security and you know they're looking at long-term care or you know if this happens to them. It's going to put them in a really bad way because first of other going to have a short-term need. You can't just call up the Medicaid office and say hey I you know I want you the government to pay for my long-term care because I don't have any money mean people that have limited resources there to be paying for this themselves for a while or the families can be stepping in or something is going to happen. It really creates a crisis for people when they have a stroke but they have a fall work to something necessitates that they can't be at home by themselves that they want to be at home and they need somebody there with and so for those people. I generally recommend that they go with money short term care policies available in their state, which is available in 39 states selling North Carolina's one of South Carolina bridging areas around people here this on the radio yet. I generally recommend that they get started with some version of that and that's that's what you did yourself probably work for you and him yeah and we are so glad because it it did exactly what I described as it gave Tammy and I both faith, especially Tammy.

She was really really really concerned because of the burden. Her mother has been on her life and and all that that has happened as a result of caring for her that she just there's no way I'm doing this to Mike to snap way and so you know, should this is one of those things and that was that.

You know even sleep. She started when she was 58 I think because it was less expensive than the younger that you are in the more healthier are so that worked out good for us like her plan was probably hundred 20 bucks a month.

Your 940 mm is 100 something like that and it is affordable and could suck you break the bank and I'm sure it's tough to pay both of those premiums every month but you know what that's going to give you if you're all of a sudden in a crisis is the stuff comes up all of a sudden. Even though maybe you could see it, and you really can't see it, because you're fighting for your independent and all of a sudden the family got a crisis and then boom your dear policy doesn't even have an elimination. Her waiting. It pays for. From day one for home healthcare, and it pays from day one in assisted living facility. Okay. And it pays for one year in each of those separately so and it pays you a cash payment to you every week regardless of the amount of money spent okay here. In other words, you got it do three visits were you have to actually pay a home healthcare agency to come out and do something more than likely you're gonna pay somebody seven days a week for a few hours but to meet the minimum of the policy and get the cash payment.

All you gotta do is have three visits a week from home healthcare agency for a minimum of an hour and then they're just going to send you 1200 bucks and then you can spend that as you see fit cells that is added every week for 52 weeks and that's it.

You know that's the thing is that that that it keeps us from crashing in something like this happens and in the burden because I like what Tom said in the video as well that unite when your children are at the age where you're going to need this carrot that tends to be the age where there really need to make an income. Their kids are going to college you know this is no time to bring some kind of tremendous time restraint on them when when when they got their families in full bloom right absolutely. I was thinking about this, you know, with my wife and we got a pretty substantial policy and when she went through her troubles with the cancer a couple years ago. I mean, I was just really really concerned about her obviously and then I was concerned about myself like how in the world of Mike and Bill take care and you know we were very fortunate that that she was healed, at least for the time being and it really the convalescence was not that big of a deal and I think I came through for, but I was wrong when all this is going on I was thinking that if this thing goes on and on and on and on, need to hire somebody to come in here think I have this long-term care policy to just pretty high budget to bring people in there to help which which which I really would've needed now. I love the idea that you shared on the other plan which you know you can use IRA money and begin to dwindle back down right Osher remote. We have all kinds of ways to pay for this. You know when we can use your assets or we can use your income or we can use a combination of the two. We can create an income from IRAs so just understand that we have an unlimited but pretty close to unlimited amount of options in ways to prepare for this which kind of brings us. I think of the second part of the show to talk about why the starter plan is a good alternative for people that have sufficient resources that but they're just not willing to put them forth for long-term care. Other starter plan will really get them on the way to to self-insuring themselves into. That's what a lot of people end up doing is really another way of saying I'm rejecting long-term care insurance management pay for myself and have now like to say time and time again we talked about on the south that the worst time.

No one deal with that is when your you know 80 some odd years old and now all the sudden you need that care like my father.

He's not want to pay 39. He didn't write the peoples of $200 to come out so great he couldn't get out of the chair on his own know he was living alone in a very nice house. I went to see when he was in that way. Yeah, I immediately wondered pay the $200 healing and have them hang around the house, but I will promise you if your dad had had long-term care insurance would've been all four circuit. Now I know I know a completely different story. And you know it's hard to picture ourselves with a hardening of the attitude you know anything. Some of be that guy that's got a what happens right. Oh yeah, we got a go to break we want to remind you that this show was brought by Cardinal where you can get houses but the complete cardinal guide to planning for living in retirement and that's got the seven worries tab with close tabs is long-term care and the neat thing is her show notes were time as opposed to just an unbelievable study that really isolates what some of these costs are.

It's really helpful resources.

There is no known separate tabs in Cardinal on our long-term care starter plan that Hans and I would love to take our show on the road to your church and Sunday school Christian or civic room. There's a chance for you to advance the kingdom through financial resources by leveraging Hahn's expertise and qualified charitable contributions veterans aid and attendance, IRA, Social Security, Medicare, and long-term care. Just go to Cardinal and contact Tom to schedule a live recording of finishing well at your church, Sunday school or civic contact Tom Cardinal guide.that's Cardinal welcome back to finishing well, a certified financial planner is silent today show or talking long-term care starter plan and so I'm excited to get into some more. These details on that hybrid plan there. Hans were talking about, you know will be left is the gentleman or gentle lady wherever it is the couple that is just there to self-insuring religious thought through it. They got a lot of money and I'm talking about. A lot of people something like closest personal friends that are that are just what we've got enough money if we need long-term care were going to pay for it ourselves.

In this conversation, though okay and some people I manage some of their money and I they have their Medicare supplement insurance they know they buy life insurance and they have all kinds of things with her taking my advice, but this subject has its own set of circumstances, and I Yama tell you my theory on it is that it's an emotional subject you know if it's emotional decision-making, and it's the conflict avoidance and its people that do have a lot of resources they've accumulated sufficient money and they are in their 60s, maybe late 50s early 70s and there enjoying the good life and they they just don't want to think about and deal with the fact that 15, 20 years from now or sooner that life could take it really odd turn for them and then they will need somebody taking care of and if you got resources you want to do this at home having the pandemic taught us that is as you you want to bring Carrie anyone stay right here home and that is expensive and so we talked about a little bit in the beginning of the show yet, even people say was somewhat expensive. If it happens will just pay for enough of that, and I'm just saying that that movie is not too pretty to sit down and watch is the 87-year-old guy sitting there 87-year-old lady who now you're gonna start talking about some of those millions to our boxes, time to pay for a home healthcare agency and they throw mother or even if they go along with it because it's not you making the decision when you're the 87-year-old person that your adult children. The most responsible of them are sitting there and they're having to make sense of all this, and now they're going to have to go in and take your money and pay for this stuff and make those decisions and so if that's the way were going to go but at the very least let's plan it out. Let's let's sit down and put together a plan. So when this happens. Years from now they'll know what to do and so what I'm leading up to is I have gone this way with a lot of people is a undefined one of the starter plan like just like you purchased Robert plan what it does is it buys them a years worth of protection for home healthcare in a years worth protection for a facility, you know, over $100,000 worth protection, but more importantly it starts send out checks from day one in the old person that said I'm gonna, pay for this myself, for they control the beginning bills on the insurance company until they can figure out other than rearrange asset that's Canada .1 right that that's the one side of it and that the other side that that your time.

I just had a whole bunch of people come to you about with the IRA situation what yeah I mean, once people discover and I can do this through my videos on YouTube and they have Tom walking through several several different videos we've gone through actual people that have bought this, and they've taken a substantial part of their IRA over some of these people is not even a substantial part rather taken 200,200 50,000. We just have one painful really put 350,000 in the air because they wanted the lifetime benefit and they wanted a substantially higher benefit than there because there plan to use it for home healthcare. So, and they did it with IRA money because a lot of these people that have resources that are in their mid-60s and they're looking at this comment us to plan out distribution of their IRA to minimize their taxes to do estate planning and past things on the kids and then we get on this long-term care subject and they find out that they can just take a chunk of their IRA money and put it toward long-term care and you know this, that the purpose of this show is to explain the mechanics of this but it's just you just move the money from one place to another place he and the payments are done from other resources. Anyhow, there's a bunch internal stuff going on. People love it and and so we week. We've got all kinds of people buying that. And part of that is because were proposing it to a lot of people. Okay. And so I just talked about the people that you know have said noted that or they can afford it or they want with the resources and soak what was shown on this YouTube video and were talking about today is going ahead and plugging in a starter plan for them just so that the crisis happened them that they'll have a little bit of time between them and self-funded in on actually paying the bills himself exactly the thing is is is that if you got resources and your planning to pay for this yourself if it happened.

Number one, you're gonna want to do that at home. You know whether you have insurance or not you're going to want to be cared for at home.

At least that's my plan. If there's any way possible, tell you that people that are cared for at home are ultimately going to end up in the facility and if that's me. I want that facility to be a really nice place okay and I wanted to be a private pay facility yet.

I want to put that off as long as I possibly can. And so you know that that that's that's my thinking and I think the time. Through the length of time of this where you could possibly be receiving care is from when when whenever the situation happens to you till the end of your life and I think that that's lengthening.

If anything, it's not short. I mean, I don't know that. In other words, people are living longer and longer and longer as time goes on and they have a longer period of time when they can't care for themselves and so what we're doing here is were just pre-funding work were sitting down looking at the reality of it and were set me up with you with a with a budget for this route, or an insurance plan that's going to pay out. It's nice about the hybrid is if you don't ever use it then. Then your heirs get the money you know the guy get the life insurance benefit right right that the thing that might be helpful is actually until my father started to an extent, to understand the timing of it was interesting to me and right along the lines of what you're saying.

It is wife died. I think he was 83 maybe at the time and she had a brain cancer where they had they had moved into an assisted living facility.

In order for him to get help taking care of her and she hated me he was out of sight that his thankful for the help to Teresa and he was grateful for all that, but man, he did not like that place and when she passed away he was like I've got a get on and so he bought a house really myself up by the move from Georgia and his thing was he wanted to live in his house and and if I'd know now what I'd know what you know find if I knew now and then what I know now, I would've never allowed them to go to any rehab or any you know because where he wanted to be was at home and he could've lived out at me and there were times he had to be in the hospital after he broke his neck and all that I get it, but so much of the rehab and stuff should've been done at home and had he had an understanding of what were talking about today the last year of his life, which is all he needed the careful was the last probably 10 months and he could have easily covered it was something like that but it would've been so much better for him.

Had he spent more that at home which he could've sure and so that the whole thing that we do a card now people and this is the only difficult subject.

We deal with me with your estate planning and passing things on to the next generation we deal with healthcare just all ranges or were just helping you arrange your money in such a way that you're going to be able to have a peaceful and enjoyable retirement not only you but the rest of your family. This is a family situation when there's care and your family can be given you care no matter what system you hire the professionals that come in and do the heavy lifting. Exactly Ron for Santana's time before he ran the show we want to remind you that the show started by Cardinal guide Cardinal where there are the seven worries tabs where you can listen to podcast on the now, we're just showing education as you always have a ceaseless harassment of "i" that is on the sometimes silent CFOs because of an insurance product, or is Cardinal guy was finishing well by Cardinal visit Cardinal for free downloads of the show or previous shows on topics such as Social Security, Medicare and IRAs, long-term care, life insurance, investments and taxes as well as constant best-selling book, the complete Cardinal guide to planning for and living in retirement and the workbook once again for dozens of free resources past shows what get Hahn's book go to Cardinal if you have a question, comment or suggestion for future shows. Click on the finishing well radio show on the website and send us a word. Once again that's Cardinal Cardinal this is the Truth Network