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October 1, 2022 8:30 am
Hans and Robby are back again this week with a brand new episode! This week, Hans and Robby discuss the whys and hows of long term care. They go into detail on the things you really should consider when it comes to your long term care options.
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While best-selling author and financial planner helping families finish well for over 40 years of finishing well will examine both biblical and practical knowledge to assist families in finishing well, including discussions on managing Medicare IRA long-term care life insurance and investments and taxes. Now let's get started with finishing well, finishing well is a general discussion and education issues facing retirees.com partner with drivers. I'm sure I'll see if Pete some insurance this show does not offer investment products or investment advice welcome to finishing well certified financial planner on child.
Today's show how fun the why and how of long term care. So as we get into the why and when you're if you get a chance to see the video that's done on the same subject. Here at their YouTube page, which you can find a course Cardinal died in a vamp two columns in the column on the left is the why am in column on the right is the how I couldn't help but think about what a lot of people call the longest journey in the world is the 18 inch trip between your head and your heart and you know for a lot of us, you know, we spent a lot of years there in our head and and then someday you know through our faith.
We came to the realization that the action in our life really comes out of our heart, not out of her head because I'm I'm sure you set there and thought about it logically, you know, just use your head not amount a lot of people would ever have a pet or for that matter even more scary if a lot of people just put the pencil to it and unfortunately, while young couples are doing that these days while we shouldn't have kids you this is expensive and you know this all manner going to go off to college is going to be even more and just think of all the hassle of changing diapers and all you know it just it adds up and heads up. And so when we look at the at the how of things you know we we end up there and when you really think about the Scriptures. It's themselves like if you tried out if you try to read the Bible with just your head. You know you lead the play. You could listen to some of those people on TV those that look at a scientific approach to the book of Genesis, like man you know that that'll just get you in the weeds and are in a hurry because these are things this is this is where the real action is we we get Jesus in our heart not in our head so that 18 inch journey from our head to her heart is what were talking about today. At the beginning of why why long-term care and this at first take does not seem like a logical decision, but Hans it's it's a critical one that people consider right we agree and me in my practice, and I we we have attended the jump right the restart just on the concern about long-term care when you know that I've looked at and then we start plugging in numbers and showing people how they can pay for it and talking with her to do a hybrid editor there to do regular long-term care short-term care how much it costs on a why he needed some bad how you can afford it and then people generally look at all that it just doesn't sound like a very good deal. You know I mean it too expensive that you know I was in this for me. I don't want to pay that much and so that's kind welcome to my world. That's what I've been doing for my whole career trying to impress people of the need for this PN, going right to the technical in the house so will you do today and what we did in this video. Yes, we should look at the why or how.
Aside from the premiums of the primary benefit of all, stuff we talk about in the beginning, like why do you. Why are we suggesting you do require you to be better off when you get much older you and your spouse, why are you going to be better off if you have a plan for long-term care and you prepared for this and you prepared your family for this is why you purchase or you consider purchasing long-term care insurance okay and I made a list of the video) were gonna go over that point by point.
So the first reason why and the main reason you don't buy long-term care insurance. You don't make a long-term care plan for you because America currently for you but you're the person who's sick and you're the person that in paying and you you're being cared for me. Sure there is a been there for you but the people who really suffer from a lack of planning is your spouse and your adult children may cure five years old your kids are going to be 55 or 60.
When this is going on in there. There are 30,000 about the same age and then you have fortunate enough to have multiple children know when you have a stroke when you're 85 or you begin to develop dementia and so they can't watch over you and care for you. Make sure you don't hurt yourself and as well just have you go about your day and a safe manner. This creates a family crisis for them and it happens all of a sudden it doesn't.
You think that people prepare for this and the person gets older but the family is in denial about it in the person that happened and is usually some of the event. They create a crisis and Dan the crisis is going to be there and it's gonna feel awful for everybody, whether you plan for this site is you talking I couldn't help but think of it, you know, I have a man that helps me actually the Jesus labor love and has for years and I hadn't heard from him in a while so I sent him an email and he described that he was experiencing PTSD and the PTSD was because he was his wife's caregiver and what he experienced was, as she began to get dementia and he was her full-time caregiver that he had to have a watch on her all the time and she wouldn't go do something to hurt herself and it It kept him in a constant trauma for a period of five years so you can imagine the and he went on to describe to me you know you you're laying in bed at night but you still have started this watchful eye.
That's gotta be going on because if she gets up she might go herself and so he said for five years I was in this constant trauma and then unfortunately she passed away right after all these years of care and the next thing he knows he's having these completely debilitating panic attacks because of you know, the continual trauma he was under for five years where his life was you know of just being on full alert all the time and now his body is telling him like whoa dude you eat yet you know you can't do that for five years and so he's up he's getting counseling on Stephanie's get help in his seat as he was going through this. I couldn't help it. Just wonder in on a guided provided him with ways to get through it.
But oh man oh man, you know, we would like to think that we could take that on and be Superman, but we can't yellow people don't have a real estate that cause problems in six months, five years long time five years ago the end of 2017 Longfellow. And to think about every day for five years and that, so that the point is if the people around you. The people who love you care about you. You put together the plan for long-term care for that and you know I don't know how much detail we really need to get into over like how this is going to benefit them because you have a price. You have a stroke or maybe you develop dementia, but is usually some of the events around the dementia that created the crisis and other working on. My mom had for several years before it really became a serious problem that it was the event my sister dying with her primary caregiver is through her over the edge through the whole family into crisis and the real problem for many degrees. My sister and her passing, and have gone with them when it is that we leave town to look after my mama and then we started discovering that she really wasn't being that well looked after. She was still driving and she absolutely should so not with my personal story is the why. With this whole thing is you put together a plan for what you're going to do good. Take care how they can be paid what assets to use what insurance is available and then you give legal you giving the legal filling out legal documents that allow your adult children and your spouse to sign for things and actually go to business on your behalf when you're in a situation where you can and if that is enough why we can come move on to the next topic you know a lot of people just say stop with the stories I'm ready to sign me up that let you go a little overboard, but this is a family go through this or some family going through that right now me today if somebody does something happened in the past week. There are several families and you know that the brother sister that on the ground right where the parent lives are close by there there on the ground and then the other ones are deciding whether to come in or not. And there probably fighting over a few things to me that is a natural thing started happening in with your friend. I'm just thinking, do they have children or do you know that he did unfortunately assist him in his life. Yeah Karen know that that's, how that goes. But you know the other big thing is you know where you know not just you know where you can get this care if if if that's part of the deal to write you no way we gotta go to a break so you will want to remind you all that, of course, this show is brought to you by Cardinal guy.com and a cardinal guy.com you can find out how to get up with Hans it's there at his website. You can email them there or you can look at the seminary's cabin and watched the video on the same subject. The how and why long-term care plan along with the show notes and all sorts information as well. As always, Hans is the Cardinal guide to planning for and living in retirement solely come back.
We got a whole lot more. How and why long-term care. Be right back.
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 Hans expertise and qualified charitable contributions veterans aid and attendance and IRA Social Security care and long-term care. Just go to Cardinal guy.com and contact time to schedule a live recording of finishing well at your church, Sunday school or civic group. Contact time the Cardinal guide.that's Cardinal guide.com welcome back to finishing well, a certified financial planner Hans silent today show is the why and how of long-term care and so were still in the why, that's for sure.
Hans is you know I sent.
Essentially, our families, you know were not a logical necessarily choice, but our choice to begin with, and so now we gotta use our hearts to make sure that were protecting those people that I get over the years. I really don't like it you can take care of me. I am good at it and take care of me and I like all accountable locating the and then we can walk through the practicalities of that community is to do that your spouse is still living and of sound mind and sound health is give-and-take. To so were not you know or couldn't take care of you will what we want to know is that planning planning that out in advance is good to make that burden their time is to have them have a roadmap of how you want to be dealt with and for you have had your say anything and then they can come in and just take over for everybody's well-being. So I move on to the next point is of the why is that you can choose now where you're going to receive your care. As everybody says all I meant. I'm never going to nursing or I'm never going to assisted-living ideas no way manage handling full, that's basically everybody's point of view want to go that naturally, there are a few people that actually enjoy going there because they have community and they have other people to be with when they been living along with just buy a large menu talking to people in their 50s and 60s about the subject is another way people dismiss is the reality is most people nowadays that are private pay people think of their care at home and that Brian can you get my care and I want to go down swinging when they're bringing me. This is why I'm with you to like wow and I sure saw that with my dad like if I have said many times, but maybe you heard me say before that if I had it to do over again. You know the rehab place is whenever I realized he could've gotten all that care at home. He'd been so much happier if he'd never gone to yeah and when he poured himself even though he had tons of money to pay for GTE, and 25 bucks an hour and if you had a plan, even if he didn't have insurance. He would've been a lot better off just empowering you to hire people to stay out of it there as you're here at home and I will be your ally, but there had to be here when they need to be so. So the second bullet on the board is where you you have a say in where you receive the care and my insurance that I have and your insurance paid either way. Me so I have something that I got to go to the facility.
Then insurance pays for that. But if there's a way for me to stay home and get the care I need and my family doesn't get all broken up over this. My insurance pays either way.
So when I that my work is on the go down swinging on it assisted-living, I want to finish the whole the auto. The third point.
What would a long-term care plan allows you to do and it creates for you and something you create in your 50s and 60s and early 70s, maybe even your late 70s plan is it allows you to give you two things that are very significant. Number one is independent.
If you talk to people that are doing you survey people, which I do all the time that are over 80 and they are independent they want. I think that was true with your dad. My mom is they want they want to maintain their independence. They they want to be making decisions for the quality of burden anybody want to go somewhere, they want to go they want to visit the kids if they want to shop at this pharmacy.
Use this Dr. of me being independent is something that people value is the kind is to be just stuck somewhere or to be at home not getting proper care or driving when you shouldn't be driving and then getting in an accident. All of those things are the opposite is that if you have a good plan in place that allows you to maintain and I don't know when it is a lot more math II think and I think it's absolutely wonderful what what a great time to have that discussion that the whole idea of a plan is in essence you have a family were you know what if it is just you and your spouse and I interestingly last night Tammy and I were discussing discussing cremation like you know about issues I really want to talk about this. I simplified the item that I want you to know that the idea is to have those discussions that are awkward as they could be but but nonetheless you know part of the plan is not doing money that it it's just communication between the family so that everybody's on the same page and everybody knows what happens you know when the ox goes in the ditch, you will protect your money last week is that now we are getting into the house. So what money you know how much of the money and where is the money and we protected it for and what are we protecting it from me should never damages launched over into the house, but just at its fundamental level is if you have resources.
If you have money you saved it up.
My guess is that he really didn't plan to spend your money to pay for your own care and frankly, this is part of a lot of people spending your own money on care for yourself for millionaires amino had that conversation it, the more they have, the harder it is to get them spent 25 bucks an hour it just it just is that those people if they purchased insurance. Years ago there for getting the care brought in there and get money back turned and are all yeah yeah little booklets get this thing going in and so and it starts at home is carried will start much earlier and probably should start for a lot of people in this guys wife he telling you five years five years he's been able to sleep with one eye out, but it's probably been going on for 10 years before she died.
You know you you know, there is probably an extra five years we was kind of that way and I'm guessing also that money had something to do, is that he just didn't have the resources very wasn't willing to part with them more cutting your money is divided melodic is that kind of interesting thoughts on the matter of humility. I think Tom's to say which I wish I'd had that kind of humility with my dad to say you know I can't do this, you know, I thought I would lift him up the first time he fell on the floor now and then there's all sorts of things that wow you know we got a put down a Superman cape and say it you know as the caregiver and say you know I get I can't handle all this on my own, but we don't want to think about of ourselves as well and that's part of the discussion here will you know you've accumulated that most people you don't have it. They get up into their 70s and 80s and sometimes were talking about a widow or widower here where the person is now single and alone and they've accumulated assets and they've they've they've gone there and so they got the money to pay for this, but it also is just pain to take that money and spend it on themselves for something very necessary and so if there's a way to buy long-term care insurance where the money stays on your balance sheet, we can take a chunkier IRA and just move it from where it is now to an insurance company is still IRA and that pays a much larger amount for long-term care and then if you don't use it for long-term care then is going to go to your beneficiaries like so that there's wasted because when you say protect your money.
A lot of people say well protect my money and I don't let anybody get me anywhere near and certainly somebody like me to create an insurance so a lot of people. They left I protect my mind again and I'm thinking the way you can protect your money is event take some of if you have sufficient resources and you have put into one of the hybrid long-term care policy and you haven't spent the money is moved from the bank of the investment house of the 401(k) to the insurance company but still an asset on your balance sheet you are still worth that money and then you put with that a plan for long-term care and get all communicated so when when you have the prices your kids know how you" dad took care of mom took care of that they've got this pond and this insurance policy to pay the bills for home healthcare.
So that's about as far as working to go with the housing today on the show talk about. I did a bunch of other options to I want people to be focused on the why it's it's what's can really matter to your family and and again when you get down to the fact that okay I arrived I need to plan this with my family need to plan this with somebody that has expertise in in my situation that's you know that's it.
There is a cookie-cutter approach for that for the house necessarily because everybody situations are different and I know from a lot of personal experience that regardless of the resources Hans would love to help you with the plan. He has lots of experience in talking your family has lots of experience in looking at all the different options and again that's why I we always remind you that the shows brought to by cardinal guide and you can you can get those resources.
A cardinal guide.com as well as you know the seven worries tab. Today's show is long-term care and then Hans's book the complete cargo guide to planning for living in retirement, but unfortunately rotted time again so Hans great show and we will talk next week is to finishing well is a general discussion and education of the issues facing retirees cardinal guide.com cardinal advisors upon trial CFP some insurance this show does not offer investment products or investment advice. We hope you enjoyed finishing well brought you by cardinal guide.com visit cardinal guide.com for free downloads of the show 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 a get Hans book go to cardinal guide.com if you have a question, comment, congestion for future shows. Click on the finishing well radio show on the website and send us a word. Once again, that's cardinal guide.com cardinal guide.com this is the Truth Network