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Long Term Care: Financing Home Health Care

Finishing Well / Hans Scheil
The Cross Radio
February 8, 2020 8:30 am

Long Term Care: Financing Home Health Care

Finishing Well / Hans Scheil

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February 8, 2020 8:30 am

Home health care is the most popular choice when asking people how they would prefer to receive long term care services. It can also be one of the most expensive choices. Hans and Robby talk about what you can do now to plan for this cost as well as how Hans helps people who don’t plan ahead of time and are now in crisis. They go over prices of policies you can purchase to cover home health care as well as other ways you can prepare for this expense.

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  

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You're listening to the Truth Network and Welcome to finishing well brought to you by Cardinal God Certified financial planner belonged to Schild and best-selling author and financial planner helping families finish well 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. Finishing well welcome to finishing well today's show planner on show how is discovering home healthcare which you know I own a lot of folks when you think about healthcare what what's going to go on when you get to the point where you can't completely take care yourself Hans. I am going to know nursing home. Yeah me. Just let's let's frame it from you know like two years ago. If I would've set down with you and give me a little quiz I said Rob you tell me what home healthcare. What would your answer that question.

II don't know that I would've ice. I would suppose home healthcare would be somebody comes in your house and checks your vitals and goes on about their business.

I'm interested it's pretty evident home means it's in your home right health has to do with your health care. It's another person caring for you. Okay, but you know they could cover a wide pretty wide area just what you just described.

Love, people tend associated with the nurse and most nurses just like doctors and I'll actually make house calls. It's sedated that's coming out there certified nurse assistant just they have a lot of different titles but the point I want to make an for a lot of our listeners. Some of you know very well with this as that many of you don't you just have an idea what it is and so what I'd like to do on the show today is teach you a bit about the types of services that people typically need mostly in their 70s 80s 90s the end of their life, which can be many years in the types of services that people need and receive in their home right. It's all along the lines because we always want to teach the Scriptures to some yeah and the word home then Robbie's point of view and it I think is really near and dear and very close to God's heart because when he gave Moses word for word how to write out the original Bible, the Torah of the very first letter of the Torah is a bet which means house and ended Jewish sages teach that God the reason he created the earth was he when he wanted a place where he could put up his feet and hang out that he called home, and he wanted that to be with people that he loved and you know he be created that with Adam and Eve and that was the original and we could go into what happened there loves anything but nonetheless there some other keys to how close home is to God's heart.

When you look at the word even. But like you've heard Jesus cry from across the father you know that maybe when you watch the movie the passion of the Christ. Well that be in the middle of has to do with house so it's the father of the house. It's a household in the word, son in Hebrew is in which it starts out again with that bet meeting house and then unknown, which means a builder so you got a builder of the house which his son is so you know that my son Robbie will be a builder of the Gilmore house and I have no Hans's sons are Stu and Patrick and so those are the builders of the child household right here but but one. One of the things I really in my own mind I want to live out the rest of my life personally, if I can with my feet up with the people around me that I love. I want to do that at home and I had the pleasure honestly of watching my father live out his last few weeks with literally his feet up and end with the ramp. The people that he loved him, which was at home, so all the sudden home healthcare.

From my perspective is I'm trying to finish well because I think my children would appreciate that their father went out comfortably. You know, and so how can I plan for that, not only my own comfort but actually for my family feeling good about the way things finished six of bottom line of this thing. If you need the care you going to get the care we live in America just got government programs to take care of sick people people he can't care for themselves so they can end up in a nursing home so and have been that and I learned the hard way with my dad.

They disguise these things to protect its uptake. Well Sir, you know we can't keep in the hospital is my dad. You know more than know three days. Medicare can't pay for that and so were sending you to rehab. That was how they disguise the word mission. When we got to the rehab center. It was cleverly disguised like everybody there was in a nursing home. Except my dad was in refit it affect and that which is what those things look like was sure. So I've sold various insurance products. My whole life and we know we used to see the people face-to-face and most of the stone on the telephone now but I was love that guy lady you what you sell and son, you know what you sell and visit there obviously tell me you look like a salesman and I learned real on you know I would answer that long-term care insurance. I just learned that Yosemite client asked me a question I need to give them the straightest shortest answer that I can then I just need to shut up and you know I think might be better, more effective to actually tell this from my perspective, why you would say that because I've known you while now at an end. If you could listen to Hans's heart.

If you really could listen to his heart. Myford's heart.

Many lunches and stuff.

We went to Eisai. Robbie, you know, I help people with their IRAs and I do all these different works, but the place where I really help families where really impact and help them finish well is with long-term care insurance because when you see those people that are really in desperate need and they have this like your hand. That was just where it makes it makes it so I'm talking to a gentleman. That's like 6065.

I'm approaching him to sell him insurance is a few years back and he's trying to basically get rid of me do it somewhat nicely. So when I just fell in long-term care insurance, then what is his typical response can be reminded to go and take care of me. I don't know long-term care, and then the next one is I'm never going to a nursing home and what this conversation never get amounted to anything useful to begin with just an oppositional conversation like this.

But the point I want to make is a lot of folks never really want to investigate long-term care insurance and what home healthcare is assisted living because they're never going to a nursing home as they associate this whole topic with nursing and when I meditate today's topic about home healthcare.

I'm with you on that. I don't ever want to go to a nursing home either. And if I get into a nursing home. My first thought is going to be get me here as quickly as you possibly can. And I've got insurance that pays me thousands of dollars a month for home healthcare, and you can have that insurance very shortly and it'll also pay in a nursing home or assisted living it up a lot of places, but the place that I intend to use it is at home and so it's learning about this in the discussion of this relevant in your finances is setting your finances up considering long-term care insurance so you can actually stay at home and really live that thing about never going to a nursing home. Good. I'm in a help you set it up so that it's I don't think I can promise never but I can really improve your odds of being a stay-at-home sewing table out my wife's aunt Natalie, and she's 98. Her sister which is my mother-in-law passed away a couple years ago. Her younger sister. This lady is a sharp older lady known for her tomatoes first grown tremendously.

Stop by there and left with that. Best in the South just and she she she had had a garden the last few years, but she has stated home live by herself since her husband died, which is well over 20 years down the small town in southeastern North Carolina and she was backing out of her driveway, or pulling out of the driveway, pulled out in front of somebody 97, 98 years old and got a car accident got shaken up.

Didn't have to go to the hospital or the tip of the hospital center home but then she fell over the weekend and those falls and then they she broke her hip. She was in the hospital for two, three, four, five weeks they did surgery moved to rehab and her deal was.

Get me out here get get me out of here to her son. Her son figured out a way and her daughter to go home with her stay with her.

They gotten transfer the national agency is the visiting Angels which you your ads for them and they put together a program.

I later found out 335 bucks a day in this 24 hour care so you know it's it's two different caregivers ones there for three days 24 hours a day. On the other ones there four days, different shifts and then the sun would come up twice a month and relieve them or something and they made it work. And so she's at home, we discovered she has long-term care insurance and that long-term care insurance is paying about two thirds of the bill. You know that's all the financial stuff I've helped him with all that planned it out planned or other money created liquidity so that he can just worry free pay this bill and he can just concern himself with with aunt Sarah and she she could afford to pay this for quite a few years. Well past hundred and she's got her wish. But that was made possible because she's got the resources to do it and she bought long-term care insurance, 20, 30 years ago so that's one form of long-term care 24 hours a day care, it's not the most, most people in her situation there in an assisted living or nursing. Okay. And as we come back this afternoon or in the second section that's afternoon when I want to do is I wanted just give you some education about the different types of care what it costs. The cost now what is going cost in the future and help you and impress upon you to learn about this and then we can plan for it financially.

So if you have a need for this unit to be able to make that decision and your families can make that decision. I want to be cared for at home and it's it's not can happen automatically without some planning Considers some things that I can assure you we didn't see, so your listing to finishing well, a certified financial planner Hans Schild brought you by Cardinal and if you go to cargo you can find the seven worries tab on those worries. As you might guess, is long-term care and so you have this whole PDF from the complete Cardinal guy the book the complete cargo guide to planning for living retirement all there at Cardinal guy got under so we are going to be back in just a minute. Find out discovery.

Hans and I would love to take our show on the road to your church and Sunday school Christian or civic group. Here's a chance for you to advance the kingdom through financial resources and leveraging Hans expertise and qualified charitable contributions veterans aid and attendance IRA Social Security and Karen long-term care.

Just go to cargo and contact Tom to schedule a live recording of finishing well at your church Christian or civic group contact Tomczyk Cardinal that's Cardinal welcome back to finishing well, a certified financial planner Hans Schild today show discovering home healthcare.

There's a lot to learn here. You know and and were hoping that by listening today show. You will have to learn it the hard way like I did with my dad and him in when you're in crisis mode.

Although you guys help out in crisis mode or summaries in a crisis. Hans you want the court will absolutely be we were to make this better for you if you're in a crisis and was already getting care summary that needs to get care is resisting it. We were just talking about it, an acquaintance that we have through a church that there in crisis mode and don't even know it really and we're here to help you.

My main job in my day job is trying to get you to plan before the stuff happens even if your parents are very old and up there in years before talking to you about them. Let's meet now and let's let's assess the situation before. It's a weekend called it. My dad's in the hospital and they said he can't come home in Medicare's neck and pay for rehab. What we can do so getting into your different levels of care. You got yet miso suffers from, for starters, is a lot of this is served either by local agencies. So there's a good local agency sometimes affiliated with the hospital. The clinics many times not.

You know where there's just a local small many times you can get really good service for them. You know, but if you're in North Carolina and your mom was neatness care is on taxes. You're probably going want to deal with the big agencies where you can have some consistency and it's more of a franchise, the thing like a visiting Angels. That type of organization. There's a number of nationally.

I want to just single them out, but their charges are generally $20-$25 an hour.

You know if you're in a place like California or New York and to be more and they're going to require a minimum of like 2 to 3 hours per visit K so and this type of care is delivered most commonly home healthcare it's somebody coming out to the house three days a week, five days a week, seven days a week for two, three or four hours five hours six hours a day, sometimes people will come in the morning for 23 hours and then they'll come again in the evening for 23 hours and just cannot unwind you and then get back in the bed and that these will be for people that are pretty good by themselves, or maybe they have a spouse there that is not able to care for them that they're able to be with them. They can care for themselves that they need this person to come in and do the heavy lifting, thing in what I'm speaking of is most of the insurance for this, and even these places are going to require you to need help with two of the six activities of daily living know the acronym for that is ADLs and that would be bathing, dressing, eating, transferring, toileting, and can't, so when the two easiest qualify for is assistance with bathing and dressing you take these people that are kind of on the edge of needing Naz or not needing it and got the insurance policy and I want to get them to pay minutes it's pretty easy to make a case for somebody that's in a bad way that they can.

They need help taking a bath. The whole bathing process and then they need help and assistance getting dressed, picking out the clothes getting dressed so those six activities of daily living.

You only need help with two of them to qualify for this, services, and qualify for this kind of insurance. Now there's a whole bunch of other services. These places provide which are called incidental services, which typically you can't just hire them to just do this you gotta hire them for help with the six ADLs are some of those and then once they're doing math. They also provide shopping, errands, yardwork, housecleaning, doctors appointments, they have a whole list of services and the insurance will typically pay for that stuff so long is your meeting the need for the basic ADLs and in the absence of ADLs.

There's plenty of people that have cognitive impairment. They can do all the bathing and dressing and eating, and they can take care of themselves. There just cognitively impaired and they need to be supervised and they need somebody with them that qualifies under the policies as well and these places will provide most of those people need some kind of this care. People that are cognitively impaired so they'll provide those services as well so you can bring somebody in to do that like eight hours a day or nine hours a day. Maybe if your daughter is living with you in caring for him.

She's gotta go to work or your granddaughter. Somebody then the home healthcare. People are going to come in, do all their work all their professional work and be with the person and care for them and then you're gonna be back to spend the evening and the night with the person you were when your other relatives which you know is how it played out for my dad and II watched know is those last weeks actually really clear up to the end.

We never had anybody coming in all 24 hours. There was a physical therapy guy there was a occupational therapy guy and of the one helped him get up and out of bed and the other one. You know, helped him get dressed in those kind of things and and they had different people and some of these people came out twice a week.

Some these people came out three times a week and and so you know, as I'm planning my own home healthcare insurance. I'm looking at this going okay. I mean I can't afford $10,000 a month for home healthcare, but the cost of that kind insurance, but providing something about half that about 5000 is actually what were targeting because chances are were more alive likely to be in my final stages.

You know, at least needing some care from network and maybe you can explain why you're looking at that on my particular policy were you looking for them in your particular policy because were mixing with life insurance. For starters, could you get a life insurance need to. And this is a life insurance policy that allows you to use the death benefit for you died for long-term care rhonchi so that's one of the things we do it for you. The next thing is were putting an indemnity benefit on their which I have on mine, which is great. So if you qualify needing help to the six ADLs or you need to be supervised because you cognitive impaired.

You have a $5000 monthly indemnity benefit.

Once you prove to the insurance company that you need his help just going to send you a check for $5000 every month and even to be able to spend that are families and be able to spend that however they see fit and whether that's people with errands rather than skill, care, custodial peers are usually a lot more flexibility and not constantly having to prove things to the insurance company so you know, from my perspective, and justice. I'm I'm looking at this light.

Wow, how cool is it with this one thing I protection Tammy's income until she would qualify for, or if she lost my so security and of the half that she gets. Because sure so I got that life insurance for her. I got home healthcare insurance for all my family so nobody has to know feel like they're taken on this whole responsibility and I have the guilt of all that that that possibly wouldn't do it, but let's just say that I luck out in you know I dropdead my sleep at 75 and never need any of this stuff then all the money goes to my family right is a bit as it is, you know, I've been able to eventuate you one showed a time for hundred and I don't have the advantage with a lot of people. I mean I'm sitting there and I say you know we talk about long-term care where your thoughts on that. People say I'm never going to a nursing home. Don't talk about, and a discussion, not everybody says that but people shut this conversation down pretty quickly and I want to impress upon you that this is to help not hurt you or extract money from you and you having a plan in place and having that plan insured and having your money all set up so that you'll have the option to stay home.

Say no I'm not going to place him to stay here my families gonna bear a lot of this burden the family always does, but there's going to be money they're coming from an insurance company that I plan for there to do the heavy lifting, and then allow my family to go have a job or just do whatever families do you know my spouse to have a life that sort of thing is just mean that I think just some education of the people is what were doing here today is is is really important. Now I want to draw the distinction of what kinda care what are they doing for you when you're home and we went through that bathing, dressing, they're not doing skilled care and skilled care is like respiratory therapy, physical therapy, occupational therapy that's evident that skilled care. It's typically done in an assisted living or in a hospital. It sometimes done at home. We have insurance for that as well, little pay for that. But that's not your typical home healthcare think those people are coming for an hour and it's much more expensive than $20-$25 an hour. This is custodial care. This is chronic care.

You're not necessarily getting better. Because of this care was skilled care. You have to show that you're getting better that this is working okay with custodial care, you don't really have to prove that you're getting better. It's just custodial is taking care of you. So I want you to understand the difference between those things and you know it's just understanding that this is the way it is now is there's more home healthcare delivered then there is care and assisted living or nursing home right now there's more people getting care home than they are in these facilities, and 20 years from now, which is would be more like it for you are 30 years or for me this is going to be a larger percentage is this stuff going to happen at home, you got robots and here you may have a robot out there taking care of you, but I can promise you this is going to be expensive and is going be private. Planning ahead is all the deal is what the purposes of finishing well so you know, again, the show is brought to you by Cardinal which, if you go to Cardinal don't forget the carton the guide.

Afterward, Cardinal. I did that many times as I would say that's a Cardinal there you see Hans's book the complete Cardinal guide to planning for a living in retirement. There is an accompanying workbook sent only have all the information on long-term care, but then you have a workbook to kinda work through it and and get some practical stuff there as well as podcasts from previous shows like all my I how many shows we've been on long-term care at this point, but a number of them so so there's and all sorts of resources available, but you know, nothing beats a good old phone call like Hans you know I I've been goaded enough. I've been listening to you guys and not you know this thing is starting to make some sense to me. I got a legal work at work and go over with right now right when were done here so your plans coming together. Thank you for listening to finishing well thank you.

We hope you enjoyed finishing well with you by Cardinal visit Cardinal for free downloads of the show previous shows on topics such as Social Security, Medicare and IRAs, long-term care and 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 when you get Hans book go to Cardinal do 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