You Can’t Save Yourself: Discussions on Long-Term Care

Welcome to finishing well brought to you by Cardinal.com certified financial planner Schild best-selling author and financial planner helping families finish well over 40 years on 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 today show. Well, that's dicey. Perhaps an interesting topic. Pain involved for you, but you know they say, no pain, no gain, right now, so even considered what was it that made all those people so mad at Stephen that based on what was it that he said that man I'm a neighbor raging and throwing stones to kill the and what possibly could he have said and what is it about the gospel of Jesus Christ that is so confrontational that would and I heard a preacher recently say what it was and I think I agree with them as he told him you can save yourself and in my own spirit. I know how much I resent authority in the think yeah I can save myself and in of course I can see that that's that was the answer that at some point time you need a Savior. You need Jesus Christ, but interestingly the lie that I I think Satan throws out there on the concept of finishing well.

Here you come into the last six months your life for most people there to be really really ill. When that happens in the lie is your to be able take care yourself at some level or be able to make decisions when you're at that stage of your life.

But the truth is, is I'm experiencing now with my father. Not the reason six months away, but he certainly taken a fall broken his neck and was thinking change is he's no longer in a position to make these decisions and is no longer in a position to save himself, will you and not what I really sense this morning getting ready for the show is that ruddy after almost a year of doing the shows and talking about long-term care year starting to get a real handle. I think you got on with the real issue is here which is that you can save yourself and that especially us men were pretty strong-willed and we think we can save ourselves and save our family and this is why we have clients that by long-term care insurance for their wife and they are the encourager where the onesies in that they don't buy it on themselves. My dance I got a ring that was exactly what happened.

He he bought it for his wife but he never bought it for himself and that now he finds himself in a really difficult position that he never anticipated finding himself and was, you know, to an extent.

Times are changed when his parents were of that age in any had a wife that didn't work stated home you're in a position to take care your parents, but in today's day and time and with both of your kids work and how exactly are they gonna take care of you at home that I could be able to live in different cities. Men and women have jobs, they have their kids to look after baby their grandkids.

At this point is it's just not practical. And then furthermore, in today's day and time these assisted living's are are not, perhaps, is really a bad of an existence as a nursing home was 30 years ago there.

I got my mother was in two or three of these places over several years and you my experiences most of the people that were in there were pretty happy, and they found joy in things and they were well taken care of.

So I really think it is. I processed this in my mind that the lie that I really bought into myself.

Maybe my father did as well, but I know I bought into it is. Wow, if I have had long-term healthcare insurance and have long-term care insurance used or the right terminology.

If I had long-term care insurance. My families can put me in a nursing home. That's the conclusion that you come to an end.

You don't realized the options that are available to well he's just admitting defeat the enemy just in and the reality is that's what the Bible tells us to do in the story Steven and several other stories is that is maybe admitting defeat is a poor choice of words, but it is to surrender into two just to accept the fact that we can't save ourselves, say, especially us men, this this is this the reality that most of us are going to need some care at the end of our lives and throw some statistics at you but it's a reality that the real question is how long are you going to need this care.

That's the some people don't need very little I mean they they do not even die in a hospital he died of somewhere out of the hospital and not getting any care.

Most people end up needing some care whether it's days, weeks, months and many people needed for years how it becomes glaringly obvious to me at this point that as you get older. So many people fall at end another deer using walkers and canes to try to avoid that. But you get up in the middle of night as my dad did and all he was doing was going to the bathroom is 87 years old and the next thing you know you got a broken neck and and you find yourself in a position where you can no longer take care of yourself, just not an option and and now what's the plan. And this is the burden falls on your kids and it's a burden that we all except to take care of our elders and honor your mother and father.

It's a deal. They took care of us when we were young we take care of them when they're old and we still do that.

We just do it in different ways yeah and it's it's it's a challenge that I really hadn't personally experienced. Until recently, but I can tell he's really really really uncomfortable with it and not a good friend tell me in a Robbie you're the family and and supposed to be when you show up there like all my sons here in a bit.

When you become the caregiver you're the you're the person that they're angry at most the time because you didn't do this exactly right, you didn't turn that light off the way I was doing well will sure and so you know the message we want to get across in this first part of the show is Satan's lie, so maybe you could state that again would be enough. Satan's use this lie all along that you can.

You don't need to save you. You can do this on your own and and and you can be independent but in reality we need God, that's for sure. We need Jesus in order to save us from our sins.

And at some point time we really do are not going to be in the position to make those decisions on the implant of our care really need somebody to take care of us. If we have resources you have to pay for that care or will you have to get it from our children who most likely are not in a position to give it not trained for.

So the yeah I believe it or not this is true that two weeks ago for the first time in my life because of this the way it worked. I had to give my father injections at the March object at the ready at all for his reaction when I stuck that shot it stemming and how it was. It was you know it wasn't something I felt like was a yeah well so so the issue that I'm able to help people with is the financial solutions, of which there are many to prepare for this so that when you do need this care and if you need it for a long time that your children are still there for you that they're dealing with me and other professionals to hire out the heavy lifting of the shot, giving more than that the caring for the professionals and so I'm able to help people with the money in this, but you know, real quickly when were having a discussion with individual clients who want to sell tell me about those options and so we just want to skip over this thing and we want to get to numbers and the facts and figures of which were gonna do in the second part of the show, but I want to point out that were willing accomplices in many cases with Satan's wheat we we don't really want to plan for this may we just so you could to carry augmented take care of myself. My kids are going to take care and I'm never going to a nursing home and work were already there were in denial many times of this reality that that look at the end of our life is an unknown thing where they were going to need care. The first place. We probably need some care. But how long this is going to go on and what the consequences are to be to our family were in denial of that in a safe place to go is to just start studying the numbers and asking them that's real safe calculating and deciding whether this is a good buyer not which is all fine but we need to have this discussion. First, right, which I would encourage and I believe me I have been on my knees a lot three weeks asking God. What's my next step in order to walk with you through some uncharted waters and and I think you know that prayer time ahead of time to say, God, what, what does this look like with my family with my situation and know with many counselors plan succeed. I mean there are people out there like constant certified financial planner that we talk with them every week and he certainly wrote the book the complete cargo guide to planning for living in retirement. But this is this is kind like past retirement. This is like here we go, and what is this going out what is what is it look like in the last you know caregiving days of of our lives and in it, it really is a place for God to help us as we don't want to do this on our own but but it's also place to get some professional advice to make sure that it does end up the leg that it finishes well and I love the name of the shell and I love where that point will yes and so you know, if you look in my book I talk about for potential solutions or for as we identify four ways you can deal with this problem and none of the four don't do anything about it and just hope for the best one of those a self-insurance that if you're really gonna go without long-term care insurance that we at least plan your money so your kids will have an easier time accessing resources when we needed, but we go through all the different options in my books and you can get my book, you can actually get the chapters for free. You can get the long-term care chapter of both books cargo guide.com all right. We are going get to those numbers but you know I think we would be doing everyone a disservice if we did not push a little bit into that pain of know how this is, and number my name. We hope you are enjoying finishing well brought you by Cardinal guy.com is a cardinal guy.com for free downloads of preview shows including episodes about Social Security and Medicare, IRAs, long-term care, life insurance, investments and taxes as well as Han's best-selling book, the complete cargo guide to planning for and living in retirement. Plus the accompanying workbook. If you want to follow along with today's topic download free PDF cargo guide.com by going to the seven worries tab of today's show topic, just scroll down to useful documents once again for free resources shows to get Han's book the complete cargo guide to planning for and living in retirement or the workbook go to Cardinal guide.com you have a question, comment or suggestion for future shows. Click on finishing well radio show and send us a word.

Once again that's Cardinal guide.com Cardinal guide.com now finishing well brought by Arnold guide.com welcome back to finishing well with certified financial planner Han style. Today's show we've been talking about some hard choices. You can save yourself when it comes down to these last days for all of us less Jesus comforts that be great. We're going to have to rely on other people one another only what we are is because this becomes the family's problem your father right now is trying to make decisions my mother when she was going through this was trying to make decisions. My father good stories about them in my book and really the story is about all of us.

My siblings and myself, making decisions together and then my father or my mother spitting out their wishes at a time when my mother had Alzheimer's and she just I have a really really hurting American cheese I've never seen my father's. It is very difficult and so I'm I'm an advocate for planning for this lesson. If I ran an ad in the paper which I've done arrived by vibe mailed out to people with a send coupons back or we run ads on Facebook come to us and will go over long-term care insurance every people would know more want to do this on the know on a Monday afternoon or Tuesday afternoon and the man on the moon and so we we really have to come at this from the side and we do just that.

1 is we meet people in retirement plan acts of people are coming into CS from 50 years old to 80 years old or even older, but they're coming in and they're sitting down and were talking about Medicare and were talking about Social Security and were talking about their IRA and were talking about all these subjects that are can be plant more pleasant to talk about than long-term care and it's like were dancing around this whole issue. Building a relationship with the people so that we can as we know that that's the one topic that they've been avoiding and and and if we just open up with that he doesn't go very well. People just don't respond or when they do respond are very guarded and so just in the whole process, it becomes easier like were talking about Medicare and the next show is much easier to talk to somebody like you were approaching about Medicare on the front end and build a relationship.

That way when then leverage that and to open up the things that talk about long-term care is a just cannot go together. The ramifications of making poor Medicare decisions are nothing compared to the ramifications of making poor long-term care decision I am and I like what you said earlier, that you know in prayer we surrendered to God. Not, I surrender this, I surrender what can you come into this and show me where we ought to go and in right before the break. He talked about that you know there's four different men really got a chance to talk about the one but if I'm surrendering that to God, who would you have me come into this with me to help me navigate this since I clearly don't have the experience and and therein you find people to experience other Christians are looking to help you walk through this and walk through it. In your case with with many many many people. So there are four essentially different structures to begin with. Yeah that I outlined in my book, and so the first one that's in the book is a plan for self-insurance and the difference between a plan for self-insurance and all these people, they just say I'm self-insured. I have many people say that in that they don't learn a more self-insure than the man who they just know they have money, and that if they have long-term care bill to spend their own money for a lot of folks think of plan for self-insurance means really getting your money project which are monies going to be in really know where that money can come from get taxes to think about is long-term care expenses are tax deductible. So when you're paying for home healthcare yourself.

We need legal documents mixed into this plan for any long-term care. You just need those things so you can empower your kids to make the decisions legally in need of your wishes written out but so a plan for self-insurance includes a lot more than just worth the money come from that part of it. The second one is traditional long-term care insurance and you know the objections that we deal with that and many of you that are listing could very well have looked at that and you say well it's expensive and it is. You can also say that these companies that have been selling it for years have raised the premiums on so and that's gotten very poor press and there is just so my premium could go up and then we all have examples of people that paid for long-term care insurance for a whole bunch years and then they just died and they never used it and they just think all that money is gone or or people that pay for for years and then drop it now and they're just the money's gone and so there's plenty and negatives to traditional long-term care insurance. I'm certainly not consent in turn talk into that fact. I didn't go over all the positives in the positives of the money will be there. The next type of insurance is a thing called short-term care insurance, which a lot of folks haven't heard of and there's four or five different companies that offer this type of insurance and its like traditional long-term care insurance, but has a shorter benefit. It's less expensive, easier to qualify for this third category in the fourth is the most interesting and what were talking about on the show today is hybrid long-term care insurance the Civil War the world is a hybrid. Well it's the bringing together of a life insurance policy and a long-term care policy. So the spring two into one a civil, why would I want to do that well. This is a policy that guarantees that either you or your beneficiaries are going to get more out of the policy put into so that's an oversimplification, but now I give several examples in my workbook which you can get but eat it you know we have actual numbers on the 55 and seven-year-old person in here and you know it's on page 43 in the workbook in the long-term care module goes through several examples, but just to stay general here on the radio person would put in, say, $50,000 in a lump sum where they would pay that they would buy them a certain amount of life insurance or death benefit and then that life insurance if they life insurances is gonna be more than the $50,000. And yet, let's just say it's 80,000 okay so this is just a hypothetical four for example.

So you pay a premium of $50,000 and then at your death that policies worth $80,000 unless you used it for his long-term care benefits.

So a person could buy that. Never pay another premium pay a small premium for an extension writer and then they would be guaranteed that if they went along for several years, or maybe now several years are in the past away without using it, that their beneficiaries would get the original money back plus more. That's the life insurance aspect. Typically these policies. The reason people buy am is for the long-term care benefits. So if you were to need care whether that's home healthcare or facility here you can access part of the benefit was to say $4000 a month for 20 months and is so you can access the $80,000 early and you collect this money to pay for home healthcare to pay for nursing home or 20 months and now you say will it is that Demi wants kids giving you some benefits that would be real needed urine situation then you can purchase an extension writer on this that when the $80,000 runs out. Then there's a policy that kicks in and keeps paying you for a number years to even have one that'll do it for lifetime, so it'll just keep Dan at $4000 a month, adjusted for inflation. The rest your life. So it's a way to buy a long-term care policy with a single premium and you got some assurances that your single premium or your life insurance will last and she's meet your long-term care insurance will last the rest your life it will pay you for the rest your life if you needed it, and if you never needed it is going to go to your beneficiaries so it sounds. This sounds wonderful and that in some ways it is gone now you can picture this right in picture malice. A very art the hospital your loved ones recommend him. Whatever. And now, and innovate. Got to go home. You know, and what can I arrange to make sure that they get the best possible care and at the same time help them feel like their lot by the family and indeed he just gives you options. We have families come to us with and without long-term care insurance all the time just in that situation and the people that the insurance is not really the issue. The issue at that time is getting the care and getting the people brought in there through a home healthcare agency to look after them so they can sustain it home and if you have long-term care insurance. You know, even something as simple. In my example is $4000 month of thousand dollars a week you call the professionals and this is paid for and that just makes it easier on the whole family and you know� Say use that for a couple of months and then you didn't use it anymore and then you live a while longer and then you passed away within most of that 80,000 is still going to be paid your beneficiaries so it's it's hybrid long-term care. It's not as simple as I just described it, but it's a wonderful solution and it becomes an easy place for people to just take money or assets that are sitting in a bank or an investment order institution and just moving them to an insurance company, but they're still in their name and they could still get the money if they needed any gone all this information, he was in great detail in both the book you know the complete cargo guide to planning for living in retirement. Also, the workbook is. I think there's five examples that we ought to me of different individuals in different types of hybrid plans, so there's a lot that goes into that by the end of the day, you know, we find ourselves wow where the resources well. Cargo guide.com is a great one and that you know that's why we're here, but it you can get this book absently for free just by emailing Hans there from the website you can get it from downloading it without even email it you know, one chapter at a time, or should go on Kindle invite for you buy on Amazon is a dollar 99 book, you may want to get the information to you. Send me a message on Facebook and many of you have Facebook on on our website or any of the stuff were were to keep I'll be happy to send you the book no charge glanced at it today. At that information is is out there and wisdom cries out from the streets. The first kind of place you gotta go to his got a surrender say God I need some help with this. I can't save myself. Thank you for listening fun show today on the FAQ. We hope you enjoyed finishing well brought you by cargo guide.com is a 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 cons best-selling book the complete guide to planning for and living in retirement and the workbook once again for dozens of free resources � shows get Hans book go to cardinal guide.com 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.

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