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July 10, 2020 7:00 pm
Hans goes over your options for paying for home health care even if you have some health issues and limited income. The most important aspect of getting set up for long term care is purchasing it while you are in your 50’s or early 60’s.
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Hey this is Mike Swick from if not for God podcast our show stories of hopelessness turned in a hope your chosen Truth Network podcast is starting in just seconds.
Enjoy it, share it, but most of all, thank you for listening and for choosing The Truth Podcast Network. You're listening to the Truth Network and TruthNetwork.com. Welcome to finishing well brought you by Cardinal guy, certified financial planner longs at Shiloh 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 Social Security, Medicare, IRA, long-term care, life insurance and investments and taxes. Now let's get started with finishing well only got a great show today for you on finishing well is certified planner hostile today show is long-term care go home and stay home. In the days of coated 19. I don't think there's many that want to go get into a rehab center or nursing home so you know I think this shows can be really really helpful for you and you know I don't know if you've ever had a chance to study a in the Bible, but in its name in Hebrew means initiated and when you look at initiation, I don't think you could think of anybody better than King David that God was gonna train him in order to be such a warrior that he would bring peace to Israel in his own way and clearly from having a heart for God, but part of what he got initiated into in a way taking baby steps.
As you know, before he ever took on Goliath.
He had to take on the lion and it'd take on a bear with some I guess he did with a slingshot or maybe just his left upper literary to smooth stones. I don't know exactly how many were involved but one things for sure is God initiated him and and so yet you know what I think about my own journey and finishing well you know I can't help but love the fact that God initiated me both with my parents and their health issues at but also through my good friend Hansson right here that was with me now through my mother's health situation, but for my fathers and during those times I was busy being initiated is I had no idea anything about long-term care, long-term care insurance. I hadn't no idea about what Medicare pay for didn't get paid for what I did know was my father was suffering and in other what this was in the days of like coated where you know I don't know what we would've done or thought.
If the social worker and said the same thing to us while we need to get in the hospital because Medicare is to stop so you gotta go to rehab and was a really, really scary time until the day that we said enough and we said no it's not gone back to another rehab and all of a sudden they sang a different tune like oh well. Medicare does help Abaddon they didn't pay for the contest to custodial care cons that they they did pay for an offer.
Time they paid for the just for the physical therapy and occupational therapy. Nine those words that escaped me that you now so these are things that I realize you know wow both my parents. You faced these situations at an you know, Psalm 90, Moses told us that we get a number of days you know these things are headed our way. And, and these things really gonna happen to us and and how is God initiating you well in my opinion. I'm sure Hansson's opinion you listing the show today is is really a gift for for for us that you give us a chance to share what God initiated us in but but also a gift from God that he wants you to be initiated, and in one of the things that I think about in your case.
Cons in this particular subject. I think this is more why God has you worry has you as you had such an initiation in this and there are so many stories that you've been with families as they go through this most difficult time. Yeah I still open my own business.
I didn't really have the pleasure of helping as many families they claim time. Most of my years through the 80s and the 90s and up until 2010 I'm selling long-term care insurance. I'm sitting with somebody about our age, maybe a little older.
Not a lot older and I'm trying to convince them to pay a substantial monthly premium to protect themselves against this big problem of long-term care and that's what I did for years and I really wasn't around or consulted when the people actually have a stroke or they develop dementia mean it just just not how it worked. Any people would call into our office and they need help.
When I open my own business in 2010 and I really can't divorce myself from the employment by an insurance company and I could come up with the insurance companies out there to an arms length, and then I had 150 instead of just one to do business with, so I can kind of pick and choose. I really became more of an advocate for the client okay and and stand between insurance companies and the client and to really help the clients and I got involved with the veterans aid and attendance where I first for my own mother. That's where I learned about is my mother was a veteran and I got her through the help of an attorney approved on the veterans aid and attendance plan and as I learned about that message. Another there's a market for this.
There is there's an opportunity for somebody with my skill set to to advertise to families when a person is in Christ, just like you were with your dad is like this happens, people also need a lawyer at that time and I was in partnership with the attorney is in a partnership is not part of her firm, but an association we work together and we we started helping out veterans and their families.
And then it just kinda grew to a whole bunch just families.
Is that mom or dad has a stroke there in the hospital they now it's a crisis, maybe the kids live out of town. You know they're gonna come from somewhere else were the decision-maker kid is out of town mean the one that that that the child the adult child that lives in town he made, he or she may be the one that cares for mom or dad that the person is can make the financial decisions as a New Yorker, Chicago or somewhere else so I just got into this business of meeting with people that are in the crisis situation and try to help them make decisions and a lot of those decisions are about money is like where her mom and dad going to get the care that's that's the biggest decision that they're going to Hampson University today live alone or they married. Is this the surviving spouse or is this a couple has the health of the other person what sickness do they have of the just been in the hospital or are they in the hospital which many of them are in the hospital and then they've been transferred to rehab and they want to get him out of there. And Medicare is going to kick him out of there adjustment and their benefits and then they may stay there. But now they become self-pay.
So this is kind of about money. They want to come home but then there painfully aware that they don't have the resources to care form and maybe the people at the hospital. The social worker of the nursing home is rehab whatever you want to call it there till she can't go home yet. She wants to go home. There's all kinds of situations. It involves money, involves lifestyle choices and it absolutely involves Medicare financed and a lot of these families are just certainly the kids are there, under the false assumption that Medicare is just can pay for this and they do for a while and they do for some things.
As we talked about last week.
So what are we talking about today. You know it it it's just is is a solution that I've come up this not work for everybody but it certainly can work for a lot of people that you need to be implementing while you're still in your 60s or 70s or early 80s you can you can have health conditions but we just were talking about today is the go home and stay at home plan where were gonna take charge of our own healthcare setting me if you go to go to the hospital getting out of the hospital okay.
And Medicare is not in, which stay in there very long so there can be the ones that are pushing out of the hospital where they can push you to is a recap and I never wanted to take that step myself so I've got myself personally set up with insurance for my wife and me that you know that I got enough benefits that if there's any way possible. I'm just can skip that visit to the rehab if they go take me home an ambulance and set me up in hospital minimum be in my house and then working to bring in care if I've been that way for a long time as I've worked in this whole business, but when you add to that. Is this whole coven thing and when you watch what's going on in nursing homes and how people just be just what is on TV. All you do is turn it on.
Watch the news. I mean I just it's like double dog not going in there if there's any way possible and there's a lot of people like me who you just tell me a story about it from church last week.
They have a I have a dear friend. I teach rivet church and and she needed to have now just need replacement surgery, but they told her in her she would need a couple weeks in rehab after that she does not not to do that and I not risk my life going into rehab under these circumstances with government and whatever and then talked about Medicare what they would pay and she goes will take care me with the feed means conniving of the custodial care issue.
So the cool thing is it that really there are baby steps here that are available. I don't have a monastery baby steps, but it you don't have to jump into this thing with a great big huge policy. There's there's opportunities really for everybody. There are so so what stops people from solving what I meant to call the 300,000 of the $400,000 problem which is which is what a large long-term care policy is going to pay out benefits so you had to pay that yourself and what stops people from buying that with the first things their health as many people that would buy one of those policies if they could, but healthwise they don't golf the next thing is not soon as they just don't have the money to buy one of those policies and I would question whether they need to buy one of those policies that have the money to pay for it then what are they protecting me just so but nonetheless and then there's some people that have the money they just they just not willing to come off of it. They don't see it as a big of a problem.
So it's really your health and your finances, you know tied in with your perspective on finances that prevent you know me as a salesperson of long-term care insurance or all of you as consumers of the staff that neutrally prevents you from getting and so what I've worked out in my business is some solutions for both of those problems are some answers in unit one is some long-term care insurance policies that pay for home healthcare that most people can qualify for have very easy qualifications and then the second thing is the premium on these things is not in a like a mortgage payment like a lot of the long-term care policies that were currently selling their several levels and there seems to be like even the man that had ALS that that qualified. So we come back we can go into many of those were talking today about long-term care go home stay home solution and it's all there in Cardinal guy.com or she can always go there and asked for constant sleep partner guide to planning for and living in retirement, which has always subject Medicare long-term care so security things and so we come back now I can take care my family on this issue over my head as Hans and I would love to take our show on the road to your church, 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 so security care and long-term care. Just go to Cardinal guy.com and contact to schedule a live recording of finishing well, your church, Sunday school or civic group. Contact time that Cardinal guy.com partner guide.com welcome back to finishing well with certified financial planner Hans Schild today show or talk about home or were talked about long-term care go home stay home. Solutions really and and it really comes down to choices which beat the heck out of surprises for you and so if you have resources you have money in. By the way a lot of people will use that as a reason to dismiss purchasing long-term care insurance of just either save themselves or say to me if that happens to me, I'll just pay for. I got the mark and what I've always says that's a simple solution when I get into the consulting that I do with a lot of these families that are in crisis. That just sounds simple, just pay for. So what is it you're gonna pay for and I just what what I want to say love people don't have a clue. You didn't have a clue, like who to call to get custodial home healthcare somebody to just sit with your dad and tight one weekend and we had to go to my my daughter's college for an event that she had there that we didn't want to mess over like dad we have to get somebody in here to take care of and my dad was in a position to take note of pay for all that stuff would've told you that the median fact I'm not spry I'm not certain.
He did tell you that we may define it. I'll just pay for it while when the day came and I'm trying to think how much it was for the weekend but it was for $500 and it was it did it again small to a well-to-do person until they really got to come up with the four 500 bucks and then advantages I like those able to sit around and watch TV you know I mean is, it's not a practical solution and so here comes an advantage to get one of these small home healthcare policies is it'll just get you started is is that I you know when you want somebody who's 85 that has an insurance policy that they paid for for years and now there's an opportunity to collect on. They look at that for $500 from an entirely different okay and furthermore you can call the insurance company or you can call the insurance agent.
That's what I did for you and it takes me like five minutes to line this up really down in Texas, Beaumont, Texas, is she bought one of these things. I'm sure just because I was some pressure on my salespeople wheat we start selling people. This is Aetna plan insisted beneficially answer 65 years old when she bought it. She only bought it because the salesperson told her she needed I'm sure and she called me up one day and she got me on the phone. Nobody else was around and we we we should she just as I think I got some insurance for this but you know my daughter's here staying with me, but she's got go back to work. I came from Molnar Hospital, Willis insurance company paying think in the long story short, she didn't even who to call and she said pay anything she did know to call new Zion Beaumont Texas so I just looked through there and look through a Google search and I called a few home health courage they were the wrong kind home healthcare is the work mostly with hospice with people on Medicaid high levels of skilled care.
This lady didn't need all that and so I finally called the nesting agency. The visiting Angels they had somebody out there no charge to a free assessment. The next day meeting with the daughter in this insurance policy just set up tater by the week. She could even pay some money to her granddaughter on the weekends out of the money that she got a minute.
It just really solve the problem and so when I when I want to get clear is not only will the insurance help a well-to-do person that could pay for themselves. It will help them get started and it has some limited benefits for home healthcare several months to a year, which can pay for this. It's going to just enable you get started with them and then you can use your own money on the back end of that thing.
When the insurance runs out for a person who is of limited means who really couldn't pay for or you know that they they really don't have the money to pay for then there is a real fix.
When this happens because they don't have either the money or the insurance and the stuff is really not that expensive and you can get a very simple plan that gives you some real good coverage you know 5060 bucks a month may be as low as $47 a month where you can get you some home healthcare coverage and what it will also by you is you don't have to sit there at the whims of Medicare and just go for your care wherever they tell you to go which many times if they had beds available in a slot available and Medicare's can pay for your going to the rehab I mean just this can really be the only option they can show you even though Medicare might pay for some your care if you went home and you might be willing to pay for the rest of it when you're dealing with Medicare and their your only source you're kind of gone with airplane and if you got some private insurance that covers home healthcare. That doesn't necessarily play with Medicare. It's just gonna reimburse you privately.
It just adds a whole. It adds the choices you can make the choice to go home and stay home and so I got a little fired up about this type of insurance really have it from two companies and eight I thinking another benefit to this is the health qualifications are simple. I mean they say there's two questions and basically are you using home healthcare now or have you used in the last 30 days of your currently a client of a home healthcare agency. You can't buy the stuff now, but if it was six months ago here in and you know I I wrote this coverage on a gentleman who just been diagnosed with ALS.
Yet I was just leaving there and we got another plan is not an insurance policy is a membership organization so you by lifetime hours in this membership. It has almost no health qualifications. He qualified for that he signed up for it to and it's just amazing to me that we are able through working through hundred and 50 different insurance companies that we represent to put together a combination of products that people with the most serious health conditions can still purchase solutions and put together a plan and I mean that's it.
It's a phenomenal thing and in it was really cool for me because I I originally wanted to get sort of a hybrid life insurance policy and I would've thought I I'm pretty healthy guy but found out quickly. I didn't and I didn't qualify for that and and and but I'm almost glad I didn't because, as I look at what I have now the premiums on what I have now in the policy that you know I get okay well based on both my parents history know this would've been an absolute godsend for either one of them at the point where they needed will yeah and we had a little question of whether you qualify and we had some other things in mind. If this distant didn't work but you and your wife sailed right through and they just asked you some short questions and we got other solutions with even less questions so I guess the that the answer to that.
I don't want to get into policy specifics and premiums and that kind of thing just generally speaking, we got something for most everybody, and there is through a combination of insurance policies or policy in this membership organization were it's a service contract with a group of home healthcare agencies where you're actually contracting for a certain number of hours he only has one health question. You know, which is just are you receiving care now. Even from a family member and if you can't. If you answer that. Yes, you can apply, but anything short of that, you can qualify, we got something for most everybody, and it really even right up to the point of utilization of the services and that's not the only people that I'm speaking to you today because you certainly don't fit that qualification in your approach and 65 and your wife is in her 50s and you know he was just EEE you have a heightened awareness of this because your mother because your father because your mother-in-law is now living with you in their health and you know and then added to the fact you're doing the show and you're very much aware even about my best customer. In my most malleable customer. It's it's it's been fun to work with you but you know you you you were thrilled to get this how absolutely and you know I think that's all part of finishing well is to feel like okay you know I I I'm not in the seven worries function of not worrying about long-term healthcare. At this point and are not necessarily worried about Social Security or Medicare because you know we've taken baby steps every week and and and grown in understanding of these things and and you know scan interesting because you know I would have not known what the seven worries were airsick. The next thing I know I was I was right in the middle of it and when you find yourself there. All of a sudden you realize well you know these things are way better handled when you're in your 50s in your 60s than when you're in your 80s or 90s culture your policy pays for each of you both you and your spouse. 1200 bucks a week for home healthcare is qualification to that that you gotta have three separate visits by home healthcare aid are hired during the week but that in a cost of about 100 bucks if you just got it at the minimum. But once you meet that qualification. There is send you $1200 for that week is an indemnity benefit and you can spend that your family can spend it as they need to spend it to care and they're gonna do that every week for up to 52 weeks is pretty comprehensive yet whole year and get better and then you stay better for six months or longer than they restore those benefits and you got another 52 weeks. Again and also if I end up having to not be able stay home. There's the other is a wonderful benefit for that 4500 bucks a month. You know to be $54,000 in a year for 12 months is gonna pay for either nursing home or assisted living music in reimburse and you could say, well, 12 months is not enough wealth okay but he did except that's on top of the other. Yeah. So if you are able to stay home for a year and then going to the facility for an end and on my case. I just look at my family and go at one of more than covered either my parents and oh yeah I have something there said he was going to give you a couple years in $125,000 of insurance benefits to put a plan together. If you live past that need care. It really buys you a lot of time and then if that still troubleshoot them will talk about one of the larger policies mean just this stuff that were talking about today is just much more appropriate for middle America and you know we just I think where we've aired and I've aired is I'm just talking to everybody about the three, $400,000 problem and shown them solutions for that and I'm still very passionate about that and if you can afford and want that Eminem so I have anything qualify, let's go for, but as an interim step, and I have people that have boats they have these kind of insurance for the front end small and home healthcare first year and then they've got the larger policy in case this becomes a rusted life. The rights of today show is home healthcare. Well, actually it's long-term care go home and stay home which is pretty wonderful option if asked me as I look at it known by no now at this point, but also we want to tell you that the show is brought you by Cardinal guy.com and Hans's book the complete Cardinal guide to planning for and living in retirement, which gives you both the book and workbook and a chapter on all seven worries Anna work section on all seven worries to help you really begin to get in there and become initiated by King David and you know, if you take on the line and the bear than in who knows if you end up facing Goliath you know God's gonna be initiating us all along the way so thank you for listing. They all by the way II should always mention that if you just email Hans for his send that way is an amazing resource. In my opinion, thank you for being with us today. Thank you.
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