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July 31, 2021 8:30 am
Hans and Robby discuss Long Term Care
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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 this is Truth Network welcome to finishing well brought to you by Cardinal guy, certified financial planner belongs to Schild and best-selling author and financial planners 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. Finishing well, finishing well is a general discussion and education issues facing retirees guide.com are no advisors on Schild CFP some insurance this show does not offer investment products or investment advice welcome to finishing well today show a little difference to call it the coming storm and because there's sort of a storm coming, you know I'm not like usually I would start off of a Bible verse and kind of a biblical theme, but I think therefore we use the biblical theme. I cannot describe the storm and so we got our certified financial planner hunch over this day in the hands this Flickr storm is one that really has changed over time for you and you're seeing things kind in the here I'm reading everyone. The Journal waiting. July 2021, and for most of you Jan Jan exciting reading in the world you know I read the probably 20 other periodicals.
In reading this article called the database approach to engaging client in a discussion of long-term care by Robert Gorski and anybody really wants to read this article in our professional journal will surely make it available to you write to email@example.com or you get this on the website and some reading this kind of thing out of the side of the interesting. I stayed away from statistics about the risk of long-term care for all of our listeners. You haven't really heard the ever really going over the chances that using nursing this is your chance of getting Alzheimer's.
This is your chance going broke paying for the anger I really first of all I'm like that is designed to scare people.
Or, by the insurance which I've been a part of. And furthermore they don't work minute anything people are quoting me prospective client. People that are listening to me people are meeting the same nonacademic that I don't want to buy that I don't nominate guy before I end up in the nurses, the people are quoting statistics back to me at 8 PM in the future so generally I stay away from this concept, but I'm sitting on the plane. Read the whole article on this thing grabbed me right in the beginning because it just payment financial services company serving older age market yet difficult old statistics and ethnic conflict, which they say over and over and over seven, then 10 people over the age of 65 will need long-term care. In this article goes through and put me behind all the statistics below where they got that you know if that was really true that if seven in 10 people actually use their long-term care policy were offering.
There they used it significantly. There is no way they could even offer the because that would mean that seven in 10 people are collecting to 3 to 4 to $500,000 and that's why I've avoided so and I really like to disguise giving us all the statistics around the very thing that stuck out there is inaccurate and then what I can add that it doesn't really work when he goes on a very modern way like people are receiving care now and defined the risk is just talks about the noise he said why the food aware when and what duration of long-term care and an attempt on one radio show to go through all article and what I wanted to get across today.
I just realized myself that I just ignored the statistics on and I've really been able to ignore the statistics because this is a huge problem for the people. This does happen to the consequences are devastating to them and and I could just and I have talked of this radio show time and time again not had my own family know Robert you had it in your own family living that with your current know with your family and it's just all caregiver thing and the fact that when somebody goes down and it's expensive to hire care. You get your brand in your home and that the consequences devastating and to the point where you need new point. I'm so convinced that I really need to read Mr. but being there as I took the opportunity with this article just go through the opening message about well written article seen he was really like a lawyer through the case, you need to have when needed.
Storm and the things I really liked about the article myself since I rented six we begin to discuss it was that he took everything into account like you know I've heard a lot of people say we need long-term care for the skilled staff but the skilled stuff is actually covered by Medicare and what you see now days and then he actually went into it.
In the article is the hospitals look like.a time clock on the very minute you start using skilled care.
They're trying to figure out a way to get you off that stuff and and sending you to skilled care facilities or whatever they can do me. He outlined all that so that there wouldn't be in from misinformation right. He did and you back when I started offering long-term. During the 1980 policy first came out really early. Many of those policy only covered care. That way the insurance companies. Their sounder policy to people getting them all secure because it made really well if you're needing skilled care provider three years.
Two years you know hundred thousand dollars.
The problem is that people use skilled care for days and weeks. Then they get downgraded to intermediate care, and then they get further downgraded to custodial care. They get sent home for custodial care, you don't need a skilled professional medical person to administer were talking about bathing, dressing, transferring, toileting, feeding you prepare and mail carrier guard just basically helping you function when you can't do anything for yourself that with custodial care that covers a lot of people and 30 really clearly pointed that out and read articles that are written about long-term care by people who ordered whatever they don't know what they're talking about.
They focus on all the filters that's not really what were talking he doesn't write what I thought was clearly practical information about Mia. These are the people who might possibly be able to provide that in numbers and and one of the reasons why I use the title or thought of the title of the coming storm is that as the baby boomers are getting older and in on the number of caregivers is actually in a way getting smaller, and even as the statistic I hadn't taken to an account for all was that since families are smaller, there's less children to take care of the parents than ever before. Which leads to something I've never even heard before, but I really like the term is orphaned Elder was that I get backwards. Over right you find that you have no person is not an elder orphaned when they have no one within 10 miles very close to hundred dollar brother sister and you just think about it. You think in your own family. I spread out real fortunate are our younger son graduated from NC State.
He lives that can mildly rent borderline living in Raleigh are older son is two half hours away without and for many people there all minute is not that many people in the old farm in silence as the baby boomers to monitor diverse get lasts and now I got more of orphaned elders then the other interesting thing that I thought that he mentioned was the cost of this stuff no one vignette supply and demand is on the rise, big time, and going to rise a great deal more. If you are mentioning your mutual friend of ours talk about that now that is a lesson you know that that was probably the thing that struck me about the article more than anything else.
As they listed what the financial burden was on the families of people are being cared for.
So clearly and immediately thought about what it cost me when my dad got sick and what is it costing us now that were taking care of my mother-in-law and immediately you go oh yeah bit because they mentioned you know that people go from full-time to part-time that they were there savings goes down because you know they have to take more time away from work and I have another employee here interest broadcasting that recently was doing and I with his mother-in-law and immediately you know it wasn't uncommon for him to be gone a day or two.
Almost every weekend and you can see the strain on his family and the strain on you know it's clearly there is there is a cost that is associated with this and it's part of what we get to plan for you know is it's family members will you people look to you.
Hello Mike it'll take care people expect like it. Or, you know, you hear the kid a kid. I'm talking about people that are 60, 65, there, and in doing financial planning on. Take care my mother work, you know, my mother's you and you just here and out. A lot of that is not based in reality so well. I hate that, whereupon a break already. We got so much to talk about including a Bible verse and really get too much of this show was brought to by Cardinal guidance certified plan financial planner Hans Shah whose they had Cardinal die.com's's book the complete cargo guide to planning for and living in retirement is easily available firstname.lastname@example.org. In this chapter, which you know is long-term care there's there's loads of information in the book for that and you can down that low that for free at the website as well on it's easier just to email Hans and say I want the book but you know when well as mentioned with the PDF is there email@example.com as well as podcasts lots and lots and lots of podcast that we have done on the subject of long-term care.
You can go to Cardinal die.com listing any previous episode and will be right back with so much more finishing well in just a minute 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 Social Security care and long-term care. Just go to Cardinal die.com and contact Tom to schedule a live recording of finishing well at your church, Sunday school or civic group. Contact time to Cardinal die.com that's Cardinal guide.com welcome back to finishing well today show the coming storm and you usually don't go this way. But as I was thinking about that I was convicted and I didn't want you to get away with this, you know, about not get little conviction yourself. So does the Bible verse that I know many of you are familiar with, but it certainly does apply, and I had really thought about how this applies to me on this subject, but it's first Timothy 58. If anyone does not provide for his own, and especially for those of his own household.
He has denied the faith and is worse than unbelief: I originally thought about this topic in a like over talk about my own care. So if I don't make arrangements for my own care that is not the same thing is for my own family. Well, as I now realize all too well.
Having experiences long-term care thing. If I don't have a plan for this for myself then what happens is that it puts the burden of how we can deal with this on my kids. That's the financial and emotional burden that also you know clearly puts a relational burden on the whole deal that I can see like I never have seen before how necessary it is to really have these discussions of my kids have these plans in place financially and really see that it is a coming storm. Because, based on the statistics that you know we don't necessarily need to go into home but Hans it was pretty obvious that if you take a man and his wife, and I think that was like something small like 6% of the people will not face this either for themselves or their wife in other words, the couple you eat yet you are gonna deal with this here.
You have an family visit the family and the caregiving and the difficulty you're providing for your own by planning because coming and it could be a whole lot better if you have a plan wishes are out there. If you talk to your kids about it. My self put together a plan in your own family and I see the people most people don't click clear create all types of difficulties between you two or three children, one of them that can be much more involved than the other two. There's probably everyone ago that's an outlier. That is the longest I women end up doing more than men do most cases when women end up bearing the brunt of this and you know it just create difficulties in that further stress on like you is who you talking about where having a plan in place like one of my how I can provide not just financially motion provided to pay for the cost of that and there's a certain Medicare that you can't hire a caregiver and only when my mom was put in assisted living is crucial here is much happier there. She had often she was much happier there in the end of the last three years he had. I spent a great deal of time and that I wasn't actually given her a bath. I wasn't preparing her meal.
I wasn't stand up in the middle of the night dealing with her roaming around and on and on and on. I was going over there and spending about an hour a day and out and in and amongst the caregivers. The whole purpose of today's show is really just talk about the problem you teach. You just going through the statistics and the probabilities of this happening is been good for me. I'm not sure it's necessary for you, the listeners that I want to give you the benefit of both my experience and my study of the state as his other thing I mean is easier to see sometimes in someone else's for spinning around, but how based on this other person I know very well that when all of a sudden it became time to put this person and into some type of assisted living or whatever.
Then all the relatives have their spouse came in the town, and each of them. You have a warrant town and they were in charge of. They all had a very definite opinion, how will this should be done and since it hadn't been laid out in advance.
This essentially bad will that was settled within the family was remarkable. People of different ideas, and you do investing money digging into mom and dad staff, which is for secret you have shared with anybody, and now somebody digging in their it's pretty easy to see things that were done years ago maybe certain money was given to one kid help them out.
They said they were to pay it back and they never did mean it just like all the family secret. Just display and you know you got the problem at hand and you got call up the home healthcare placement on family member thinks this needs to be done at home there Maccabee you want to go over there and hang out a live 500 miles away. They think the one that was 10 miles down the road is come do that and that other one thinks that they need to go to the assisted living and any other give all the money away minutes of absolute. The strivings of Mike. My suggestion is to have all that conflict over lover healthy enough to do something about it.
Look get a plan will mom or dad is of sound mind you say this is what I this is who I want to make. This is who I want to cure and I want to. And there's another part of this that I really would not put together until it happened to me is in no there's a patriarch of the family and your family right now you know whoever is the oldest male is the patriarch and and so you have another good friend that passed away, left his wife, his oldest son became the patriarch of this particular family, and he called me this week with all sorts of burdens that had to do with his mom's care and with his brothers care and I could hear just the anguish of the thing in the in the thing that made it, stick in my mind was that his father was one of my best friends ever and I and I knew his father had tremendous wisdom is and was an awesome father, but he didn't realize that when you pass away that part of what happens is you have somebody now who is going to take over as the patriarch, and as these things happen you know I be really really helpful to have trained them a little bit or given them some information of of how the family worked in the how to do these things because you know be nice like anytime it's only leaving one position to kinda prepare you for what's ahead and that is in here. You know your report dated talk about long-term care is needed.
Condition where recovery is not expected recovery delay.
I found this really understand everything a chart for three little boxes to the boxes or conditions that often require long-term care and then those two boxes are divided up. Recovery is not expected and then there divided up into recovery is delayed but still expect with the presumption being that it is recovery is either not can happen or it delayed that that's what were talking about long-term care unit with Alzheimer's disease and other dementias severe stroke, crippling arthritis, severe brain and spinal cord injury progressive degenerative neurologic condition for those around recovery is not expected and you don't get better and they can go on for years and over, under, the recovery is delayed can be expected to ask about serious automobile act, some brain and spinal cord. Moderate stroke. Some fractures surgical procedure and conditions were recovery delay so you know it's talking about things where you know you gonna need six months a year year and 1/2 years.
There are actually gonna walk out needing care and as distinguished from the things that you have to walk oddities any better than the third areas were long-term care is not normal course of disease and these are a lot of things that people think of first with long-term care and actually most of them don't need our attacker is people have a heart attack early out heart surgery or that they will never need. Skill for a while and they get better. They take care of themselves minor stroke. Most cancers most cancer patients do not need somebody to care for them other than you know that.
Right after their surgery or through their chemotherapy and even then, most of them can get around most fractures in joint replacements and accident editions were normal recovery. I just found it interesting that they break all those things out and I thought it might be beneficial. Who can really say that one of these things in the first two categories is not can happen.
I'll have you know it seems like it covers all and in the thing of it is is that once that happens, you're not in a position to plan anymore, for the most part right right so you all the care planning and it seems like universally people want to do that enough to cover the skilled care piece of laundry care and intermediate care and what we many times ignore and deny the need is custodial care coverage which is thing is not covered by Medicare and if it happens to you it's going to cover a lot of years and a lot of month cost a lot of money is you flatly explain Selena. Jesus made it pretty clear the end of the sermon amount that you can build your house is a strong company since the bear then he said, you can build on sand or you can build it on the rock, and clearly he is the rock and so as you look into this and and pray about it in your own family could I just suggest you pray to that rock helped him to build your plan on solid ground that that you know that your families well taken care of and you know that he's ended in a course, nothing be more important than actually having him in your life and that's the biggest Evelyn of all and and on set out were so grateful that you listen today again. It is the show finishing well brought to you by Cardinal guide.com. Their website has all kinds of podcast previous episodes on this very topic of long-term care as well as videos are helpful.
With these whiteboards and workarounds, shows you what he's talking about the beer video on up there on this subject as well. So, as always, we run out of time before run show Hans that thank you Dennis so much fun today make you a good finishing well is a general discussion and education of the issues facing retirees Cardinal guide.com are no 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 or 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 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 again that's Cardinal guide.com Cardinal guide.com this is the Truth Network