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Insurance to Stay in Your Home

Finishing Well / Hans Scheil
The Truth Network Radio
September 18, 2021 8:30 am

Insurance to Stay in Your Home

Finishing Well / Hans Scheil

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September 18, 2021 8:30 am

We take a close look at the insurance that allows you to stay in your own home.

Don’t forget to get your copy of “The Complete Cardinal Guide to Planning for and Living in Retirement” on Amazon or on CardinalGuide.com for free!

 

You can contact Hans and Cardinal by emailing hans@cardinalguide.com or calling 919-535-8261. Learn more at CardinalGuide.com.  Find us on YouTube: Cardinal Advisors.

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This is Stu Epperson from the truth. Talk podcast connecting current events, pop culture, and theology, and were so grateful for you that you've chosen The Truth Podcast Network it's about to start just a few seconds. Enjoy it and please share around all your friends. Thanks for listening and thanks for choosing the truth podcast network. This is the Truth Network welcome to finishing well brought to you by Cardinal guy, certified financial planner Lonza Schild, best-selling author and financial planner helping families finish well for over 40 years of finishing well and will examine both biblical and practical knowledge to assist families in finishing well, including discussions on managing Medicare IRA long-term care life insurance and investments and taxes. Now let's get started with finishing well, finishing well is a general discussion and education of the issues facing retirees guide.com partner advisors on Schild CFP some insurance this show does not offer investment products or investment advice welcome to finishing well with certified financial planner Hans Schild today show is insurance to stay in your home and home is a humongous concept when you think of it biblically because and I think is absolutely amazing that the Jews have taught for years that the reason that the Torah or the Bible itself starts with the letter that which you may know Hebrew letters are pictures of things and so what is the Hebrew letter batch which that, but sound you hear is a house right which means home and the reason I say that the you know you know that the first line of the Bible is in the beginning God right created the heavens and the earth for the idea that that it starts with the back was that God wanted a home. He wanted a place right because he is this infinite being, and he creates a financed finite world in which to some extent he had to shrink himself in order to do that. But as he created this finite world so that he could hang out with you, he could hang out with me. He wanted a place I love the way the Jewish sages actually say that that he could put up his feet and be himself right in and that is what all our hearts long for and it should come as no surprise that a lot of people argue the number one song title of all time over love songs are songs about going home like I'll be home for Christmas or you homeward bound, all these things are part of what our hearts and they long for this. And as we think about how to stay home insurance to stay in our home what retirement is actually long-term care, but much to think for with me for a minute on how much easier it is to feel at home in your house versus in the hospital. It's hard to relate to your family. You can't rest well.

All these things are difficult and you talk to some is been a lot of time in a hospital so I know how much more wonderful. It is to actually be at home with your family and along those lines.

Hans, we have a lot to share what we do. Going long-term. Or 40 years came out of the 70s and the 80s been taught by a lot of people like how to do it and then I caught a lot of people. Yeah, it just seems like we've been in a long debate. I've been in a long debate.

My whole career where I'm like I want people to buy this day want to give me reasons why they're not really people are dancing around things and so I decided a while back to just stop selling and to stop selling long-term care and stop trying to talk people into and start perhaps describing and helping people put themselves in a position so that if it happened to them that they are going to have choices that that's really the only thing money does for you in insurance and resources people that have money they get sick and they need care if they have money and resources or insurance, they More choices than people.

I don't have the don't have money or resources. For they have money and are not willing to spend it, which is a lot elderly people and their much more limited in their choices when they need care so there's some chance that all of us are going to need not out there some chance that many of us are not given me any care in a custodial care. The people that have a heart attack and they just pass away quickly or they have a heart attack and passed away three months later, they don't need any less. That's actually one of the objections people are given my family. They died young age and so this is start drawing back at me all the reasons why they're not coming need yeah I don't engage in those debates so showers can get on Jan what I wanted to do before we talk and about some of the solutions is what we really talking about your home healthcare custodial care yes is that somebody helping me in my home that I'm paying to do that and it's just a guy got it right here paid assistance with activities like the others five bathing, dressing, meals and meal preparation and meal cleanup and any TV dinners for the rest your life and frankly very many people getting home healthcare, there would have trouble getting the thing out of the TV dinner out of the freezer and stick it in the microwave, get a cut to the proper temperature server and then you got to go to the store beforehand around delivered immediate meals are a big thing and they got that thought at the assisted living in the nursing home. He just wheeled down or you walk down the eating hall, and it can't be that the grantee in your room when you're at home by yourself or with your spouse the whole issue around meals is the matter will you stay there housekeeping the moment when we call on people in a crisis when I mean by crisis. A lot of times I work with people kid or adult kids who are in their 50s and 60s that are trying to help her mom and dad just now had a crisis, escrow something mom got lost wandering something happened and then this housekeeping issue is when you go into their home. This person is needed help her dear sometimes made on some home, her need is a pen so you know that that that's not the issue that a lot of folks got to a certain point before the calling and help in you can get somebody you can use this insurance to pay for somebody that grounds up command twice a week.

Make sure the place is not a master speculating Aaron you know in the next thing on their just having a person that can take you to the doctor can take you go grocery shopping Gogarty shopping for you to get out about personal leisure to go to Parker to go watch here grandkids play baseball or your neighbor or something.

So I wrote down these five things bathing, dressing, meal, housekeeping, and errands. When you get assistance with those five things you can have a person that otherwise is living or is going to a nursing home can actually stay home for quite a while and I know for me personally and I can help.

Always take myself back to visiting my dad when he got in after the fall. They kept taking them what they called rehab which is essentially sort of a nursing home that was going to give him his physical therapy and stuff and oh how I wish I had not, you know, said let's go do this at home because he was so uncomfortable and it was so miserable for him when really all that and I now know what is been available at home.

Had we been able to avail ourselves of this resource. The planet now when it happened. You can have a plan in place so doing, the second part of the show to talk about three different solutions for this problem. Everything three different things that you can take advantage you can purchase so that when you get to that point or your spouse gets to that point that you can have some financial resources and place them in their traditional long-term care, short-term care and hybrid long-term care insurance. So the three different things to talk about them on the backside of the show, but I didn't want just open up with just talking about insurance premiums and benefits and all I can effectively reposition what exactly it is. We'll talk some maybe eye-opening experience was. As I began to do the sums with you as I thought Medicare paid for the stuff I submitted asked me how to set. Oh I'm sure Medicare pays for that you know in what I found out very shortly both with my mother as she went into that needed as well as my father's Medicare pays for it for about 30 days. But when they realize that that that you're not getting better or whatever the situation is worse just get custodial care like you talk about Hans and they stop paying and and this is not to be paid for by Medicare. You make meals we maybe get meals on wheels and I can clean your house and they may not help you bathing in getting dressed, so what you're talking about Medicare will pay for for short period of time to enjoy needed for a short period time is skilled care and perhaps he'll do some custodial care, along with the skills whether there to make it work, but when the skilled care stops you know and that's physical therapy and that's Occupational Therapy and that's changing bandages just doing all the things that nurses and doctors and therapists do for you this hour talking about here. This insurance will pay for that as well but were talking about because on for a long period of time is just functional things like breathing in dressing and meal preparation and housekeeping and errands that sort of thing that allows you to just stay in your own be worthy of the most comfortable again as we talked about throughout that this is just the just think how much quicker you get better when you read all know versus that hole whether it's rehab, nursing home, assisted living, almost licensor uncomfortable compared home from my perspective, they absolutely are so that people are very happy there and so that end up being like where you start where it ends up being where you and then fine.

Make the best of and some of them can be nice places so I don't want to diss down but most people if they really said anything that they want to stay home, so you are on this sow is brought to my cargo guide.com or you can find Hans but the complete cargo guide to planning for and living in retirement. That's a cargo guy.com and his YouTube channel which is Cardinal advisors so if you go to YouTube and look for Cardinal advisors you can find videos along these lines of long-term care and all the things we talked about on the show every week so we're gonna break when we come back and I have one of the solutions on the today show insurance to help you stay at home.

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 and IRA so security care and long-term care. Just go to cargo guy.com and contact Tom to schedule a live recording of finishing well, your church, Sunday school specific contact time that Cardinal guy.com that's Cardinal guide.com welcome back to finishing well, a certified financial planner Hans Schild today show insurance that will help you stay at home and we were going to get into these different kinds of insurance now Hans talked about the long-term. Most people think about we bring up the topic of long-term care insurance and the modern policies are to pay the same benefit at home that they wouldn't compare so you bought $300,000 with a covered and you got that amount be paid out for a nursing home and assisted-living. More than likely you one region policy by me. You're also going to have $300,000 worth of home healthcare benefit you can use anyway yeah the first thing I want to say that these policies are available in all 50 states in the dish so and we are licensed in all 50 states and DC so we can help people all over the US.

We do all the time now. Traditional long-term care has minus select start with them because talking about the beginning of the show like people in this business with me for a long time which the debate bring up other syllabi that never happened to me and a lot of regret on the Internet about the rating not come by because it's going to go up later on.

Yet that's clearly a stop sign to traditional long-term care because they can raise the premium so people buy when they're in the 6050 thinking that there premiums them at the teller 90 and then they get to be now in their 80s or 70s and then things start going up up up the insurance companies.

In the beginning didn't charge enough stuff just under just so another show we could get into the back so that, but these things are now priced appropriately. They still have the no rules in place and they still have a provision that if they're still not charging enough they start losing a lot of policy generate the premium in the future, but only with insurance department approval in their you're much more limited than they used to be in their ability to raise like they learned their lesson but I don't want to sit here and talk around on this.

The other disadvantage of traditional long-term care insurance unless you need custodial care, either in an assisted living or nursing home where you use it for care at home.

You can pay on this for years and then you die without ever using Internet isn't much and you feel like you're throwing your money All that's another reason that people find that will talk about something more talk about the good point. You can get a very comprehensive plan reimbursement care behaving cell lifetime plans with one company that still offer the you you can begin the facility. Or you could be at home getting care for 10, 12, 15 years and became a very comprehensive policy for affordable premium.

That's really the just with them but it's all the negative surrounding around that people become very adept at talking themselves out buying yet when you look at is the only option that you wind up your life and I can have the insurance for this Stuff to say before my calls.

I kind of sense is really that good long-term care policies themselves are the least expensive overall waiting to to have yourself covered with this right they are because they don't pay off their meaning only. People needed people that needed a Pam way more than they paid a premium that the insurance so yeah we we write this type of insurance, a lot of people now I think I give the example of some of them one click go through the other two forms because there are alternatives to jump onto the next one in the next one is recovering care recovery here, here, and this is the insurance that you have so what are the disadvantages short term care will start the disadvantages today so the disadvantages it has a benefit.

360 days or less, like your policy has 360 day benefit. So that means if you go facility near their on your 361st day.

Why don't want that.

Okay well you don't want to have and we can go back to traditional long-term care because short term care. The advantages to one of his expansion in the particular policy that I told you you've got 52 weeks of home healthcare benefit and then you also get 360 days of facility. Paragraph you've really got two years of benefit apportionment equally. Read spent a year at home and spending here in the facility that you have two years about that of the disadvantages that clearly a limiting think it's only available in 39 state. North Carolina is one of them. South Carolina available Virginia available several other state tell you right now New York, Florida, California, they don't approve these things and the reason they don't is it just is not one so but in my opinion are just limiting that real long-term care insurance much more expensive in those days, but in any case, if you're in one of the state is available yet the great alternative.

And even if you think a year is not enough lately, wouldn't you love to have a years worth of coverage on your dad so that you couldn't tell your dad you're sending the bill first care to the insurance company and then you can spend a whole year. Figuring out how you can pay for that stuff himself. My current case they had this policy that is been completely covered because my mom needed some home healthcare, and then she ended up you know in the last weeks of her life or she would needed to be in a facility but it would've been been covered in same with my father, that you have these policies would have been ample for either of those situations. I realize that the on my case there affordable selects. First I went that way they can get the ball shortly question they took both you and your wife and long-term care may not of been an option for you. We I guess we never know, but you know in my estimate. This is one form of insurance that was available to you. It was affordable to you and I can think of people that have gotten this coverage that have way more severe conditions that you have it so that all you folks out there that think you can't qualify or maybe been turned down for long-term care insurance. You might be able to get the short term care coverage here probably well and it's very easy qualify for these things so that is a real advantage to it. Yet, for people that have a lot of money, a lot of resources people to pay for this myself after and I always thanked okay that that sounds real good at 65, but wait till your 85 and somebody is telling you to hire somebody to come here you start spending your savings after how much money you got to talk to an older person of their savings to pay for people to come and clean their house and make meals form in the bath of that sort of thing. So practically speaking, they can qualify this as wonderful a grandma. How about we send the bill to the insurance company. There are four so jump on the third type which is hybrid long-term care insurance and hybrid system putting together of two things taking a life insurance policy or an annuity and mixing it with a long-term care policy or another way is the life insurance policy that allows you to access your death benefit while you're living to pay a long-term care benefit in it. Even these things have extension writers use up the whole death benefit while you're alive. Certainly your life insurance benefit will be gone, but then there's an extension writer. The kickstand patient long-term care benefits for a few years after that, so that is way to be sure that either you or your family or your estate is going to get something something significant out so we've got other shows, and other videos where we talk about each of these policies separately with the hybrid's work without a lot of paving use part of their IRA balance by hybrid long-term care insurance is really really popular thing going on where people can just take a portion of their IRA or 401(k) and move it over and they don't have to make ongoing premiums and sitting there one day get sick and need lasting about his Pesach life insurance. I will yeah and added that the lump-sum you still haven't spent that money that money is there. Like if you had wanted to, or you had to go back and get me.

Then you'd be without long-term care insurance, but you can get your cash value or get a refund out of you went to the other side is as if you buy this and you're fortunate enough to not need to scare you just need a little bit like your dad will then be a large benefit to your beneficiaries so that you you you don't feel like you just put the money down a dark so you got some stories science lines yeah well I mean II just think about you with this hybrid long-term care bought with IRA. How many people that there was no way people were going to pay the premium for traditional long-term care insurance like this one particular child in their right here North Carolina and this playlist English show and she really got this IRA thing and before she called me. She contacted her IRA or 401(k) and said can I do an in-service distribution and she even took the number that I had on a previous show the hundred $50,000 to cover her husband. Her and just a while back.

We ended up with this whole deal together in writing the policy for then we get moving along and they both have some sickness but her husband didn't get the coverage amount only covering her take less money on the 401(k) or the process of doing is writing short term care coverage of your same policy on him because even though he was turned down for this hybrid is about 10 years older than her deacon qualify for the recovery care home health care benefit right within that with just a few simple short questions, he can ask him remarkable. No doubt we still write a good deal of traditional long-term care insurance that works best is for the person first of all, but still has her health. You can have some serious chronic conditions are gonna reject the traditional long-term care but they still have their health and then they're not in a position to buy one of the hybrid person with good income but not as much assets are the asset really can't take the assets they have thrown in the hybrid long-term care that they can afford the monthly premium and then they want a comprehensive policy were healthy enough to get it right. A lot of you and we even have a 10K plan with one company so that you can start paying on it now and then you're done. After 10 years time before he ran a self start, I want to be sure and let you know of course you know is not a cardinal guide.com to construct a complete cargo guide to planning for living retirement plus all his resources, even email Hans he would love to hear from you again were so grateful for your listing today and Rachel Hans. Thank you, thank you finishing well is a general discussion and education of the issues facing retirees cardinal guide.com cardinal advisors upon trial CFP some insurance this show does not offer investment products or investment advice. We hope you enjoyed finishing well brought you by cardinal guide.com 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 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 get Hans both 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. Once again, that's cardinal guide.com cardinal guide.com this is the Truth Network


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