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Home Health Care Security

Finishing Well / Hans Scheil
The Truth Network Radio
May 16, 2020 8:30 am

Home Health Care Security

Finishing Well / Hans Scheil

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May 16, 2020 8:30 am

You don’t want to buy or can’t afford to buy a traditional long term care insurance policy but you still want coverage? Hans goes over your options for short term care, and how some policies even pay for care at your home. Having a year of coverage is much better than having no coverage at all. It gives your family time to figure out a long term plan.  

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

You can contact Hans and Cardinal by emailing or calling 919-535-8261. Learn more at  

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You're listening to the Truth Network and Welcome to finishing well brought to you by Cardinal God Certified financial planner belonged to Schild, 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 well have fun today on finishing well, follow Jesus show title home health security right and I'm familiar with it. Luke chapter 4, Simon Peter's mother was mother-in-law, actually it was his wife's mother's know that Peter was in fact married but she was ill. She had a fever and she gets the ultimate house call for both of us like the ultimate position comes at an rebukes the fever and interestingly the mother-in-law got up and started serving but the thing that would point out there that I think is just absolutely amazing and beautiful is that clearly Jesus cared not only by the disciples, but he cared about family and this is the place where we see this may be clearer than any where else what you know you see somebody else's family other than brothers in the case of James and John. But you know James Deming, Jesus here goes for this home health and actually the more I do this show and the more I think about finishing well.

The more that home health security for my family becomes critical, not just you know for my wife, who must make who I want to make sure can stay at home as long as she can possibly stay at home and get the care that she needs, but also if so that my kids don't have this burden of like all what are we gonna do with that and I don't want to watch him suffer through this horrible in a nursing home of this horrible you know we have or whatever that situation is now clearly if Jesus cared about Peter's family.

Shouldn't I care about my family right will yeah and so were talking to people like that your age so you turn 65 this year, 64, I'm in return in 62 people at this age maybe a little bit older, who are still in good health runaround and it seems like laying in a hospital bed or sitting in your easy chair at home and being discharged from the hospital are still in the hospital and they're talking about whether you go home or go to the facility for a while. That seems like a long way away to people at our age and certainly could happen sooner than later, but more than likely if it happens and if that scenario plays out that it's going to be quite a few years down the road and what were talking about now is preparing for that and what I want people to understand is what the family dynamic. Looks like and I really would like to take people I been part of many of these types of discussions as a facilitator and then I've also been part of them as a family member and it sibling in the sun to my parents when you're in a crisis is not a logical logic coming out of people's mouths when you got the son or daughter or both, and maybe don't have all the kids and you get some missing kids from the equation and perhaps both spouses are still alive.

At least one of them sick. But maybe there one of them's passed away. And so you've got this person in their 80s or 90s who is sick and needs care and the whole families gathered and we first gotta make decisions about what dad needs and what dad doesn't need or what mom needs and what mom doesn't need and when we do have two people here a lot of times that the other person the healthy person is healthy, but there they're not up to taking care of the other one I can say that they can and especially when it comes to light. We need to hire somebody to come in here and do some things to make life work for you here at home dad and then how much is this going to cost and then you get the son and the daughter in you know in the nervous talk about money and lunchtimes.

That's the last thing they need to be talking about.

They really need to be focused on dad's care mom's care and care for the healthy spouse making sure they don't get sick to try to wear themselves down and lifting up a person somebody like your size of my size when you're a 80 something female you know is that's gonna wear you out. Just if you can help a person out of the chair alone cook form clean form comfort change their bandages look after their medicines so this this whole concept of home healthcare and receiving home health care from some professionals is just something that a lot of these situations it out to be a simple decision but it's not that I obviously got to experience that no with with both my parents could. My assumption was in my case my mother, Medicare face of the stuff right that my mother had bone cancer and she was in the hospital and there came the point where you know there like all she can't stay here. We know she's gonna die here in a few weeks, but no Medicare will continue to pay for this because she's not progressing so all my goodness where we going with mom and and you know who all is going to be around to take care of this and you know it.

It was complicated and it was difficult because there was no planning involved with where we have professional help for that happen. Similarly, in my dad's case like we talked about many times we thought he had some until we again yeah because he padded on his wife. By himself. He didn't bite on himself and then when the time came in a you would think he was selfish and started thin through $400 a day. He could pay for what you actually did it. My recommendation is that you need to call these people up higher and go out there because you had to go somewhere you are doing it but you had to hire somebody and boy, he didn't eat eat it. It did at was an unforgettable explosion. We talked about this is that head you dad purchase long-term care insurance on himself while he bought for his wife and our home healthcare in your home healthcare insurance. Eddie had insurance for this he would've been pulling that policy out two days after his fall because you know that something he did and you know he would've been looking to get something back on and I'm telling you that just a small amount of insurance which would 50 $200,000 for the benefits is not certainly enough to cover several years of care but boy it's wonderful when you compared to nothing, just for this conversation so I mean we we offer lots of people thing called home healthcare insurance and it's a it's a policy that is written by a few companies and we have one in particular that we like very much, and it pays $1200 a week and it pays that in cash to the policyholder. If your meeting a minimum level of necessity, it just pays as an indemnity so you can go hire who you want you can just use the 1200 bucks anyway you want to use it to just solve their problem that most people are going to just hire an agency for 20, $25 an hour and put together a plan of care, which if you got have all that to collect on the policy, but my point is, it gives you enough discretion in how you spend the money. And even with somebody like your dad really wasn't an issue of money because he had the money to just without the insurance to just pay for this, but get him to come off of it and getting your brothers and sisters to agree to him coming off of it, perhaps even getting you to see all of that and how much it costs in the situation. It just wouldn't happen right which put me in the position of like wow I do not want my kids to have this kind of dilemma in this kind of pressure on them.

You know what a minute to do in my own life to prepare for this so that will be easy. I will know we don't have to worry when you will used as policy means that the whole conversation would've been different and you would've been talking about something other than money when you're altogether. You would've been talking about dad's care.

Dad's well-being. Been talking about the convenience of the people you've been talking a little bit about your personal life and where you need to be somewhere on Saturday or Mondays or you know what you're have to give up or not give up or your sister or brother and you know mom was in here in your case, but you can just have a rational discussion about putting together a plan that includes these professional home healthcare people. Maybe some of the grandchildren. It would've been nice to be able to pay one of the grandchildren 500 bucks a week just to stay out there. Pam and Cashin and I don't know if any of your grandchildren could have made those arrangements, but it could be that 500 bucks is the difference between doing that are not doing it and if it's coming from an insurance company. People are going to do that but if it's coming right out of Grandpa's pocket. People just then I couldn't. Then I can collect any money and hence they may not even be out there so my whole point with this by planning for it. Now when you're in your 60s or 50s 70s and really planning for this, that if this happens, we can have a small amount of insurance like 1200 a week for a whole year or 52 weeks. That is going to be there, and sky come every week and we gotta spend a minimum amount of that on professional home healthcare. People are some rules with this, but beyond the minimal amount which is going to get a check and we can use it as we see fit to Nina peeped at home at end when you say planning for that. I'm assuming it's kind of like life insurance or other things that the younger you are when you take on the policy a whole lot less. The plaintiff taken it on a daily effect which are yeah but is still very reasonably combined it from this company up through age 89 and it's expensive those older ages, but we have people by because they just see the sentence. If you're really gonna plan for this and indemnify yourself and protect your state, you really need to get 1/4 of $1 million or more of insurance for home healthcare and facility care which is called long-term care insurance. I don't want to giving people the false impression that you can get yourself well covered for the small premiums for the stuff I'm just simply saying that this does wonders to just create some liquidity when you're in the middle of that problem like what we do with mom and dad absolutely your listing to finishing well today show being it's called home healthcare security in the course you know obviously that would come from Jesus first as we been talk about but over time is it, this is a lower premium way to get some coverage so that you know. In fact, you know, Hans knows I'm on this is actually what I'm doing for my own family because I've experienced it. On the other side so if you want more information on that clearly was in Hans's book the complete cargo guide to planning for living in retirement or you just go to Cardinal and email Johannes about may have. Along those lines, we come back we got more on all home healthcare. Hans and I would love to take our show on the road to your church and Sunday school Christian or civic group. Here's a chance for you to advance the kingdom through financial resources and leveraging Hans expertise and qualified charitable contributions veterans aid and attendance IRA Social Security at a care and long-term care.

Just go to Cardinal and contact Tom to schedule a live recording of finishing well at your church Christian or civic group. Contact time to Cardinal that's Cardinal welcome back to finishing well today show, home health security with our certified financial planner Hans sure I'll and when we left our hero. We were talking about this. This home health policy. Yeah, I mean it is a real blessing.

We've rewritten hundreds of these on clients and we were primarily in the Medicare supplement business and I'm always talking to all of my salespeople and agents about you when somebody buys a Medicare supplement from us. We need to use that as an opportunity to talk to them about long-term care and long-term care home healthcare communities throughout the word of long-term care.

It covers him pretty wide area and that this particular policy we have a few versions of it from a few different companies but the particular one that I'm speaking about allows a client to buy $1200 a week of cash or indemnity benefit that comes every week that you need to care for up to 52 weeks and actually if you use it for less than that say you break your hip or something in your 70s and then you recover and if you recover and you get better for six months. All those benefits you use get restored back into the policy so that for the rest your life. You continue to have 52 weeks and when you add that up to $62,400 of benefits just for home healthcare and you know certainly not enough to cover the lifetime potential of home healthcare mean if you princes get dementia. He and you know if you lived alone, or even if you lived with another person who can stay with you that's not a very practical situation. If that other person is the same age as you, even if they don't have dementia if your spouse home healthcare can be used toot toot to supplement the family looking after the person and then toward the end of home healthcare that person that has dementia and has Alzheimer's. There there and you probably need to be a facility guy just I know in my mother's case, she was in a facility for about the last year and before the last year she was in a facility where she was really using the home healthcare policy so what were talking today about is a simple solution that really solves family problems because this is the family's responsibility. You know, for those people that are fortunate enough to have families. We also have clients that have no really family. That's close by that you know is tied to them enough that they really can take on this responsibility, then they have an even larger problem and being able to have the money and the resources there to provide care becomes even more important. But back to the families and we talked in the first part of the show about the family dynamic of how the family gathers somebody a crisis is been a fall or somebody something.

Some advances happened around the dementia that everybody kind of knew about and now there's some lifestyle decisions that have to be made around mom and dad maybe they're in the hospital and they need to come out and or they can go to rehab and where they can go after that or there already home is been determined that they can't stay low.

I went through this myself and when I talk about the family dynamic. It sometimes that discussion is really all about money, which is kind of sad because it really the discussion primarily needs to be around what's best for mom and dad and then what's best for mom and dad, but without the other people around there just giving up their lives possess not practically really doesn't make a lot of sense for some somehow I somebody told me it's not practical before experienced. It I would've thought you know that will help my dad.

You know I'm 6 foot five, 240 pounds. I I wouldn't have a problem the world lifting them up. You want to bet even when he got down to you know he was 130 and 40 pound you try it you try I'll never, ever, ever forget.

One night where I needed to get him from his chair that he was watching TV into his bed and I had to get them just up and was wheelchair and I it was Alma world and it's a wonder I didn't get hurt or heating get hurt. You know that there's just people that are trained on how to do this was true there and they're not cheap. They don't need to be there 24 hours a day either.

Especially if you have family around. But 20 hours a week can be wonderful.

30 hours a week 40 hours week.

They can be there 24 seven and that doesn't typically cost that much more than a facility does. So that's not necessarily practical but you can have people there 24 seven but what were primarily talking about is somebody to come in and help somebody help them get dressed every day somebody cook their meals or receive the meals. Somebody clean the house somebody to help him get a bath just up and live their life activities of daily living and operates a big deal to like physical therapy, occupational therapy on cannot remember once for all that stuff with my dad and so you have three or four different kinds of people come in in on and still sense and it's that type of policy there to give you the money. No matter what you said fix your granddaughter for some trained physical therapist yeah and for some of that skilled care you can get money out of Medicare for that and but even if you can't you get extra money.

Here you can really put together a plan.

My whole point is is it makes sense to buy some amount of insurance so that like for you, dad even those got the monies can be a lot easier to get the insurance company to pay off on this thing than it is to get him to come off of his money to pay for this can an understatement but have one lady that lived out in Texas that really was in no financial position, but this was a like number for you know this lady. She called up one day she said you know I think I have some insurance for this and I'm not really sure. Can you tell me about that one of our salespeople had offered this. She had a Medicare supplement and then she bought this policy and she didn't exactly know you know what all it covered and if it did cover how to click on, but she had just been in the hospital.

Her daughter took time off work while she was in the hospital would be there with her. Took time off work to get her home now daughter to go back to work and she was just thinking she can't make it at home and she was wondering is this insurance would do anything for and she had the policy that I'm talking about and I think the only reason she had it is. I had told the group my salespeople to just start offering this to everybody that buys a Medicare supplement and she bought it and she was just so surprised that she had benefits and now I start in Beaumont, Texas. I'm looking for a home healthcare agency. I called a number of the local ones try to help her out and really found mostly hospice people skilled care people so that I start on the national agencies in the first one can help me in Beaumont. I got to visiting Angels so little plug for them. They had somebody that came over from the next town, but it was pretty close and she put together a plan of care. They came out Monday through Friday. The daughter came over on the weekends.

They were only there four hours a day, which is enough to get her that level of care she needed. And then this policy sent her the full 1200 bucks. Even though the 20 hours a week from the agency didn't cost that much. This is indemnity and she used it for about three or four months and she's like a walking commercial for us now insist it was just these people work doing medical things for her. They were just helping her get out of bed and get a bath and check in on her medicines in the meal was. She was there cleaner her house just doing the kind of things. Her daughter was doing for her. Maybe plus a little more and then the daughter would come over in the evening.

It is just worked out wonderful. And if she hadn't had this insurance sheet she would've employed home. No way in the beauty of it is, but based on my understanding of story which had a lot to do with my own decision environment policy was like a what happens. You know, if you just have a bad fall or something in and use this thing for six months. You know I my only good for another six months for the rest my life. But the good news is that she recovered and was good and she was okay for six months after she recovered she has been.

And so now it's been reinstated so that she still has the same amount of coverage that she had before the first yeah is a restoration of benefits that are built in here and on the backend of this policy.

It's got facility care so that if she does have to go to a facility where she runs out of benefits here with the 52 weeks. She's got a whole another year of care paid at some level you know it in the in the facility so and I don't want to get too specific about the benefits we tailor these things to people been the same as a real blessing. And that's the beauty of it is that everybody situations into eight so there is no cookie cutter approach because right in on my case there there medical situations that I don't five for certain long-term care for up in a things that might have been a better financial decision for me. So like you say everyone's different. Based on your situation, your financial situation. Your other investments and things like that. Sure sure this is a blessing for her and I know I commended the salesperson. They're just doing what they told and I really would like to get after all my salespeople to at least offer this and walk people through the benefits of it to. We have 6000 clients in you know why I was absolutely shocked at how inexpensive it was and it was completely affordable for me and Tammy and you know it's kind of a no-brainer. Actually, at that. This point our lives course will be younger plan for them. I just ran an example for my salespeople at age 64. This thing is about 135 bucks a month at age 80. It's like 310 a month now we could take the age 80 person and we could lower some of the benefits on that. Not home healthcare portions of that and kinda get it down into the twos but we still have a lot of people in their 80s. By this, that this company offers it all the way through age 89 and now you may be interested in a course we want to remind you that this shows brought to you by Cardinal guy difficult a cardinal don't forget you got a cardinal venue got died.

Cardinal There you can find his Johanson's book the complete Cardinal God. The plan for living in retirement is so much more about this kind of stuff this week as we learn how to finish well. You can email him or if you just have specific questions you go to Cardinal again a lot of fun doing the show today. The course we all know Jesus is the ultimate home healthcare provider that is nice to know that they were not put in November, family things that you we hope you enjoyed finishing well brought you by Cardinal visit Cardinal do 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 what to get Hans book go to Cardinal if you have a question, comment or suggestion for future shows. Click on the finishing well radio show on the website and send us a word. Once again that's Cardinal Cardinal

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