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The Goad of Long Term Care

Finishing Well / Hans Scheil
The Truth Network Radio
August 31, 2019 8:30 am

The Goad of Long Term Care

Finishing Well / Hans Scheil

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August 31, 2019 8:30 am

Paul, on the road to Damascus, was struck blind and Jesus said to him, "Why do you kick against the Goad?" Kicking against the goad causes pain. It is meant to train for discipline; you learn to not kick against it. Hans is a goad for retirement planning (especially for Robby). You have to stop pushing off these issues, and instead develop some discipline around getting your finances in order to finish well. The largest goad people kick against in this instance is long term care insurance.  

 

Before you need long term care insurance, you need a plan for long term care. The insurance is not the plan, it just makes the plan possible. What you really need is a plan for your family, because they are going to be caregivers, and they need the funding for your long term care plan.  

 

Medicare does not pay for long term care. As Robby brings up, they might pay a small amount, but not the large bulk of it. If you just need assistance with some of the Activities of Daily Living (Bathing, Dressing, Contince), which is what most people need toward the end of their life, Medicare will not pay for this, but long term care insurance will.  

 

Robby and Hans discuss both of their experiences trying to take care of their parents. It is much harder than most people think. Robby talks about one time he had to lift his father out of bed and it was almost impossible. He needed help.  

 

Hans talks about some clients that he has, who after initially using Cardinal for Medicare supplements, ended up using Cardinal for a plan for long term care. They really did not want to talk about it, but 6 years after meeting Cardinal, they decided that long term care insurance was something they needed, but only after developing some health issues since their first meeting. This made it much more complicated and expensive, but Cardinal was still able to get them issued. All this really developed from them kicking against the goad of long term care and not being trained to stop for many years.

Robby talks about his own situation. He does not have long term care insurance, or a plan for it. He wants the good feeling that comes from having everything taken care of. He is thinking about hybrid long term care insurance, so if he doesn't end up using the long term care benefit, his family gets a large lump of money when he passes.  

 

We want to help you figure out how to get long term care into your plan to finish well. Long term care is so important to have a plan for, and most people don't. If this is your goad, let us help you.  

 

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.  

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You're listening to the Truth Network and TruthNetwork.com. Welcome to finishing well brought to you by Cardinal guy.com certified financial planner belongs to child 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 Medicare IRA long-term care life insurance and investments and taxes. Now let's get started with finishing well well today. I'm finishing well I'm really excited about is something that just intrigues me and the title of today's show is the goad of long-term care and were here with certified financial planner and my personal favorite, goad on child in it. I think of Hans and is actually told him this morning and when I see them is like an automatic goad when it comes to long-term care and some other things it comes to planning, but you may be wondering what is a goat or you may be very familiar with what happened with the apostle Paul on the road to Damascus that he was struck blind and then all of a sudden you know Jesus shows up and says, you know, Paul, Paul, why do you kick against the goats. Well, back in those days. What Paul knew was that those wagons, they had a device on them to make sure that the ox didn't kick back and tear it to pieces and so it was a very sharp spike looking thing that went in that side of the wagon so that when the ox would ever kick at it, you know, he would kick his foot into this bike and you know it would be something that he would think that probably never a good idea what Paul knew is that in the word disciple or in the word you note for Hebrew for disciple is this idea of ago this idea of discipline. This idea of their something that's gonna hurt you, to some extent if you don't follow the discipline and assembly elected to spring the meeting well worth the discipline of getting up early in the morning and spending time in God's word so that you can find out other things that will keep you from experience the pain.

Well, when I think about this. You know I was ignorant most my life about long-term care insurance instantly and so I had no goad in my life. I was just free to move about the country but since you're listening to the show and since I've come to know Hahn Mathers. This situation really Hans in order to finish well. It's something that I strongly need to consider because before I would've thought if I didn't have life insurance and I can afford to have life insurance you know and I passed away in my family had to bury me when I just wanted the money in a letter that that isn't a very cool thing and so there's always that goad of life insurance my life I realize I had to have enough life insurance.

Take care my family right belong.

But now I've got this going to want instruments and and yeah thanks to you and and the truth is, sadly, that I don't have long to manage in my own life. I don't have it.

And so every time I see Hans or Mike or Robbie are you the guy was on the show, you know every seven weeks to talk about long-term care insurance and you have written so you know the sad thing is is that I've got to figure out a way to discipline myself, I gotta get that in a goad curtain enough to where you know I sit down to do something for you need long-term care insurance need a plan for long-term care and so the insurance is not the plan so that the insurance makes the plan possible. So in a plan which you need is a really a plan for your family because it's the family that bears the burden of this Is you're going to be like your dad says you're going to be there and you're going to be now I think about you know actually says in your workbook on page 30.

To be specific, the complete Cardinal guide to planning for living rate in retirement workbook which today's worry that were talking about his long-term care and obviously which you go to Cardinal guy.com and download it. But this is this is what it says here which really help me understand it really does help me understand what long-term care insurance and why it specifically is important because you see what I would've thought was Medicare pays for this stuff.

In fact, I saw Medicare pay for some of this stuff with my dad and my mom but there's a big huge hook that I was not aware of. But what this says is a qualified traditional long-term care insurance policies and hybrid policies have similar triggers that must be met before the policy pays any benefits.

The inability to perform two of the six activities of daily living without substantial assistance or supervision will trigger the benefits. No words.

You got me two of these criteria in order to trigger the benefits of long-term care insurance and those are common daily activities of bathing, dressing, eating, toileting, transferring, and continents, so stick my dad for example, he struggled with about six for six. I mean it. You know, there you know in January, I sat in the meeting at the rehab center where they were literally going to pull the plug on his rehab because Medicare was not paying any more funds than it is to simply the case and the reason why a pay it is if he did not make any substantial improvement in these areas over a period of three weeks. Medicare would pay it anymore. Which means he had to leave rehab and so in order for him get further rehab. He either had have long-term care insurance or somebody was can have to pay a gigantic bill and this is what this is talking about unless I think about that. I went through the same meeting about six months before my mother passed away where they literally took her out of the hospital because she wasn't making any progress, and Medicare ceased to pay for it and she too had no long-term care insurance, which meant my sister bore the part of this care. In the case my father I bore the brunt of this care at an end that is easily some family member. Sometimes a group, family members there making the decisions about the stuff okay so when I talk about a plan for care first thing you need to decide is which family members that are which team of family members, or which order are they gonna make the decisions and there's financial decisions.

And then there's also care decisions in healthcare decisions. And then there's financial decisions about all your other finances because was not listed in those six activities of daily living, of which you have did need assistance with two of them is cognitive impairment so you can hit. If you have a cognitive impairment which are fine with the six of those things you still qualify for benefits under long-term care insurance in your plan for long-term care needs to be just that needs to.

If this happens to me. I'm unable to care for myself or I'm unable to get a cognitive level and number unable to make decisions.

I could do things to hurt myself, I can care for myself anymore, now are we can have the means to hire somebody to do this, or at least part-time and bring them into the home or is one of my family members.

Cannot I think about my sister.

She's camphor my mother and my mother probably make payment on 2530 pounds and is one thing you note to lift her out of bed and the things that were required there. But when my dad and he was about hundred and 65 pounds, but I remember one time when that when we literally brought him home with in this chair is like dad is time to go to bed and and and he and I mean struggled for the better part of an hour because I just it simply was not a trained physical therapist.

I'm 6 foot 5.2 and under no small dynamite week, but getting him to bed. I live literally. I can't even imagine what would've happened had my sister been in that situation or my wife been in that situation, but the sad news is is that if you're big I mean this is not happening without some kind of professional help. I mean ended not a Safeway not this transference stuff. Oh yeah and use reverse the thinking. Imagine if your mom had rely on you to do that. That's what was with my mom is I never had to do any that personal care stuff for my mom or much of it because I had two sisters around okay and obviously we paid for care for her. So we had professionals doing but you know it's so so suffice it to say that we need you need and the people listening out there need to plan for this sort of thing. You need a written plan and we can help you do that and in terms of how I want to be cared for.

Who wants to provide that care was the setting that cares and whether it's at home, or whether some assisted living or a combination thereof. Whether choosing adult daycare and then it needs to be financed and that's where the long-term care insurance or these type hybrid policies.

Were you going to use a chunkier assets to just consider paying an ongoing premium is can make an asset transfer and then if you don't use it or don't use all of it. There's going to be a refund is going to go to death, or a substantially larger amount and you put in to your heirs dampener. There are strategies which you can find it. Cardinal guy.com we are, as always, we want to mention that the show were talking about today.

Long-term care is there in the 7 tab@cardinalguide.com and and even though it says seven worries. Those are kind of goats.

I picked the kind of poking you tell me it's like this.

The stuff you need to address Eric to be painful for you and your family and and and and simply know there are strategies that were available to you at the website. All seven of these are codes, so to speak. Our you know available absolutely free PDF or you can email hans@cardinalguy.com right and energy is the book for free. Lots of information of the curtain guy.com you can download the chapters of the book for free.

Anybody that wants the book you can get it on Amazon.

You can get to the book on Amazon through the website. You can also send us a message on the website and Cardinal guy.com will be Gladstone's book County that women are just tell you though is is kind of a sad fact that I really was on my heart this morning is that 90% of the people who need this type of insurance don't have which means 10% of the people that need it have it and that's just too high and I think that the reason for that is this this issue of the goat that you've been talking about.

It's an issue of denial. Yeah, I watch it play out because I'm talking to people about this all the time and I'm watching people in people just incoming clients just don't want to talk about them only to find talk about their money risks returns losses, even death. Life insurance. There's a lot of things.

Maybe they're not. Find talking about that. So, in that you know in the in the second part of the show we we want to talk about some ways that we can address that and then specifically for the listener. We we we we really want to help you can get through if this is your go in figure out a Safeway that you can inquire about this and sanitize the ideas that we don't want strategic they show of finishing well with certified financial planner Hongqiao will be right. 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 guy.com and contact Tom to schedule a live recording of finishing well at your church Christian or civic group. Contact Tom to Cardinal guy.com that's Cardinal guide.com [in my personal relationship with you will go, long-term care insurance and the idea being that all the way to Damascus and was struck by the light of Jesus at the department. What what's really going on and I don't want unless the value is called life was in the balance is incidental because you lied to real crime is significantly on transformation so that I didn't get into you like yeah Jesus I need forgiveness and I need somebody to let us deal and that would be May can't anyhow be to show in any way shape or form was a go get you apologies that would be wonderful for this subject of goats and being grounded right now to follow you and see what you offer is life in my computer and sent you as a savior line and that's way more important than anything else that you share stories of this go you got some clients that I was surprised his client lives in Delaware. Near Raleigh Del Valle's passing time. One of his client would be met when a person is 72 years old 77 and she bought Microsoft talk to them about long-term care. They were the annuity products like insurance, small amounts, life insurance, a single item. Everything is recommended that all is all of a sudden now 78 all out and your supplements are well since gone by, biomonitoring is a real concern in several associate more in several health issues by order, namely, thinking is all I want all turned down applications of the way I am embarrassed to send that is you and then we excepted one of his. It was all the just not wanting to for a long time and I suppose it's the same I and you got very expensive as it was expensive and that was their excuse all on one but that didn't seem to matter that is in the I'm actually quite silently talk about this that you know the best thing I can possibly do is actually my dad passed away, my finances, all things and change so I need to sit down right and glass, scares my expenses and come in and not change me that he's been doubting the way I look at my Ghana trusting and simply lay my stepdad here it is, tell me what you know would be ideal.

And then you can help me figure out hybrid or other structure. Honestly, I want that feeling and I just keep in mind now at 63. As you may send still live in 63-year-old but we don't have time J clients is actually is a great reason because of the easiest place that a chance to build an ongoing relationship and so there you are in that moment.

Take precedent really physically able here yet and change and you know what he thought like that. I would've been nice all of the situation and make it work better. People many times was many times as Alzheimer's is just many many many many is a slow and gradual finding that the problem of busy person regarding sufficient resources just accept the help back here now in your 60s is systemic is easier everything in their care, but it's carrying more loving way not real. I so these hybrids. I know it I need long-term care insurance is a hybrid word hybrid is one hybrid is a combination of life and be a single premium very distinct along the line notes is transferred and is very sound you hear much larger order services staff is like regular monitoring real kicker is is you you use all the time we all his money like insurance. These hybrids are to know that your family is the sum of 11 and I'm interested to see what this is something that maybe I along the lines of others as you don't do what you don't want to do things for others that incentive no you actually have to go to something planned for your finishing well in and give me a call give me a call. His case is downtown Southeast face-to-face and the rest of the country have all kinds of client and counsel on how the savings hybrid desiring.

He said that although crime is that losses and I actually think that solutions see as advisors to you as clients plans. We all gravitate back seven years taxes all also thought relative mistakes, it's not a sound leading meat meat meat got all that we can get all the facts down. You can find a plot guide guide.com and EA again.

My heart this show We Hope You Enjoyed Finishing Well If You Buy Kind of Guy.com Visit Cardinal Guy.com for Free Downloads of the Show Previous Shows on Topics Such As Social Security, Medicare and IRAs, Long-Term Care, Life Insurance, Investments and Taxes As Well As 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 to Get Hans about Go to Cardinal Guy.com If You Have a Question, Comment or Suggestion for Future Shows. Click on the Finishing Well Radio Show on the Website and Send Us a Word.

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