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The Flip Side of the Gong: Traditional Long Term Care Insurance

Finishing Well / Hans Scheil
The Truth Network Radio
May 25, 2019 8:30 am

The Flip Side of the Gong: Traditional Long Term Care Insurance

Finishing Well / Hans Scheil

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May 25, 2019 8:30 am

Paul says in 1 Corinthians 13, “If I speak in the tongues of men or of angels, but do not have love, I am only a resounding gong or a clanging cymbal.” We don’t want to be gongs, we want to have love, but what does this love mean?   When you are nearing the end of your life, the care you need will come from the people you love: your family. Hans and Robby discuss the ways to plan for this properly this week on “Finishing Well”.


When Robby was diagnosed with lymphoma years ago, his thoughts were all about him and what he was going to do. He admits he did not think about the effect it would have on the people he loved. While he recovered from this diagnosis, it did make him realize that might not always be the case. There will be a time where he won’t recover. As you finish well, your death might be a long process. It sounds a bit morbid, but it is essential to have a plan in place for this process.


Hans and Robby both talk about their parents this week and how they stepped into care for them in the final years. Hans mother had Alzheimer's for 10 years. He was so thankful he convinced her to buy long term care insurance, as it paid for the advanced care that she needed. It also gave him time to focus on his mother and not how to pay for her care.


Robby had a similar experience with his father. He needed help for about the last 9 months of his life. Robby was able to see where some of the planning his father did helped and where more could have been done, especially in regards to preparing his family members for how he wanted to receive care. Robby and Hans both want to stay at home as long as possible and use home health care. Hans has already purchased a policy that will cover this. The insurance is not a plan though, the insurance just makes the plan possible, it provides the funding. It allows your family to be the care manager not the caregiver.


One funding option is traditional long term care. Hans talks about one company, with a Christian business model, who offers this insurance.


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 guy Certified financial planner belonged to Schild, 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.

They show finishing the flip side of the Gong Show. Okay, so what does that mean Robbie, well here's the thing you might remember that Paul in first Corinthians 13 right said if I speak in tongues of men or angels, but do not have love, I am a resounding gong. The idea of that is we don't be gong to wait, wait, we do want to speak in love and so what does that love look like him in first Corinthians obviously we know love is patient, love is kind. Moving on down in the list it says in Numbers verse seven it says it always protects, it always trust it always hopes, it always perseveres. Love never fails, which is phenomenal promise.

I want you to just bear with me in the story you know in 1996.

Those who know me well know, I was diagnosed with lymphoma and not just any kind of lymphoma but quickly called killer cell lymphoma and my first immediate response is only 41 years old as man I could die and my thoughts were all about me and I know it seemed like it was really a bad situation for Robbie Gilmore but I did not realize I didn't even have a clue the effect that it would have on the people that really love drunk and and what it did specifically to my spouse to my wife, and the deep depression that was result of the anxiety of thinking that your husband and so if you can begin to think about that. I don't know if you've ever considered that your own right demise, whatever that might come from what effect that is going to have on the people that really love you you know you will. Especially if for perhaps months or years.

Specifically years you're unable to care for yourself. So your family they will step in and they will care for you. If this is implant and you know where we talked about dementia and that's what my mother suffered from Alzheimer's and it was about 10 years. She was diagnosed early, because it really my sisters who live close to hers sheep. She was able to see it and then got her into test program with some drugs and like it it it it just if she had 10 years were she wasn't able to care for herself and the effect on the family. My father was deceased for probably eight or nine years, so's at that at this time and the fact effect on all of us was was difficult and she had done some planning yeah and not my father's those who listing know that my father passed away in March and his illness really only lasted about nine months but it put stresses on the siblings that really I do. I don't know that my father in any way shape or form anticipated home or had planned for in and so yeah there's things there's products there's insurance but I love what you say Hans that the plan is not the insurance. Yeah so I mean really talk today about long-term care insurance and were going to give you some knowledge to pass on some knowledge about that. Did you know that doesn't seem to do a lot of good with people is just teach them about long-term care, and given the knowledge. What we really will really get clear the insurance is not the plan which you really need is you need to plan this out. Still young and you know were middle-aged or late middle age, early retirement date Reno plan this out what you can and you need to get a plan together and we can help you do that and what we really want to do on the show today is we want to impress upon you then need to have this plan now with the insurance is as once we have the plan together.

The insurance makes the plan possible okay provides the funding so you know we are trying to say insurance today, but we we were going to need to get there. We got some work to do before we get there because as part of the equation is that love protects and know for me. Had I not experienced what I did through my cancer experience.

I didn't realize and I don't know how I would've come to realize the pressure my own illness would put on somebody but you know undoubtedly, you know, when Eve and Adam air you know at the got in the garden. They had a choice between the tree of life for the tree of knowledge and we know what you chose which was the tree of knowledge which processed the dozen build up like left as in the real result of that was both Adam and Eve died, but they were still walking around, which is confusing, but the real reason that they died was they became separated from God and be separated from God is to be separated from love and so why now it sits out there and there's you know all this wisdom that you bit that might be available, but if there is no love in your family did say okay I know that there's a possibility that if all the sudden I put all this pressure, my family and who's gonna take your dad or get a permanent nursing home. I really do all the stuff that's not in a position to talk about that anymore. And all of a sudden I put my three kids in the middle of what I would, you know, say, as a Molotov cocktail I mean the fire sticks to break out over the argument is Lena Berlioz one. Each one has their opinion.

Each one has their level of concern and it's going to be one of the siblings.

This can end up taking care of mom and dad are taking care you and you know that's if that's a male like it was you are with me that the spouses can be involved because the women the women end up bearing the brunt of this thing as well.

The point I want to make is this going to take care you and how much preparation have you done planning to like how I want to be secured for going to care for home if I you know, do I want to go to an assisted living and assemblies assisted living is a pretty nice management and final plan that out can end up in a you know in a nursing home. We can end up with the kids bickering.

If you have an exit date that you mentioned that this image, you mentioned that I thought immediately. My own grandfather you said 70% of the claims for long-term care insurance are from Emily memory. Memory related 70% of them are coming from memory related issues right in the end I actually had a chance to deal with it firsthand with my father.

I went through it for 10 years with my grandfather and watched the pressure that that put on my mother and her siblings which honestly they were never the same after those arguments that were result of deciding what to do with grandpa and it was heartbreaking in to kinda see what they really hope for. If nothing else and their families that they would be harmonious that they be there to support one another as they went off into that in that situation. So what does love look like in a plan like that in the beauty of the note from my standpoint this show and what God is is put on your heart.

Hans is you've had so much experience with this with being able to lay out a plan. Again, insurance is not the plan insurance is a way to make the plan work, but part of it is planning out well. Everybody in the family knows that if Robbie spent mind starts to go and eat eat you know that this was his wishes, which by the way, I'm just gonna tell you I with my family knows it's all awake by the way, very, very well. As result of what happened. I want to be at home, but I realize that with home healthcare now in the control that you can have over home healthcare.

You know I would much rather that they be the ones know those nurses and those doctors coming in of the people to give me home healthcare.

You know long-term care insurance will pay for that and supervised by your family doesn't like your families out of the picture. Maybe you you know that this is my own situation to is that I just have a vision where I'm sick and I'm a room to care for myself and we've got a big long-term care process. That way, that pays for home healthcare. This is much as it does in his campaign planning and thought about that. Every month that will conflict you get it. Is that what you want is to absolutely home healthcare as long as I can send in the problem with with as we want to keep my mother at home with dementia. It reaches a point where these people have to be supervised 24 hours a day and we needed to put my mother in assisted living.

So at the end if if it's prepped right for me to be in assisted living at the end of a long home healthcare today but it's not workable anymore than I want to go to assisted living okay because EEO people get sleep the spouse of a person with dementia is going to be slick because you can't sleep at night because your ear you're just I was listening for the spouse. Now I can if you-with a minute there up walking around her to fall. Runaround would you try to take the car out you. I did get the car in the bushes back there trying trying to drive Quincy got be supervised so that can be done during the day with a person in the middle of this thing. That's pretty much manageable at night, but at the end that their need to go to assisted living so my preference is absolutely his home healthcare and the beauty of it is is that it's in the caring discussion. That's a big part of the plant and right bushes actually venture families very familiar with what you decided to do to protect them to hell you given powers of attorney immediately into two powers of attorney, healthcare power of attorney and a durable power of attorney so that your your family and if it's not your spouse or your spouse may be gone or may be sick as well means is so, then you gotta pick which of your children is going to be that first name in the power of attorney that's going to make the decision you decision-maker in this kind of thing and yeah you need to lay out that's the plan. Your wishes and getting all the legal effect to it.

Communication with the family and then the insurance is what makes it possible home healthcare is expensive so we are talking to Dave, as you might guess by long-term care with certified financial planner Hans Shiloh on the show you listed is finishing well brought to you by Cardinal and we want to always mention that you go to Cardinal and you can download this chapter for free). The book and get the PDF or if you want have seen lots people do it. Lots of my friends have done that. I seen that they'll email Hans and say send me the book and and off you get in and that has the knowledge, but we don't want to just be a a gong right we want to beat it, you know, say wow at what is this look like to really love your family well and and protected. In order to finish out how this is again we come back have more stories and more. Hopefully of the flipside of the Gong Show. 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 and Karen long-term care.

Just go to Cardinal and contact Tom to schedule a live recording of finishing well your church Christian or civic group. Contact Tom to Cardinal that's Cardinal welcome back to finishing well with certified financial planner Hans Schild today show. We are the flipside of the Gong Show coming from that famous first Corinthians 13 passage where if I speak with all that knowledge and wisdom and all that stuff but I don't speak in love than I'm a resounding gong. So what is it look like to truly love protect your family as you finish well and to consider that well you know it is inevitable unless Jesus comes back and were all good for that and then the plan will be.

We follow him or her you know if there is very feasible, and that you know unreasonable to expect that your death will not be in a matter of moments that there will be 88 some type of illness that overcomes you and it could be a long thing, and that actually have a plan in place for your family knows what your wishes are and I know it sounds a bit morbid. To whatever extent, but I saw how you know where my father plan. Well really meant a lot to all of us and where you know there were holes in the plan so to speak leftist, you know, kind of in a lurch and I would really love to love my family well so as we get into that, you know what is long-term healthcare insurance and and let's just take my situation on since we now here I am I'm $63 old and oh my goodness, so intake in your situation I want to point out taller listeners as we get people from the younger end of the spectrum. Think about your parents think about your in-laws and this is a conversation that you need to have with them and you really work were talking to you about planning this out for you. If you're in your 50s and you really take this stuff seriously.

We can help you set up you can also learn about it to the point and I can help you with those conversations with your parents.

A lot of our clients are a 90 years old in their 70s and their fraud in, or perhaps the person that we meet with his son or daughter.

So just putting things in perspective as we talk with you Robbie, I mean your your good health. Your wife is in good health and so you are in a position where you're young you got last inflation we are young for my world was at it that way you know you're on Medicare yet again to talk about that next week on Saturday morning, as is the Medicare shall so you know you got lots of options and before we would even begin to recommend a plan for you working I want to sit down with you and find out just where you are financially okay if you got assets you you did that you got an IRA. If you have a 401(k). If you have other savings you got options for long-term care insurance that other folks that don't have savings really don't have sewing. By that I mean there's really identifying my book. There's four types of long-term care insurance and he knows I said you can get this under the seven worries tab you go to long-term care is one of the worries and you can just click on it and you can get the both the book and the workbook for free. You can download that chapter. You can also find the book on Amazon in my original book, which is it's on page 20 T9 30 and 31, we outline the four types of long-term care, short term care insurance traditional long-term care insurance hybrids and and self-insurance or really not buying insurance but simply putting aside the money and making sure that the money is there for you to pay for yourself which, incidentally, and that fourth issue. A lot of folks by the time we finally get there.

They end up taken some of their money and put in a hybrid and just ensuring it does not make sense now that's a whole bunch of gone right there that I just thrown at you specifically on the talk about traditional long-term care insurance sews a lot of companies that got out of this business over the last 10 years and say they're just there's really only about 1012 insurance companies that offer traditional long-term care insurance policy.

And that's where you pay the premium is the least expensive way to plan for this and to to find a plan and you pay a monthly premium or an annual premium and you can pay it for as little as 10 years or you could pay it for the rest your life and paying for the rest your life is gonna make it lower and this policy is going to pay if you go to assisted living. If you go to a nursing home, and most importantly it's going to give you an allotment every day or every month for home healthcare for many years and so there real specific we can tailor into a budget don't want to get into a lot of the details of the plan. Beyond that is your paying money into an insurance company and in return there agreeing to pay your bills for your family okay so that your care is taken care of and your family can just be there to supervise thriving is one of the four companies that we offer traditional long-term care with so being fiduciaries and independent agents.

Wheat we have to be able to recommend from an assortment paying other words we can't do it were not one company people. It's hard to be that as a fiduciary, because we we need to be able to defend that were making a recommendation that was in the best interests of the client, so we have an assortment of companies and we really have four big ones are not going to name the other three. If you want call me up and asked me who they are, I will. I also don't want to make this rate the show this radio show an ad for a particular insurance company but thrive. It is really originally it was to companies. It was eight Association for Lutherans and it was the Lutheran brother and they merged about 15 years ago and they became one company and about two years after that they became a company for all Christians even after the Lutheran. There was a day when you had to be a Lutheran to buy from this company cancel over hundred years old and they now offer long-term care insurance marmot up and proud.

That's great, etc. I hope I mean it's it's it's phenomenal right here in their you know application process. You have to get out with someone on the honor system. But you have to declare you know that you are in fact a believer in Jesus Christ and now me when I'm interviewing to be the undoing of either managing general agency so so other agents that want to sell this across the country are going to need to come through me or somebody like me, and date they put me through a pretty rigorous process that before there to say you were going to give you the power to accept agents in employee agents or contract agents but when it comes to a customer that there they're not can it give you the you know a Bible exam or anything and you just need to profess that you have beliefs in line with the apostles Creed that you are Christian and I've been representing them for Medicare supplement insurance for a couple years and then this long-term care offering. They've had this all along for their career agents. But now they're offering it to independent agents like me and so I just wanted to mention that to folks that if you go the traditional long-term care route. We have a company that only does business with Christians and if you really do some research or all get the information to the and you really start looking at this organization what they're all about. It's phenomenal in their financial ratings are just having limited AA plus I mean it's just a is it's it's it's fabulous frightened of things. Obviously, your investment, money, make sure that at the end that that this plan is going to be in on what works out for you so if you are interested in long-term care insurance are talking about it. The first thing were going to do is regress sitdown with you and Granny help you prepare a plan and a written plan so that your family knows exactly what you want and you get legal effects of people have powers of attorney so they can actually act on your behalf when they need to and then we can look into the funding of the thing and then traditional long-term care insurance is just one of several options and then thriving is one of four options for traditional long-term care insurance.

Now hybrids are life insurance typically they can be annuities and a hybrid is were you just take a lump of money only pay one time for you, just you pay a premium and then you get a much larger life insurance amount and then if you never use it for long-term care then your beneficiaries are your family just gets the life insurance if you need long-term care then the policy pays out just like a regular long-term care policy would pays out to you by the month to pay for your care. Sprinkle yeah that actually is the one I'm more excited about and I was's is the idea of wow here's the thing that if I never use it. It's life insurance.

My family gets it at the same time that you got possibilities of it being an annuity to if you want to go that route kosher sure and we can use retirement money for hybrids as well where we can take your IRA money or your 401(k) and we can rollover part of it into that fighting punch on the spot for minute don't usually do this. I just wondered I've some significant you know this be on the flip side of the Gong Show, you've probably been connected to a family that plan this out really well and something really tragic happened. But you got to see how this planning plate paid out for their family for the siblings for the children if you got a story like that honey is my own story. My mom, I mean I got lots of them that are clients as well, but it just immediately comes my father was an insurance man and he would not buy the stuff from especially from the sun and I so is soon as my father passed away. I sat down with my mother and I just said I'm paying the premium for you. You get long-term care insurance and so I set her up with long-term care insurance policy and might my sister was livid when my sisters because she just shoot issues. A nurse and she told me to cancel it. I shouldn't do that and so I paid the premium for about a year and then my mom finally took it over, but then that same sister.

When my mother came six years later she was trying to figure out a way because she was a nurse to collect off of this long-term care that she wanted me to cancel work, where she would provide care to my mom or whatever and then she died and my sister died and she was the only one close to my mom and so then we had to move my mom up to North Carolina and my brother brother and sisters were here in the end of the story is, is that long-term care insurance and then the veterans aid and attendance that we were able to get so weekly. We did some of the planning right there at that point but it was a blessing dollars. The story is for us is that get a plan in place and she finished well. Thank you.

Listen remember Cardinal don't forget the guiding is a Cardinal We hope you enjoyed finishing well brought you by Cardinal visit Cardinal 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 you get Hahn's 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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