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Does Medicare Pay for Long-Term Care?

Finishing Well / Hans Scheil
The Truth Network Radio
July 7, 2018 9:11 am

Does Medicare Pay for Long-Term Care?

Finishing Well / Hans Scheil

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July 7, 2018 9:11 am

Proverbs Chapter 1 Verse 20 says “Wisdom calls aloud outside.” This episode, Hans and Robby will give you some wisdom to help your family.

Medicare does not pay for long-term care insurance, it says this in everyone's Social Security Earnings Report. The message of this episode is not just go out and buy long-term care insurance, the message is that long-term care is a part of your entire financial plan. You need to look at your entire financial situation before figuring out what the best long-term care insurance is for you.

Hans tells a story about a client was convinced that, instead of long-term care, she would move to Oregon when she needed this care because they allow assisted suicide. Eventually she changed her mind, but find out why she did this in the episode!

Hans and Robby also talk about what documents you need to have prepared before you need long-term care to save your family a lot of hassle and stress.

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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Welcome to finishing well brought to you by Cardinal certified financial planner Shiloh 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. Finishing well Proverbs which talks a lot about wisdom as this chapter 1 verse 20 says wisdom calls out in the street, she lifts up her voice in the square. It seems like there should be a lot of wisdom out there, but on today's subject that I'm really glad that you're going to be calling out the square because I think the people that listen that they show to get some wisdom that that really is can help their families. That's awesome, right, I think it makes a huge impact on eternity.

The wisdom that's available on this particular subject just title show kind of does Medicare pay for long-term care but you said some to me a minute ago that I I think it's worth repeating. Just at the beginning of the show, you said that you do a lot of work with Medicare but that isn't where you really change people's lives. What we do a lot of work with Medicare because that's what people 64 and over one to talk about the real interested there even interested in hearing the same story over and over and over again is the store Medicare show. Since I was profound as the same story and what I was pointing out to you is first we meet the customer that way. That's the way we build over 6000 customers are Cardinal. The people that we really have a lifelong and beyond their life impact upon we really change their life in the course of their life are the people that listen to us and what we had to say about long-term care and what they had to do tech as it seems like our government have some understanding when they set up Medicare about what you would call acute care when somebody gets sick and things are going. Looks like somebody may die or something you got acute care, but when you've got chronic care then then that's kind of a crisis that when we look out on the horizon is coming at us with full force of the baby boomer gets older. But there's also another aspect of this that John Eldridge because the flight from reality is that we've been blessed with longer lifespans based on taking medications like blood pressure medicine. And if you got diabetes you can take metformin or earth no matter what it is that you chose to do in your lifestyle you eat too many carbohydrates or whatever. And now my cholesterol and eat too much meat need your cholesterol supper will take a cholesterol pill. It's all these pills of extended our lives, but when people get up there now into their 80s. All of a sudden this chronic care thing comes at a way that just takes out their families because there hasn't been planning well yeah and I think for listeners in which the difference between acute care and chronic care, acute care means it needs to be dealt with right now and you're in a bad way, you had an accident or you you have some sickness and needs to be treated needs to be treated quickly and then you have a period of healing and you get better. It's a means to an end. That's acute care and I think when Medicare was formed. They didn't really have this distinction. I mean, it was clearly for acute care and it excludes long-term care or custodial care or what we now call chronic care and that is not you don't generally get better with chronic care, chronic means over a long period of time and it's not what what's connect with in the kill you is just your slowly need help in your you got a chronic condition. Right now I am the next thing that I went and and I'm dealing with a couple people like that my life right now and my best friends is 86. My father is 87 and that both what would you would think in a based on the medications in relatively good health but one of my friends Vinnie is blind and so he needs help chronically. I mean even as these help getting around.

He needs help, dressed needs help taking care of his close just just the activities of daily living, bathing, dressing, eating, toileting, transferring continents and my father in a heat heat can't keep his balance and also he is struggling to walk around afraid every minute he's gonna fall at and and so here we find the situation that people been prolonged as her blood pressures gather not have a stroke that I have a heart attack, but there's other things that kick in that now all the sudden you see on the horizon and Medicare doesn't pay for the just okay and I think what we you we base this show when we started it several months ago on my book the complete Cardinal guide to planning for living in retirement. You can find information about that Cardinal Find out how to get it.

My book really talks about seven subjects, and of one of the subjects that were talking about today's long-term care in in here is really further to support the Social Security section.

We have a copy of my Social Security statement and this is what the government has to say and this is on yours to so we let out a letter that I ask. There is an understatement. Listeners, when you get your Social Security earnings statement used to get them in the mail and this comes to you. If you look on page 4 that you go about that out of the middle of the first paragraph it says I'm just going to read it to you. This is a quote Medicare does not pay for long-term care so you may want to consider options for private insurance and of one sentence. That's about all I got to say about it and you could substitute the word long-term care or chronic care.

You could just say that Medicare does not pay for chronic care and chronic care does not necessarily mean a nursing home or even assisted living doesn't 87% of the care that was delivered last year of people that access long-term care 80 per 7% of that was done at home tonight, so this is something that clearly is is headed our way and by the way your listing to finishing well, a certified financial planner homicidal and Robbie Delmore today were having a time with wisdom because as you said that the people that well tell your story about your lady who really she thought her solution was right. The legal law in this is a client retired executive vice president with a huge corporation should minister Medicare was thrilled with what we did with Medicare. We were looking. She has substantial you in the seven figures financial assets. This is a lady that doesn't really even have to buy long-term care in order to pay for still wise for her to purchase it. And so when I'm just talking about a little bit going through it.

She cannot very politely tells me that in Oregon that there is a assisted suicide law where they made it legal to kill yourself and that she's read all about it and that's what she that's her long-term care plan. Essentially you talk about a stop sign for me. I'm just like you and I probably let it shut me down too much and I went couple rounds with her and just, dancing around the issue is just kinda left. It is a long is it turned out we ended up managing some of her money for her and showed her some things that she liked and she liked doing business with us. So then it goes on that about a year later I had heard that she was out of town when we were trying to get a hold and have her sign some papers about regarding her money and found out that her sister was dying with cancer and that she had gone careful and so she comes back from that and her sister passed away fairly quickly with cancer and now she's ready to buy long-term care insurance. She just told that to the folks at work with me and we met with her and it was the simplest presentation and sign her up and by the way, she inherited a couple million bucks from her sister so she even needed the financial end of that last but she was able to see and I pointed this out to her that it's really hard for well-to-do people or even moderately well-to-do people to write the checks for self-pay care to that home healthcare agency release. People want 2025 bucks an hour and you want to invite them out every day for 6 to 8 hours and you start writing the checks and care how much money you have. People are going be slow to do that and so there's kind of an ancillary benefit of long-term care as if you plan for this and you have an insurance company is going to pay for. Even though they're using your premium dollars. It's just much easier to flip the switch and go ahead and bring in the people that are going to careful about what you said to me about this a little while ago is that when the people that you know if she is in need of that long-term care to say this lady had great wisdom because she not only lined up the long-term care she had the healthcare power of attorney tell tell her that I was just sat down and meant sheet.

She told us of the beginning.

She Artie had, you know attorneys that it worked on the staff. She had her will and she did. She had that all written up, but we got her to look at it from a different perspective, we said the will is for after you die communities needs an executor. All that the power of attorney in the healthcare power of attorney. Those are for, will you still alive and were care and 40 you know when you're unable to care for yourself and even financially so organist set up all that stuff and were going to put in their how you want to be cared for, because this lady has a beautiful home out in the country. She raises dogs and it's it's just that it is a wonderful thing that she has going on in retirement and she's actually built a place for a person that comes lives with her to as she did tell me this in the first meeting didn't actually live that skin to care for her so she can stay on that farm. As long as she's she's around right so the people to come into the situation. What you would set there going to look at the wisdom of what this lady had of having all these things lined up totally prepared for totally plan for an that's what you Proverbs 128 note wisdom is crying out in the streets and uptight.

One of the places crying out right now a Cardinal if you go there you can download this whole section right if you go to the seven worries that and you go to long-term care and you can get for free the download or you can get the book and get all the information on that you get a lot of viewpoints of how you can plan for long-term care how you can prepare for it.

Even the article that started us on the show that I wrote.

That's up there under the blog section 9 we have some other tremendous wisdom that's, very shortly. Again your listing to finishing well, a certified financial planner homicidal course, a lot of this based on his wonderful book the complete Cardinal guide to planning for a living for retirement all available in Cardinal We hope you are enjoying finishing well brought you by Cardinal is a Cardinal for free downloads of previous shows, including episodes about Social Security and Medicare, IRAs, long-term care, life insurance, investments and taxes as well as Han's best-selling book the complete Cardinal guide to planning for and living in retirement. Plus the accompanying workbook.

If you want to follow along with today's topic download free PDF Cardinal by going to the seven worries tab of today's show topic, just scroll down to useful documents once again for free resources shows going to get Han's book the complete Cardinal guide to planning for and living in retirement or the work will go to Cardinal you have a question, comment or suggestion for future shows. Click on finishing well radio show and send us a word.

Once again that's Cardinal Cardinal now finishing well brought by Cardinal welcome to finishing now was odd financial planner Hans child show is does Medicare pay for long-term care when we were finishing up that last segment we pretty much outline affected in a Medicare doesn't it even says that on your own Social Security statement, but Medicaid might well it will if you have no resources. The resources I mean if you don't have a house and money and belongings of pension that all the things you living off of now if you're down to essentially nothing, then Medicaid is going to kick in and pay for some real basic services which are to be very welcome. But it's certainly not the place that I'm envisioning when I get care that I'm is going to take care of me.

I and so you compared to Third World countries. We don't have people laying in the streets because there's nothing for them but that Medicaid places is is not what most people feel like they're entitled to state yet. What is a good jam work hard all your life for so if you don't plan for this or you do look into it. You just choose not to get insurance for this or some form of insurance something that's gonna pay for this when it happens to you, then your own assets are really what are going to be spent so organist man you known weave on other shows talked about using the IRA money first and then spending the other assets and then things you got a cell and most people don't want that. They don't realize that there gambling all on that and the fact that they're not in any religious and the need for a short little. Time so the biggest thing that we fight in our business. Any we meet people through Medicare and then we talked all about long-term care and the biggest thing that we fight is people's just own denial of this problem their own distancing that they do from the problem. I like it's not can happen to me or I just don't want to talk about it now, so therefore I'll just wait are all do nothing and there put themselves in position rather than have spend their own money for it and to make matters worse.

It's not could be them making the decisions over which money where they go where the care is it's going to be there children or their spouse or whoever's there to be doing it in a crisis mode and that's what were really here talking about is I want to impress upon people that you really need to look into this. The message here is not just run out and buy long-term care insurance, not at all.

Now that is part of the wisdom is is actually a financial plan.

Looking at your overall situation because they're all different. If you take the time to read my book or just to download the long-term care chapter which you can do for care center. The seven worries tab or if you get the whole book and you can read my personal story of what we went through with my mother. I think that will clear up a lot of just where were coming on going back and forth about the show as it lays it out a lot more logically, but I would just tell you that I it would be wise to consider long-term care insurance and then you're going to learn in their that we don't just have one-size-fits-all policies of all types of ways you can take some of your assets and just simply transfer them to an insurance company there still yours into an annuity or a life insurance policy that will ultimately if you don't use it for long-term care it'll just go to your kids or your heirs. Plus plus some addition and so it's really it's called hybrid long-term care insurance. That's an option there's a thing called short term care insurance, which will buy you some time, namely a year, or the care is paid for what before you start using your own money so that you can adjust in your family can trust when there's lots of options, so I'm not the message here is don't run out and buy long-term care insurance start inviting all these long-term care insurance salespeople in your home. I'm not suggesting that all. I'm just suggesting that you begin researching that you acknowledge that this is a possibility and a look at the consequences that your family will face foot for you not having plan. I am from my standpoint out at tell a story that would illustrate how your family is counting on it at you know your kids are counting on you and and there was this wonderful story.

It told by Stu Weber in his book the four pillars of the masculine heart and he talked about this missionary. He was home on furlough and had a three-year-old son and a six-year-old daughter and they were being cared for. Out in the yard of this beautiful beach home that had a dock in a boat and he was out the missionary was working in the boathouse and his daughter and his three-year-old son were being taken care of by nisi was 12 and the niece and the daughter got caught up forgot about the little three-year-old. The three-year-old father shiny aluminum boat down there at the at the docking headed for that wanted to get on the boat and slipped and fell between the document boat and Mary was underwater and that 12-year-old niece without a bloodcurdling scream that missionary comes on the boathouse and in the in the knee shows important. He went in and he dies in the water and you can imagine he takes his breath, searching for a son desperately that water is murky, he can't find he comes up for air. The first he frantically goes down the second time looking all over where in the world to my Sunday still can't find them comes up for air. The third time goes back under reaches out with everything he has and finally find his son there with a deft lock on the pylon that's holding the dock in place underwater and and he struggles to prize alarms away from that pylon, and after he finally saves the little boy's life and in the end resuscitate him and all that goes on about 20 minutes. When they both read a piece think sense of mind.

He asked his son why in the world are you holding onto that pylon and he said because daddy I knew you were going to come and the plaintiff that is your family is expecting you. You know to to meet their needs and the really the point of it is as we expect God to meet or meet our needs right but right now God is is like you for the store. He stepped in the helicopter you listed in this chapter safe. You know we we need to think about this at least make some planning. Talk to somebody in a say what might this look like because our healthcare system is was not originally geared to take care of all these people that are reaching this age and and certainly Medicaid and Medicare you hardware design for absolutely mean you know what I meant to suggest to folks here. I mean, the first thing is if you are not a book reader and you just innuendos give us a call. You want to get on the website Col. and just send me a message that says let me point out you know that a lot of people I go to Cardinal or Google Cardinal got a put Cardinal in order to actually get to the one that where I see the beautiful card on the red and black logo sure in in. So the first book, the complete Cardinal guide you can exit 1st file you can get the book through the website, you get the chapters of the book, you can download for free. The books on Amazon. You can get to it on Amazon through the website. The first book is really with as we been talking in the show about stories and background in situations it's it's much easier reading than the second that I'm talking about the second book, the workbook which has no stories. This just facts and figures, but what we've done in the long-term care section is we've actually given examples of a 55-year-old and a 70-year-old person so that you can find yourself in between there if you're older than 70, then you can just add somebody's going to give you with premiums with benefit amounts of we've actually taken the same benefit amount through about nine different types of policies, including traditional long-term care insurance short-term care question say the same benefit.

A similar benefit amount. So we come up with a standard amount and actually show with the stuff costs so if you want to investigate this a little bit. She don't really want to invite somebody into your home or on the telephone or you don't want to start a relationship with a person or an agency, like me, you can do the research on this by just getting a hold of the books in the chapters and doing some homework right so it's Cardinal you got a seven worries tab and you can find long-term care and you can get that download for free or you can just see clearly the books right there you can get the E version for what dollar 99 for each of them or if they contact you. You give it time for free yet if you'll send me a message on their and you just said book offer and you'll just go on the website or you call us up and find our number right there in say that you are listening to the show. I'll be glad to either email you the digital book girl you give me your address I'll send you one of the paper book will send you both. So what you're talking to folks all the time about this Hansson, what are some of the common objections that you feel like people have to the subject that we had talked about some of you know it's not can happen to me.

I'll just go get a gun and shoot myself. You know people say my kids are going to take care of me. I don't really have to worry about this. You know what, which is what would you say to that your kids are going well. Mike, my daughter told me I could come live with her. So where they live me just as in the Waltons anymore. They don't live in the same house within a live down the street. Some people do blood times in a different city and they have jobs and they get your grandkids that they're trying to educate and you know people are going to come. Your kids are to come. Take care you. But it is certainly to be nice to have somebody come in for 56 hours.

It's a professional day and do all the stuff that they're not really in a position to do and they can be there. Love you and do some of the smaller stuff cook meals, prepare meals, spend time with you, take you to the doctor that sort of thing that's just not a lot of times it's just just awaited sustained denial of the problem is just to keep everything a denomination you know how nice would it be to give your kids some relief to have in a some of that care available again. I hate this. There so much wisdom on this, but if you have onto got a run out of time already, so went weed RG again got a card dog. a question list into finishing well with certified financial planner Hans Schild's book the complete Cardinal guy to planning for and living retirement right there incident at the website of an just message me I'll be glad to send you a copy of return thinking were so blessed to listen to us today. Thank you.

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 you get Hans book go to Cardinal do 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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