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Healthcare Open Enrollment

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
November 19, 2020 7:03 am

Healthcare Open Enrollment

MoneyWise / Rob West and Steve Moore

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November 19, 2020 7:03 am

In case you haven’t been bombarded lately with ads about healthcare plans, we want to remind you it’s open enrollment season. That’s right, the clock is ticking and you have less than a month to decide which healthcare plan you’ll go with in 2021. On the next MoneyWise Live, hosts Rob West and Steve Moore talk about that and more with Lauren Gajdek of Christian Healthcare Ministries. That’s the next MoneyWise Live at 4pm Eastern/3pm Central on Moody Radio.

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In the off chance you haven't been bombarded with ads and mailings about healthcare plans you might have missed that we are in open season for enrollment. That's right, it's time to make a decision have less than a month to decide which health and 2021 today host Rob West talks about that and much more with Lori guide Christian healthcare ministries calls at 800-525-7000 805 five 7000 times more healthcare open enrollment. That's not right here on moneywise line lovelorn guide to his vice resident of indications in media Christian healthcare ministries and today she's loaded with lots of great information to help us make wise choices and decisions about paying for healthcare in the coming year. Well interesting times. D. Because, as you pointed out, were already in open enrollment Lauren welcome back to the program. Great great to have you with us again for having me back. Absolutely. And you know we may have some listeners where this is a new idea.

Perhaps a new term open enrollment. So I want to begin by explaining that for us.

What a nonprofit medical cost-sharing ministry hundred thousand members all across the United States and in foreign countries to share in paying each other's medical bills and be done not now for almost 40 years.

Next year will be our 40th year, and yet you know that answer your question about open enrollment at the time of year when people are typically looking for a solution to their healthcare for next year and so you know they're there going today insurance exchanges and their looking online thereafter friend what they do. Maybe they're looking at what their employer offers on but I what I mentioned about Christian healthcare.

I brought all that up because with Christian healthcare ministries. You can actually join us at any time. It's just that we recognize that this is the time of the year when a lot of people are looking for those types of solution. Very good yet so you can join the ministry any time and you're not an insurance company. Instead you offer health cost-sharing you touched on this but perhaps explained a bit more about how that works. Happy to do that health cost-sharing I like to describe it as a way to meet your medical cost and help other the same time you're upholding your Christian belief and you're sticking to your budget. It is a budget friendly option.

Very good job and so that's key. Obviously, because what folks want to know is that they can go visit their healthcare provider that they're not going to have to absorb the full cost of the recognizing that everything from office visits, especially when you string them together around a single incident all the way to a visit to the hospital or something more involved can get costly. So having the backing of Christians aware of ensuring each other's burdens is really key units built on the biblical model was our foundational relation to which it carry each other's burdens, and so fulfill the law of Christ, and we just want to make Christian community available to people at the same time eating a very important need in their life which is how you can pay for your healthcare.

That's exactly right.

And there's no contract involved as you said, members pay a monthly financial gift to contribute to the ongoing medical needs of others now speaking of open enrollment and the requirements that are there. According to the affordable care act are people still required to have healthcare in place if they have this type of plan. That question is technically but because the tax law that with past couple of years ago and then went into effect in 2019. Actually took away the individual mandate will be called individual mandate, for people to have health insurance or some kind of healthcare plan and so even though that link and the law is still in place, you know, you don't have to pay a penalty anymore for not having something for your healthcare very good swell of a break here in just a few seconds, but this is really helpful information, especially in light of the season that were in as people are thinking about how to deal with the rising cost of healthcare, so perhaps we'll get into a few more specifics and talk about who this is really for what situations and circumstances. Even lifestage is going to this today from Christian healthcare ministries. Certainly one of the leaders in the medical cost-sharing ministry circle with some 40 years of will be right. Many people are experiencing financial challenges such as credit card debt downsizing that in jobs, savings, more than half of all the forces are the result of financial pressures at home, but there's hope your money counts biblical financial expert Howard shows that the Bible is a veritable managing your finances will discover the profound relationship with God, your money counts as available when you click the start button moneywise live.org when it comes to investing guidance you want advice, grounded in God's word. That's the approach offered by sound mind investing.

SMI has helped tens of thousands of Christians acquire investing wisdom and confidence. Regardless of your investing experience or how much you have to invest can learn to be a wise and faithful steward in the area of investing a short video webinar on profit and peace of mind is available now sound mind investing.org. One of the hottest things in life is to suffer and often in Alpine, we ask, how can go with this happen to me high on Benny Donath have some neatly packaged onto 40 but would like to share a poem with you that I guess reflects some of my understanding of the stuff that I've been through in my life.

It's called the Weaver guys like this.

My life is but a weaving between my Lord and me cannot choose the colors as he Weaver steadily sometimes he chooses doctorates and online foolish pride because he sees the up and on the underside. Note to Loomis on the shuttle ceased to fly gold unrolled his canvas and explain the reason why the doctrines was needful in the way this skillful hands as the threads of gold and silver in the patent. He explained, let me ask you something when you will suffering when you will struggling when we get that is robbing you of freedom and peace of mind. Christian credit counselors can help where a nationwide nonprofit counseling organization has helped over 300,000 individuals in the last 27 years get out of credit card debt 80% faster while honoring that that info to learn how Christian credit counselors can help you visit Christian credit counselors.org Christian credit counselors.org or call 800-557-1985 West Morin joined us from Christian mysteries as she always does a month or so is Laura was already established that this is a ministry built on biblical principles doing of the others as you would have others do unto you helping others when they need help, so that someday if you need help they'll help you saw just how large is the ministry MEL and how much you be sure let's say in the last years we have several hundred thousand members in all 58. We do operate all 50 states all last year and 2019 the entire year. We shared about $500 million and I'm just really excited to share with you today that as of the end of October of this year 2020. Even with cultivating everything else that's been going on this year as of the end of October we already surpass that amount from last year and we have shared over $516 million so far this thing for my list. That's really my goodness, almost. It's over half $1 billion and that's just gives you a sense of the size and scope of the ministry that's taking place and that's really what it is you know I think would so many people appreciate Lord about CHN is that it's really a more compassionate approach to dealing with these issues. Would you agree with that little he will most common feedback that we hear from people at the why they join because you know what we do align with their Christian belief and you know something that they feel good about that. They believe in and also you know when a call-in or hearing a real person first and foremost in their you know the compassion of our staff is coming across and people just really appreciate not having to haggle you know over there medical bills and things like that swell in another key aspect of this is really built on transparency of this idea that each member understands going into any kind of medical experience or need, knowing full well what will be shared and what won't be right right very important to us to operate with transparency and accountability and you know that comes across and I would say just about everything we do. You down to the very fact that you know the people who join our program actually see there medical bills. You know they they come to the patient and then the patient sends them on And so they actually know the cost of their health care and really put the patient in the driver which I think is really powerful. You are in the driver seat today because this is a: program if you have access to a phone user number 800-525-7000.

If you'd like to get some additional details and information we haven't mentioned so far of this is a great time to call.

We have the people here with the answers, and we have open lines 800-525-7000 you know Laura so many people if you ask them about their current system of getting their medical coverage covered or are in place. They mention all the paperwork that's involved in all the confusion that often comes with that paperwork.

Is it any easier any better with Christian healthcare ministries what people need to know about Christian healthcare ministry were not insurance though little bit of a paradigm shift for folks but once you understand what it is and what it does and how we work. We have so many people who say no I would never go back. II want to remember because you know the they know that they know what were trying to accomplish and not transparently likely Artie talked about you know the compassion and so on and so forth. And it really is and a lot of paperwork involved. In fact, when you go to join our application. It very quick, very simple online. You fill it out and send it in. You get a confirmation number and you are a member. Very good. Let's get real practical verse again because here's the thing, awareness of health cost-sharing is growing but still not widely known or understood. And there's probably some folks listening saying I like the idea of this but I just don't understand how it works. First question any physical or medical tests that have to be run prior to somebody becoming a member. Now there is no test whatsoever and you can join CHN regardless of your age, your way where you live in your health history at your you're welcome to join. As long as you're a Christian living by biblical principles as far as pre-existing conditions. Nothing really there. I we do have some limitations and conditions but we do also have to program set up to it with those that you know that there's a little bit of the have to understand the programs for the pre-existing but we do offer help with those that we mentioned before that some of our own staff numbers here. I've been a member of Christian healthcare ministries for a long time and several entering the program with pre-existing conditions.

Some of them quite substantial and doing just great would never go back to any other option.

So I really worth checking if you're wondering about the openings today what your options might be listed to call Chattanooga, Tennessee hi Roberta, what's on your mind. There are attire on December 1 from 62 and a try to find some kind of affordable healthcare so I looked around and everything super and I'm trying to find something that would cover somebody that I go to the doctor four times a year and sure Lord maybe just an overview of how that works in terms of a per incident and what would be shared based on doctor visits and that type of thing. Sure, I will thank you so much for your question Roberta so Christian healthcare ministries is mostly for the type of expenses that you you cannot plan for so you know I like for example if you know you're going to go to Dr. typically that the minimal expense that something you already know it can happen. But you know what you can't foresee. Maybe tomorrow you fall and break your arm so for those types of things that's really what Christian healthcare ministries at sports for surgery for hospitalization. It's for the unexpected pain and all three of our programs are reflective of that though our best program is our goal program that $172 a month. Roberta if it was just you and then you could add on no additional people in your family if you wanted to you and shall he be asked for everything over $500.

So if your doctor visit totaled up to over 500, and if they were in a certain period of time and then they would become eligible for our program. That's really the big idea here is that this is affordable and it's really having that piece of mind to know that you got the backing of literally tens of thousands of believers were sharing one another's burdens per incident and as is Lauren's said at the gold level over $500 so you're thinking beyond the routine in your thinking about things that would come unexpected. We appreciate your call today.

Perhaps it would take another one. Let's try. Let's see how about line 3, Illinois in Veronica. We help you my call and I really appreciate your showing learned so much. My question was I really that on join Christian healthcare ministries and now that's open enrollment at work.

I really wanted to just drop Batman and enjoying the one but with things on certain days. I was wondering if this event individual mandate were reinstated. Would I then have to find myself searching for insurance in the free market requested Lauren L Veronica I am so happy you asked that question because you know obviously this is something we've experienced before. And when individual mandate was in place though if that were to go back into effect on you know Christian healthcare ministries would still be an eligible exemption under the law, so the whole time that the ACA, the affordable care act was in place. I know Christian healthcare ministries with operating just like we always did and will will we will be operating just like we always do after that happened, you can still have Christian healthcare if you so desire. Or are we also can be used as a secondary form a secondary source to help pay for your medical bills if you do keep your insurance anything else from now. I think that's good on looking for money pressure will have a great website, so you should really check them out today.

It's CH ministries.org that is.org right. Okay, sometimes I freeze there the CH ministries.org OR Jean doesn't mention the website is full of great information easily accessible, easy to move your way around and I feel for you. Find answers to all the questions you might be wondering about. We have to pause here for a brief bracket that will come back and is in Chicago and she's got a question about pre-existing healthcare issues and perhaps you have a similar question is something totally different. First time you've heard of Christian healthcare. This is your lucky day.

Give us a call 800-525-7000 listening. Many people adopt an attitude toward marriage and finances that it will all work out somehow. But sadly, it often doesn't financial woes can devastate a marriage but there is a better way. God's way, money and marriage God's way by Howard date will help you discover God's approach in your finances strengthening your relationship with your mate and cultivating godly joy, money, and marriage God's way is available moneywise live.org to which the meeting on March the what was convenient would be to big law. Keep coming legalistic landing a lot easier and find some rules to obey what God is telling us is nothing else as much as we would like to battle some good works so our love was served when going to get old because we do not want to get hurt. You mean when you leave for the grace supporter of this program to 5768 text for your career for your getting to know Christian foundation and your family and to learn how visit moneywise.org and this today from Christian healthcare ministries. You will find them online and you really should check them out because of great information maybe is not for you, a family member, an adult child. CH ministries.org CH ministries.O RG and Rob with your permission will take another call. Okay, let's do it Chicago and thanks for holding what your question, call 28-year-old daughter that had and RA.

I tried it should 19 and currently job ending being on a cobra plan that would allowing her to stay with her all of her provider. I contacted at different minutes. I don't know that it was yours.

And because the thing is, they were willing to take her on that same with your organization because she's a nanny and the she doesn't get insurance. That's not an option.

It's really expensive. Sure, great question and Lauren your thoughts.

I can tell you for sure that the company you talk to is not Christian healthcare ministries because we do take everyone who is a Christian living by biblical principle, regardless of their health history so you know she would be accepted as a member as long as she made that profession of faith and with the pre-existing conditions you know a little bit tricky because I don't know all of the details of your situation, though I would refer you back to our guidelines. Of course, for the specifics on her condition, but usually you know if you're in the middle of an incident when you join were not able to help with those bills but you know she's got a long term chronic condition and she's gonna have to pops up every now and again. It's been a flare every now and again and that you know once what the new incident starts. You know, after you join. There's a period of time and if a new indent starts as a flareup occurred. That's when our pre-existing programs can kick in to help. Very good and thanks for the great questions call CH ministries.org to learn more before you go to the next: I know were going to run out of time.

Lauren here quickly and there's a lot of questions on the board.

Let me ask a toddy's because were not to be able to get to her.

Her daughter recently lost her job recently pregnant, wondering if CH M would be an option if you're not working you can still be part of Christian healthcare ministry that cannot hide your employment at all.

So whatever stage of life that you're in, you can join Christian healthcare ministries and you can take it with you if you get a job you might want to go with insurance you might not you can still keep PHN regardless of your employment. What about pregnancy house that would be where you know you would have to be in a marriage, and you would have to have joined yet to become pregnant after you join though those are the two stipulations that we help with a lot of maternity build a great one more just in Devonport, I would just have to squeeze it in and give us the high points are okay yeah my call to get an explanation of benefits.

My current insurance provider appointed number just one more you water after they go down the lines your provider. They give the provider huge you know like 85% cutback. You know of the charges now culture when sharing are you on the hook for the whole letter to let you assert that same type of amount deducted from errors.

Great question Jeff Lauren really great question.

We don't have pre-negotiated rate with medical providers.

What we do is we we will negotiate with them on the back and in a lot of cases are members.

It will even do the negotiation and we see a lot of healthcare providers offering discount and sometimes after the fact, sometimes right before surgery, but a lot of times after you know the charges have been incurred and then you know CH M shares 100% of the qualifying expenses and in the case your describing we would share 100% of the qualifying expenses after the account had been loaded for your call Jeff, Lauren, great to have you stop by today were so thrilled with our partnership with CH M in your covenant relationship with your members. Were you share each other's medical bills so I will look forward to having you back again real soon. I thank you so much I appreciate it so much. And if you're just tuning yeah well it's moneywise live were taking your calls live in any financial topic is Rob West on mortgagor's the number 800-525-7000 you find this online. It was live.O RG stick around. How should we as Christians think about testing. What if we could invest our money in a way that aligns with what we believe that Eventide we believe it is possible to love God and love our neighbor in the very practice of investing we decide investments for performance and better world so you can invest for the future with a sense of wholeness and purpose. We call this investing makes the world rejoice. More information is available@investeventide.com Christian healthcare ministries enables believers to show love for one another by sharing each other's health costs through CHL's voluntary health cost-sharing programs members uplift each other spiritually and financially. CHL is an eligible option under the affordable care act and the Better Business Bureau accredited surety interested. Learn more by calling 800-791-6225 or online at CH ministries.more money and run. Verse is found in Galatians. I've been crucified with Christ is no longer live for Christ lives in the life I know what I would like. So for me to listen to the morning ritual world changing morning devotional.

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Master your money a step-by-step plan for experiencing financial contentment. Learn how to save, invest, and give wisely create a long-term financial plan and how to get out of debt. Find all master your money by Ron blue available when you click the start button moneywise live drugs legal team held a news conference in Washington earlier concerning the election and the legal challenges that are underway. Rudy Giuliani detailed election voter fraud 2020 presidential election, he says, was fraud at its worst the Wisconsin elections commission's order to recount more than 800,000 ballots cast into heavily Democratic counties resident property 3 million, and filed a petition for the breakout.

The president says there were irregularities in Milwaukee and Dane counties in Texas setting medical staff to overwork hospitals by the thousands amid a worsening surge of cases across the Lone Star State stalks ending higher today, but I was ahead 44 points, but I'm stuck jump 103 of the S&P 500 game 14. This is SR news and have a way of reaching this election with a call and speak live to Rob today.

You can always send us a brief email. If you keep it brief that we might be able to get to it on air like were going to do right now with an email from Marianne she says dear Rob were both retired and have unwisely racked up quite a bit of that which I'm sick about. We don't have an emergency fund. I have about $41,000 in retirement funds which have not touched after taxes and tithing. It would cover our debts plus pay off her car and that's good of the bills are killing us, however, and we can't tithe anymore so should I take my tea, my TSP out in a lump sum or start taking out enough monthly just to cover the payments.

I did insist that from now on we use our credit card only if we can pay it off each month. Mary and I appreciate that so much. So here's the bottom line for me to summarize, if you missed part of that, Marianne. The retired got quite a bit of that. All they have is 41,000 in retirement funds.

No other retirements. No emergency savings but they're not able to make ends meet, especially given even the minimum payments on the debt so Mary is one or should she pull out her thrift savings plan. Out of the 41 to pay off the debt lease that comes out of the budget each month that I'm just to say let's not take that option yet. If we have to. Eventually, perhaps, what I would do is start paying just the minimum's if you need to take a withdrawal to keep them current. Out of the 41,000 take just what you need and let's try to find other sources of income.

Perhaps you or your husband need to think about part-time work. What can we do to get the income up so we can balance the budget without you pulling out the only remaining asset you have, which is these retirement funds. It's it's easy to go to that and I realize it may become necessary, but I want to exhaust every other option first and if you guys could get some part-time work at some income coming in balance that budget.

I think I'd feel a lot better. I know you would too about you preserving 30 or 35,000 or more of that retirement fund. So it's available down the road if you need it for major medical event or something like that.

So let's try that first and see if if if we can find some income and will trust that the Lord will provide today and if you have a question you'd like to ask Robin you'd like to send it via email. The address is questions@moneywise.org questions@moneywise.org go to Tampa, Florida hi Rebecca, thanks so much for holding and what's in your mind, I'm coming terminal here struggling financially, taking care of a life insurance policy, which allowed for payout. I had a terminal diagnosis which I feel kind and trying to find out how that would affect my Medicaid.

I am currently getting Medicaid care, wondering how, however, say that my status as far as my Rebecca will appreciate so much the question will be to say first of all, of the Lord is our provider is also our creator. He's the great physician right so let's be on her knees and will certainly join you in asking for healing touch of your body that he would be present in every way as he always is in every facet of your life, including this medical situation and yet we place our complete trust in him. For every breath right all of us doing so, his ways are sovereign, we need to be found faithful with whatever time we have all of us because were not promised even another day as you look at the financial side of this. It's important to understand exactly what the implications would be on this 50% payout of your insurance but I don't believe there'd be any issue with medic Medicare of the question is Medicaid and I'd like for you to dig a little bit further. I don't want to give you a definitive answer on that because there are a number of issues related to income and assets and frankly I'm not exactly sure on the payout of the policy. In this way, what impact that would have a but here's what I can tell you is, the folks in the office that handle Medicaid would be great at sitting down with you and going over this.

I direct you to Medicaid.gov, but what even might even be better than that of Rebecca's to make an appointment there in your local office to go in the sit down to talk through the diagnosis that you have talked or what's gonna happen potentially with the insurance payout and ask about ramifications on that because clearly I want you to know exactly what can happen before it happens and I think getting that directly from the government.

In this particular office that handle but handles Medicaid would be the best way to do that so Medicaid.gov and then schedule a local appointment.

Rebecca God bless and will be praying along with you. Thanks so much for contacting us today time with her for one more thing before the break, St. Joseph, Minnesota. Albert Huckabee help user call yeah sure I plan to retire in five, was wondering about using a portion of my 401(k) savings to generate a monthly income stream.

So I was wondering what your thoughts were split annuity strategy whereby I use a five year deferred income annuity to fully fund a five year fixed-rate immediate income annuity with monthly payouts. So the goal here is to solve for a gap in income that would be covered by the fixed annuity payouts is that right okay and would that give you more peace of mind. Albert, as opposed to bearing that risk yourself and just investing that with the stock and bond portfolio okay yeah I think that's the key mean annuities are not my favorite solution using an insurance contract. In this way certainly has some upside primarily it's transferring the risk from yourself to an insurance company that if you can solve for a gap in income that's then guaranteed for the rest of your life or with survivors benefits you and your wife yell gives you the peace of mind to know, at the very least, we got our bills covered, then I think that's really the. The upside is having the peace of mind that goes along with that of the downside is just the cost associated with that the fees the commissions and expenses losing access to the funds without surrender charges and then just the limited returns you with the variable products are giving up portion a portion of the upside, and then often the guaranteed part is less than you might turn otherwise with figuring that you lose access to the funds which which goes along with it. But again, if that gives you the peace of mind that you're looking for because you're able to generate an income. That's equal to what you need to make up the shortfall in the budget. I would say there's there's no reason not to do it in the strategy you're describing with the split annuity meeting using the deferred to fund the fixed I don't find any problem with that whatsoever. The rates on five-year annuities are just over 3% going up to only about 3 1/4 for a nine year annuity so you have to look at that and just make sure those numbers work but it sounds like you've already investigated what that annuitized monthly payout would be in if that fits then I can't find a flaw in your strategy.

As long as you've done that homework on the front end but we appreciate your call today.

Thanks for checking in with us or Albert Douglas thank you so much Sarah. You know, as we reflect on the calls that we've already had today. The things we talked about you know what you're dealing with a health issue war or an automobile issue war trying to figure out how to best invest what God's given you. It all boils down to managing what you have. Well, and that involves a budget system whether it's old-fashioned envelope budgeting system or something more unique and something more high-tech than that. That's where the new money wise apps can really help. I love it when you think high-tech you think Rob West more money wise aphids out and available it's in your app store today. Best digital envelope system right there you go check out Apple App Store play store. Thanks the financial wealth you leave behind could be the best thing that ever happened to your loved ones or the worst splitting hairs.

Given your money and things to your children without ruining their lives. Ron blue explains why it's important to make these decisions now, instead of forcing your heirs to do it later.

Splitting hairs will foster a real appreciation for the precious resources that God has entrusted to you, and it's available. Click the start button moneywise live.org hi I'm very tired. I'm here to help you understand the urgency and how much fun it is to share your faith in the eyes of a layman, if you take a step back for a moment to view the world for God's perspective, you see the entire world in chaos and looking for a Savior, your pandemonium, not just here but around the world as every country is losing faith in its leaders and looking for somebody to rescue them.

Ultimately, that will take us to the antichrist and the one world government that is wild as it sounds could happen sooner than we ever dreamed where we are in God's time, God's calls to sound the alarm to her unsaved friends of the chapter 3 God actually explains how is holding you accountable for your that their blood will be on your hands if they die because you didn't warn them that doesn't motivate you.

There's nothing more exciting than knowing God is using you to move people closer to join us in.com John Erickson totter in song of Solomon chapter 2 God says to us quote show me your face for your voice is sweet and your face is lovely tender wonderful language. I mean this is a God and love right. No wonder the Bible speaks of Jesus as our bridegroom and the bride.

He longs to see her face and hear our voice as we praise him in song and worship part to see our shows that the Lord wants nothing to exist between he and us. Sin, encumbrance, no barrier.

It's all about intimacy and you can get ready for our betrothal to our Savior's into the light of day and find his forgiveness want to give God a great wedding gift.

On that day you can begin right now by obeying his word. As we got to get ready for a pretty awesome wedding money and life run on the same track. Unfortunately, sometimes it seems like your money is heading in a different direction from your goals and never enough three keys to financial contentment. Author Ron blue helps you to break down all your financial options to a basic floor and then shows you how to keep it all chugging along in the right direction on the same track never enough three keys to financial contentment available when you click the store button moneywise live.org.

This was West more like want to see us visit us like us on Facebook you find this at moneywise in the careful we follow monkey media.

Trust me that something totally different. Just trust me on this. You drop down a little bit. It's money wise media. We go back to our phones, Murfreesboro Rd., Tennessee hello there Steve LOL and all alphabetical it's it's a crazy thing at the field but it's not who we Murfreesboro, Tennessee. David what's in your mind. Today's call sure what else would help multiple cars which are metal both parties $70,000 but would increase our health note for additional six years and an additional $200 a month in the backside give us an extra $900 a month. That's not obligated to help to any other bills or anything but just we could put a shot. My question is you think that's a good crazy about it but you know we got $135 hundred $45,000 round about that an equity helps now so we wouldn't be taking up the whole amount would be taking out roughly 70,000 $75,000 will you in terms of the current mortgage that you have what did you see the balance was about health now so probably a little over hundred thousand hundred hundred and 3500 $40,000 okay very good and what are the interest rates in the cornets no note every month or $1000. That's the payment I don't like this plan couple reasons why David number one you are taking the notes which right now are secured by the cars and your converting that to being secured by the house so if you do that again something happens and you can't pay that second mortgage and this would be obviously a drastic situation. I realize that but in the event that happened, then you know you putting your home at risk.

Now you said it's only $200. What's the big deal.

Well the reason it's only 200.

Even though the interest rate perhaps is lower, although it doesn't necessarily have to be if you have good credit, is you are spreading it out over a much longer period of time. So the reason you're freeing up that $900 a month is because that car note is somewhat short and you can have that payback. Hopefully in the next 3 to 5 years, whereas now were talking about extending this out what you're looking at a 20 year note of what you're looking at. But this is that this can be stick around for long time.

So even though the interest rate comes down you can end up paying a lot more in interest over the life of the loan unless you were to take the 900 and plowed back in but even then we have this issue of of attaching it to your home. So what I'd prefer you do is stay on this is painful as it is. This is the key why we really need to try to buy cars with cash your 70,000 car notes is a lot of money and so you know, is it time to look at perhaps refinancing those loans to get that interest rate down if possible. That would be one option, but I would just really stay focused on paying these off as quickly as you can as car loans and then let's keep paying that money to ourselves, so that perhaps the next car we buy. We don't have to take on any that, but attaching it to your house, you wouldn't be able to deduct it. Now we've encumbered the home we've eroded most of the equity in the house and we potentially have stretched it out over a much longer period of time because it's just so easy to say, I will just pay the minimum payment as we have other places we need to spend this money for all of those reasons I would stay away from tapping the home equity to pay these off the table. We wish you well and I thank you very much, but I quickly this Selma, Alabama hello Todd, if a question about long-term healthcare.

All you all will. We had a term policy for the owners and I want to convert it to. I think a whole lot with a long-term healthcare writer how much long-term healthcare really got to me. Yeah well I think this comes down to a couple of things. Number one, what you have in the way of assets you most folks are by long-term care insurance have enough in the way of assets that they're concerned that this is a risk that the need for long-term healthcare could erode those assets but they don't have so much and I'm talking probably more than two or $3 million where it's not a concern and they could just fund it out of their own assets. So then the function is okay. What is the daily benefit that I need in the way of long-term care assistance and that's the way you by long-term care insurance other than the writers you look at what's the daily benefit and so if you start by looking at okay what is a nursing home to cost in my city.

Let's it's 300 today and I have the ability to cover 100 of that because I got 3000 a month and no income that I can use to offset that that I need a daily benefit of $200 a day and then you know that's can help me understand what kind of policy I need to buy that house that 200 or hundred $75 a day so that's really the way you kinda back into that. The benefit of the attaching it to the whole life insurance is just understanding that you could get a return of premium so you know if you need long-term care, you start to access some of the money you been paying yen as opposed to having to wait and get a death benefit for your beneficiaries. The only downside is you're also paying for that whole life insurance all the way through, which is costly and that's why some folks.

You drop their term insurance when they no longer need a death benefit is nobody's depending upon them, and they buy a straight long-term care insurance policy so they're not also paying for the death benefit throughout the rest of their lives. I contact long-term care insurance specialist in your area if you need a referral contact to CK there in Selma and have them price out a number of different scenarios for you and walk you through this process. Great question Todd and me a trusted that'll help you and give you some direction you're the great age to start doing this research.

Thanks very much for listening Rob, I think we have time for.

Let's see one more call us good Ohio and Sophie your final collar of the day. How can we help you well. I appreciate you taking my call. Love that show and everybody else.

However, I am concerned for myself and just just a quick little quit. I have come into some money, which is a large amount to me and not of 250,000 and I have had a rough struggle in my all kinds of reasons why I haven't been able to save much of anything in the little nervous about having money and I want doing that, but I doubt that I have another little dilemma where my my my son wants to start a business and he of course linked me to do that for him. I love my son dearly, but he's not been able to save either and not that it makes me a bit nervous. I was thinking maybe the fair thing to do would be to tell him let's see how much money for this business and maybe I could meet you halfway.

Depending on of course, the amount of money that he wanted to put into a business, but mainly I don't know if I need a counselor or financial advisor or please help me with that fit well Sophie this is a challenging situation in the sense that you know, it sounds like you feel somewhat of an obligation to help your son.

Here the wise thing would be for you to take this money, which is a real blessing to recognize that it's been entrusted to you by the Lord.

It's the Lord's money for you to stop and pray and say Lord, what would you have me to do. I think that's what I would do. First and foremost James 15. If we lack wisdom. Let us ask. And God gives it to us and so you need wisdom in this decision moving forward. You also need to keep in mind that you are the steward of this money, not anyone else. And so despite what pressure any family member may put on you because they see you have come into what is a very large sum of money and that it is to anyone.

You don't need to feel pressured to, or obligated or guilty if you don't take it and use it for their benefit of the fact that your son hasn't been able to save any money causes me some concern on why he would now make for a good business owner 20% of businesses fail in the first year, according the Bureau of Labor Statistics 50% fail within their fifth year. That's not meant to scare you but in some respects, it should mean there's a reason that it takes good money to start a business, and often it takes a lot more than we expect, and this perhaps is quote" an easy way for him to go into business and yet this could end up being very detrimental and you all could lose all of it and so I think what would be a better opportunity for you is to say you know what is son. I want to help you get on a solid financial footing, but we need to do it the way that all of us do it where we go out we get a job and we work hard and we develop some skills and if you have a desire to start a business. Someday, then lets you know get you into that industry where you're working in your earning a paycheck and you demonstrate you can live on a budget and you can save and you can not take on any debt and you can be mentors and you can grow and someday you may be able to have your business but to be able to short-circuit that learning process. The discipline the habits that need to be formed by taking this money that came very easy or could come very easy to him and dropping it in his lap. When he's not prepared, and then God's money being, you know, five years from now it's gone. We haven't done anybody any favors. And so I think you know what you need to do is really again. Start by making this a matter of prayer. I think the second thing you need to do is to connect with a financial advisor who could put a disciplined investment strategy in place for you and then beyond that encourage your son and perhaps you help by giving him some notice deposit of some kind to get into his own place, or find other ways to help along the way and not dropping money into a brand-new business when he's not ready Sophie. We went and saw a sensual book, master your money. You stay on the phone line with the transformation moneywise live is a partnership between radio and money wise media. Thanks so much for being there. Join us again next


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