April 9, 2025

Long-Term Care Insurance: A Must-Have or a Waste?

Long-Term Care Insurance: A Must-Have or a Waste?

Most of us know someone who has needed long-term care—whether it's home health care, assisted living, or a nursing home. 7 out of 10 people will require extended care in their lifetime, & the costs can be staggering. In this podcast, we break down...

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Season 1

Most of us know someone who has needed long-term care—whether it's home health care, assisted living, or a nursing home. 7 out of 10 people will require extended care in their lifetime, & the costs can be staggering. In this podcast, we break down who should consider long-term care coverage, who might not need it, & the smartest ways to protect yourself & your loved ones. Expert insights, real-life stories, and practical advice on navigating the complexities of long-term care planning.

Ask Good Questions is broadcast live Wednesdays at 6PM ET on W4CY Radio (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com). Ask Good Questions is viewed on Talk 4 TV (www.talk4tv.com).

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WEBVTT

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The topics and opinions expressed in the following show are

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solely those of the hosts and their guests and not

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those of W FOURCY Radio. It's employees are affiliates. We

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or it's employees are affiliates. Any questions or comments should

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be directed to those show hosts. Thank you for choosing

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W FOURCY Radio.

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Welcome to to Ask Good Questions Podcasts, broadcasting live every Wednesday,

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six pm Eastern Time on W four CY Radio at

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w fourcy dot com. This week and every week, we

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will reach for a higher purpose in money and life,

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as well as a focus.

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On health and wellness.

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Now, let's join your hosts, Baneta bel Anderson as together

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we start with Asking Good Questions.

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Hello, and welcome to the Ask Good Questions podcast. This

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is Benita bell Anderson, and today we are going to

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spend a few minutes talking about a really important subject.

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I'd like to invite my buddy and long term care

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expert Scott Zimmerman to the stage to the podcast stage.

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Welcome, Scott, thanks for having me.

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I'm happy to be here and looking forward to having

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our conversation.

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Oh yeah, this is important for everyone. I'm so excited

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we're doing this today. So Scott, tell everyone a little

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bit about yourself.

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Sure. My name is Scott Zimmerman.

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I am a Besides what I do for a living,

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I'm a father, grandfather, husband, brother son, and a friend.

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And my specialty is surents. One of my special stat

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is long term care inturns. And this is my thirty

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fifth year.

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You meet me. I want the area.

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You're in the California area.

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Okay, yeah, Sorr. Yeah, I'm sorry, I haven't Los Angeles.

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How many years did you say you've been doing it?

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Twenty five?

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Okay, pretty good? Pretty good. I would say you're I'd

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say you're professional.

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We we we've we've got a few years between us.

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Absolutely, Well, Scott.

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Today we're going to talk about everybody's question that they

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have on their lips is what do I do about

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long term care? And most people go, I don't even

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want to think about that. That's it's been my experience

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with clients is I want to think about it. I

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just want them to take me out behind the bar

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and that sort of thing. So what what would you

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tell somebody when you know if they're going to say, okay,

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I guess I really should know something about this and

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whether it will impact me. What would you tell people

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that long term care is Well, that's.

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A really good question. Would I would start off by

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saying this.

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I write a lot of long term care in terms,

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but I always say the same thing, I hope.

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You never ever ever need this, because it's the worst thing.

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You know, It's just it's it's good to have the insurance,

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but I hope you never need it. But a few

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things to consider, in my opinion is, statistically it's like

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seven out of ten people are going to need care

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for an extended period of time, whether for home health care,

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nursing care, and everything in between, statistically stating I'm sorry.

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It's crazy to think about that. I've seen that statistic

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and it's like, really, but we're living longer.

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We're living longer, and medical is better and it's keeping

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us alive longer.

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And you know, it's a scary thing if you not

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everybody needs it.

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Yeah, if you don't have assets to protect, you really

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don't need long er I mean, if you don't have

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any assets, it's it's I mean, I don't want to

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say you don't need it. The government will come and

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take care of you if you don't have assets, but

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they're going to put you in a place that you

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probably won't want to be in if you Yeah, if

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you have assets, the Gover's going to make you.

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Spend all your own money before they're going to pick

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in and pay for cares. So it's kind of a

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relieve the care. That's what I would say. It's kind

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of important to really think about having it.

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Well, what would you say is the most important things

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that it covers?

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Well, a few things. The most important thing I think

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it covers is, you know, first topic's peace of mind.

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People are always afraid, you know, are they going to

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have to have their families take care of them?

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Do they?

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Or some people will say, I want my family to

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take care of me, But I personally, like I got

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two girls, the last thing I want to do is

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be a burden of my family.

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But if I need it, and I'll tell you one thing,

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I want them to have to bathe me and clean

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me and like me and do all this stuff. I

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really want them to have a nice life, not have

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to worry about their Scott Dad.

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Been there, done that, Scott.

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Yeah, I know a lot of people.

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It's it's what they call the Sandwich generation, right where

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the uh, the kids and the uh you're taking care

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of your taking care.

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Of your parents.

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It's it's a scary thing. I would say, gives everybody

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peace of mind. I want to make sure I answered

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your question. Did I answer your question?

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Yeah?

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And you know, because we're going to get into some

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of the other details about it a little bit later.

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But you know, I've had some people say, well, I've

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got Medicare, I've got you know, I've got health insurance.

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That's all I need.

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Right, Wrong, you do need those things, but those are

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not going to be for care.

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I will say, Medicare will cover the first one hundred

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days as long as you're in the hospitalized for three

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days in a nursing home.

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You have to be hospitalized for three days, and.

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Then after one hundred days you're you're on your own,

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so and let unless, of course, you don't have any assets,

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then they'll cover you in a place not of your choice.

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But yes, right, and they are. They're very it's called

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chronic there uh, Medicare is not set up to be

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for chronic care. So what does chronic care mean?

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It means long basically like Layland Starver's long term ch

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You're chronically gonna You're gonna need care for an extended

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period of time.

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Yeah, you know good.

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Most I would say this, most, especially nowadays, most policies

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cover everything, and they had the same exact qualifications to

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most of them have qualifications. If you can't do you

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at A six, A d ulficer activities, a dal living,

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that qualifies for all.

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These plans to pay.

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Also, if somebody just has dementia or Alzheimer's, it's an

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automatic qualifier. So you know, it's really easy to qualify

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for care. So somebody falls down, I think it's an

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example and they break their.

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Hip, which is kind of a people talk about that

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type of thing. If you can't do two at A

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six activities and deal living, you'll pay. So you've all done.

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You break your hip.

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You can't get yourself dressed, can't keep yourself to the restroom,

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it can't keep yourself to make food.

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I mean, it was easy qualification.

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And so basically my understanding is that your physician will

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sign a piece of paper that's like this, this, this

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is the shape that this person's in, and we need

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to activate the long term care insurance. I mean that's

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basically would be the process that that the family would

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have that doctor sign form, and then the form is

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sent to the long term care company.

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Yeah, the former sent to the insurance company.

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Now I will say the insurance company has the right

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to verify that coverage is needed.

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But and you and I have been doing this a

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long time.

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I personally, I've had I don't know how many countless

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claims I've had for long term care.

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I've never had anybody.

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Declined because who really wants somebody to come in their

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home and take care of them or who wants to

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go to a nursing home.

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Nobody.

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So when you're doing a claim, people you really need it,

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it's the last thing anybody really wants to turn on.

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I mean, that's the truth.

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My sister. I was going to tell you my sister's

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been gone for five years, and one day when I

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was the caregiver for her, she looked at me and

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she said, and she was shaking her head, and she said,

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I never thought this would happen.

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Anything is going to happen to them.

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I don't think it's going to happen to me either, right,

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I really don't. Hopefully doesn't, but right, yeah, I have

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an experience too. My dad had my dea was really

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sick for a long time. He had COPD, he was bedridden,

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they had oxygen, he was was It was horrible. My

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mother was taking care of him, but they had long

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term care interns and he did not want anybody coming

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in into the home.

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To take care of him.

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He refused, but it was killing my mother until my

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brother and I that that's say we're turning this on save.

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He was so happy we turned it on save. My

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mother was my brother and I were saved. We weren't

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called every other day with Hey, the ambulances coming to

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Dad's on the ground. You know, it's like it's a lifesaver.

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It's a lifesaver.

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Why would you tell someone when they say, well, what

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are the factors that would help me determine whether I

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should do this? You know, just get that.

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Crystal ball, somebody a little crystal ball, right, it's I

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would say.

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Again, if you have assets to protect, if you want

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to be able to choose where you want to go,

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if you ever need the care if if you have.

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A spouse and you don't want you wouldn't want.

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To burden somebody in the event, or you or your

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spouse to burden you, not in a negative way, just

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it's a lot.

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It's a lot. It's not it's not an easy thing.

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You've gone through with your sister, and it's when those

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thing's happening, it's a lot. It's it's a lot in

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the whole family. It really is.

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My biggest My biggest thing is I'm I've always wanted

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to tell people to get it as soon as they can, right,

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because like what age would you tell people you really

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should be thinking about getting long term care?

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Typically people are really interested in it when they see

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what's happening with their parents or whatnot. But I would

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say in their fifties, you know, mid to late fifties

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is like probably perfect timing.

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Some people get in the sixty way through the seventies,

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and you know, the sooner you get it, the better

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off you are.

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Very because you're healthy, you can get it while you're healthy.

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If you're not healthy, you can't get it right. And yeah,

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and there's also just say there's I don't know if

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we're going to get these questions or not. But there's

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so many new types of plans out there that are

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so good that you don't have to lose all your money.

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And it's like you're putting something in it. It's not

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going to come back, right.

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We're going to get there. I want to just try

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to I'm trying right now to just lay a baseline

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of yeah, you know, here's here's some of the things

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00:11:34.559 --> 00:11:37.679
about like who needs it? Because like the way you

231
00:11:37.879 --> 00:11:40.759
titled this was is this something that we really need

232
00:11:40.799 --> 00:11:44.200
to do or is it a waste? What would you

233
00:11:44.279 --> 00:11:47.759
say when I ask you, are there specific health conditions

234
00:11:49.159 --> 00:11:53.399
or family histories that would make this kind of insurance

235
00:11:53.519 --> 00:11:55.519
more necessary? What would you say?

236
00:11:56.559 --> 00:12:01.080
I would say, first off, if you there's a history,

237
00:12:01.279 --> 00:12:05.320
in a long history of people in your family that

238
00:12:05.360 --> 00:12:06.000
are having.

239
00:12:05.799 --> 00:12:08.720
The same sort of illnesses, Yeah.

240
00:12:08.440 --> 00:12:11.799
Alzheimer's, dementia, that's something I would definitely work on getting

241
00:12:11.799 --> 00:12:17.639
a policy on. If that's in your genes, if somebody's

242
00:12:18.039 --> 00:12:19.639
you know, that would be the main thing I would

243
00:12:19.639 --> 00:12:22.200
think of, because other things are not you know, diabetes

244
00:12:22.279 --> 00:12:28.159
and things like that, if they're type you know, diabetes

245
00:12:28.240 --> 00:12:30.919
controllable now, so it's not it's not so it's not

246
00:12:30.960 --> 00:12:32.600
the way it used to be. But I would say

247
00:12:32.679 --> 00:12:35.679
mainly the Alzheimer's dementias where I really see that people

248
00:12:35.679 --> 00:12:36.720
should get that way they.

249
00:12:36.639 --> 00:12:40.440
Can, I guess, right, yeah, yeah, are you feeling the

250
00:12:40.480 --> 00:12:41.120
same way.

251
00:12:41.360 --> 00:12:46.120
Yeah, yeah, you know, I'm just thinking about the difference.

252
00:12:46.159 --> 00:12:50.519
I've got probably five or six family situations that I'm

253
00:12:50.559 --> 00:12:53.000
thinking of that I have been involved in in one

254
00:12:53.000 --> 00:12:59.279
way or another, and you know, having that, I mean,

255
00:12:59.320 --> 00:13:01.159
I guess this is I'm kind of wrapping into the

256
00:13:01.200 --> 00:13:05.679
next question because really what I'm talking about is a

257
00:13:05.720 --> 00:13:10.519
family support system, right, like adult children or a spouse.

258
00:13:11.240 --> 00:13:15.720
But I still I mean, like my dog, I've got

259
00:13:15.720 --> 00:13:19.159
three daughters. They've all said, oh Mama, we would take

260
00:13:19.200 --> 00:13:25.919
care of you, and it's like that is really sweet. Soever, However,

261
00:13:26.799 --> 00:13:29.840
after taking care of my sister, and you know, it's

262
00:13:29.960 --> 00:13:32.240
just like I never expected to have to take care

263
00:13:32.279 --> 00:13:35.200
of my sister like this. You know, you kind of

264
00:13:35.240 --> 00:13:38.639
go if people are saying, well, I don't know if

265
00:13:38.639 --> 00:13:42.440
I really need long term care because I've got my family.

266
00:13:42.879 --> 00:13:46.639
But that family, they have children, and they have jobs,

267
00:13:46.679 --> 00:13:49.600
and they have spouses and they have a life, and

268
00:13:51.080 --> 00:13:53.600
you know, I you know, what do you think about

269
00:13:53.720 --> 00:13:57.360
having that family support system. Should that even come into

270
00:13:57.360 --> 00:13:57.840
the picture.

271
00:13:59.360 --> 00:14:02.279
I think, you know, this is this personal preference. I'm

272
00:14:02.320 --> 00:14:04.120
not you know they're trying to push long term care

273
00:14:04.120 --> 00:14:07.320
in anybody, but I would say that, you know, family

274
00:14:07.360 --> 00:14:09.360
support is always going to be there with the policy,

275
00:14:09.480 --> 00:14:11.399
without a policy, no matter what.

276
00:14:11.879 --> 00:14:14.320
And you know it.

277
00:14:14.440 --> 00:14:16.440
It's a lot to put on a family when they

278
00:14:16.480 --> 00:14:21.240
have children or they have their own lives and have

279
00:14:21.320 --> 00:14:23.879
to take care of somebody and your family. Every family,

280
00:14:23.919 --> 00:14:26.240
you know, I'd say every family. Most family know they love,

281
00:14:26.799 --> 00:14:29.879
they love their parents or their siblings or whatnot.

282
00:14:29.919 --> 00:14:30.879
They're going to be there for them.

283
00:14:30.879 --> 00:14:34.559
But it's it's not it's almost not fair to put

284
00:14:34.600 --> 00:14:35.600
that burden on somebody.

285
00:14:35.600 --> 00:14:36.919
That's just a personal preference.

286
00:14:39.159 --> 00:14:43.960
If you have the means, I feel this would be

287
00:14:44.039 --> 00:14:47.879
will be best to just take care of yourself. Yeah,

288
00:14:48.000 --> 00:14:50.279
you not put the burden on somebody else if you can.

289
00:14:50.919 --> 00:14:53.840
Well, would you say there's ever any situations where you

290
00:14:54.320 --> 00:14:57.759
don't think you need to think about getting long term care?

291
00:14:58.879 --> 00:15:02.679
Yes, if if you're extremely wealthy and you have enough

292
00:15:02.720 --> 00:15:03.360
money just to.

293
00:15:03.240 --> 00:15:05.039
Pay for care, and a lot of people do, right,

294
00:15:05.080 --> 00:15:06.000
I live in Los Angeles.

295
00:15:06.039 --> 00:15:08.000
There's a lot of money there's a lot of money

296
00:15:08.000 --> 00:15:08.679
all around America.

297
00:15:08.720 --> 00:15:11.559
Actually it's not about Los Angeles, but people have money.

298
00:15:11.559 --> 00:15:13.440
If you can afford to pay for your own care

299
00:15:13.799 --> 00:15:15.159
and you don't need it, you don't want it, you

300
00:15:15.240 --> 00:15:17.559
never think you can need it, that's fine.

301
00:15:18.240 --> 00:15:19.519
Another one, again is.

302
00:15:19.480 --> 00:15:22.039
If you don't have any money, you don't have any assets,

303
00:15:22.240 --> 00:15:23.200
you don't need to worry about it.

304
00:15:23.200 --> 00:15:25.600
If that's something as the government will take care of you.

305
00:15:26.720 --> 00:15:30.320
So those are the two streams that I would say,

306
00:15:30.360 --> 00:15:32.799
you really don't need to really worry about long.

307
00:15:32.679 --> 00:15:34.720
Term care if you don't want to so.

308
00:15:35.039 --> 00:15:39.159
But there's a flip side to that, Scott, because so

309
00:15:39.320 --> 00:15:42.559
say somebody feels like they have they have been blessed

310
00:15:42.600 --> 00:15:48.000
with a fair amount of wealth, would if somebody does

311
00:15:48.039 --> 00:15:52.000
have substantial savings, could they would there be reasons why

312
00:15:52.039 --> 00:15:54.240
they would say it would be worth it to have that,

313
00:15:54.919 --> 00:15:58.559
I mean absolutely incurrence, it's insurance. Why would they think.

314
00:15:58.399 --> 00:16:01.559
That, Well, I would think you, well, I agree with you.

315
00:16:01.639 --> 00:16:04.480
I would even think if you had wealth, I'd rather

316
00:16:04.600 --> 00:16:06.320
leave the wealth to my loved.

317
00:16:06.080 --> 00:16:07.799
Ones than to spend it on my care if I

318
00:16:07.879 --> 00:16:08.759
could so.

319
00:16:10.120 --> 00:16:12.759
And with these new types of plans, it's it's not

320
00:16:12.879 --> 00:16:15.320
like your You know, if you buy a plan, it's

321
00:16:15.360 --> 00:16:18.840
almost like taking the way to describe it's taking it

322
00:16:18.879 --> 00:16:20.879
from one you have money to put take it from

323
00:16:20.919 --> 00:16:22.519
this pocket and put it in this pocket.

324
00:16:22.759 --> 00:16:24.440
You still have your money, but now you have care

325
00:16:24.480 --> 00:16:27.039
if you need it. So I think it's uh, we

326
00:16:27.080 --> 00:16:28.159
can get into that a little.

327
00:16:27.960 --> 00:16:30.360
Bit, but it's a I think it makes still makes

328
00:16:30.399 --> 00:16:31.679
sense if you have money to.

329
00:16:31.679 --> 00:16:36.000
Have care, right right. I think so too, because I'm

330
00:16:36.039 --> 00:16:39.360
with you. If you have been planning on leaving the legacy,

331
00:16:40.279 --> 00:16:43.759
whether it's to family or whether it's to charitable organizations,

332
00:16:44.559 --> 00:16:47.039
I would much rather have the insurance. I mean, it's

333
00:16:47.120 --> 00:16:52.039
just like, isn't it funny that we think about We

334
00:16:52.240 --> 00:16:55.960
absolutely say, oh, I got to have homeowners insurance, I

335
00:16:56.039 --> 00:17:00.639
got to have car insurance. But you hope that your

336
00:17:00.679 --> 00:17:05.200
car never gets totaled, you hope that your house never

337
00:17:05.240 --> 00:17:09.440
burns down. But why is it that we don't we should?

338
00:17:09.839 --> 00:17:11.960
My feeling is we should think about long term care

339
00:17:12.519 --> 00:17:16.640
in the same way that it's an insurance policy to

340
00:17:17.480 --> 00:17:22.200
guard against something awful happening in that area of your life.

341
00:17:22.279 --> 00:17:26.559
So I don't know, I agree agree if you really

342
00:17:26.599 --> 00:17:29.039
think about it, like I like, what you're going with this.

343
00:17:29.160 --> 00:17:32.680
If you really think about it, the chances of a

344
00:17:32.720 --> 00:17:36.440
car accident or your house burning down is way less

345
00:17:36.599 --> 00:17:37.599
of a chance of that happening.

346
00:17:37.640 --> 00:17:43.640
The long term care, that's even Yeah, that's really something.

347
00:17:44.240 --> 00:17:47.160
So so what would you say if somebody says, oh,

348
00:17:47.240 --> 00:17:52.119
there's government programs, I don't really think I need it,

349
00:17:52.160 --> 00:17:57.119
because you know, medicaid will take care of me. What

350
00:17:57.160 --> 00:17:59.440
would you say to that idea?

351
00:18:00.079 --> 00:18:03.319
Well, they're right, and maybe they are right if they don't.

352
00:18:03.359 --> 00:18:06.960
But again, if they don't have anything and they.

353
00:18:06.839 --> 00:18:11.960
Can't afford coverage totally, they're they're they're actually right, right,

354
00:18:12.039 --> 00:18:14.680
I mean if they not right for everybody, not everybody

355
00:18:14.759 --> 00:18:19.240
has money to pay for these things, but the right

356
00:18:19.359 --> 00:18:22.920
and if that, you know, there's so many things we

357
00:18:22.920 --> 00:18:24.759
could do, Like it's just doing the right thing or

358
00:18:24.759 --> 00:18:26.200
the wrong thing, and it's like make.

359
00:18:26.119 --> 00:18:26.960
The right choices.

360
00:18:27.880 --> 00:18:31.680
Well, could they just put money in a savings account?

361
00:18:33.319 --> 00:18:36.640
Yeah, they could, but I mean you're in the you're

362
00:18:36.680 --> 00:18:38.880
in the finance, you know, money business.

363
00:18:38.920 --> 00:18:42.599
It's it would take a long time long if you

364
00:18:42.640 --> 00:18:43.319
think about it.

365
00:18:43.599 --> 00:18:46.799
If you think about the cost of care one month whatever,

366
00:18:47.240 --> 00:18:49.440
it would take you years to say for that one

367
00:18:49.480 --> 00:18:51.400
month right. I mean, it's just it's a lot of

368
00:18:51.400 --> 00:18:53.559
money cost of care, so they would have to put

369
00:18:53.599 --> 00:18:55.680
away money for a long time for that.

370
00:18:56.400 --> 00:18:58.680
You know, I'm in I'm in Centro, Jutah right now

371
00:18:58.720 --> 00:19:01.519
during the winter, but during this I'm up in Washington State.

372
00:19:02.799 --> 00:19:06.480
It's anywhere between six to eight thousand a month to

373
00:19:06.720 --> 00:19:10.039
up to ten to twelve thousand a month for care,

374
00:19:10.519 --> 00:19:13.480
depending on what part of the state you're in. Is

375
00:19:13.519 --> 00:19:15.839
that the same thing that you see in California?

376
00:19:16.599 --> 00:19:18.880
I do see it, and I do see that.

377
00:19:19.000 --> 00:19:21.839
It's you know, no matter how much nursing care is

378
00:19:22.000 --> 00:19:26.119
different than home healthcare. But yes, nursing care I average

379
00:19:26.160 --> 00:19:28.680
on the low end is the six thousand on uh,

380
00:19:28.839 --> 00:19:30.880
you know, I do you want to stay in a

381
00:19:30.920 --> 00:19:31.920
holiday inn or do you want.

382
00:19:31.839 --> 00:19:34.000
To say the four seasons type thing? What kind of

383
00:19:34.039 --> 00:19:35.039
services do you need?

384
00:19:35.480 --> 00:19:38.599
And then there's home healthcare, which also can be very

385
00:19:38.640 --> 00:19:39.799
expensive also.

386
00:19:40.160 --> 00:19:43.079
So you know, that's usually an hourly rate and.

387
00:19:43.279 --> 00:19:45.799
Matters how many hours that it's needed, so it can

388
00:19:45.839 --> 00:19:46.720
be very expensive.

389
00:19:49.079 --> 00:19:52.359
I'm thinking about my mom now, and at the end

390
00:19:52.400 --> 00:19:57.839
of her life, there was my sister and myself and

391
00:19:57.920 --> 00:20:02.759
my mom's sister, and then there was three nurses. So

392
00:20:02.960 --> 00:20:05.319
between the six of us it was twenty four to

393
00:20:05.319 --> 00:20:10.359
seven and so we had this great, big, huge calendar

394
00:20:10.920 --> 00:20:14.920
and scheduling thing so that somebody was with her every

395
00:20:15.079 --> 00:20:20.799
moment of every day. So yeah, just the way it is. Well,

396
00:20:21.960 --> 00:20:25.240
I know that cost can be a big problem. What

397
00:20:25.279 --> 00:20:28.920
would you say, what's what is? What do you see

398
00:20:29.000 --> 00:20:30.720
long term care costing typically?

399
00:20:30.799 --> 00:20:35.039
Now you know, it's a good question, for it matters

400
00:20:35.079 --> 00:20:35.720
what type of.

401
00:20:35.680 --> 00:20:41.400
Plan and also matters how much coverage, and not everybody

402
00:20:41.480 --> 00:20:46.640
has to ensure the full amount, you know, sometimes it's

403
00:20:46.680 --> 00:20:50.440
just about ensuring some of it or most of it,

404
00:20:51.200 --> 00:20:54.519
and because hopefully you don't need it. But I would

405
00:20:54.519 --> 00:20:57.000
say it's it's hard to say the cost. I would

406
00:20:57.279 --> 00:21:00.960
I can give it averages based on a age, you know,

407
00:21:01.000 --> 00:21:03.920
I would say the typical cost.

408
00:21:03.720 --> 00:21:06.680
Of care nowadays is in the It can be higher

409
00:21:06.680 --> 00:21:09.160
than this, can be lower by age, you.

410
00:21:09.119 --> 00:21:12.680
Know, probably the five six thousand dollars a year range,

411
00:21:12.960 --> 00:21:15.000
and sometimes it's it can be less of your younger.

412
00:21:15.079 --> 00:21:18.920
Matters how much insurance you're buying, So that's the.

413
00:21:18.880 --> 00:21:23.759
Cost of the insurance. The premium, like the monthly premium

414
00:21:23.920 --> 00:21:26.240
for a policy. What do you think would be an

415
00:21:26.279 --> 00:21:27.920
average for a monthly premium.

416
00:21:27.799 --> 00:21:31.039
Bard of on average forward of five hundred dollars a

417
00:21:31.039 --> 00:21:31.680
month ish.

418
00:21:31.799 --> 00:21:36.279
I don't know what it kind of matters again by specifications.

419
00:21:38.000 --> 00:21:40.519
There's that, and there's other types of plans out there.

420
00:21:40.680 --> 00:21:42.039
I don't know if you want to get into.

421
00:21:41.880 --> 00:21:43.960
That, but like, yeah, I want to. I want to

422
00:21:44.000 --> 00:21:44.440
get through that.

423
00:21:44.559 --> 00:21:44.720
Yeah.

424
00:21:44.720 --> 00:21:47.000
In about five minutes, we're going to get into the

425
00:21:47.279 --> 00:21:52.119
okay type of things. So here's here's a way that

426
00:21:52.200 --> 00:21:58.240
I've thought about that monthly cost in context, and that

427
00:21:58.440 --> 00:22:02.359
is to say, okay, so you're ending five hundred dollars

428
00:22:02.440 --> 00:22:07.920
a month for a premium, but you're potentially covering yourself

429
00:22:07.960 --> 00:22:11.680
against five thousand dollars in cost at least to six

430
00:22:11.759 --> 00:22:14.200
thousand a month for the.

431
00:22:14.200 --> 00:22:17.839
Coverage at a minimum, Right, do you think.

432
00:22:17.680 --> 00:22:20.839
That's fair to you know, I would say that's I

433
00:22:20.880 --> 00:22:22.039
would say that's spare.

434
00:22:22.319 --> 00:22:23.279
I would say that's spare.

435
00:22:23.799 --> 00:22:27.559
Yeah. Yeah, And that's like what it's kind of like,

436
00:22:27.920 --> 00:22:30.319
how do you how do you create the value? You know,

437
00:22:30.440 --> 00:22:32.759
people have got to see, well, what's the value in

438
00:22:32.839 --> 00:22:36.119
doing this? I that's kind of how I think about it.

439
00:22:36.359 --> 00:22:40.039
Well, and we can also look at again statistics and averages,

440
00:22:40.079 --> 00:22:45.680
but It's like the average stay statistically in a nursing

441
00:22:45.680 --> 00:22:48.319
home is four and a half years and the average

442
00:22:48.400 --> 00:22:51.599
day home healthcare two and a half years.

443
00:22:51.799 --> 00:22:53.480
Yeah, the got the way around. I said it wrong.

444
00:22:53.519 --> 00:22:55.079
You ever stayed a nursing homes two and a half

445
00:22:55.160 --> 00:22:58.519
years the ever stayed a home healthcare after as average,

446
00:22:58.880 --> 00:23:02.559
So you can just calculate what it is.

447
00:23:02.400 --> 00:23:04.400
It is really an expensive considering.

448
00:23:04.880 --> 00:23:09.279
Yeah, so have you got any ideas on how to

449
00:23:09.319 --> 00:23:11.480
make long term care insurance more affordable?

450
00:23:13.480 --> 00:23:17.519
I do. I have some great ideas. You know. I

451
00:23:17.519 --> 00:23:18.759
would say that.

452
00:23:20.200 --> 00:23:23.039
There's a few different types of plans out there, and

453
00:23:23.279 --> 00:23:25.759
you know, there's the regular long term care interns user

454
00:23:25.839 --> 00:23:28.200
or lose it. You're paying for something and hopefully you

455
00:23:28.240 --> 00:23:30.839
never need it. It's like current terms and those are

456
00:23:30.880 --> 00:23:36.160
less expensive. The rates aren't guaranteed, so the insurance compan's

457
00:23:36.160 --> 00:23:37.480
can to raise the rates s long as they raise

458
00:23:37.519 --> 00:23:40.599
everybody else's rights to every plan. But there's some other

459
00:23:40.640 --> 00:23:44.359
types of plans out there that are really popular nowadays.

460
00:23:44.359 --> 00:23:47.359
There's you want to talk about those type of plans now.

461
00:23:48.960 --> 00:23:52.160
Yeah, let's get into that because I think one of

462
00:23:52.240 --> 00:23:57.319
the best I think if it's if it's if it's

463
00:23:57.880 --> 00:24:02.400
taught correctly, and I think you're going to life insurance

464
00:24:02.599 --> 00:24:04.640
and or annuities.

465
00:24:05.400 --> 00:24:07.599
Or asset BA yes, yes, yeah.

466
00:24:07.519 --> 00:24:10.759
So's yeah. So let's dive into that. And let's start

467
00:24:10.799 --> 00:24:13.880
with life insurance. How do you have life insurance be

468
00:24:15.319 --> 00:24:16.839
hooked up with long term care?

469
00:24:17.519 --> 00:24:19.799
It's a really popular type of plan. There's lots of

470
00:24:19.839 --> 00:24:22.440
different kinds. I'll just kind of a brief overview.

471
00:24:23.279 --> 00:24:26.680
Basically, you can buy a life insurance policy, and there's

472
00:24:26.759 --> 00:24:28.559
different kinds, and it's kind of giving an idea of

473
00:24:28.599 --> 00:24:32.440
one where for example, if you bought a five hundred

474
00:24:32.480 --> 00:24:35.079
thousand dollars life insurance policy, you can.

475
00:24:35.000 --> 00:24:35.920
Add a writer to it.

476
00:24:36.000 --> 00:24:39.400
It just says if I ever need care, you tap

477
00:24:39.440 --> 00:24:42.240
into that five hundred thousand dollars. By some companies or

478
00:24:42.599 --> 00:24:44.559
I average, they say two percent a month you could

479
00:24:44.559 --> 00:24:47.119
tap into. So you have five hundred thousand, you can

480
00:24:47.160 --> 00:24:49.480
put two percent a month, which is ten thousand dollars

481
00:24:49.519 --> 00:24:50.480
a month to pay for care.

482
00:24:51.440 --> 00:24:53.599
And you have a bucket of five hundred thousand dollars.

483
00:24:53.880 --> 00:24:55.880
You can go loader than that or higher than that.

484
00:24:56.759 --> 00:24:59.440
And there's other types of life insurance plans that are

485
00:24:59.599 --> 00:25:02.880
similar to have a little different different nuances that different

486
00:25:02.960 --> 00:25:05.400
plans have that's the life insurn one.

487
00:25:05.440 --> 00:25:06.279
It's very popular.

488
00:25:07.119 --> 00:25:11.920
Well, one of the ways that I've tried to when

489
00:25:11.920 --> 00:25:14.440
I've taught people about this, I've said, okay, you know

490
00:25:14.519 --> 00:25:18.039
how when you think about life insurance, you think about

491
00:25:18.039 --> 00:25:23.359
a death benefit, so that happens when you die, right,

492
00:25:24.000 --> 00:25:27.359
And people usually go, yeah, I guess so, well, the

493
00:25:27.440 --> 00:25:32.640
long term care thing is sometimes the life insurance company

494
00:25:32.680 --> 00:25:35.319
and tell me, if they're still doing this, they'll call

495
00:25:35.359 --> 00:25:41.799
it an accelerated living benefit. So you're accessing a piece

496
00:25:41.839 --> 00:25:44.279
of the life insurance policy before you die.

497
00:25:45.400 --> 00:25:50.640
Right, it's like living benefits. You're absolutely right, they call

498
00:25:50.759 --> 00:25:52.319
living benefits because you're using it.

499
00:25:52.279 --> 00:25:54.599
While you're alive. And you know, again it's hopefully one

500
00:25:54.599 --> 00:25:57.559
of those things. It's hopefully it's just a death. You

501
00:25:57.599 --> 00:25:59.480
live really old age and your family is going to

502
00:25:59.480 --> 00:26:00.359
get fishers.

503
00:26:00.359 --> 00:26:02.720
You can get the money, but if care is needed,

504
00:26:02.759 --> 00:26:04.519
you got this big bucket of money that you could

505
00:26:04.519 --> 00:26:07.720
tap into, hopefully, and if you only use half the care,

506
00:26:08.119 --> 00:26:10.960
use half some for long term care, whatever's left is

507
00:26:10.960 --> 00:26:12.359
going to be a.

508
00:26:11.920 --> 00:26:12.240
Text for.

509
00:26:13.720 --> 00:26:16.599
So the biggest thing that I have seen be a

510
00:26:16.640 --> 00:26:21.079
problem is people will say, well, I've put all this

511
00:26:21.240 --> 00:26:25.559
money into this long term care insurance and if I

512
00:26:25.599 --> 00:26:27.599
don't use it, then I won't get it back. And

513
00:26:27.640 --> 00:26:30.240
I said, well, yeah, the same thing goes true for

514
00:26:30.400 --> 00:26:35.200
your homeowners and your car insurance. You're not getting any

515
00:26:35.200 --> 00:26:40.720
of that back either. But with life insurance, there's going

516
00:26:40.799 --> 00:26:43.680
to be a benefit to paying those premiums. One way

517
00:26:43.759 --> 00:26:44.240
or the other.

518
00:26:45.039 --> 00:26:45.799
It's coming back.

519
00:26:45.880 --> 00:26:48.559
Yeah, it's either going to be a death benefit hopefully

520
00:26:48.759 --> 00:26:51.599
old age death benefit or long term care.

521
00:26:51.720 --> 00:26:52.160
It's needed.

522
00:26:52.240 --> 00:26:54.480
So no matter what it's not, you're right, you're not

523
00:26:54.599 --> 00:26:57.680
losing the money. That's why it's so popular nowadays, these type.

524
00:26:57.519 --> 00:27:03.920
Of And I had had some mixed feelings about annuities

525
00:27:03.960 --> 00:27:07.240
over the years and how good they are. But one

526
00:27:07.279 --> 00:27:10.200
type of annuity that I think can be very valuable

527
00:27:10.720 --> 00:27:15.079
is that where you're going next is to annuities that

528
00:27:15.160 --> 00:27:17.400
have a connection with long term care. Talk to us

529
00:27:17.440 --> 00:27:17.920
about that.

530
00:27:18.720 --> 00:27:21.759
Yeah, there's again different kinds, but there's some annuities out

531
00:27:21.759 --> 00:27:25.559
there and life plans, see they're kind of similar. Or

532
00:27:25.680 --> 00:27:27.720
if you put a lump some in you have money

533
00:27:27.759 --> 00:27:32.839
sitting sitting somewhere and you move it in a CD

534
00:27:33.240 --> 00:27:36.799
or a bank account or an investment account, and you

535
00:27:36.799 --> 00:27:40.160
can put a lump some in or and as an example,

536
00:27:40.160 --> 00:27:43.119
somebody puts in one hundred thousand dollars. There are hundreds

537
00:27:43.119 --> 00:27:45.160
almost all of us liquid if they want their money

538
00:27:45.200 --> 00:27:47.640
back out, But that one hundred thousand could turn into

539
00:27:48.160 --> 00:27:51.440
three four hundred thousand dollars worth of long term care benefits.

540
00:27:52.119 --> 00:27:54.440
And it's the same thing again, almost like the life insurance.

541
00:27:54.720 --> 00:27:56.359
You want your money back out, you can have almost

542
00:27:56.400 --> 00:27:57.839
all of the back pass away.

543
00:27:57.839 --> 00:28:01.200
It's there for you if you need longer care. It

544
00:28:01.720 --> 00:28:07.319
prickles or quite group. It's amazing. That's another really popular

545
00:28:07.319 --> 00:28:08.119
picker plan.

546
00:28:08.319 --> 00:28:11.960
That seems like it should be a no brainer, no brainer.

547
00:28:12.000 --> 00:28:12.720
I agree with you.

548
00:28:12.799 --> 00:28:15.680
It's like I was saying, take it from this pocket

549
00:28:15.799 --> 00:28:17.519
and put it in this pocket. It was the same money,

550
00:28:17.599 --> 00:28:22.279
right right, Yeah, yeah, very popular.

551
00:28:24.519 --> 00:28:29.640
So all right, how so talking about these life insurance

552
00:28:29.640 --> 00:28:33.240
and annuities that have these long term care benefits, how

553
00:28:33.279 --> 00:28:38.000
do those types of things compare to the traditional long

554
00:28:38.079 --> 00:28:41.000
term care policies that we've been talking about at the beginning.

555
00:28:42.200 --> 00:28:45.160
Yeah, well, I would say this traditional that's how it

556
00:28:45.200 --> 00:28:48.079
all started. I don't remember how many years ago regular

557
00:28:48.160 --> 00:28:50.480
long term care started. It used to be really affordable

558
00:28:51.200 --> 00:28:54.599
and it used to be twenty years ago, there'd be

559
00:28:54.680 --> 00:28:58.079
twenty five companies to choose from. Now it's there's almost

560
00:28:58.079 --> 00:29:01.200
no companies left. There's usually too, It's like right now

561
00:29:01.200 --> 00:29:03.240
there's two or three companies that are still selling that

562
00:29:03.319 --> 00:29:04.000
kind of insurance.

563
00:29:04.160 --> 00:29:05.720
Right. The rates aren't guaranteed.

564
00:29:06.440 --> 00:29:08.359
It's a user lose that you're paying for it like

565
00:29:08.400 --> 00:29:11.400
car insurance, and if you ever need it's not coming back.

566
00:29:11.880 --> 00:29:12.480
Yeah.

567
00:29:12.720 --> 00:29:16.119
Well, like for instance, you and I both I mean,

568
00:29:16.160 --> 00:29:19.039
so that people don't think we're just talking out of

569
00:29:19.079 --> 00:29:23.599
our hat. I have John Hancock long term care insurance

570
00:29:23.720 --> 00:29:27.400
and the and it's traditional long term care. I got it,

571
00:29:27.559 --> 00:29:31.519
my husband and I got ours maybe twelve years ago.

572
00:29:33.440 --> 00:29:37.000
But the premiums have gone up now. And didn't you

573
00:29:37.039 --> 00:29:39.799
say you've got gen Worth and you've explained had.

574
00:29:39.759 --> 00:29:42.359
General Yes, you know, and I got really lucky. I

575
00:29:42.359 --> 00:29:43.680
don't know. Yah.

576
00:29:44.640 --> 00:29:48.480
Difference, Well, the different there's there's some differences. What so

577
00:29:48.920 --> 00:29:53.400
you and I both have that long term care traditional policy.

578
00:29:53.440 --> 00:29:56.599
How is that different from something like a life insurance policy?

579
00:29:57.480 --> 00:30:00.920
What it's totally different, meaning it's a user lose it.

580
00:30:01.200 --> 00:30:03.960
Whatever you've spent you're not hopefully you know you're not

581
00:30:03.960 --> 00:30:05.559
going to use it. It's not coming back to you

582
00:30:06.000 --> 00:30:08.839
or to the life insurance and the new intep plans.

583
00:30:09.200 --> 00:30:11.119
No matter what, you're paying for something that no matter

584
00:30:11.119 --> 00:30:13.519
what's going to come back, it's coming back to your family,

585
00:30:13.519 --> 00:30:16.839
hopefully in the death benefit or so it's it's you're

586
00:30:16.880 --> 00:30:17.880
not losing your money.

587
00:30:18.119 --> 00:30:20.279
That's the real benefit. The other benefit is they can't

588
00:30:20.319 --> 00:30:21.000
raise your rates on.

589
00:30:21.000 --> 00:30:23.240
The life in churance or the annuity one the rates.

590
00:30:23.519 --> 00:30:28.119
They cannot raise your rates, say it's a contract. Yeah,

591
00:30:28.160 --> 00:30:30.319
So that's why I would say that the real benefits

592
00:30:30.319 --> 00:30:32.640
are it's like, you're not losing your money, no matter what,

593
00:30:32.680 --> 00:30:34.119
it's coming back to your loved ones.

594
00:30:35.880 --> 00:30:42.240
So what happens is somebody buys UH a traditional policy

595
00:30:42.319 --> 00:30:45.799
and then they can't afford it. Later on, something happens

596
00:30:45.839 --> 00:30:48.039
and they can't afford to pay the premiums anymore.

597
00:30:48.440 --> 00:30:53.960
Well, then the policy will elapse and you won't have insurance.

598
00:30:55.200 --> 00:30:58.000
I mean that's basically what happens. Yeah, it's said it's

599
00:30:58.039 --> 00:31:01.559
a it's you. It's just like your car home.

600
00:31:03.200 --> 00:31:05.960
However, I would say that there's one little difference, and

601
00:31:06.000 --> 00:31:09.440
that is the premium increase that I just got from

602
00:31:09.480 --> 00:31:14.480
my John Hancock policy one of the they tell you

603
00:31:13.960 --> 00:31:18.480
you can accept the increase or you have these in

604
00:31:18.680 --> 00:31:23.640
their base glory your benefits, or they'll say we'll give

605
00:31:23.680 --> 00:31:27.559
you a you know, some cash, and I think mine

606
00:31:27.640 --> 00:31:32.880
was like twenty six thousand dollars cash, just they give

607
00:31:32.920 --> 00:31:38.000
you like walk away paid up. So if someone couldn't

608
00:31:38.039 --> 00:31:41.799
afford the policy anymore, then that might maybe you know,

609
00:31:41.839 --> 00:31:45.599
there's no guarantee, but that might be something that they

610
00:31:45.640 --> 00:31:52.240
would get a lump sum back. However, my concern for

611
00:31:52.319 --> 00:31:55.759
people would be that they wouldn't keep it for saving

612
00:31:55.839 --> 00:31:58.359
for long term care, but they would spend it and

613
00:31:58.400 --> 00:32:00.039
then you don't have anything.

614
00:32:00.559 --> 00:32:03.119
Right and even at that twenty six thousand, that would

615
00:32:03.160 --> 00:32:04.839
be four months.

616
00:32:04.559 --> 00:32:05.079
Worth of care.

617
00:32:05.480 --> 00:32:10.160
Yeah right right, yeah, and then yeah same, you know

618
00:32:10.319 --> 00:32:12.839
it be you know, it's like a drop in the bucket,

619
00:32:12.839 --> 00:32:14.720
and it's like, no, I don't think.

620
00:32:14.559 --> 00:32:19.039
So, right, Yeah, you kind of mentioned something I should

621
00:32:19.160 --> 00:32:21.759
touch based on you know, typically.

622
00:32:22.759 --> 00:32:24.640
These all these policies.

623
00:32:24.240 --> 00:32:26.880
Usually have a ninety or hundred day waiting period, so

624
00:32:27.400 --> 00:32:28.880
you really do have to have that reserve.

625
00:32:28.880 --> 00:32:31.240
It's almost like a deductible. It's like you've got a

626
00:32:31.319 --> 00:32:32.319
ninety day waiting period.

627
00:32:32.599 --> 00:32:34.640
You need to care you're paying for the first ninety

628
00:32:34.720 --> 00:32:37.920
days here before the policy kicks in. You really do

629
00:32:38.079 --> 00:32:40.720
need to have a little bit of savings still even

630
00:32:40.759 --> 00:32:43.680
though you have a policy, unless, of course you or

631
00:32:44.559 --> 00:32:46.359
you have Medicare and you go to a hospital and

632
00:32:46.440 --> 00:32:49.319
hospitals for three days, then they'll cover the first hundred days.

633
00:32:49.480 --> 00:32:51.160
But that kind of takes care of that.

634
00:32:51.200 --> 00:32:54.680
But right, I mean, like, if like I do, I

635
00:32:54.720 --> 00:32:57.720
have a client going into a long term care an

636
00:32:57.759 --> 00:33:03.319
assisted living facility. At the end of this month, he's

637
00:33:03.359 --> 00:33:08.400
got to pay he had to pay five thousand dollars. Well,

638
00:33:08.640 --> 00:33:12.920
that is because he's got a deductible that he's he's

639
00:33:12.960 --> 00:33:15.079
got to pay start paying for his care.

640
00:33:16.440 --> 00:33:18.039
Right, So.

641
00:33:19.640 --> 00:33:23.960
Yeah, so that why don't we talk about what what

642
00:33:24.039 --> 00:33:27.599
are some of the things that you need to think about,

643
00:33:27.640 --> 00:33:33.680
Like what do they call him features? Right? Like how

644
00:33:33.799 --> 00:33:39.480
long of a policy should I get? What does indexing mean?

645
00:33:41.160 --> 00:33:43.359
We touched a little bit on the like ninety day

646
00:33:43.440 --> 00:33:46.599
thing where you need to pay for the first three

647
00:33:46.640 --> 00:33:49.200
months out of your own personal savings.

648
00:33:49.559 --> 00:33:51.519
Inflation protection we could talk about.

649
00:33:51.920 --> 00:33:56.400
Yeah, so let's some of those features of a policy.

650
00:33:57.000 --> 00:34:00.519
Okay, Well, with traditional long term care, it's a really

651
00:34:00.559 --> 00:34:05.000
good point you're buying, you're setting up, you're designing the

652
00:34:05.039 --> 00:34:07.880
plan exactly how you want it. The waiting period ninety

653
00:34:07.920 --> 00:34:10.039
days can go a longer one hundred and eighty days

654
00:34:10.079 --> 00:34:13.000
a year. You're setting up how long you want this

655
00:34:13.079 --> 00:34:16.559
policy pay for two years, three years, four years.

656
00:34:16.559 --> 00:34:18.679
I maximum that most of these companies will do nowadays

657
00:34:18.760 --> 00:34:19.480
is six years.

658
00:34:20.519 --> 00:34:23.400
And then you also have some other things you can

659
00:34:23.440 --> 00:34:25.480
set up where cost inflation.

660
00:34:26.840 --> 00:34:29.280
You know, every year the policy will grow if you did.

661
00:34:29.199 --> 00:34:31.440
An example, one hundred dollars a day, which most people

662
00:34:31.440 --> 00:34:33.320
will never do that well, but you can add on

663
00:34:34.079 --> 00:34:37.320
inflation protection three percent or up to five percent place

664
00:34:37.480 --> 00:34:40.039
every year your policy grows by that much.

665
00:34:41.320 --> 00:34:43.760
There's different ways to set it up and design it.

666
00:34:44.480 --> 00:34:46.599
And then when it comes to life insurance, it's a

667
00:34:46.639 --> 00:34:47.320
little bit different.

668
00:34:47.320 --> 00:34:48.760
They don't have inflation protection.

669
00:34:48.880 --> 00:34:51.679
You're buying a loump sum of money, so it's not

670
00:34:52.000 --> 00:34:54.000
not so many moving parts to.

671
00:34:53.960 --> 00:34:54.480
It at all.

672
00:34:55.800 --> 00:34:58.599
But those are those are what I would say when

673
00:34:58.599 --> 00:35:01.000
you're setting on that type life in church, you're setting

674
00:35:01.079 --> 00:35:03.679
up how much insurance you want, you're buying that bucket

675
00:35:03.719 --> 00:35:04.159
of money.

676
00:35:04.280 --> 00:35:08.519
You're just getting a bucket of money that basically reduces

677
00:35:08.840 --> 00:35:14.280
the death benefit. Yeah, so if you had a five

678
00:35:14.360 --> 00:35:19.320
hundred thousand dollars death benefit and you got fifty thousand,

679
00:35:19.719 --> 00:35:23.360
so then I mean there's you know a little bit

680
00:35:23.400 --> 00:35:25.519
of play with the numbers, but roughly then you have

681
00:35:25.559 --> 00:35:29.119
four hundred and fifty thousand dollars of death benefit. But

682
00:35:29.280 --> 00:35:31.079
now you've got that bucket of money to pay for

683
00:35:31.119 --> 00:35:32.119
the long term care.

684
00:35:32.800 --> 00:35:36.039
Right exactly, And you said it exactly.

685
00:35:36.079 --> 00:35:41.599
It's it's almost like you're buying something with hopefully you

686
00:35:41.599 --> 00:35:43.679
don't use it for long term carriage. It's a death

687
00:35:43.679 --> 00:35:48.760
benefit like you've kind of talked about absolutely, so you.

688
00:35:48.719 --> 00:35:52.440
Know, and I want to get back to well, you know,

689
00:35:52.599 --> 00:36:00.000
like the whole idea of personal savings, so home equity.

690
00:36:00.039 --> 00:36:06.320
There's a very popular advertisement on TV with Tom Selleck

691
00:36:06.840 --> 00:36:11.039
about doing reverse mortgages. What do you think about that

692
00:36:11.239 --> 00:36:16.800
about like a home equity line of credit or reverse mortgage?

693
00:36:16.840 --> 00:36:18.480
What do you think about that sort of thing?

694
00:36:19.400 --> 00:36:20.519
I think, you know, that's.

695
00:36:20.400 --> 00:36:22.639
The last that's the last thing you want to do.

696
00:36:22.719 --> 00:36:26.320
That's just that's just his personal opinions. Like, you know,

697
00:36:26.880 --> 00:36:28.519
my mom doesn't have a lot of money and we

698
00:36:28.599 --> 00:36:30.199
have long term care for her. We've had it for

699
00:36:30.239 --> 00:36:33.079
so many years. So it's been good. But she really

700
00:36:33.119 --> 00:36:35.800
wants to leave this house, her house to her like

701
00:36:36.079 --> 00:36:39.480
I don't, but you know she wants to.

702
00:36:39.440 --> 00:36:43.159
It's really important. And I think most people do. Yeah,

703
00:36:43.239 --> 00:36:45.000
they'd like to leave. They work so hard for something,

704
00:36:45.000 --> 00:36:47.559
they'd like to leave it to their loves. But it

705
00:36:47.599 --> 00:36:48.480
is the last resort.

706
00:36:48.800 --> 00:36:51.800
So if we don't can't afford care, and you don't

707
00:36:51.840 --> 00:36:54.360
have any money, you can I think I think a

708
00:36:54.400 --> 00:36:56.639
reverse mortgage can make sense for sure.

709
00:36:57.280 --> 00:37:00.159
Well let's start wrapping this all up. Let's talk talk

710
00:37:00.159 --> 00:37:03.880
about what are some I mean, the time has gone

711
00:37:03.920 --> 00:37:09.400
really really fast, and what are some common misconceptions? What

712
00:37:09.440 --> 00:37:13.079
do you think people will tell you? And it's just

713
00:37:13.199 --> 00:37:15.159
a'g so well, I.

714
00:37:15.079 --> 00:37:19.599
Would say some question of it asked, you know, how

715
00:37:19.599 --> 00:37:21.360
do I know this is going to pay? How do

716
00:37:21.400 --> 00:37:23.239
I know the insurance company is going to be there?

717
00:37:23.599 --> 00:37:25.519
And things like that, and I would I would say this,

718
00:37:27.000 --> 00:37:31.719
all these companies are big, wrong, the safe companies. If

719
00:37:31.920 --> 00:37:35.079
they weren't going to be there, you would be articles

720
00:37:35.079 --> 00:37:38.000
in the newspaper every day of something not company going

721
00:37:38.000 --> 00:37:39.840
on in business. You've never seen a life insurance company

722
00:37:40.000 --> 00:37:41.960
who out of business, where someone bigger and better doesn't

723
00:37:41.960 --> 00:37:46.000
pick them up this one and again. If things, if

724
00:37:46.000 --> 00:37:48.320
these companies weren't paying, you would see it. There'd be

725
00:37:48.400 --> 00:37:51.559
articles now and stop saying. There'd be so much press

726
00:37:51.559 --> 00:37:52.719
that these policies don't pay.

727
00:37:53.079 --> 00:37:56.880
You don't see it. They all pay it because nobody.

728
00:37:56.639 --> 00:37:59.039
Wants to turn these on. It's like a last resort thing.

729
00:37:59.159 --> 00:38:01.880
So if somebody's ring on long term cares.

730
00:38:01.519 --> 00:38:02.360
Because they have to.

731
00:38:05.840 --> 00:38:10.599
My experience with people who are, but I mean just

732
00:38:10.679 --> 00:38:13.280
the industry in general. There used to be a lot

733
00:38:13.320 --> 00:38:16.440
of more companies that are not not there anymore. And

734
00:38:16.480 --> 00:38:19.719
it's because people keep these policies because they know that

735
00:38:19.840 --> 00:38:24.760
someday they may need this right. And so the companies

736
00:38:24.760 --> 00:38:28.039
that are out there are strong and have factored in

737
00:38:29.760 --> 00:38:33.280
the insurance guarantees and promises that they're making that they're

738
00:38:33.280 --> 00:38:36.519
going to pay for this for people with these policies,

739
00:38:38.719 --> 00:38:42.159
What do you what would you say about people? What

740
00:38:42.320 --> 00:38:46.960
mistake would you say people make when they are saying, oh,

741
00:38:47.639 --> 00:38:49.280
I'm just not going to deal with it, I'm not

742
00:38:49.320 --> 00:38:53.079
going to, I'm going to I'm not going to do it.

743
00:38:53.760 --> 00:38:54.719
I mean mistake.

744
00:38:55.559 --> 00:39:01.000
I would say that a personal mistake could be hopefully

745
00:39:01.039 --> 00:39:02.880
you don't need it and maybe it's not a mistake.

746
00:39:03.360 --> 00:39:05.599
The mistake being is if you have the money to

747
00:39:05.599 --> 00:39:07.639
pay for it and it's not can effect your lifestyle.

748
00:39:08.000 --> 00:39:10.480
I would really look at it because it doesn't just

749
00:39:10.519 --> 00:39:14.199
affect you. This affects all your loved ones around you.

750
00:39:14.719 --> 00:39:18.079
And this is it's a it's a it's these type

751
00:39:18.119 --> 00:39:19.880
of things affect everybody, not just you.

752
00:39:20.559 --> 00:39:22.079
So Scott, I want to stop you.

753
00:39:22.400 --> 00:39:23.559
Yeah. Yeah.

754
00:39:23.679 --> 00:39:26.559
This whole podcast is called ask Good Questions.

755
00:39:27.119 --> 00:39:28.920
Yeah, what are the.

756
00:39:28.840 --> 00:39:33.840
Good questions people should ask themselves when you're considering long

757
00:39:33.960 --> 00:39:34.440
term care?

758
00:39:35.159 --> 00:39:37.960
Okay, I would do you think I'm going to need it?

759
00:39:38.719 --> 00:39:40.960
It's my family going to be affected if I ever

760
00:39:41.039 --> 00:39:41.599
need care.

761
00:39:45.920 --> 00:39:48.119
Those are probably the best best questions I can think

762
00:39:48.159 --> 00:39:50.000
of right now. Yeah.

763
00:39:50.039 --> 00:39:54.360
So what would be the biggest piece of advice that

764
00:39:54.400 --> 00:39:59.360
you would give somebody who is planning for their future

765
00:39:59.440 --> 00:39:59.960
care needs.

766
00:40:03.000 --> 00:40:07.320
Best best advice I would give their planning for their future.

767
00:40:07.079 --> 00:40:09.840
Is meet with a really good planner.

768
00:40:10.559 --> 00:40:15.239
Look at all the different choices. There's lots of choices. See,

769
00:40:15.360 --> 00:40:18.119
look at them all and investigate them all. See, because

770
00:40:18.119 --> 00:40:20.559
it's not any one right plan or right company that's

771
00:40:20.639 --> 00:40:23.480
right for everybody. I would look at all your options

772
00:40:23.480 --> 00:40:27.480
and make a really solid choice. If that's somebody you've interest,

773
00:40:27.559 --> 00:40:29.760
you sing your patents of that fit's your wants and

774
00:40:29.800 --> 00:40:31.840
your needs, and it's and.

775
00:40:31.719 --> 00:40:33.719
That's what I would do. So I'm just looking at

776
00:40:33.840 --> 00:40:38.039
just one company is I thought I would do. There's

777
00:40:38.079 --> 00:40:40.079
lots of plans out there and lots of waste design.

778
00:40:40.960 --> 00:40:42.760
One of the one of the things that I do

779
00:40:43.360 --> 00:40:48.039
with guests is I'll let everyone know that we will

780
00:40:48.199 --> 00:40:51.639
have a list of these questions and the important things

781
00:40:51.719 --> 00:40:54.199
that Scott thinks that you should consider with long term

782
00:40:54.199 --> 00:40:56.960
care that's going to be There's a section of the

783
00:40:57.079 --> 00:41:01.559
podcast website that is called bone Us Downloads, and so

784
00:41:01.599 --> 00:41:05.519
Scott will have you make a list of those things

785
00:41:05.519 --> 00:41:07.960
that people should be thinking about when they're considering this.

786
00:41:08.079 --> 00:41:10.519
All right, oh love, it'd be great.

787
00:41:10.719 --> 00:41:15.599
Well, so Scott, we have got to wrap up, and

788
00:41:15.719 --> 00:41:19.360
so what would be what would you like to say

789
00:41:19.360 --> 00:41:19.960
in closing?

790
00:41:21.559 --> 00:41:24.239
I would like to say thank you for having me.

791
00:41:24.559 --> 00:41:26.079
I can talk about this all day.

792
00:41:26.719 --> 00:41:29.199
This is exciting and fun to talk about, and it's

793
00:41:29.199 --> 00:41:31.480
one of those things hopefully you never need, but I

794
00:41:31.519 --> 00:41:32.559
really appreciate you having.

795
00:41:32.440 --> 00:41:36.320
Me, and I want just people to be aware of

796
00:41:36.360 --> 00:41:40.159
what's available and some things to think about. Yeah, and

797
00:41:40.280 --> 00:41:42.840
I love your podcast. I love I love the word,

798
00:41:42.880 --> 00:41:45.119
I love the whole phrase ask good question. So I

799
00:41:45.199 --> 00:41:46.920
just think it's excellent. Well, all the.

800
00:41:46.840 --> 00:41:49.480
Mistakes I've made in my life have been because I

801
00:41:49.559 --> 00:41:54.719
didn't ask good questions. And the reason I'm so passionate

802
00:41:54.719 --> 00:41:59.960
about this is because I know that when something happens,

803
00:42:00.119 --> 00:42:04.760
it's too late to ask questions right. This is something

804
00:42:04.880 --> 00:42:06.280
you have to do beforehand.

805
00:42:07.840 --> 00:42:11.159
Absolute plan, plan, plan right, plan.

806
00:42:12.559 --> 00:42:15.480
Plans, plan for the worst, and hope for the best.

807
00:42:16.000 --> 00:42:20.159
Absolutely healthy, stay healthy.

808
00:42:20.440 --> 00:42:25.079
So I would like to thank you again for coming

809
00:42:25.119 --> 00:42:28.480
on with us and doing this today. This is such

810
00:42:28.519 --> 00:42:34.119
an important topic. We'll have that PDF for downloading in

811
00:42:34.159 --> 00:42:38.800
the bonus download section of the of the website. And

812
00:42:39.079 --> 00:42:41.679
thank you so much for coming to the Ask Good

813
00:42:41.840 --> 00:42:42.920
Questions Podcast.

814
00:42:46.639 --> 00:42:50.239
Today's episode is over, but we did ask good Questions again,

815
00:42:50.360 --> 00:42:54.559
didn't We don't miss out as we broadcast live every Wednesday,

816
00:42:54.599 --> 00:42:57.960
six pm Eastern Time on W four C Y Radio

817
00:42:58.159 --> 00:43:02.000
at w four c Y dot. Joined Benita Bell Anderson

818
00:43:02.119 --> 00:43:06.840
next week for more conversations with experts on finances, retirement,

819
00:43:06.960 --> 00:43:11.480
behavioral finance issues, health and wellness, and more. Until then,

820
00:43:11.960 --> 00:43:18.440
remember to ask good questions.