Taking Care of Your Family
Taking Care of Your Family

Episode · 10 months ago

Long-term Care Solutions

ABOUT THIS EPISODE

Many people will need some type of long-term care during retirement. This can be a huge expense that could devastate your family. In this episode you'll learn how to plan for this possibility without draining all that you've worked so hard to save.

And welcome to the taking care of yourfamily podcast with financial experts and number one Amazon, bessellingauthors, George and Angi Politaros. Each episode feature helpful, insize,practical tips and reliable strategies to help make your retirement asenjoyable as possible for the next few minutes enjoyed listening as cohostBethany builtson talks with George and anget about taking care of your family. Well, once again, I am joined by AndiPaletaris. She is the author of taking care of your family, how to properlyplan for retirement without taking unnecessary risks. Today we're going tobe talking about chapter six of your book. It's called the Long Term CareShield, and this is something I found really surprising when I was readingthrough your book- Is that seventy percent of people sixty five and olderare going to need long term care at...

...some point which that statistic blew mymind, but this even more so I didn't know that health, insurance andMedicare really don't cover that. I had no idea that that was the case. So isthat something that when you talk to clients, you find that they're kind ofblindsited? By is that long term care is not covered totally, they have noclue totally, they have no idea and none of them really have planned for it.That's the scaryeport, because it can eventually take liquidate all yourassets yeah in the end, if you have to take care of one's base- and you know,there's alsheimers there's you know illnesses. My mom is a perfect example. My mombroke her femer bone and she went into you know a nursing home, and you knowshe never came out. So you know she was a lady that didn't have anymoney but and then Medicaid kick didn'td. You know paid for it for herand she stayed there till the end. But...

...you know people that have assets. Youknow they're in a different position myself. I bought many many years ago, along term care life insurance policy umbenoced to myself when I was veryyoung yeah, and I figured Oh one day. I might need this, and here I wouldn'tdare get rid of it now, because that policy that I have you know it grows,and it has. I have equity in it and also it's a five year policy that if Iget sick I would have care so and after five years you know it's done most ofthese policies. These long term care policies are now only three years andif you try to get it at the age that we are in our and S, it's an extremelyextremely expensive product hm, basically unaffordable yeah. So what people have to do is there areother avenues that we can look at within your portfolio, that there'sproducts that provide provisional...

...income for long term care facilitiesfor you to assist you and help you, whether it be you keep the your lovedone in a long term care facility or provide money for you to take care ofthem at home, depending on what the situation is, but I would say, over:Seventy percent of the people are not prepared and have no idea, and we justtotally think that we're going to stay the way we are forever in ten years ageen or Gran Yeah Yeah and I've seen I've seen this playout in my family. Mygrandfather has dimension, and so it got to the point where my grandmotherwas Lov no longer able to to care for him in their home. It just became toomuch, and so we had to put him in a Sistan Living Facility, and that wasone thing that really did take my family off guard, because we had noidea going in how much this was going to cost and really that insurance andMedicare doesn't cover it. We had no idea, and so a couple years ago myfamily had to do a lot of rearranging,...

...and I kind of it was a hassle honestlyfiguring out how to afford this and how to make sure that my grandpa got thebest care possible te care that he needed, and so I know that my familydefinitely falls into that. Seventy percent range, and so it's refreshingto hear that there are options and things that you can do to make sure that doesn't blainside youor your family. What are some some practical steps? Maybe for a youngerperson to start thinking about the future Peope yourself and your husband,there's policies out there that provide a life insurance product for you andalone term care. So whichever comes first, if you need the long term carethat plays out first and then it's usually a three to five year plan thatthey offer and then it's you know it expires, there's different types ofproducts that we offer that we can take your your four o Onek or your pinchesand convert them into a product that...

...will give you income monthly. But ifyou go into a long term care facility, it will double that amount of money forx amount of years, and then it reverts back to the original man. So that'sanother option or just you know, start putting money aside. You know to FordLong Term Care if you need it to provide for it a lot of people and thenwhat happens is something unexpected like dementia. That could pop up.Unexpectedly, you know I mean sometimes it happens slowly sometimes it happensquickly and you really are up against the war. Usually they say the caretakerdies before the sick person, you know or has you know, gets sicker than theperson that sicks an just leak, so there's different things that we offerwith in our retirement shield that we can look at depending on what peoplehave, because once they go into the facility. You know you know foryourself that it's something that you have to pay for. They average five toten thousand dollars a month and then...

...what happens? Is You have to keepwriting that check until that person dies and especially with Dementio, alot of them have dimentia, but they have no other helth issues, O them,don't even take any drugs rthey're, you know they're fine, except for which isthe devension, so they could live. Another t o Thousan an twenty threeyears by that time that can wape out people's assets in foul yeah yeah. What about for someone that is maybe inthe middle of a health crisis like this, where they didn't plan for it? They didn'tprepare but they're in the middle of a crisis. Are there any kind of emergencysteps that could be taken? There is products again out there thatwe can look at. You know some of them. Have you know, dependingon the questions, the provisional questions, depending where we're atevery circumstance is a little bit different, but there are things out there that wecould look at for them.

Well, I think a good first step thatsomeone could take just towards educating themselves is to pick up acopy of your book. You can find it on Amazon. It's called taking care of yourfamily, how to properly plan for retirement without taking unnecessaryrisks, and you thank you so much first sbeen in prer of Iour Day with me andjust sharing your exspertise, a y Git Avin me appreciate it. Thank you verymuch. You have a great day thanks for listening to the taking careof your family retirement podcast with financial exports and number one Amazonbest, Olin Authors, George and Angy Politaros. You can request a copy oftheir best selling book or schedule A conversation with them about yourfinancial future, but going to the website genuine financial advisors, com.

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