Long-term Care Insurance: One size does not fit all

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Welcome to something more with Chris Boyd.

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Chris Boyd is a certified financial planner, practitioner,

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and senior vice president, financial advisor at Wealth

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Enhancement Group.

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One of the nation's largest registered investment advisors.

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We call it something more because we'd like

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to talk not only about those important dollar

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and cents issues, but also the quality of

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life issues that make the money matters matter.

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Here he is, your fulfillment facilitator, your partner

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in prosperity, advising clients on Cape Cod across

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the country.

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Here's your host, Jay Christopher Boyd.

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Hello, and welcome to another edition with something

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more with Chris Boyd.

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My name is Jeff Perry.

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I'm here with Russ Ball, my co-host

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today.

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Chris Boyd has the day off, so we're

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sitting in the big seats trying to carry

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the load.

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Russ, thanks for joining me and co-hosting.

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Good to be here.

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And for this episode, we have Linda Tallheimer

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with us.

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Linda, thank you so much for joining us.

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You are one of our experts that we

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turn to when we have questions regarding long

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-term care insurance.

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So thanks for making the time to talk

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to us and our listeners today.

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Thank you.

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My pleasure.

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Practically every financial plan that we do, not

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everyone, you know, sometimes we're doing a plan

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for a 25-year-old married couple, right?

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But with the exception of the younger clients

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that we have, and we've, you know, some

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of those we touch on it, but for

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most people, most people we deal with are

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entering retirement, thinking about retirement, or in retirement.

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And so for every financial plan we have,

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for every annual review we do, the subject

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of the potential need for long-term care

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comes up.

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And if, when we go through the plan

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and we start asking the what-ifs, those

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questions that we're using to stress test a

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plan, you know, plans look pretty good when

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you have just the things that you hope

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happen, happen.

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But when we start stress testing, what if

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one of you needs a long-term care

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setting?

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Or what if one of you pre-deceases?

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Or all these things that nobody likes to

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talk about.

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Long-term care often has the largest impact

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on the likelihood of a successful financial plan.

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And so let's start with when is long

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-term care insurance appropriate?

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What category of people, if you will, broadly,

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and then we can go into specifics, is

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long-term care insurance an appropriate option for

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people to consider as they're thinking about the

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potential for long-term care needs?

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Excellent question.

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So really long-term care is the financial

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product that protects your assets and gives you

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more choices.

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So the age at which we're thinking about

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this is less relevant than the financial picture

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for any individual.

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So what we want to do is we

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look at anyone at any age that they

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can say, if I continue on this trajectory

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and I have no bad debt, that I

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will be self-sufficient in old age.

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And what I mean by self-sufficient, I

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mean not on Medicaid, relying on the government

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for funding.

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Right.

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And nobody wants to be in that category

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of like not having enough money or not

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having enough money to actually qualify for Medicaid

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because you're pretty destitute at that point between

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assets and income.

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Exactly, exactly.

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So and then it becomes a question of,

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you know, just determining how much you need

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and how long you want a product to

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last.

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Right.

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So that's where the actual wealth comes into

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it and goals and perceptions of individuals of

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what their needs may be.

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But I'll be honest, I actually have long

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-term care insurance from my children and I

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had it back when they were in college

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because I know that you're only as healthy

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as you are today and we don't know

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what tomorrow holds.

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Right.

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That's an interesting topic because we typically, you

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know, we live in a world of like

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typical things, but we typically think of long

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-term care.

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Somebody retires, you know, and they have a

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healthy runway.

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It looks like they have no health issues.

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Who knows?

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But they have a healthy family history and

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they may live very well, may live to

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95 or longer.

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And so the likelihood of having a long

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-term care need increases.

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Right.

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Absolutely.

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But we all know from our life experience,

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friends, if it's not your own family, somebody

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you know where there's someone younger who has

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that need for a long-term care setting,

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either temporary or permanent.

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Right.

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So it is broader than what we typically

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think about.

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Linda, you touched on people at the Medicaid

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level, which they can't afford any product, likely.

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Right.

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And so then we have the other end

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of the spectrum and where people have accumulated

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so much wealth that a long-term care

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event could very well be handled with their

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assets and their income that they've generated.

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So, you know, if they have a, you

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know, do the projections, you can shed some

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light on the average cost of long-term

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care, perhaps.

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But just for sake of discussion, $100,000

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a year of long-term care needs for

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10 years, which would be a long time.

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You know, we have many clients who their

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plan can handle that.

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It's not what they want.

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They can handle that.

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So insurance probably isn't something that they're going

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to consider.

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It's the folks who are not at the

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super low end and not at the super

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high end that long-term care insurance might

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be a good option for them.

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Is that fair to say?

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Yes.

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So actually it's the difference between want and

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need.

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So people who have moderate savings and investments,

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you know, less than two million, those people

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are really need long-term care because a

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long-term care event can wipe them out,

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change the lifestyle for a healthy spouse or

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impact their ability to leave money to assets

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or to even have a quality of care

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throughout a very long, long-term care event.

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And for the wealthier people, it's a question

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of choice.

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And most wealthy people, although they could afford

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to pay for long-term care, didn't get

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wealthy because they paid after-tax dollar for

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everything and always paid full price.

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So long-term care insurance is like getting

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a discount to pay for long-term care.

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And wealthy people like discounts just as much

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as people who need to have that discount.

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Explain that a little further.

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I think I know what you're saying, but

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explain how the discount would play into this.

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So certainly.

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So for example, depending on your age, you

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can leverage long-term care insurance, you know,

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five times, six times, sometimes even seven times

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greater than a rate of return that a

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financial planner would typically estimate on a, you

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know, saying that, you know, there's 95%

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chance that we can depend on, for example,

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a 5% rate of return over a

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lifetime.

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Sure.

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No, we can all say, yes, the market

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can be higher, the market can be lower.

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But if I said to a financial, if

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I say to you, you know, what would

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you say to your clients is a solid

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rate of return that you could feel comfortable

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saying with 95% accuracy, you know, many

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financial planners on average would say around 5%,

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right?

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Some might say a tiny bit higher, some

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might say a tiny bit lower.

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And if we take that number and we

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use it to compare to the returns on

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a long-term care policy coming in tax

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-free, that can be quite a significant leveraging

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of that money.

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So instead of having, you know, if you

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doubled your money with investment, you could, you

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know, five times your money potentially with long

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-term care.

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And depending on age and health, it could

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be more, or it could be a little

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bit less.

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And so, you know, the question is, even

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if you used a tiny bit of your

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long-term care policy, you would do it,

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you would be doing as well as if

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you had invested that money.

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And so when we think about long-term

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care insurance, the reason people don't purchase it

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is because they don't want to spend the

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money, right?

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So, you know, it's almost like a catch

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-22 or an oxymoron, really, when we think

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about wealthy people who can afford anything, that

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they can pay dollar for after-tax, dollar

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for long-term care, and then say, well,

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I don't want to spend the money on

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insurance, right?

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It's not about the cost.

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It's about their perception.

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And often it's a perception that I don't

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believe I'm ever going to need long-term

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care.

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And that's what drives it.

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Because if there's any perception that they will

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actually need long-term care, you know, it's

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a very logical decision to have more for

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less.

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Yeah, you're totally correct.

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And we hear our clients, and they're being

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sincere.

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I'm not trying to pick on any one

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of them who might say this, but we're

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not going to need that because we're married

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and I'm going to take care of him,

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and she's going to take care of me.

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So we're just not going to do that.

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You know, I love when people say that.

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I know.

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And they mean it with all the proper

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intentions.

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Do.

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And I explain that long-term care insurance

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helps you take care of each other better

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and longer.

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My mom has been in claim for nine

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years.

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And when she first went, when she first

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started to have care needs, you know, she

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came to the house and I provided her

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care.

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My background, I'm an occupational therapist.

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Very easy for me to care for people.

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I understand adaptive technique and adaptive equipment.

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I had everything adapted.

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And I'm telling you, I was tired, right?

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So when I woke up in the morning,

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I got her out of bed.

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I got her, you know, ready and in

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the bathroom and showered and dressed, and it

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was time for breakfast.

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And then, you know, it was an hour

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and a half later, I'd run upstairs, get

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myself showered and dressed, run down and do

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breakfast.

274
00:10:20,950 --> 00:10:22,230
And I said, you know, this just doesn't

275
00:10:22,230 --> 00:10:22,890
make any sense.

276
00:10:22,970 --> 00:10:24,210
So she had a long-term care policy,

277
00:10:24,290 --> 00:10:25,390
but I figured, you know, I'm the daughter,

278
00:10:25,810 --> 00:10:26,630
I can do this.

279
00:10:27,430 --> 00:10:29,150
Oh, all the right intentions again.

280
00:10:29,230 --> 00:10:30,210
All the right intentions.

281
00:10:30,510 --> 00:10:31,390
And it's so much better.

282
00:10:31,510 --> 00:10:32,070
And I changed it.

283
00:10:32,130 --> 00:10:32,950
I said, you know, let's just use your

284
00:10:32,950 --> 00:10:34,070
long-term care insurance for this.

285
00:10:34,470 --> 00:10:36,210
And even when she was at my house,

286
00:10:36,370 --> 00:10:38,750
I would have someone come in and get

287
00:10:38,750 --> 00:10:39,410
her up in the morning.

288
00:10:39,750 --> 00:10:42,070
I'd get dressed, she'd get dressed, I'd get

289
00:10:42,070 --> 00:10:42,630
showered, you know.

290
00:10:42,850 --> 00:10:45,210
And then we sat down and had a

291
00:10:45,210 --> 00:10:45,650
nice breakfast.

292
00:10:45,910 --> 00:10:46,710
It's a nice quality time, yeah.

293
00:10:46,730 --> 00:10:48,630
All the more time to enjoy the positive

294
00:10:48,630 --> 00:10:49,470
aspects of the day.

295
00:10:49,970 --> 00:10:51,890
You know, you touched on something, which is

296
00:10:51,890 --> 00:10:54,350
another, I think it's a misconception or maybe

297
00:10:54,350 --> 00:10:57,630
just how people view things, like all or

298
00:10:57,630 --> 00:10:58,470
nothing all the time.

299
00:10:59,670 --> 00:11:01,170
I think when people, you're talking to them

300
00:11:01,170 --> 00:11:04,070
about long-term care, they're thinking, well, that's

301
00:11:04,070 --> 00:11:05,490
my insurance if I go into a nursing

302
00:11:05,490 --> 00:11:06,210
home, right?

303
00:11:06,210 --> 00:11:07,150
That's my insurance.

304
00:11:07,690 --> 00:11:09,850
If I have this big expense, you know,

305
00:11:09,870 --> 00:11:13,830
I need to be there because cognitive issues

306
00:11:13,830 --> 00:11:16,710
or physical issues or whatever the case is.

307
00:11:16,790 --> 00:11:19,190
And so that's my insurance program for that.

308
00:11:20,050 --> 00:11:22,770
And maybe back in the day when this

309
00:11:22,770 --> 00:11:24,070
started, that's what it was.

310
00:11:24,310 --> 00:11:26,110
I've heard people call it nursing home insurance.

311
00:11:26,250 --> 00:11:26,970
I'm sure you have.

312
00:11:27,550 --> 00:11:31,190
But can you just briefly outline the broadness

313
00:11:31,190 --> 00:11:32,530
of these policies today?

314
00:11:32,910 --> 00:11:33,190
Absolutely.

315
00:11:33,190 --> 00:11:33,670
And what it covers?

316
00:11:34,450 --> 00:11:34,770
Yeah.

317
00:11:35,010 --> 00:11:37,110
So first of all, I call this nursing

318
00:11:37,110 --> 00:11:39,050
home avoidance policy.

319
00:11:39,990 --> 00:11:40,970
Fair enough, yeah.

320
00:11:41,150 --> 00:11:41,350
Right?

321
00:11:41,410 --> 00:11:42,610
Because we don't want to go to a

322
00:11:42,610 --> 00:11:42,990
nursing home.

323
00:11:43,070 --> 00:11:45,650
Nursing homes have become very challenging places.

324
00:11:46,130 --> 00:11:47,910
For the most part, they are where the

325
00:11:47,910 --> 00:11:50,810
very poor and the very sick go to

326
00:11:50,810 --> 00:11:52,510
live, and that's not a great financial mix.

327
00:11:52,590 --> 00:11:53,930
And a lot of people end up, if

328
00:11:53,930 --> 00:11:55,390
they do need nursing homes, go to private

329
00:11:55,390 --> 00:11:56,030
nursing homes.

330
00:11:56,230 --> 00:11:57,590
So it's very challenging.

331
00:11:58,090 --> 00:12:00,870
Now, the reason why we think of long

332
00:12:00,870 --> 00:12:02,570
-term care and nursing homes is it wasn't

333
00:12:02,570 --> 00:12:05,150
until the late 80s that assisted livings even

334
00:12:05,150 --> 00:12:06,010
came into place.

335
00:12:07,010 --> 00:12:09,010
So in fact, some of these older policies

336
00:12:09,010 --> 00:12:11,290
that talk about home care and nursing home

337
00:12:11,290 --> 00:12:14,990
have terminology in there that says custodial and

338
00:12:14,990 --> 00:12:15,550
skilled nursing.

339
00:12:15,670 --> 00:12:17,910
So those old long-term care policies cover

340
00:12:17,910 --> 00:12:20,310
assisted livings because custodial nursing homes are, in

341
00:12:20,310 --> 00:12:22,030
fact, assisted livings.

342
00:12:22,910 --> 00:12:27,350
Yeah, so they're very broad, and they allow

343
00:12:27,350 --> 00:12:29,930
people even to spend more money.

344
00:12:30,890 --> 00:12:32,490
So let's talk about cost of care.

345
00:12:32,710 --> 00:12:34,770
Massachusetts, you're talking an average now of about

346
00:12:34,770 --> 00:12:37,330
$40 an hour with a minimum of a

347
00:12:37,330 --> 00:12:38,090
four-hour shift.

348
00:12:39,090 --> 00:12:41,950
So you're talking, you know, $4,800 a

349
00:12:41,950 --> 00:12:44,030
month, you know, for one shift of care.

350
00:12:44,610 --> 00:12:46,910
And then, if you need someone to put

351
00:12:46,910 --> 00:12:48,610
you back to bed at night, you know,

352
00:12:48,630 --> 00:12:49,850
you're over $9,000.

353
00:12:50,510 --> 00:12:52,630
You need someone to help you 15 minutes

354
00:12:52,630 --> 00:12:54,430
in the middle of the night, you're talking

355
00:12:54,430 --> 00:12:55,250
an eight-hour shift.

356
00:12:55,750 --> 00:12:57,770
You know, so if you needed morning, evening,

357
00:12:57,990 --> 00:12:59,650
and 15 minutes in the night, you're talking

358
00:12:59,650 --> 00:13:01,310
$18,000 a month.

359
00:13:01,390 --> 00:13:02,730
That's not even 24-hour caregiving.

360
00:13:03,990 --> 00:13:07,290
So people then transition into assisted livings.

361
00:13:07,370 --> 00:13:09,110
And assisted livings have gotten so much more

362
00:13:09,110 --> 00:13:09,430
expensive.

363
00:13:09,590 --> 00:13:10,970
You know, a really nice assisted living in

364
00:13:10,970 --> 00:13:13,450
Massachusetts runs about, you know, $8,000 on

365
00:13:13,450 --> 00:13:13,850
average.

366
00:13:14,270 --> 00:13:15,630
They can be up to $10,000 or

367
00:13:15,630 --> 00:13:17,610
$12,000 just for a traditional assisted living.

368
00:13:18,270 --> 00:13:20,170
And dementia units are much higher.

369
00:13:20,370 --> 00:13:22,410
I mean, I have clients in $14,000

370
00:13:22,410 --> 00:13:24,310
a month assisted livings for dementia.

371
00:13:25,290 --> 00:13:27,330
And that's not the be-all and end

372
00:13:27,330 --> 00:13:28,450
-all of long-term care.

373
00:13:28,830 --> 00:13:30,210
Now, if you're the kind of person who

374
00:13:30,210 --> 00:13:32,250
likes to get up at, you know, 7

375
00:13:32,250 --> 00:13:34,290
.30 in the morning, be showered before you

376
00:13:34,290 --> 00:13:36,230
go down to breakfast, you'll be hiring a

377
00:13:36,230 --> 00:13:39,850
private aide to subsidize the care and the

378
00:13:39,850 --> 00:13:40,390
assisted living.

379
00:13:40,490 --> 00:13:42,490
Because the assisted living's busiest time is getting

380
00:13:42,490 --> 00:13:43,830
people ready in the morning to get down

381
00:13:43,830 --> 00:13:45,510
to breakfast, getting people ready for lunch, getting

382
00:13:45,510 --> 00:13:46,210
people ready for dinner.

383
00:13:46,610 --> 00:13:49,070
So the showers are typically, you know, between

384
00:13:49,070 --> 00:13:50,230
9.30 and 11.

385
00:13:50,690 --> 00:13:54,590
And, you know, 12.30 and 4 o

386
00:13:54,590 --> 00:13:55,090
'clock, right?

387
00:13:55,110 --> 00:13:57,970
So they're in these off-peak times that

388
00:13:57,970 --> 00:13:58,990
people are getting their showers.

389
00:13:59,130 --> 00:14:02,170
So for people who don't eat breakfast or

390
00:14:02,170 --> 00:14:04,330
like to get up late, you know, that's

391
00:14:04,330 --> 00:14:05,210
not as much of a problem.

392
00:14:05,270 --> 00:14:07,010
But for those who are, you know, eager

393
00:14:07,010 --> 00:14:08,910
beakers in the morning and want to get

394
00:14:08,910 --> 00:14:12,270
up, they'll be hiring an additional caregiver to

395
00:14:12,270 --> 00:14:12,970
the assisted living.

396
00:14:13,210 --> 00:14:14,770
So you can see how the cost of

397
00:14:14,770 --> 00:14:19,310
care is much higher than most people will

398
00:14:19,310 --> 00:14:19,770
predict.

399
00:14:22,420 --> 00:14:23,660
Yeah, definitely.

400
00:14:24,200 --> 00:14:25,960
The cost is a big part of it

401
00:14:25,960 --> 00:14:27,500
that we're, you know, trying to model when

402
00:14:27,500 --> 00:14:28,480
we do the stress testing.

403
00:14:28,620 --> 00:14:30,860
You know, we look at some of the

404
00:14:30,860 --> 00:14:32,420
Genworth studies of the area.

405
00:14:32,680 --> 00:14:34,280
And for example, Cape Cod, you might have

406
00:14:34,280 --> 00:14:36,500
more updated numbers than us, but we use

407
00:14:36,500 --> 00:14:40,680
about $180,000 a year for nursing home

408
00:14:40,680 --> 00:14:42,600
coverage on Cape Cod.

409
00:14:43,500 --> 00:14:47,240
And anyway, obviously a huge expense.

410
00:14:47,460 --> 00:14:49,400
I think a lot of people do get

411
00:14:49,400 --> 00:14:51,900
a little bit overwhelmed by the amount of

412
00:14:51,900 --> 00:14:53,720
options when it comes to long-term care

413
00:14:53,720 --> 00:14:54,060
insurance.

414
00:14:54,220 --> 00:14:55,720
And we were talking about it just before

415
00:14:55,720 --> 00:14:57,740
the show that there are a lot more

416
00:14:57,740 --> 00:14:59,380
options now that there might've been in the

417
00:14:59,380 --> 00:14:59,700
past.

418
00:15:00,020 --> 00:15:02,180
So can you walk us through some of

419
00:15:02,180 --> 00:15:03,940
those that you work with, whether it be

420
00:15:03,940 --> 00:15:06,700
the traditional long-term care insurance or hybrid

421
00:15:06,700 --> 00:15:07,300
solutions?

422
00:15:08,200 --> 00:15:08,780
Sure, sure.

423
00:15:08,980 --> 00:15:10,300
And before I do that, I think it's

424
00:15:10,300 --> 00:15:12,340
important to talk about the duration of care.

425
00:15:12,580 --> 00:15:13,580
So we have the expense.

426
00:15:13,680 --> 00:15:14,940
Let's talk a little more about duration.

427
00:15:15,540 --> 00:15:17,240
So we can talk about averages of long

428
00:15:17,240 --> 00:15:19,280
-term care about 3.7 years, but the

429
00:15:19,280 --> 00:15:21,980
reality is that that number means nothing because

430
00:15:21,980 --> 00:15:24,180
long-term care is a U-shaped curve

431
00:15:24,180 --> 00:15:26,000
as opposed to a bell-shaped curve, right?

432
00:15:26,260 --> 00:15:27,980
So what happens is, and it makes a

433
00:15:27,980 --> 00:15:29,660
lot of sense, people who need care are

434
00:15:29,660 --> 00:15:31,680
either very sick, they enter into care, 40

435
00:15:31,680 --> 00:15:34,000
% of them have died within the first

436
00:15:34,000 --> 00:15:34,460
three years.

437
00:15:35,440 --> 00:15:37,080
And then it sort of stays low.

438
00:15:37,240 --> 00:15:39,500
And then those people who make past that

439
00:15:39,500 --> 00:15:42,500
period of time keep on going, keep on

440
00:15:42,500 --> 00:15:43,420
going, keep on going.

441
00:15:43,620 --> 00:15:45,980
And 16% of people will use five

442
00:15:45,980 --> 00:15:46,920
years or more.

443
00:15:48,280 --> 00:15:50,460
I think I mentioned my mom, in her

444
00:15:50,460 --> 00:15:51,280
ninth year of care.

445
00:15:51,300 --> 00:15:51,980
Ninth year, yeah.

446
00:15:52,400 --> 00:15:54,420
And if you had asked me on day

447
00:15:54,420 --> 00:15:56,180
one, I would have guessed two years and

448
00:15:56,180 --> 00:15:57,180
if we were really lucky, three.

449
00:15:57,760 --> 00:15:59,100
And if you asked me again, I would

450
00:15:59,100 --> 00:16:01,100
have said two years and if we're really

451
00:16:01,100 --> 00:16:01,480
lucky, three.

452
00:16:01,520 --> 00:16:02,520
And after six years, I was like, who

453
00:16:02,520 --> 00:16:03,420
knows, right?

454
00:16:03,480 --> 00:16:04,680
Who knows, right?

455
00:16:05,640 --> 00:16:06,780
And my dad is 98.

456
00:16:06,860 --> 00:16:08,780
He went into claim at 96 and he

457
00:16:08,780 --> 00:16:11,160
has committed to make it to make it

458
00:16:11,160 --> 00:16:11,540
to 100.

459
00:16:11,760 --> 00:16:14,240
So that was four years of care minimum

460
00:16:14,240 --> 00:16:16,760
because he's a very committed type guy like

461
00:16:16,760 --> 00:16:16,980
that.

462
00:16:17,440 --> 00:16:20,820
So you don't know whether you start young

463
00:16:20,820 --> 00:16:23,000
or you start old, how long people actually

464
00:16:23,000 --> 00:16:23,880
go into need care.

465
00:16:24,340 --> 00:16:26,580
And so when we look at policies, we

466
00:16:26,580 --> 00:16:28,840
look at the availability of funds.

467
00:16:28,960 --> 00:16:31,840
So people who don't have a lot to

468
00:16:31,840 --> 00:16:34,380
put into a long-term care policy, smaller

469
00:16:34,380 --> 00:16:36,480
policies still have tremendous value.

470
00:16:36,940 --> 00:16:39,640
Small policies are done best with traditional policies.

471
00:16:40,080 --> 00:16:41,300
They're tightly underwritten.

472
00:16:42,180 --> 00:16:44,640
In Massachusetts, we have the MassHealth Lean Law,

473
00:16:45,080 --> 00:16:47,580
which protects over a million dollars in a

474
00:16:47,580 --> 00:16:48,220
primary home.

475
00:16:49,160 --> 00:16:51,660
And in other states, we have Partnership, which

476
00:16:51,660 --> 00:16:56,220
protects dollar that you receive in your benefits.

477
00:16:56,980 --> 00:16:59,680
And so small policies really help those people

478
00:16:59,680 --> 00:17:02,620
who need a lot of money and we

479
00:17:02,620 --> 00:17:04,319
do a short period of time so that

480
00:17:04,319 --> 00:17:06,920
they can co-fund every part of that

481
00:17:06,920 --> 00:17:07,740
long-term care policy.

482
00:17:07,859 --> 00:17:09,579
There's no sense in having a long policy

483
00:17:09,579 --> 00:17:11,579
and finding out they run out after the

484
00:17:11,579 --> 00:17:13,460
third year in supplementing.

485
00:17:14,020 --> 00:17:15,960
So Linda, just to clarify for the people

486
00:17:15,960 --> 00:17:18,420
who may not have much experience in this,

487
00:17:18,740 --> 00:17:20,839
in Massachusetts, as you indicated, if you have

488
00:17:20,839 --> 00:17:27,980
a qualifying long-term care policy, your primary

489
00:17:27,980 --> 00:17:31,420
residence will not be automatically leaned to secure

490
00:17:31,420 --> 00:17:32,860
the funds if you had to go on

491
00:17:32,860 --> 00:17:33,200
Medicaid.

492
00:17:34,340 --> 00:17:34,860
Yeah.

493
00:17:34,960 --> 00:17:35,840
So clarify that.

494
00:17:35,920 --> 00:17:37,300
Your house can still have a lien upon

495
00:17:37,300 --> 00:17:39,800
it, but upon the death of the person

496
00:17:39,800 --> 00:17:44,760
in claim, the funds will not be recovered.

497
00:17:44,900 --> 00:17:46,360
The lien is removed and the home is

498
00:17:46,360 --> 00:17:47,200
returned to the estate.

499
00:17:47,780 --> 00:17:48,040
Okay.

500
00:17:48,160 --> 00:17:48,560
Thank you.

501
00:17:48,820 --> 00:17:51,740
And typically, I think when people have maybe

502
00:17:51,740 --> 00:17:54,940
heard about long-term care traditional policies, they

503
00:17:54,940 --> 00:17:59,360
say three years or $300,000 or whatever

504
00:17:59,360 --> 00:18:00,340
the number is, right?

505
00:18:01,060 --> 00:18:02,900
And so go ahead.

506
00:18:03,040 --> 00:18:03,160
Yes.

507
00:18:03,460 --> 00:18:06,780
So I usually start off, so if we're

508
00:18:06,780 --> 00:18:09,160
looking at a minimum long-term care policy

509
00:18:09,160 --> 00:18:12,140
to meet MassHealth lien is just $125 a

510
00:18:12,140 --> 00:18:12,940
day.

511
00:18:13,300 --> 00:18:17,060
So they're in $10 increments, so $130 a

512
00:18:17,060 --> 00:18:19,760
day would get someone to that MassHealth lien

513
00:18:19,760 --> 00:18:21,900
protection, put a little inflation protection on it

514
00:18:21,900 --> 00:18:23,720
so that it can have some real value

515
00:18:23,720 --> 00:18:25,900
going out in addition to protecting their home.

516
00:18:26,120 --> 00:18:27,760
And then we go up from there based

517
00:18:27,760 --> 00:18:29,560
on that premium and affordability.

518
00:18:30,720 --> 00:18:32,300
Once they get to about $5,000 or

519
00:18:32,300 --> 00:18:35,280
$6,000 a month in benefit, then I

520
00:18:35,280 --> 00:18:38,380
start to enhance to three years, four years,

521
00:18:38,480 --> 00:18:42,500
five years, depending on their, again, on their

522
00:18:42,500 --> 00:18:44,120
wealth and their ability to co-fund these

523
00:18:44,120 --> 00:18:45,720
policies for the full cost of care.

524
00:18:46,560 --> 00:18:49,620
But the wealthier population, I usually start at

525
00:18:49,620 --> 00:18:51,520
six years and go up from there.

526
00:18:51,520 --> 00:18:55,780
Uh, couples, I love shared policies, uh, and

527
00:18:55,780 --> 00:18:57,580
there are two different ways to share policies.

528
00:18:57,700 --> 00:19:00,280
For example, a couple of each could have

529
00:19:00,280 --> 00:19:02,540
four years of coverage and they could share

530
00:19:02,540 --> 00:19:04,720
each other's where one could use eight and

531
00:19:04,720 --> 00:19:06,440
there would be nothing left for the healthy

532
00:19:06,440 --> 00:19:08,600
spouse, but it's a great way to protect

533
00:19:08,600 --> 00:19:10,040
the estate for the healthy spouse.

534
00:19:10,560 --> 00:19:12,540
And if the first spouse doesn't use any

535
00:19:12,540 --> 00:19:14,580
care, it's all left for the, for the

536
00:19:14,580 --> 00:19:16,680
other spouse and protects the estate for, for

537
00:19:16,680 --> 00:19:19,100
whatever, whoever else would be their heirs or

538
00:19:19,100 --> 00:19:19,520
beneficiaries.

539
00:19:20,820 --> 00:19:24,560
And, um, and then we have, uh, shared

540
00:19:24,560 --> 00:19:26,200
policies that actually have an extra pool of

541
00:19:26,200 --> 00:19:28,140
money so that each of them would say

542
00:19:28,140 --> 00:19:28,900
have four years.

543
00:19:28,980 --> 00:19:30,180
And then there's a four year pool where

544
00:19:30,180 --> 00:19:32,340
one could use eight and there's still four

545
00:19:32,340 --> 00:19:33,760
for the healthy spouse.

546
00:19:33,880 --> 00:19:36,360
And these are the strongest leverage policies out

547
00:19:36,360 --> 00:19:36,960
in the marketplace.

548
00:19:37,580 --> 00:19:40,600
So, um, in terms of policies, there's basically

549
00:19:40,600 --> 00:19:42,380
three ways to fund long-term care.

550
00:19:42,460 --> 00:19:45,160
There's traditional, which is generally use it or

551
00:19:45,160 --> 00:19:45,540
lose it.

552
00:19:45,920 --> 00:19:48,920
They are most cost-effectively paid for via

553
00:19:48,920 --> 00:19:50,220
an annual premium.

554
00:19:51,220 --> 00:19:53,060
And you know, that you pay until you

555
00:19:53,060 --> 00:19:53,860
enter into claim.

556
00:19:54,540 --> 00:19:56,980
A hybrid, which is a combination of a

557
00:19:56,980 --> 00:19:59,840
life insurance long-term care policy or annuity

558
00:19:59,840 --> 00:20:01,040
long-term care policy.

559
00:20:01,380 --> 00:20:05,820
And those have inflation throughout the entire policy.

560
00:20:06,040 --> 00:20:08,920
And it's really seamless to the client that

561
00:20:08,920 --> 00:20:12,220
it is life and long-term care and

562
00:20:12,220 --> 00:20:16,880
the return of, um, premium is basically a

563
00:20:16,880 --> 00:20:20,240
death benefit that is right around the cost

564
00:20:20,240 --> 00:20:20,840
of the premium.

565
00:20:21,340 --> 00:20:23,280
And, and that would be left to the

566
00:20:23,280 --> 00:20:25,800
heirs if that person never needed them, needed

567
00:20:25,800 --> 00:20:26,740
the, the policy.

568
00:20:26,960 --> 00:20:29,120
So basically for every dollar you receiving claims

569
00:20:29,120 --> 00:20:30,240
comes off the death benefit.

570
00:20:30,320 --> 00:20:32,180
And many of these policies have a residual

571
00:20:32,180 --> 00:20:34,220
death benefit from five to 20%.

572
00:20:34,220 --> 00:20:37,280
So those are designed to deal with the

573
00:20:37,280 --> 00:20:41,180
hesitancy about, I'll never going to use this.

574
00:20:41,220 --> 00:20:42,340
I'm going to lose all this money.

575
00:20:42,420 --> 00:20:45,300
Why should I, why should I do it?

576
00:20:45,460 --> 00:20:45,560
Right.

577
00:20:45,840 --> 00:20:46,140
Exactly.

578
00:20:46,360 --> 00:20:48,180
So one of the things that these policies

579
00:20:48,180 --> 00:20:50,660
does is it checks off the boxes on

580
00:20:50,660 --> 00:20:52,460
the win-win scenario, right?

581
00:20:52,540 --> 00:20:54,740
So obviously if you need long-term care

582
00:20:54,740 --> 00:20:56,140
and you have a long-term care policy,

583
00:20:56,300 --> 00:20:57,680
that's a win, right?

584
00:20:57,940 --> 00:20:59,400
Because you've leveraged your money.

585
00:20:59,520 --> 00:21:00,620
You have many more choices.

586
00:21:00,880 --> 00:21:02,820
It's a feel good in a really feel

587
00:21:02,820 --> 00:21:03,740
bad situation.

588
00:21:04,360 --> 00:21:07,700
Now, um, because of that return of premium,

589
00:21:07,940 --> 00:21:10,260
if you purchase a policy and you never

590
00:21:10,260 --> 00:21:13,480
use it, your estate that would have supplemented

591
00:21:13,480 --> 00:21:15,560
that long-term care policy has been protected

592
00:21:15,560 --> 00:21:16,580
by your good health.

593
00:21:16,880 --> 00:21:17,680
So that's a win.

594
00:21:18,040 --> 00:21:20,900
And then the kids or your beneficiaries also

595
00:21:20,900 --> 00:21:21,580
get a death benefit.

596
00:21:21,660 --> 00:21:22,600
So it's another win.

597
00:21:22,680 --> 00:21:24,920
So it's another feel good, whether you use

598
00:21:24,920 --> 00:21:26,840
long-term care or not, it's a win

599
00:21:26,840 --> 00:21:28,660
for the family, right?

600
00:21:28,780 --> 00:21:31,100
So that's, you know, makes it much, much,

601
00:21:31,180 --> 00:21:33,460
much easier to make that decision, especially knowing

602
00:21:33,460 --> 00:21:35,460
that if you don't have long-term care

603
00:21:35,460 --> 00:21:38,220
insurance and you enter into claim, it is

604
00:21:38,220 --> 00:21:40,260
an immediate panic on the side of the

605
00:21:40,260 --> 00:21:42,200
family, which is, we don't know how much,

606
00:21:42,320 --> 00:21:43,460
and we don't know how long this is

607
00:21:43,460 --> 00:21:43,980
going to cost.

608
00:21:44,180 --> 00:21:46,560
And how do we start managing and trying

609
00:21:46,560 --> 00:21:49,180
to figure out how much we should allocate

610
00:21:49,180 --> 00:21:50,020
along the way?

611
00:21:51,100 --> 00:21:51,460
Absolutely.

612
00:21:53,560 --> 00:21:55,180
So, um, the other question you had was,

613
00:21:55,260 --> 00:21:56,820
uh, all the policies that are out there.

614
00:21:56,880 --> 00:21:57,540
So there's the hybrid.

615
00:21:57,700 --> 00:21:58,720
And then I also want to mention there's

616
00:21:58,720 --> 00:22:00,420
a life with a long-term care rider

617
00:22:00,420 --> 00:22:02,180
and you, and a lot of people are

618
00:22:02,180 --> 00:22:03,780
going to start seeing this in their worksite.

619
00:22:04,580 --> 00:22:07,540
Um, and these policies have great value for

620
00:22:07,540 --> 00:22:10,260
people who don't have good health because they're

621
00:22:10,260 --> 00:22:12,440
guaranteed underwritten in the worksite.

622
00:22:12,840 --> 00:22:14,340
So great products to have.

623
00:22:15,220 --> 00:22:17,320
And, um, and they're also especially good for

624
00:22:17,320 --> 00:22:19,720
the younger population who needs life insurance.

625
00:22:19,940 --> 00:22:23,060
And, and once they reach 70, the, the,

626
00:22:23,080 --> 00:22:26,200
uh, the death benefit decreases to about 30%,

627
00:22:26,200 --> 00:22:27,700
but they kept to keep the long-term

628
00:22:27,700 --> 00:22:28,280
care benefit.

629
00:22:28,560 --> 00:22:31,100
Now there's no inflation on these policies and

630
00:22:31,100 --> 00:22:33,620
the older you get, the more competitive a

631
00:22:33,620 --> 00:22:35,520
traditional policy would be.

632
00:22:36,000 --> 00:22:38,600
And, and hybrid policies would be to these

633
00:22:38,600 --> 00:22:39,420
types of policies.

634
00:22:39,580 --> 00:22:41,040
So I always say, whenever you're in a

635
00:22:41,040 --> 00:22:43,420
worksite, you got offered a product, make sure

636
00:22:43,420 --> 00:22:46,560
you do a comparison, uh, with the general

637
00:22:46,560 --> 00:22:48,740
marketplace to make sure that you're making the

638
00:22:48,740 --> 00:22:49,240
right decision.

639
00:22:49,300 --> 00:22:49,740
Right.

640
00:22:50,360 --> 00:22:50,640
Okay.

641
00:22:50,860 --> 00:22:51,140
Great.

642
00:22:51,740 --> 00:22:53,420
Uh, and, and I'm just thinking at high

643
00:22:53,420 --> 00:22:55,040
level, we didn't touch on it yet, but,

644
00:22:55,080 --> 00:22:56,700
uh, what does it, you know, what are

645
00:22:56,700 --> 00:22:59,120
the requirements to, to qualify for a long

646
00:22:59,120 --> 00:23:00,620
-term care, uh, claim?

647
00:23:01,700 --> 00:23:02,100
Okay, good.

648
00:23:02,180 --> 00:23:05,760
So traditional policies are the most strictly underwritten.

649
00:23:05,840 --> 00:23:09,140
And so the, basically insurance companies all across

650
00:23:09,140 --> 00:23:11,140
the board are generally looking for stability.

651
00:23:11,640 --> 00:23:13,620
So, um, you know, they don't worry about

652
00:23:13,620 --> 00:23:15,340
high blood pressure as long as it's stable

653
00:23:15,340 --> 00:23:16,460
and you're managing your meds.

654
00:23:16,540 --> 00:23:18,540
They don't like meds going up and down.

655
00:23:18,620 --> 00:23:20,520
They don't like new diagnoses.

656
00:23:21,060 --> 00:23:23,500
Um, they want to ensure things that they

657
00:23:23,500 --> 00:23:24,080
understand.

658
00:23:24,560 --> 00:23:27,860
So, uh, COVID for example, is a scary

659
00:23:27,860 --> 00:23:29,100
thing to insurance companies.

660
00:23:29,320 --> 00:23:32,680
So when people have, uh, uh, you know,

661
00:23:32,720 --> 00:23:37,420
long COVID, uh, it's very difficult to, and

662
00:23:37,420 --> 00:23:39,060
actually I'm working with that right now.

663
00:23:39,160 --> 00:23:42,760
I have two companies that will insure long

664
00:23:42,760 --> 00:23:43,700
COVID, right?

665
00:23:43,760 --> 00:23:45,700
That's it because they just don't know enough

666
00:23:45,700 --> 00:23:46,680
about it and makes them nervous.

667
00:23:47,040 --> 00:23:49,260
Maybe 10 years from now, they'll feel more

668
00:23:49,260 --> 00:23:49,640
comfortable.

669
00:23:50,240 --> 00:23:50,520
Lyme disease.

670
00:23:50,640 --> 00:23:53,240
Another one is another one that that's really

671
00:23:53,240 --> 00:23:53,540
tough.

672
00:23:53,600 --> 00:23:55,700
You have long Lyme, uh, with all those

673
00:23:55,700 --> 00:23:58,140
extra symptoms, very difficult to get underwritten.

674
00:23:58,500 --> 00:24:00,020
The good news is that we do have

675
00:24:00,020 --> 00:24:03,420
products now that have simplified and even guaranteed

676
00:24:03,420 --> 00:24:07,000
underwriting so that everybody has an opportunity for

677
00:24:07,000 --> 00:24:07,460
something.

678
00:24:07,620 --> 00:24:09,860
It's just a question of, of what and

679
00:24:09,860 --> 00:24:10,420
how much.

680
00:24:11,640 --> 00:24:12,480
Yeah, that's great.

681
00:24:12,980 --> 00:24:15,960
And, and what about, uh, you know, as,

682
00:24:16,100 --> 00:24:18,720
as you age, like what would qualify you

683
00:24:18,720 --> 00:24:20,500
for, for getting that coverage?

684
00:24:20,720 --> 00:24:21,280
Oh, I see.

685
00:24:21,640 --> 00:24:23,480
That was, that was another question I had.

686
00:24:23,480 --> 00:24:24,620
So I got it back.

687
00:24:24,700 --> 00:24:24,800
Yeah.

688
00:24:24,820 --> 00:24:26,480
I was thinking about qualified from underwriting and

689
00:24:26,480 --> 00:24:27,520
qualified for claim.

690
00:24:27,980 --> 00:24:30,480
So, um, all the longterm care policies are

691
00:24:30,480 --> 00:24:32,860
the same, which is when you need help

692
00:24:32,860 --> 00:24:35,160
in two out of six daily living skills.

693
00:24:35,240 --> 00:24:36,920
So those two out of six are bathing,

694
00:24:37,460 --> 00:24:42,500
dressing, toileting, continence, transferring, which means like moving

695
00:24:42,500 --> 00:24:45,080
from a bed to a chair, um, or,

696
00:24:45,080 --> 00:24:47,320
uh, uh, feeding oneself.

697
00:24:47,340 --> 00:24:49,480
And that's from the table to your mouth.

698
00:24:49,560 --> 00:24:51,020
It's not preparing food.

699
00:24:51,060 --> 00:24:53,120
So it's typically when you have tremors like

700
00:24:53,120 --> 00:24:55,260
Parkinson's or if you're on a feeding tube,

701
00:24:55,340 --> 00:24:57,800
that that would go into play or a

702
00:24:57,800 --> 00:25:01,260
cognitive impairment, uh, such that you need substantial

703
00:25:01,260 --> 00:25:01,780
supervision.

704
00:25:01,780 --> 00:25:04,140
So it's not when you need somebody organizing

705
00:25:04,140 --> 00:25:07,940
your schedule, um, it's, or can't drive it's

706
00:25:07,940 --> 00:25:09,880
when you don't want to leave someone alone

707
00:25:09,880 --> 00:25:10,200
in the house.

708
00:25:10,240 --> 00:25:11,460
Cause you don't know what they're going to

709
00:25:11,460 --> 00:25:12,020
do, right?

710
00:25:12,040 --> 00:25:13,380
They could leave the stove on.

711
00:25:13,780 --> 00:25:14,960
Um, you don't know if they're going to

712
00:25:14,960 --> 00:25:16,400
shower and if they shower, if they're just

713
00:25:16,400 --> 00:25:18,660
going to put their clothes back on, um,

714
00:25:18,960 --> 00:25:20,320
you know, those types of things.

715
00:25:20,400 --> 00:25:22,240
Now, while it seems like those are very

716
00:25:22,240 --> 00:25:25,300
high bars and they are high bars, 30

717
00:25:25,300 --> 00:25:27,640
% of people will use their longterm care

718
00:25:27,640 --> 00:25:30,260
policies, even with a 90 day elimination period.

719
00:25:30,740 --> 00:25:33,320
And 50% of people will use their

720
00:25:33,320 --> 00:25:35,640
policies with a zero day elimination period.

721
00:25:35,840 --> 00:25:39,380
So still very, very high utilization of longterm

722
00:25:39,380 --> 00:25:39,680
care.

723
00:25:39,980 --> 00:25:43,400
And here's the catch 22, the longer you

724
00:25:43,400 --> 00:25:45,580
live, the greater the risk of dementia.

725
00:25:46,720 --> 00:25:46,820
Sure.

726
00:25:47,060 --> 00:25:48,600
So it's the catch 22, you know, you're

727
00:25:48,600 --> 00:25:49,760
healthy, you're feeling good.

728
00:25:49,880 --> 00:25:52,180
You feel like, you know, why would I

729
00:25:52,180 --> 00:25:53,520
ever need longterm care?

730
00:25:53,680 --> 00:25:54,500
I am so healthy.

731
00:25:54,580 --> 00:25:55,420
I do everything right.

732
00:25:55,540 --> 00:25:57,400
But unfortunately that brings you into very old

733
00:25:57,400 --> 00:25:59,960
age and very old age itself is what

734
00:25:59,960 --> 00:26:01,520
often brings people into claim.

735
00:26:02,800 --> 00:26:05,220
Linda, one of the objections that we traditionally

736
00:26:05,220 --> 00:26:08,400
hear from people who were talking about the

737
00:26:08,400 --> 00:26:11,140
likelihood of a longterm care policy being helpful

738
00:26:11,140 --> 00:26:13,380
to their plans and to reach their goals

739
00:26:14,160 --> 00:26:16,100
is the premiums.

740
00:26:16,880 --> 00:26:18,520
It's not a steady premium, right?

741
00:26:18,580 --> 00:26:21,900
So you're not saying your premium is $3

742
00:26:21,900 --> 00:26:23,060
,000 a year.

743
00:26:23,720 --> 00:26:26,700
The premium is not fixed for most, if

744
00:26:26,700 --> 00:26:29,140
most, if not all policies, is that correct?

745
00:26:29,220 --> 00:26:31,300
And there was a period where there was

746
00:26:31,300 --> 00:26:34,300
some premium increases that were maybe higher than

747
00:26:34,300 --> 00:26:35,000
people had thought.

748
00:26:35,700 --> 00:26:38,940
So there are policies that do have guaranteed

749
00:26:38,940 --> 00:26:39,580
premiums.

750
00:26:39,620 --> 00:26:42,680
So all of the hybrid policies are guaranteed

751
00:26:42,680 --> 00:26:43,940
premiums.

752
00:26:44,300 --> 00:26:47,220
And it's important to understand what caused those

753
00:26:47,220 --> 00:26:47,860
rate increases.

754
00:26:48,240 --> 00:26:52,520
Those earlier policies were grossly underpriced.

755
00:26:52,900 --> 00:26:54,560
I have one of those older policies.

756
00:26:54,680 --> 00:26:56,540
And if I get a 400% rate

757
00:26:56,540 --> 00:26:58,740
increase over my lifetime, it's still a good

758
00:26:58,740 --> 00:26:58,980
deal.

759
00:26:59,260 --> 00:27:03,340
I mean, that's how significantly underpriced those early

760
00:27:03,340 --> 00:27:04,680
policies were.

761
00:27:05,080 --> 00:27:07,080
And it was, and so it's actually important

762
00:27:07,080 --> 00:27:11,640
that those increases take place so that the

763
00:27:11,640 --> 00:27:13,920
companies will be able to be there to

764
00:27:13,920 --> 00:27:15,580
be able to pay out those claims when

765
00:27:15,580 --> 00:27:16,400
people go into claim.

766
00:27:17,520 --> 00:27:19,780
And what I try to help people understand

767
00:27:19,780 --> 00:27:21,500
when they do get rate increases is to

768
00:27:21,500 --> 00:27:23,920
not look at the absolute dollar amount, but

769
00:27:23,920 --> 00:27:26,340
look at the relative value, right?

770
00:27:26,400 --> 00:27:28,640
And they were so smart to have purchased

771
00:27:28,640 --> 00:27:29,360
it when they did.

772
00:27:29,580 --> 00:27:31,520
And even if they have to lower their

773
00:27:31,520 --> 00:27:34,340
values a little bit, the cost benefit of

774
00:27:34,340 --> 00:27:35,680
these are incredible.

775
00:27:35,820 --> 00:27:38,580
And we used to cover the total cost

776
00:27:38,580 --> 00:27:39,000
of care.

777
00:27:39,340 --> 00:27:41,440
I mean, you know, with, you know, $200

778
00:27:41,440 --> 00:27:45,180
a day, 5% compound inflation and unlimited

779
00:27:45,180 --> 00:27:45,760
benefits.

780
00:27:45,880 --> 00:27:47,520
I mean, crazy, right?

781
00:27:47,820 --> 00:27:49,520
You know, so now we're doing, you know,

782
00:27:49,540 --> 00:27:51,800
we look at, I try to have at

783
00:27:51,800 --> 00:27:54,180
least four hours of home care covered.

784
00:27:54,880 --> 00:27:56,520
So if somebody says, you know, I expect

785
00:27:56,520 --> 00:27:58,480
to live till, you know, I would go

786
00:27:58,480 --> 00:27:59,500
into claim about 85.

787
00:27:59,680 --> 00:28:01,200
Some might say 80, some might say 90.

788
00:28:01,340 --> 00:28:03,760
We pick an age, we do the projections,

789
00:28:03,760 --> 00:28:05,520
and we say, we'd want to know that

790
00:28:05,520 --> 00:28:06,740
you could cover at least four hours of

791
00:28:06,740 --> 00:28:07,080
home care.

792
00:28:07,300 --> 00:28:07,580
Why?

793
00:28:07,740 --> 00:28:10,720
Because this makes it easy for everybody.

794
00:28:10,880 --> 00:28:13,060
So when you first need care, you bring

795
00:28:13,060 --> 00:28:14,580
in that first four hours, because if you

796
00:28:14,580 --> 00:28:16,440
don't have long-term care insurance, what happens

797
00:28:16,440 --> 00:28:19,020
is you need one hour, one and a

798
00:28:19,020 --> 00:28:19,720
half hours of care.

799
00:28:19,840 --> 00:28:21,340
And then you find out that you have

800
00:28:21,340 --> 00:28:24,560
to spend $160 for, you know, that one

801
00:28:24,560 --> 00:28:24,780
and a half.

802
00:28:24,980 --> 00:28:26,380
And then families say, well, we'll just do

803
00:28:26,380 --> 00:28:26,820
it ourselves.

804
00:28:26,960 --> 00:28:28,800
And that is the beginning to the end,

805
00:28:28,840 --> 00:28:29,320
right?

806
00:28:29,400 --> 00:28:31,120
It's just overwhelming to families.

807
00:28:31,220 --> 00:28:34,060
So to have that four hours covered, magical.

808
00:28:35,100 --> 00:28:37,440
And that four hours isn't just for home

809
00:28:37,440 --> 00:28:37,640
care.

810
00:28:37,900 --> 00:28:39,880
It's for when you visit your children or

811
00:28:39,880 --> 00:28:40,620
visit friends.

812
00:28:40,980 --> 00:28:42,600
You can stay at a friend's house and

813
00:28:42,600 --> 00:28:45,120
bring your caregiver, so to speak, with you.

814
00:28:45,620 --> 00:28:49,580
So you're never a burden to anyone that

815
00:28:49,580 --> 00:28:50,440
you're visiting.

816
00:28:50,780 --> 00:28:52,640
You can go to weddings, you can go

817
00:28:52,640 --> 00:28:55,320
to, you know, graduations, and you bring your

818
00:28:55,320 --> 00:28:56,840
caregiver, you know, once again.

819
00:28:56,940 --> 00:28:58,800
So this is, you know, people think about

820
00:28:58,800 --> 00:29:00,440
that once you need care, it's all over.

821
00:29:00,500 --> 00:29:01,140
It's not true.

822
00:29:01,200 --> 00:29:02,640
I travel with my parents all the time.

823
00:29:03,680 --> 00:29:05,400
And, you know, when we go to hotels,

824
00:29:05,760 --> 00:29:08,120
we have an aid, we call up the

825
00:29:08,120 --> 00:29:11,220
individual home care agencies in the different states

826
00:29:11,220 --> 00:29:13,880
that we visit, and have a caregiver come

827
00:29:13,880 --> 00:29:15,820
into the hotel and provide the care.

828
00:29:16,000 --> 00:29:18,060
And, you know, then you don't mind doing

829
00:29:18,060 --> 00:29:20,000
little things like a little helping with the

830
00:29:20,000 --> 00:29:22,160
toileting or going back to sleep because that

831
00:29:22,160 --> 00:29:24,040
major care in the morning is taken care

832
00:29:24,040 --> 00:29:24,220
of.

833
00:29:24,600 --> 00:29:26,040
So four hours of care is where I

834
00:29:26,040 --> 00:29:26,340
start.

835
00:29:26,540 --> 00:29:28,420
It's typically about half the cost of assisted

836
00:29:28,420 --> 00:29:28,760
living.

837
00:29:30,020 --> 00:29:32,700
So it makes sense as a good starting

838
00:29:32,700 --> 00:29:33,000
point.

839
00:29:33,080 --> 00:29:34,020
And then if we have to go a

840
00:29:34,020 --> 00:29:35,840
little lower, we'd do like three quarters of

841
00:29:35,840 --> 00:29:38,040
the cost of care because most people would

842
00:29:38,040 --> 00:29:39,920
have paid for that one hour anyways.

843
00:29:40,340 --> 00:29:41,880
So at least the other three hours are

844
00:29:41,880 --> 00:29:43,900
there to make it easy to accept that

845
00:29:43,900 --> 00:29:45,860
full four hours of benefit.

846
00:29:46,260 --> 00:29:48,860
This certainly isn't a financial issue, but I

847
00:29:48,860 --> 00:29:50,420
bring it up because it's my mom.

848
00:29:50,880 --> 00:29:54,420
She had home care for actually a billion

849
00:29:54,420 --> 00:29:55,960
back when she retired, she was a home

850
00:29:55,960 --> 00:29:59,200
health agent as a second as a post

851
00:29:59,200 --> 00:30:00,080
retirement job.

852
00:30:00,260 --> 00:30:01,300
So she did the work.

853
00:30:01,380 --> 00:30:03,620
And then later in life, when she was

854
00:30:03,620 --> 00:30:05,240
around 90, she needed home care.

855
00:30:06,880 --> 00:30:09,060
But the reason that she would tell us

856
00:30:09,060 --> 00:30:10,520
that she needed home care is she needed

857
00:30:10,520 --> 00:30:13,680
help and she didn't want her family providing

858
00:30:13,680 --> 00:30:15,880
her the type of help that she needed.

859
00:30:16,120 --> 00:30:16,560
Absolutely.

860
00:30:17,060 --> 00:30:18,100
You know, I don't want you to give

861
00:30:18,100 --> 00:30:18,980
me a bath, son.

862
00:30:19,240 --> 00:30:19,440
Right.

863
00:30:19,560 --> 00:30:21,600
And, you know, I don't want I would

864
00:30:21,600 --> 00:30:24,080
just want some helper, some companion to help

865
00:30:24,080 --> 00:30:25,300
me do the work.

866
00:30:25,400 --> 00:30:27,660
So it's more this this this issue is

867
00:30:27,660 --> 00:30:29,060
more than a financial issue.

868
00:30:29,320 --> 00:30:32,140
It's also, from my perspective, a quality of

869
00:30:32,140 --> 00:30:34,360
life to have the resources or the insurance

870
00:30:34,360 --> 00:30:36,820
that you can live a dignified life and

871
00:30:36,820 --> 00:30:40,360
not be that burden to I hate to

872
00:30:40,360 --> 00:30:41,440
use the word burden because a lot of

873
00:30:41,440 --> 00:30:42,960
people don't think of that, but be that

874
00:30:43,760 --> 00:30:45,460
need for the family to have to step

875
00:30:45,460 --> 00:30:48,220
in and do things that just, you know,

876
00:30:48,300 --> 00:30:50,540
better done by someone who's trained and someone

877
00:30:50,540 --> 00:30:52,860
who has the temperament and experience to do

878
00:30:52,860 --> 00:30:53,040
it.

879
00:30:53,620 --> 00:30:53,800
Yeah.

880
00:30:53,920 --> 00:30:55,440
And I think the other thing is that

881
00:30:55,440 --> 00:30:56,980
when you have a long term care policy,

882
00:30:57,280 --> 00:31:00,640
you're setting a direction to your children, right?

883
00:31:00,720 --> 00:31:04,620
You're telling them I've already prepaid for my

884
00:31:04,620 --> 00:31:05,100
caregiving.

885
00:31:05,880 --> 00:31:08,420
I do not want you I never intended

886
00:31:08,420 --> 00:31:09,480
for you to care for me.

887
00:31:09,900 --> 00:31:10,920
Here's the plan.

888
00:31:11,300 --> 00:31:12,460
So it's all set up for them.

889
00:31:12,720 --> 00:31:16,800
I have a gentleman who has like over

890
00:31:16,800 --> 00:31:19,960
thirty five million and he bought a long

891
00:31:19,960 --> 00:31:22,700
term care policy for himself and his wife

892
00:31:22,700 --> 00:31:25,700
because he wanted twenty four hour home care

893
00:31:25,700 --> 00:31:28,160
and he didn't want the family to have

894
00:31:28,160 --> 00:31:31,040
to think about what liquidate what to sell.

895
00:31:31,380 --> 00:31:32,560
He wanted to make it easy.

896
00:31:33,380 --> 00:31:36,500
And so, you know, people can spend, you

897
00:31:36,500 --> 00:31:40,060
know, you know, ninety thousand dollars a year

898
00:31:40,060 --> 00:31:41,440
on long term care if they have the

899
00:31:41,440 --> 00:31:42,640
money because it is value.

900
00:31:43,340 --> 00:31:46,160
So, you know, they just the more you

901
00:31:46,160 --> 00:31:48,000
have, the more you can spend, because when

902
00:31:48,000 --> 00:31:50,040
you have the money, it's a want and

903
00:31:50,040 --> 00:31:50,720
not a need.

904
00:31:50,840 --> 00:31:51,260
Right.

905
00:31:51,300 --> 00:31:52,840
So he wanted to make it easy on

906
00:31:52,840 --> 00:31:53,240
his children.

907
00:31:53,540 --> 00:31:55,260
He knew he could make it easy on

908
00:31:55,260 --> 00:31:55,620
his children.

909
00:31:55,620 --> 00:31:58,280
And so he's making it easy on his

910
00:31:58,280 --> 00:31:58,520
children.

911
00:31:58,820 --> 00:32:01,360
And oftentimes when people are in those higher

912
00:32:01,360 --> 00:32:04,240
wealth categories, they often can take more tax

913
00:32:04,240 --> 00:32:04,560
deductions.

914
00:32:04,760 --> 00:32:06,440
They may own businesses and they can take

915
00:32:06,440 --> 00:32:09,380
tax deductions on the premiums and the benefits

916
00:32:09,380 --> 00:32:12,080
are still tax free, regardless of whether or

917
00:32:12,080 --> 00:32:13,600
not you take the premiums as deductions.

918
00:32:14,260 --> 00:32:17,260
So we often talk to our clients when

919
00:32:17,260 --> 00:32:18,440
they're talking about legacy planning.

920
00:32:18,560 --> 00:32:20,900
We talk about a variety of subjects, whether

921
00:32:20,900 --> 00:32:23,680
it's state planning or long term care planning

922
00:32:23,680 --> 00:32:26,460
that, you know, although it's difficult to think

923
00:32:26,460 --> 00:32:29,220
about these topics as you get older, it's

924
00:32:29,220 --> 00:32:30,860
actually a gift that you're giving to your

925
00:32:30,860 --> 00:32:34,640
family to resolve these things and resolve these

926
00:32:34,640 --> 00:32:37,820
questions, resolve these care issues so that you're

927
00:32:37,820 --> 00:32:40,260
if the time comes, you're not having to

928
00:32:40,260 --> 00:32:43,160
have them rush around and have the stress

929
00:32:43,160 --> 00:32:46,000
and potential strife avoidance as well.

930
00:32:46,460 --> 00:32:48,280
So Linda, you're a great guest.

931
00:32:48,400 --> 00:32:49,640
Lots of information there.

932
00:32:50,080 --> 00:32:52,840
Can you give our listeners a website or

933
00:32:52,840 --> 00:32:54,120
a way if they want to follow up

934
00:32:54,120 --> 00:32:56,680
with you for questions, how they can reach

935
00:32:56,680 --> 00:32:57,200
out to you?

936
00:32:57,600 --> 00:32:57,700
Yeah.

937
00:32:57,820 --> 00:33:04,240
So my website is longlifeplanning.com and you

938
00:33:04,240 --> 00:33:08,920
can also email me at linda at longlifeplanning

939
00:33:08,920 --> 00:33:10,000
.com.

940
00:33:10,100 --> 00:33:10,460
Great.

941
00:33:10,580 --> 00:33:12,380
We'll put both of those in the show

942
00:33:12,380 --> 00:33:12,640
notes.

943
00:33:12,740 --> 00:33:14,300
So if you're listening and you didn't catch

944
00:33:14,300 --> 00:33:16,040
that, just open up the show notes and

945
00:33:16,040 --> 00:33:17,980
you'll see how to reach out to Linda.

946
00:33:18,100 --> 00:33:19,500
Linda, thank you for your time.

947
00:33:20,080 --> 00:33:21,360
Thanks for the work that you do.

948
00:33:21,880 --> 00:33:23,680
And Russ, thanks for co-hosting with me.

949
00:33:23,680 --> 00:33:24,480
Of course.

950
00:33:24,660 --> 00:33:27,820
Please tune in next week when we'll continue

951
00:33:27,820 --> 00:33:29,860
on with various financial planning topics.

952
00:33:30,020 --> 00:33:32,460
Until then, keep striving for something more.

953
00:33:33,840 --> 00:33:35,960
Thank you for listening to Something More with

954
00:33:35,960 --> 00:33:36,660
Chris Boyd.

955
00:33:37,000 --> 00:33:39,140
Call us for help, whether it's for financial

956
00:33:39,140 --> 00:33:43,060
planning or portfolio management, insurance concerns, or those

957
00:33:43,060 --> 00:33:45,100
quality of life issues that make the money

958
00:33:45,100 --> 00:33:46,200
matters matter.

959
00:33:46,540 --> 00:33:49,860
Whatever's on your mind, visit us at somethingmorewithchrisboyd

960
00:33:49,860 --> 00:33:53,040
.com or call us toll free at 866

961
00:33:53,040 --> 00:33:58,560
-771-8901, or send us your questions to

962
00:33:58,560 --> 00:34:02,520
amr-info at wealthenhancement.com.

963
00:34:02,700 --> 00:34:04,640
You're listening to Something More with Chris Boyd

964
00:34:04,640 --> 00:34:05,480
Financial Talk Show.

965
00:34:05,660 --> 00:34:08,100
Wealth Enhancement Advisory Services and Jay Christopher Boyd

966
00:34:08,100 --> 00:34:10,420
provide investment advice on an individual basis to

967
00:34:10,420 --> 00:34:10,960
clients only.

968
00:34:11,139 --> 00:34:13,100
Proper advice depends on a complete analysis of

969
00:34:13,100 --> 00:34:14,280
all facts and circumstances.

970
00:34:14,540 --> 00:34:16,380
The information given on this program is general

971
00:34:16,380 --> 00:34:18,420
financial comments and cannot be relied upon as

972
00:34:18,420 --> 00:34:20,020
pertaining to your specific situation.

973
00:34:20,199 --> 00:34:22,179
Wealth Enhancement Group cannot guarantee that using the

974
00:34:22,179 --> 00:34:24,179
information from this show will generate profits or

975
00:34:24,179 --> 00:34:25,300
ensure freedom from loss.

976
00:34:25,500 --> 00:34:27,659
Listeners should consult their own financial advisors or

977
00:34:27,659 --> 00:34:29,760
conduct their own due diligence before making any

978
00:34:29,760 --> 00:34:30,520
financial decisions.