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 putting your retirement interest for podcast with financial expert and number one Amazon best selling author Robert Cannon. Each episode features helpful, inside practical tips and reliable strategies to help make your retirement as enjoyable as possible. For the next few minutes, enjoyed listening as co host Bethany Bilson talks with Robert Cannon about putting your retirement interests for well, once again I am joined by Robert Cannon. Robert is the author of putting your retirement interests first. It's a prioritized approach to protect your future and turn your dreams into a reality. This week we're going to be talking about the long Term Care Shield. It's chapter six of your book and as I was reading through your book and this chapter, I was really shocked by the statistic that you mentioned this in the book, that seventy percent of people that are sixty five and older are going...

...to need long term care at some point in their life, but health insurance and Medicare don't cover that, which I had no idea about. So, in your experience talking with different clients, is that something that a lot of them are kind of blinded by? I think the percentage is even higher when I speak to people. Every now and then I'll get someone who will actually really consider it and they're really concerned with long term care, but most people they never even consider that is a potential risk and it's a real risk, specially, you know, for someone in the younger years. If you if you, if you didn't, when you're older you can have some assets and you can have your assets pay for some of the long term care. That ideal, but at least it's there. But when you're younger and you're starting a family, it can can absolutely destroy, you know, your finances and your family's net worth. So it's really scary that people don't even consider it.

Yeah, so for maybe somebody that is in the younger age bracket and they're trying to think towards the future and think about about what's potentially ahead for them, what are some practical first steps that they could take to start preparing for a long term care so for sure we have to earmark some money off for that. Right now. We can make a determination based on how much money you're making. If you're making a lot of money, maybe we can make a determination that we can kind of self, for sure, but still in sure there's different ways of doing that. If you're in a lower middle class bracket, may have to just do some long term care insurance or a combination above and it really is very customizable depending on, you know, your circumstances. So we'll look at everything. Will figure it out, but we need to mitigate that risk if, because, you know, just imagine, you have a house and you don't have flood insurance or, you know,...

...fire insurance. I mean be insane saying well, I don't think anything's going to happen. Can you take that chance? What if something happens? You can get wiped out. So you have to mitigate that risk. So what for? What about for someone that's maybe in the middle of a crisis where either they need long term care or their parent needs long term care and they didn't really prepare for it? Are there any kind of emergency measures that a person could take to be in a better position financially? I mean yes, but you know, waiting to the last minute is is disastrous game plan. You know, we have some alternative ways of long term care facilities which you know, very expensive. You have a family member right that's in long term care. Yeah, my grandfather, he he has dementia and so my grandmother cared for him in the home for a long time and then it just it...

...got to the point where it wasn't it wasn't just enough for her to just do it by herself. She needed some help. So my grandfather was put into a long, long term care facility. I think the end of last year is what I remember. But it was something that my family hadn't necessarily prepped for because we just didn't think about it. I mean other than dimension my grand fathers in great health and so we didn't think about that with him and it was something that kind of took my family off guard. We really had to rearrange a few things and kind of take these emergency steps because we just didn't prepare for it. You think they're going to be fine forever, they're going to be healthy forever, and that was something that my family kind of was taken off guard by. Let me ask you a question. Of you to mind. How much is is he pain? I don't know that. I do know that what my family ended up doing is putting a lot of their assets, or they were a lot of their money, into a...

...house, thinking a lot of that in where Medicaid would kick in faster. But I'm not positive about how much he's painting every month now. Okay, so maybe what they did, which we offer, we tell some of our clients to is to deplete their assets. M We use sometimes we use was called it irrevocable trust, and by putting the clients house in Irrevocable Trust and we deplete their assets, Medicaid can help pay for it. Yeah, we have a method, unfortunately, like you said, but that's it. There's the five you look back. That's as complicated as all the trust do. But the point is there's a lot of ways of figuring out a wait pay for it. I'll tell you a story. Yeah, in Connecticut we have a client who actually looked around for a long term care facility and see, here in the East bubble look that I live in, the prices are insane.

So I think they got a price of Twelvezero five hundred so which, by the way, is pretty good, pretty good price. So what we were able to do, I know sin say we were able to find a facility, a smaller facility is like in home, for only seven sounds ridiculous. Only seven thousand a month. But when you face with Twelvezero, you know plause. So you're only going to pay seven right, five thousand sixtyzero dollars a year. So that's saved them a lot of money and it kind really protected the net worth because it, you know, let's just say they're in there for five years. That's three hundredzero dollars and they're exceptional care. So you have to be very, very careful in planning, planning for this. But what I would have someone like you right, because right now you're in that concern. You're young, your husband's young, you guys are young,...

...you're on top of the world. Ere Mark a small piece for this and we'll figure it out exactly how much we will put apart. Will set us. We'll set apart for this, but at least you're protected and you don't have to worry about it anymore. Right, because it really is about making making the best decision and a not so great situation. Nobody wants to have to put their loved one in long term care and nobody wants to think about being in long term care themselves. It's not something fun to think about, but it is the reality for a lot of families in this country, and so that is something that I think we all need to be educated on and be aware of, and I think a great first step towards educating yourself about something like long term care is the picking up a copy of your book. It's by Robert Cannon and it's called putting your retirement interests first, a prioritized approach to protect your future and to your dreams into a reality. Robert, once again, thank you so much for joining me. I appreciate it.

Thank you. I appreciate thanks for listening to the putting your retirement interests first podcast with financial expert and number one Amazon best selling author Robert Cannon. To request a copy of Robert's best selling book or to have a conversation with him about your financial future, connect with Robert through his website, cannon wealth solutionscom.

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