Will you be in the news?

Will you be in the news?
Will you be in the news?

Will you be in the news?

Many of you have read about or have seen news stories of seniors being evicted from a long-term care facility. It is a tragedy that some people spend down their savings paying for care at the end of life. Medicaid (government welfare) can help these folks, but it pays the facility far less than the cost to care for them.

You can’t lose money on every customer and make up for it in volume!

Smart people buy insurance that pays for this care.  Why not insure for end-of-life nursing care, and leave your savings to heirs?

Call TheLongTermCareGuy.com at (920) 884-3030 and learn about Long Term Care insurance.

Americans are focused on the wrong retirement risks

Center for Retirement Research at Boston College
Center for Retirement Research at Boston College

Center for Retirement Research at Boston College

A study from the Center for Retirement Research at Boston College found that Americans cite market volatility as the top retirement risk, while longevity and health care costs actually present bigger risks. The study concluded that Americans need more education about retirement risks, as well as a source of secure income and long-term care planning.  To view the article, click on the link below and then on “take me to the story”.

Research: Americans focused on wrong retirement risks

Has your planner addressed the risk of spending an extra $50,000 to $90,000 every year for 3-5 years when your health changes?  If not, or even if your planner did, remember that they specialize in investing money.  I am an expert in planning for and dealing with Long-Term Care.  Investigate with an expert and get the best advice and solutions available.  Visit my website at www.TheLongTermCareGuy.com or call (920) 884-3030 to schedule your time to investigate

How to Pave a Smooth Path for Marriage in Your Golden Years

We have LTC Tips to Help Plan for Senior Marriage in Your Golden Years

This article is posted with the permission of the author, Lydia Chan.

After her mother was diagnosed with Alzheimer’s, Ms. Chan struggled to balance the responsibilities of caregiving and her own life. She founded AlzheimersCaregiver.net as an online resource for fellow caregivers and seniors. In her spare time, Lydia writes articles about a range of caregiving topics.

There is one additional point that I would add to this article: if one person in the new marriage needs care, the other spouse’s assets must go to pay for that care.  Many people do not realize that a prenuptial agreement does not protect either partner in the event that one of them might need Medicaid to pay for their care. Medicaid does not recognize prenuptual agreements when determining whether the individual qualifies for care.

 

It’s not always easy to find love in your golden years, but it can be rewarding when you do. If you have a special someone in your life and are planning to tie the knot, the two of you have some conversations and decisions ahead of you.

If you have been married before, you understand what a big step it can be to join families, finances, and other things. No, you shouldn’t let potential problems and challenges prevent you from marrying your sweetheart, but you should plan carefully and communicate with your soon-to-be spouse to ensure you stay on the same page. Here are some practical tips to help you prepare for marriage as a senior!

Discussing Insurance and Long-Term Care

Another topic to discuss with your soon-to-be-spouse is health, life, and long-term insurance policies, all of which will be crucial through your golden years. If the two of you do not already have policies established, you will need to determine how to set these things up. Whatever your needs, visit The Long Term Care Guy to learn strategies that can help you navigate long-term care.

Combining Finances

First, consider the implications of combining your finances. While it’s a practical way to demonstrate trust in your relationship, it can also cause problems if you and your spouse are not in agreement. You likely come to the marriage with your own philosophies and spending habits, meaning you must talk through any differences to ensure a smooth translation.

Making Plans Together and Starting Your Own Business

One aspect of any healthy marriage is that the couple can dream together, and that doesn’t change when you are older. Perhaps you want to travel the country or the world together. Maybe one or both of you would like to see your grandchildren more often. Perhaps you could find a hobby both of you would enjoy doing each week. And it could even help to talk about what you would like your daily lives to look like together.

One idea is to start a company together. Along with giving you the opportunity to spend more time around each other, starting a business in your golden years could help you to increase your income and build your wealth. Of course, at least one of you will need an entrepreneurial drive for it to work because it requires a lot of hard work, dedication, and perseverance.

If you choose to start a business with your significant other, you will need to learn how to set up a new company and market your product or service well so that people know about it. Carefully formulate a marketing and sales plan while also choosing a business name and structure, determining whether you need funding, and registering your business.

Determining Where to Live

Even if both you and your significant other already own homes, you will need to have a discussion about where you will live once you wed. Communicate openly from the beginning to determine whether you want to move into one of your homes or purchase a new one together.

Property preferences, family situations, jobs, and many other factors can influence your decision. Many older couples find inspiration from searching for and buying a new home together because it is a way to mark new beginnings.

If you are blessed enough to find love as a senior, getting married could naturally be the next step. But you will need to carefully plan and communicate with your new spouse as you make important decisions in the days and months ahead. The key is to stay on the same page so that you can set the stage for a loving and fulfilling marriage for both of you.

Family-Provided Care Can Work–Sometimes

Family-Provided Care Can Work--Sometimes
Family-Provided Care Can Work--Sometimes

Family-Provided Care Can Work–Sometimes

The September, 2021 issue of the journal Health Affairs features a study that family-provided care (spouse or adult children) for dementia greatly diminishes the chances that the individual will need to enter a nursing home. However, full time caregiving will burn out the support team. Family simply cannot be expected to provide 24-7 care without help.

That is why I offer several home care policies that will pay for caregivers to come into the home to provide that care, while giving family members some relief. These home care policies are much less expensive and far more easily obtained – despite health problems already on record – than traditional long term care insurance policies.  However, they must still be obtained before the care becomes necessary.

You can easily burn out your loved ones with family Family-Provided Care

Don’t burn out your family or other loved ones by becoming a total burden on them.  They will surely help, but give them a break and provide a helping hand.  Investigate now, while this help is available.

Contact Romeo Raabe www.TheLongTermCareGuy.com at 920-884-3030 to investigate options.

Alzheimer’s May Strike Women and Men in Different Ways

At the end of February, the website HealthDay published an article entitled “Alzheimer’s May Strike Women and Men in Different Ways”. (https://consumer.healthday.com/2-25-alzheimers-may-strike-women-men-in-different-ways-2650728831.html )

Here is a quote from that article: “The ravages of Alzheimer’s may strike later in women than men, but once it takes hold women tend to deteriorate far faster than men, according to a new study. Something known as cognitive reserve helps the aging brain function better for longer, and researchers report that women appear to have more of it than men. But once the reserve runs out, mental decline in women speeds up.”

As you read this, it would be good to ask yourself if you have your Long-Term Care (LTC) insurance yet.  Once health problems are on your medical record, it may no longer be available to you.

LTC insurance is a little like car insurance – you have to have the insurance BEFORE the accident.

Is your plan to move in with your children when you need care?  Have you discussed this with them? Can they care for you full time and still work to earn a living, and to raise your grandchildren?

Look at some ideas, www.TheLongTermCareGuy.com has a number of short videos.  Watch them, then start planning for your care. I’m here to help.

It’s the Holidays, Let’s Talk

Rome's Whiteboard

How long has it been since you have seen all of the family?  How are they doing?  Perhaps not as well as last year?  Perhaps it’s time to talk.

It’s the holidays, this is the time of year when many families realize a family member is not doing as well as s(he) has in the past, and may need some help.  Perhaps s(he) just need help with lawn care or snow removal.  It might be the house is not as neat as it always was, or perhaps bills and paperwork are being neglected.  Maybe it’s time to talk.

It’s the Holidays, many families realize a family member may need some help

This is not something we look forward to, and it seems the job more often than not falls to the women in the family.  Women seem to be overwhelmingly tasked with caregiving.  Employers know that the holidays are when female employees often request leave to deal with family issues, making caregiving a workplace issue as well.  Wages are sacrificed and productivity falls; seasonal demands may exacerbate the problem.  An article in the AARP publication estimated that in 2009, there were 66 million unpaid caregivers in the US, and the number is growing.  Unpaid caregivers average 20 hours of caregiving a week.

This caregiving is not without cost.  Caregiving takes a toll on the health of caregivers which lingers long after the death of the family member cared for.  It also costs real money.  In addition to the career and income sacrifices, many caregivers contribute significant dollars while assisting loved ones.

By having a Long-Term Care (LTC) discussion, plans can be made to share the responsibilities.   Other family members may discover they can contribute time and resources to help.  Perhaps professional caregiving either at home or in a facility is required and planning – even at the last minute – can provide solutions, rather than simply spending available money and hoping to qualify for government assistance.  Once financing strategies are discovered, more planning options may become available.

It is the Holidays, family time, perhaps it’s time to talk

The holidays can be an appropriate time to discuss these issues because the family member’s needs might be more apparent.  Any time of year can be a good time to consider how the care you may someday need will impact your family as well.  Are you prepared to handle your long-term care needs?  If you might pay for care, where will the money come from?  What will be left for family after your care needs are over?  Perhaps you might investigate LTC insurance while you are still healthy so that funding is not an issue when you need care.  LTC insurance pays for care in your home, day care facilities, assisted living facilities commonly called CBRF’s or RCAC’s, and traditional nursing homes.  Pennies on the dollar now can save hundreds of thousands of dollars later.

Have you ever wondered….

Do you have questions about the cost of long term care?
Do you have questions about the cost of long term care?

Do you have questions about the cost of long term care?

Do you have questions about the cost of long term care?

Are your clients confused about the many options, how to choose coverage, or if it’s necessary for them?

I’m Romeo Raabe LUTCF, LTCP and I’m known as The Long Term Care Guy–in fact, my website is www.TheLongTermCareGuy.com and I work exclusively on Long Term Care (LTC) issues.  Some examples  include how to get the most from LTC insurance, how to start a claim, what to do if care is needed and there is no insurance—and much more!

I also offer insurance for LTC and have options most financial professionals are not even aware of.  For example, this week I put coverage in place for a couple ages 87 and 84 for less than $90/month a piece.

Even if someone is in care – even if already on Medicaid – I may still be able to help.  If you or your clients have questions, feel free to call me at (920) 884-3030.  I am here to help anyone dealing with or concerned about LTC.

Contact ROMEO RAABE about the cost of long term care!

PS: There can be huge differences in LTC insurance policies—I can help you understand the differences, and probably even set you up with other strategies most other advisors don’t know about!

Don’t get caught in this long term care trap! Many people are.

Don't get caught in this long term care trap! Many people are.
Don't get caught in this long term care trap! Many people are.

Often agents sell policies for a cheaper price because they didn’t include the all-important automatic inflation on benefits. Don’t get caught in this long term care trap!

I am being approached by many people who purchased long-term care (LTC) insurance many years ago.  They bought the LTC insurance from their life insurance agent, their financial planner, or their home insurance agent – not a specialist in LTC. These agents knew life or home owners insurance, but often just “dabbled” in long term care sales.  Maybe they had just one company’s product to sell. Often, they sold the policies for a cheaper price because they didn’t include the all- important automatic inflation on benefits.

Long term care costs have been increasing more quickly than inflation, doubling almost every 15 years.

For example, a nursing home that charged $4500 a month 18 years ago, now charges over $10,000 a month. Costs may increase even more quickly in the future because labor costs are likely to increase.  Since we have nearly full employment, employers may need to offer higher wages to attract the needed workers. We also hear talk about increasing the minimum wage to as much as $15 per hour, so costs could increase even faster.

If you have an older LTC insurance policy that doesn’t include inflation coverage, there still may be something that you can do.  If you are considering investigating LTC insurance – do so with an expert. You need an expert who knows the costs, understands inflation and knows what the options are for people with these kinds of policies, so that the expert can help you determine how much of the bills you can pay yourself. That way, you don’t buy too much insurance.

I am an expert in long term care financing.  I have been doing nothing but LTC planning and financing for over 25 years.  I am happy to review your policy.  I can help you if there are problems with your policy.  I can help protect some of the money if LTC is needed and you have not prepared in advance.  Many of my clients have been referred to me by their financial planner or their attorney.  Learn more about me at www.thelongtermcareguy.com.

If you want to investigate how to deal with LTC, call (920) 884-3030. Let’s plan a time to investigate together.

Why Can’t I Spend my Money on Fun?

Why Can't I Spend
 my Money on Fun?
Why Can't I Spend
 my Money on Fun?

Often, retired people are afraid to spend money on fun or travel because they fear the catastrophic costs!

A recent Wall Street Journal cartoon featured a gentleman visiting his financial planner.  In the cartoon, he asks the planner, “Why can’t I spend some of my money on fun now?”

Often, retired people are afraid to spend money on fun or travel because they fear the catastrophic costs they would face if one of them needs long term care (LTC). This can be a real concern, because the U.S. Department of Health and Human Services says that 70% of people who reach age 65 will need some long-term care.  The great majority of us cannot afford it for long if we’re paying out of pocket.

Many people assume the insurance for LTC is prohibitively expensive. This is because they never investigated what the costs actually would be for them. I can tell you with near certainty that you need less of it than you imagine.  When you finally need care, your lifestyle will change considerably.  If you cannot drive there will be fewer vehicles, boats, toys, and less travel, golf, dining out, and so on.  The money spent on fun (which you SHOULD do while healthy) can be redirected towards the costs of LTC.

Most people have some savings.  Without touching the principle, you can spend the interest or yield it generates.  Add this to the savings from your lifestyle changes, and you may find you can cover a significant portion of the costs of LTC yourself.  You will only need to cover the shortfall from some other sources, like insurance, so you do not spend down all your savings and end up on Medicaid.

People investigate LTC insurance for two reasons.

  • First, they do not want to go broke.
  • Second, many long-term care service providers will not accept Medicaid.  Nursing homes generally have to because of federal laws–but a nursing home is usually the last place you want to be.  If you have the ability to pay from your cash flow and insurance, it will let you choose where and how you will be cared for. The providers will welcome you with open arms!

If you have not investigated LTC insurance, now is the time, while you are still healthy enough to get it.

It is a logical discussion and it is not appropriate for everyone.  But please investigate with someone knowledgeable in planning for LTC.  At The Long Term Care Guy, we have been doing only LTC planning for over 25 years.  Since nearly all of our business comes to us by referral, we may even may be working with your financial planner or attorney!

Call TheLongTermCareGuy.com at (920) 884-3030 or email us for a time to investigate your situation.

Why Medicaid Long Term Care is a Bad Choice

What Can I Do About Long Term Care
Most assisted living facilities don't accept Medicaid

Most assisted living facilities don’t accept Medicaid, so often Medicaid recipients needing LTC are left with only one choice—a nursing home.

Many people don’t realize that, in addition to traditional health care, Medicaid actually pays for most long-term care (LTC) in the United States.  In fact, less than 40% of Medicaid dollars are used to pay for traditional health care.  The small portion of Medicaid recipients (just over 20%) whose long-term care services are paid for by Medicaid use over 60% of the Medicaid budget dollars.

Most assisted living facilities don’t accept Medicaid, so often Medicaid recipients needing LTC are left with only one choice—a nursing home.  This is because the federal government requires nursing homes to accept Medicaid payments if they want to accept Medicare for the rehab care they provide–and this rehab care is a major source of revenue for many nursing homes.

Wouldn’t you rather receive care, when needed, at home or in an assisted living facility rather than the nursing home?  Most people would, but if you cannot afford this care – your only option might be the nursing home.

Many people mistakenly assume LTC insurance is too expensive.  It can be, if it’s not chosen appropriately.  Do you have a deductible on your car insurance or does it cover every last penny?  Mine has a deductible, so that I pay the first part and insurance pays the expensive part.

LTC is similar. Your lifestyle will change when care is needed.  You will spend less money  on vehicles if you cannot drive, and spend less on golf, travel, toys, and so on.  The money freed up by not spending it on these things needs to be taken into account in order to see how much care you can pay for. Then you only need enough insurance to cover the shortfall. If you have a nest egg, and do not want to use it all up, you can always take the interest it generates to help lower the insurance need even more—and never touching the principal.

Think you cannot get LTC insurance because of health?  I have solutions for nearly every situation – even some for people already in care.

So, you can ignore this and hope you will not be among the 70% of us who will need care – or you can investigate options to see if this concern can be handled affordably.  Your choice!

www.TheLongTermCareGuy.com  Romeo Raabe is here to help, even with just advice.