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

Constant drumbeat of costs often overwhelms caregivers

An article in the Wall Street Journal details how an AARP caregiving expert ends up broke!
An article in the Wall Street Journal details how an AARP caregiving expert ends up broke!

An article in the Wall Street Journal details how an AARP caregiving expert ends up broke!

An article in the Wall Street Journal details how an AARP caregiving expert ends up broke and $120,000 in debt trying to care for her parents in need of long-term care. (“Caring for Older Relatives is So Expensive That Even AARP’s Expert Filed For Bankruptcy”, Wall Street Journal, 2-22-22). The article reads, “On average, caregivers spend 26% of their personal income on caregiving expenses, according to a 2021 AARP study.”

Caregiving is becoming more expensive because people are living longer with more complicated medical needs, and hiring help costs more.

According to a leading long term care insurance company, the median annual cost of in-home care rose to $54,912 in 2020–an 18.5% increase from 2016.

The majority of Americans cannot afford to cover the costs of long-term care out of income and savings without purchasing insurance for these costs. Relying on family can bankrupt family members, leaving them with no way to cover their own retirement.
Many people wrongly assume Medicare will cover long-term care costs and are shocked when they learn they are personally liable for these bills. Medicaid, a welfare program, will take over but only once you have spent down your own assets to impoverishment. Any gifts given in the 5 years prior to Medicaid will make you ineligible for even that.

Once care is needed, it is too late to qualify for long-term care insurance– it must be in place while one is still healthy enough. Costs rise each year you wait, so investigating and purchasing at younger ages makes it more affordable.

Getting advice from an expert who understands long-term care and can appropriately size coverage can make this insurance affordable.

Contact Romeo Raabe to Talk to An Expert
Phone: 920-884-3030
Email: [email protected]
Website: www.TheLongTermCareGuy.com

 

 

156 Wisconsin assisted living facilities closed through September 1 of this year

381 Assisted Living Facilities Closed from 2019 through this September!
381 Assisted Living Facilities Closed from 2019 through this September!

381 Assisted Living Facilities Closed from 2019 through this September!

381 assisted living facilities closed from 2019 through this September!

WHY?  They accepted Medicaid (welfare) whose reimbursement is less than the cost to care for their residents.

If you lose money on every customer, can you make it up with volume? Of course not, it just gets worse!

If you need Medicaid to pay for your long term care, the assisted living facilities that want to stay open and in business will reject you.  The only choice you will have is the one place you definitely do not want to go – simply because you ran out of money – the nursing home.  They have to take Medicaid since they accept Medicare for short recovery stays following 3+ days inpatient in a hospital.

So, can your retirement income handle an extra bill of $50,000 to $90,000 per year?  If not, why not insure for this bill that affects so many of us.  Health and human services (HHS) says by the time we reach age 65, 70% of us will end up needing long term care.  If you do not have the money to pay for this care, you can insure for it, or run out of money and try to find a nursing home that will accept you.

Long term care insurance does not have to be expensive – if chosen appropriately.

I just put in place coverage for a 64 year old female, giving her $9000/month for a year of facility care PLUS $1200/week for a year of home care, a total of $170,400 of money to pay for care, for a monthly premium of $147/month.  That is less than most car payments.  Why go broke, leave nothing for heirs, and be forced into a nursing home once you find one that will accept you when insurance could pay the bills for you?

Contact www.TheLongTermCareGuy.com at 920 884 3030 to investigate this insurance for you and the ones you care about (like perhaps your parents).

If You are on Medicaid, A Deadline is Rapidly Approaching.

Did you receive a $600 stimulus check a year ago? If You are on Medicaid, A Deadline is Rapidly Approaching.
Did you receive a $600 stimulus check a year ago? If You are on Medicaid, A Deadline is Rapidly Approaching.

Did you receive a $600 stimulus check a year ago? If You are on Medicaid, A Deadline is Rapidly Approaching.

Did you receive a $600 stimulus check a year ago?  It was not considered income when it was received. But now that it’s a year later, if that stimulus check caused you have more than $2000 in your savings, you will become ineligible for Medicaid and lose all benefits.

There is a simple “fix” for this.  While Medicaid requires you to cash in life insurance, it allows you to set aside up to $15,000 for burial expenses – if it is in an irrevocable trust. An irrevocable trust is one where, once established, you cannot get your money out of it until it is needed for burial expenses.

How do you get an irrevocable trust?

Attorneys can set these up, but they can charge a lot to do so. Instead, long-term care specialists can set up an irrevocable trust for you with no fees for doing so.

You can let the nursing facility take this money, lose Medicaid eligibility, or move excess dollars to a trust to pay for funeral expenses so your children do not end up having to pay for it themselves when the time comes.

Visit www.thelongtermcareguy.com/strategies/ and scroll down to the section entitled “What Can Be Done to Help Financially When You Already Need Care “. There, you can view a short video which describes this.

 

How was your Easter?

How Was Your Easter?
How Was Your Easter?

How Was Your Easter? How were the seniors in your family doing?

It may have been as long as a year or more since family members were with the seniors in their lives.  Now that some families are cautiously getting together again, Easter might have been one of first times they have been together in person.

How were the seniors in your family doing? Have things changed since the last time you saw them in person?  Did what was supposed to be a joyous occasion leave you feeling concerned? For example, have you noticed that some things they used to do have been neglected, like cleaning or cooking?  Maybe self-care has slipped?  Are there some memory lapses that are more pronounced now than before?  The need for long term care often sneaks up on us until it can’t be ignored any longer.

After seeing loved ones this Easter, you may start to worry about the cost of Long Term Care?

You may start to worry that, because long term care is expensive, paying the care facility bankrupt Mom or Dad.  Will they quickly spend down their assets to impoverishment in order to qualify for Medicaid?

There are a number of solutions that can help.  To find out if any of them will help in your situation, contact www.TheLongTermCareGuy.com and schedule a meeting to investigate.

Help, ideas, and advice are available.  Visit with an expert in how to best help.  Call now, (920) 884-3030 and schedule a meeting to investigate the alternatives.

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.

You’ve planned ahead–or have you?

Rome's Whiteboard

So, you’ve given the house (or farm or some other assets) to the children long ago so the government will pay for your long-term care, and you’re feeling proud of yourself for having planned ahead.   But, I have some bad news for you—did you know that almost no assisted living facilities will accept you if you are on Medicaid?  Medicaid payments to facilities don’t cover the cost of providing care, so most assisted living facilities don’t accept Medicaid.  You could go into a nursing home because they’re required to accept Medicaid (since they receive Medicare payments for some services) –but you probably don’t want to go to a nursing home.  Ok, you think– you can move in with your kids.  They have room between classroom space for their kids learning from home, and all the time between their own Zoom meetings to care for you, and don’t mind adding your care to their day. Doesn’t sound likely, does it?

Have you planned ahead for assisted living facilities refusing to accept Medicaid?

This article tells the all too common story of a nursing home being  converted to an assisted living facility – the kind of place you won’t be able to go to if your care is being paid for by Medicaid. Nursing homes across the country have been closing.  When you need care, if you aren’t able to pay for it and only a nursing home will accept you, your helpers (family or paid) may have to look far and wide to find a place that will accept another patient paying for their care with Medicaid.

People who planned ahead can avoid a nursing home!

Being very wealthy, or having insurance to pay for your long-term care allows you to choose in-home care through an agency or the nicest assisted living facility in town—and you aren’t being a burden on your family.  In most cases, I counsel my clients to plan to cover the cost of home care or assisted living, as the great majority of care can be handled there and not a nursing home.   Through this, my clients get appropriate coverage that costs less.   Contact me today for a free, no obligation discussion of what makes sense for you.

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!