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Long-Term Care In Retirement · Money In Motion with Klaas Financial

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This is money in Motion with Class Financial, a fun and informative show designed
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to help you get answers to all your retirement questions in one place at Both
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lines are open for you right now. Love to have you join us.
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Maybe you are sitting in the backup on the beltline, safe time, safe
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place to make a call. We'd love to have you on six oh eight
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three two one thirteen ten. That's six oh eight three two one thirteen ten.
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Yeah, westbound belt line slow this morning of course gets you on the
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air with that retirement planning professionals from Class Financial join this week by Cjkloss and
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Malia Quavis. You can learn more about Class Financial on their website class financial
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dot com. That's k L Aasfinancial dot com. They're telephone number six oh
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eight four four two five six three seven. No charge for that initial gets
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to know you appoyment ach Loss Financial. It will be complementary to you again
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their number six oh eight four four two five six three seven. And to
0:54
get on the air this morning. All I get you is gets call six
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oh eight three two one thirteen ten. That's six oh eight three two one
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thirteen ten. Has mentioned Joined this morning by c J. Closs and Alia
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Wavis CJ. How you doing this week? I'm doing great. How are
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you, Sean? I'm doing really well. Malia? How have you been
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very good? These are beautiful days of fall a our beautiful, beautiful day
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has got some great temperatures ahead as well. I think probably lose the rest
1:18
leaves today too. With that definitely got coming. So we've got a got
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an interesting conversation. They're always interesting conversation. This one I will probably pique
1:26
your interest because it's gonna be talking about, of course, things like long
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term care and the costs that that that that and the effects they could have
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on things like your like your retirement assets. Is a really important conversation,
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had something that folks often overlook. So we'll we will get into that conversation
1:44
and just a moment. As mentioned, the phone lines are open for you
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this morning six oh eight three two one thirteen ten. That's six oh eight
1:49
three two one thirteen ten, the website for Class Financial Class Financial dot com.
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That's Kate LaaS Financial dot com and of course their telephone number six O
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eight four four two six three seven. Speaking of that number a little bit
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later on the program, you're definitely want to hold on to it becase we're
2:04
gonna do the Class Quiz Question the Week a chance to win a fantastic prize
2:07
this week, no exception our friends from Class Financial that provided a twenty five
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dollars gift card to Sephora. You can win again that coming up a little
2:14
bit later in the program with the Class Quiz Quiz question of the Week.
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Little tip though, if you pay particularly close attention. Oftentimes almost every time
2:22
the question answer come up during the show, so you get a little leg
2:24
up on everyone else for just paying attention to the program. And before we
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get rolling on this week's topic, speaking of the Class Quiz question week,
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let's take a look back at last week's question to get the answer there as
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well. Yeah, so, last we put a great conversation regarding college planning,
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whether it be for your own children or for your grandchildren, and how
2:43
you might look at funding that and not not decimating the rest of your portfolio
2:49
ideally, So our question of the week was what is the name of one
2:53
of the funding vehicles used for college planning? Is it a five p twenty
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nine plan or a four to ninety nine plan? So shout out to our
3:02
winner last week, Marvin of Madison correctly answered, it is actually a five
3:07
to twenty nine plan. So thank you for listening. Listen carefully to today's
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question, and if you missed any part of that program, you can always
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listen back at Class financial dot com. That's k LaaS Financial dot com com.
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Same deal this morning. You've missed any part of the show, you
3:22
can always head on over the website I mentioned the website I did mentioned some
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of the great features online you can learn more about Colss Financial. You can
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learn more about the team. There's separate divisions. You can also sign up
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online at cossfinancial dot com for the weekly Market Pulse newsletter. It's a fantastic
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weekly snapshot of what's been going on in the markets. And of course the
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link to the most recent podcast that available to you at Cossfinancial dot com.
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As mentioned, of course, aside from helping folks with the retirement investments,
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I know Class Financially you work in the capacity as financial planners and of course
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help folks explore areas such as long term care and how those costs could potentially
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affect retirement assets. Correct. Yes, a large part of our job as
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financial planners is mitigating the financial risk of how long term care support and services
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could possibly impact your portfolio or your ability to remain independent and retired. Now,
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as a disclosure, as we start talking about this topic today, there
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are individuals in our office who are insurance licensed, so we certainly do understand
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these products quite well. However, we do not sell long term care insurance,
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health insurance, life insurance extinuities, things like that. We are licensed,
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but we do not sell those products. And therefore, while we can
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speak to them, we would refer out our clients or any prospects for that
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matter, to somebody else who would actually execute on that sale. With that
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disclosure out of the out of the way. If there is a single unsolved
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problem in retirement planning for many middle and upper upper middle income adults, it's
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what to do about the long term care cost that happened later in life.
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So when you hear the words long term care, everyone has their own mindset
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regarding its purpose and relevance in their retirement plans, and many times that mindset
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is driven by their own experiences. There are some misconceptions about who will pay
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for what and how much they will pay for in terms of long term care,
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and one of those misconceptions that a lot of people have is they think,
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oh, it's no big deal, Medicare and or Medicaid will pay for
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my long term care. That is not fully true. So Medicare does help
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to pay for your recovery in a skilled nursing care facility after a three day
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hospital stay, and it will cover the total cost of nursing care for the
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first twenty days, but only for the first twenty days. Between days twenty
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one and one hundred, you will pay a co insurance amount each day that
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is currently set at two hundred per day as of twenty twenty three, and
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then after a maximum of one hundred days, Medicare will no longer assist with
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these costs at all, and then you will have to pay one hundred percent
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of the expenses going forward. So as it relates to Medicare, the answer
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is kind of well, it helps a little bit, but not much if
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we are talking about a long term skilled care need. And what this is
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true whether it be in a nursing home or in your home. By the
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way, so some people go, oh, well, no big deal,
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I'll be in my home and Medicare will pick it up. Then nope,
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it's the same kind of a thing. If you need long term skilled nursing
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care, Medicare is not going to cover that whole bill. And then as
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far as Medicaid, so this is another kind of program that people think will
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cover things. And what we would say is it's unlikely you'll qualify for assistance
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of Medicaid unless your assets have been depleted to a very very low level.
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This is what is known as the spend down phase. So for the person
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needing long term care assistance, their assets will generally need to have been spent
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down to around two thousand dollars before Medicaid kicks in. And if you have
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a spouse who's still living at home, so think of this as you know,
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husband and wife living at home. Your spouse goes into a facility,
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they won't require you to spend it down to two thousand if you're the healthy
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spouse still living at home, but they do require you to spend down your
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personal assets to about one hundred and twenty thousand with one car and one vehicle
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and a minimum amount of monthly income going to that healthy spouse. So this
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whole concept of getting your personal assets down to a certain level so that Medicaid
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can start paying. It's called the Community Spouse Resource Allowance. This is again
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for that spouse and it does vary state by state. And this whole concept
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is called the Medicaid spend down. So you will hear this from advisors or
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people in the industry insurance agents. They'll say, oh, you're talking about
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the Medicaid spend down, And what they're really referring to is the state by
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state level at which you must spend down your personal assets before Medicaid will start
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kicking in. So here's the takeaway. If you think Medicaid is going to
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cover your long term care costs, you've got to be spent down to such
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a level at which you're at the poverty line. And that's not a great
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goal or plan to put in place. I feel like we need like a
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like a buzzer or something ant to go when we talk about that. I
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think a lot of people do think that and very important, very important distinct
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distinction there. And of course, as we talk with CJ Class and mole
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ecuavis our retirement planning professionals from class financial, it is very important to have
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these conversations. If we can learn more about class financial on their website class
8:43
financial dot com that's k l Aasfinancial dot com and their telephone number six oh
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eight four four two five six three seven. No charge for that initial gets
8:52
to know You appointment dech costs financial. It will be complementary to you.
8:56
Again, they're telephone number six oh eight four four two five six three seven.
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And to get on the air this morning with your question. Love to
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hear from you A six'h eight three two one thirteen ten at six oh eight
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three two one thirteen ten. So, maliya, how expensive have long term
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call? I think how much have they risen? And on the other side
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of things, how expensive are the policies to help with these costs currently?
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Yeah? So everything I mean has a plus on this right everything. I'll
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understand that. But obviously more and more people, because people are living longer,
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are needing the care. So we looked back at a twenty twenty one
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study of gen Worth gen Worth's cost of care and so they estimated the national
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average monthly costs for long term care range from almost seventy eight hundred dollars per
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month for a semi private room to almost eighty nine hundred dollars for a private
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room, so you know, this becomes really real when it's one of your
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family members. And again, as CJ said, sometimes people think, oh,
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if I just use in home care, it'll be much less expensive.
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I can guarantee you it's not always the case. I had clients last year
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spending for in home care because they needed care at night. They were spending
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at least ten thousand dollars a month just to have care in their home.
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So it can be very, very expensive. It depends on the level of
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care. We looked at Wisconsin because a lot of Wisconsin listeners average price for
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a semi private room is approximately nine thousand dollars ninety seven hundred for a private,
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so semi private nine thousand, almost a thousand more for a private room.
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So obviously the cost of long term care varies depending on the level of
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care necessary. We're not talking about someone just coming in to clean up your
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house. We're talking about sometimes people needing assistance with some of the daily living
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activities, maybe also need care with their medications. As I said, the
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level of care, so many people honestly don't have the resources to budget for
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those kinds of expenses, and no one knows how long the expense can linger.
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So we're going to talk statistics in a little while, how many people
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are affected and cost levels. But then when we shift and we talk about
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okay, I hear there's long term care policies available. What are those and
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how much do they cost? Again, this varies. It's dictated by your
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age, your health, the carrier, and the type of policy you're looking
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at. So long term care insurance is designed to help pay for the cost
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of necessary care when you can't perform those activities or ADLs of daily living,
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or you're some a cognitive disorder, so ADLs include things like bathing, dressing,
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eating, and using the toilet. Obviously, cognitive disorders would involve Alzheimer's
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and et cetera. So the types of pology see out there, and there's
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a whole a disease list these days of insurance policies to address these needs include
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the traditional long term term care policies maybe you've seen even your parents had.
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And when we look at the cost of those, the premiums you pay for
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a couple age fifty five today we're looking at premiums at around five thousand dollars
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per year combined. But many people wait till they're in their sixties to get
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these policies, and so due to age and obviously health considerations, premiums may
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be much higher. And I will tell people that the longer you wait,
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you know, underwriters are seriously looking at what cognitive situation you're currently in.
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And you know the people will say, well, I don't want to I
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don't want to even apply because you know I don't want to pay the premium.
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Well guess what they are going to decide if you're even going to get
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a policy. So sometimes you're going to want to at least play it through
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to see if you even qualify. The one thing that people resist with the
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traditional long term care policies is that if you don't use it, you lose
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it, so to speak, and so many people have shied away from that.
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They're thinking, if you know I'm healthy, I'm never going to need
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it. Why am I paying this premium and I'm never going to see a
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return on it. The flip side is there's a lot of good policies out
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there today as well that are hybrids so their life and their long term care.
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So what that means is you're not just qualifying as far as needing future
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care. If you don't need future care and a long term care facility,
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a portion of that can come back to your estate as a life insurance benefit.
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So those tend to be a little easier to qualify, but sometimes the
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premiums can be more expensive. So as CJ mentioned, we would suggest you
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talk to your financial advisor or long term care specialists that can be referred to
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you to figure out have you evaluated all the risks for you, your family,
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your retirement portfolio, et cetera. Because this is this can become a
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serious financial nugget that you you haven't planned for. So plan now real important
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things to start that conversation and start now as we talk with Malia Quavis and
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CJ. Closs, our retirement planning professionals from Class Financial love to have you
14:16
join us this morning telephone I'm gonna get on the air six oh eight three
14:18
two one thirteen ten. That's six oh eight three two one thirteen ten.
14:22
You can learn more about Class Financial all on their website Coss Financial dot com
14:28
that's Klaasfinancial dot com. Great resource there and their telephone number six oh eight
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four four two five six three seven. No charge for the financial get to
14:37
know Your appointment at Loss Financial. It will be complimentary to you again.
14:41
Their number six oh eight four four two five six three seven. We'll continue
14:45
our conversation with CJ and Malia and take your call next as Money in Motion
14:50
with Coss Financial continues here on thirteen ten wib A. This is Money in
14:58
Motion with Class Financial, a fun and informative show designed to help you get
15:03
answers to all your retirement questions in one place. The gold mines are open
15:07
for you right now at six oh eight three two one thirteen ten. That's
15:11
six oh eight three two one thirteen ten. Love to have you join us
15:13
with our retirement planning professionals from Class Financial. You can learn more about them
15:18
on the website class financial dot com. That's k l aa S Financial dot
15:22
com and the telephone number six oh eight four four two five six three seven.
15:26
No charge for the initial gets to Know You appointment dech Coss Financial.
15:30
It will be complementary to you again. They're number six oh eight four four
15:33
two five six three seven. Talking this week about long term care and things
15:39
to consider when it comes to that insurance. And you know, if I'm
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looking at getting long term care insurance, and my understanding doesn't just kind of
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cover nursing facilities. What if I don't think i'd ever need that care CJ.
15:52
Yeah, it is true that some of the older kind of traditional long
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term care policies that are still in the books, maybe for parents or grandparents,
16:00
just cover a stay at a nursing home. So it will be important
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for you to check your policy, talk with your insurance agent and get the
16:07
details on what your policy covers if you currently have one, be proactive on
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this before you end up needing that care, just to be clear on kind
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of where that care can be received and what is covered and what's not.
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However, with that being said, most new long term care insurance policies,
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about ninety nine percent of them, generally cover home health care, hospice care,
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respite care, and traditional long term care facilities and even Alzheimer's care facilities.
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So, in short, a long term care policy allows you to seek
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the type of care that you'll need without taking too much from your retirement portfolio,
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whether the care be in a nursing facility or in your own home.
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Do you want to circle back to something that Malia was saying in terms of
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if you think it's going to be cheaper in home. In your home,
16:52
you might have a surprise. Listen, we've actually seen if you need round
16:56
the clockcare in your home, it can be significant leave more expensive, which
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if you actually think about it, it doesn't take that long to figure out
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if if you have somebody staying at your place round the clock. First off,
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they are coming to your home. These are skilled nursing care experts who
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are there twenty four hours a day. I mean, just do some math
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on that. That's going to get really really expensive. Whereas even if you're
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in the round the clock care facility, they may not have somebody necessarily who's
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getting paid round the clock. It's more of like a grouping or a bunching
17:32
of that cost. So long story short, be cautious thinking that the in
17:36
home care is going to be less expensive. So one of the questions some
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of you might be thinking is what if I I'm not going to need care,
17:44
right because everybody in my family was healthy and nobody ended up needing long
17:48
term care. Well that may be, but let's talk about that a little
17:52
bit. So no one can say with certainty that they won't need long term
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care. And it's certainly possible that you may end up needing some sort of
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care, but the odds that you will end up requiring some form of long
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term care may be higher than you think. So here's some data. According
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to the US Department of Health and Human Services, the average sixty five year
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old today has a seventy percent chance of needing some kind of long term care
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services in their lifetime. Of those who need it, women generally need care
18:23
a little bit longer, which is an average of three point seven years,
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and men need it for two point two years, but around twenty percent will
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require it for more than five years. With the cost of care exceeding six
18:37
figures annually in some parts of the country, it's obvious to see why addressing
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this will could be important for your financial plans. Another common question we get
18:47
is, am I too young to buy a policy and so to avoid paying
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premiums before making use of the benefits. The temptation is to put off purchasing
18:56
a policy for as long as possible, and this makes some sense, but
19:00
it opens you up to the risk of seeing your premiums greatly inflate, or
19:03
worse, becoming unable to get any coverage because you have some sort of cognitive
19:10
decline or physical function decline. So if the possibility of securing a long term
19:15
care policy makes sense for your situation, we would recommend reviewing what's available in
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your fifties and sixties. Now, notice we're not saying in your twenties and
19:26
thirties. Although some people get so concerned about long term care they'll buy it
19:30
at those ages, but now you're talking about paying that for a really,
19:33
really, really long time. So to us, the kind of age ranges
19:37
where you should be focusing on this would be in your fifties and sixties.
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Once you get into your seventies, that the likelihood of having a physical or
19:45
mental problem that greatly increases those premiums or makes you unensurable goes up dramatically.
19:52
So there's some feedback really important notes there to keep being mindful of. As
19:57
we talked this morning with Sea J. Closs and Malia E. Quavis,
20:00
our retirement planning professionals from COSS Financial, don't forget about the website costsfinancial dot
20:06
com that's k l aas Financial dot com. You can learn more about the
20:10
team at co Loss Financial, their separate divisions, how they can help you
20:12
or if you're a business owner as well. Also, you can sign up
20:15
for the weekly Market Pulse newsletter right at the website Class Financial dot com.
20:19
It's a great weekly email snapshot of what's been going on in the Market's also
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linked to the most recent podcast. Again that available to you at Cossfinancial dot
20:26
com. Telephone number six oh eight four four two five six three seven.
20:30
No charge for the initial get to know you appointment at Loss Financial. It
20:33
will be complimentary to you again their number six oh eight four four two five
20:37
six three seven. I want ahold out of telephone number. Coming up to
20:41
the next segment, we'll do our Closs Quiz question in the week. We'll
20:42
also talk about what if you choose to maybe self fund? What are some
20:48
of the things to think about there we'll get the details. Do the Class
20:49
quiz question in the week next as Money in Motion with Coss Financial continues here
20:53
on thirteen ten. WIBI is Money in Motion with Class Financial, a fun
21:03
and informative show designed to help you get answers to all your retirement questions in
21:07
one place, chatting with our retirement planning professionals from Class Financial, CJ.
21:11
Closs and Malia Quavis. Don't forget. If you missed any part of the
21:15
program, you can always listen back online class financial dot com. That's k
21:18
l aa S financial dot com. You can subscribe to the podcast right there
21:23
and of course listen back to this in previous shows off the website Telphy number
21:26
six So eight four four two five six three seven no charge for the initial
21:30
gets know you appointment Tech Loss Financial. It will be complementary to you.
21:34
Before we get to the class quiz question, leak something I think probably a
21:37
lot of folks maybe popped into their head it's been talking this morning, which
21:41
is what about self funding our own long term care costs? What's some of
21:45
the thinking on that, Malia, Yes, so we're going to talk about
21:48
that and also, you know, the the idea of self funding or other
21:52
methods to help manage this whole situation. So, first of all, current
21:57
stats and how much is spent on long term care during one's lifetime. So
22:03
you know, when we look at percentages, we see that about sixty percent
22:07
of individuals who are over sixty five will spend less than twenty five thousand today's
22:12
dollars on long term care during their lifetime. However, over fifteen percent are
22:18
going to spend more than two hundred and fifty thousand, the remaining percentage obviously
22:22
fall somewhere in between, and nobody knows which side you're going to fall on.
22:26
So that's where we're really talking about. Okay, if it really is
22:30
the worst case scenario and you're having to spend more than two hundred and fifty
22:34
thousand dollars, that is where this could take a big bite from your retirement
22:40
savings. And when we talk about long term care insurance policies, we have
22:45
to remember that we're not if in fact, that's the direction you do choose
22:48
to go. We're not looking to cover the entire expense of that long term
22:55
term care on a monthly basis, But certainly if we can put you know,
22:59
a nail in it and get half of it or more covered with a
23:03
policy, that could definitely help a situation. So many times we see high
23:08
income or high network people successfully plan to self fund their long term care costs.
23:15
Sometimes middle income earners may choose to use non portfolio assets. They might
23:21
say I'm going to sell my home to cover any long term care costs.
23:23
There are a lot of creative directions you can go. So what are your
23:29
choices if you want to help manage this risk to your portfolio. Well,
23:33
I'll tell you what. The number one way, number one option that everybody
23:37
defaults to is to depend on family. Now, part of it is really
23:41
because of expense. However, as we said, that could be you know,
23:45
a different scenario once it plays out. But obviously we defer to family,
23:52
default to family because who would we prefer to take care of us more
23:56
than anyone else. It's certainly not the nurse that we don't know at the
24:00
at the hospital. It's our loved ones. So sixty five percent of adults
24:04
needing long term care today, they do rely on their family or their friends
24:10
to provide it. And it's important to realize though, which of those family
24:14
members are likely to provide this care and impact is going to have on them
24:18
and their lives. And we've discussed this in prior shows about the realities of
24:22
who shows up to care. It doesn't mean all your kids don't care.
24:27
It's just that some live across the country, some are raising children, and
24:32
it can be really tough. So we looked at the statistics and about a
24:36
quarter of the caregivers today are considered part of the sandwich generation, so they're
24:40
providing care to their own children and also to older adults at the same time,
24:45
and so that situation obviously can be difficult to maintain. About a third
24:49
of those caregivers are actually sixty five or older, so we see this playing
24:55
out amongst our own clients. Clients who are in their eighties are having their
25:00
kids in their sixties care for them. So, you know, maybe those
25:04
people are retired. However, those people maybe don't have the physical abilities to
25:11
be picking up mom or dad anymore, so that becomes a really difficult situation.
25:17
And finally, two thirds of all caregivers are female. So if you're
25:22
thinking your sons will be able to leave their job to care for you,
25:26
you know, maybe they can or maybe they can't. But generally we see
25:30
the females being the ones who say, I'll take a you know, separate
25:33
from work for a while, take a leave of absence so they can go
25:37
care for mom or dad. The next option besides family is certainly self funding,
25:42
as we mentioned, using savings, investments, retirement accounts if necessary,
25:48
you know, even using non portfolio assets like homes or something to that effect.
25:53
You'll want to make sure your assets as you enter retirement, are sufficient
25:57
to cover ongoing living expenses based on a reasonable withdrawal strategy, and that's what
26:03
you sit with your financial planner to draw that out. But then you're also
26:07
going to figure in potential long term care costs. Again, we don't know
26:11
if it'll happen, but if it were to happen, what are you doing
26:14
to manage that risk? And then finally, third option is securing long term
26:18
care insurance that we've been discussing. So again, you know, if you
26:22
have a well funded retirement plan, you may be able to also fund future
26:27
care needs, but we want to make sure that you're weighing the pros and
26:30
cons. Does it make sense to be looking at long term care now,
26:36
because obviously, as CG mentioned, you know, looking at it in your
26:40
you know, fifties and sixties, the ability to actually secure a policy is
26:45
more likely than in your mid seventies or later. Ironically, this is when
26:48
we hear people call us and say, you know, I'm seventy five,
26:52
I'm thinking I should probably get one, And that's when we're seeing premium is
26:56
really really expensive and often times there's some already some physical issues going on,
27:03
and that's where people get nervous and they're like, Okay, I guess I
27:06
should get one right. So you want to sit down and look at the
27:11
whole picture with a competent financial professional and a long term care specialist, perhaps
27:15
really important information this week. As always, if you missed any part today's
27:19
show, don't forget. You can always listen back right at Classfinancial dot com.
27:23
That's k l Aasfinancial dot com. You can also subscribe to the podcast
27:27
right at the website and learn more about Class Financial as well. Again that
27:30
site class financial dot com that's k l aa s Financial dot com. And
27:36
the telephon number for the office right here in Madison six oh eight four four
27:38
two five six three seven. No charge for financial gets to know you appointment
27:41
dech loss Financial. It will be complementary to you again their number six oh
27:45
eight four four two five six three seven. Come on hold on to that
27:48
telephon number. Also, it's time now for the Class Quiz question of the
27:52
week. It works like this. In just a moment, I'll ask you
27:55
the class quiz question of the week. You will then have thirty minutes from
27:56
the interday's program to call the Class Financial office right here in Madison at six
28:00
oh eight four four two five, six three seven. If you are the
28:04
first call with correct answer to win this week's prize, which is a twenty
28:07
five dollars gift card to Sephora. This week's closs quiz question the week is
28:11
this my favorite kind? True or false? According to the US Department of
28:15
Health and Human Services, the average sixty five year old today has a seventy
28:22
percent chance of needing some kind of long term care services in their lifetime.
28:29
True or false. Telephone number six oh eight four four two five, six
28:33
three seven. First call correct has win that twenty five dollars gift card two
28:36
Sephora. Don't forget as well. That's Class Financial's office right here in Madison.
28:38
No charge for the initial gets to know your appointment Deck Claws Financial.
28:41
It will be complimentary to you again their telephone number six oh eight four four
28:45
two five six three seven. CJ. Molia. It's always great chatting with
28:49
you guys. Have a great Thanksgiving and we'll do it all again in a
28:52
couple of weeks. Thanks Sean, Sean. And of course, speaking of
28:55
Thanksgiving, Amy Hok with Goodman Community Center, she'll be checking in next talking
28:59
about their Thanks thanks Giving, best basket, progress being made and how you
29:02
can help out. We will do that next as Madison in the Morning continues.
29:06
Right a year on thirteen ten WIBA. This is Money in Motion with
29:14
Coss Financial Asset Advisors, LLC, a registered investment advisor registered with the SEC.
29:21
The content of this show is for informational purposes only and should not be
29:25
considered individual investment advice. Coss Financial does not offer tax or legal advice.
29:32
Any opinion offered during the course of this show is the opinion of that particular
29:36
investment advisor representative, and not necessarily the opinion of Coss Financial