Nov 9, 2013|
Automatically Generated Transcript (may not be 100% accurate)
Good Saturday Austin. Broadcasting from the talk thirteen seventy studios you're listening to a financial wise with your host -- it Blackburn. Innovation and -- low cost options are available TU in the area of long term care listen to financial likes to find out more. Blackburn and her financial life specialty has also been featured weekly on K view. So stayed -- and she brings the same healthful life changing information act and talk radios listening audience. Here's your host and Suzanne Blackburn. Welcome to financial life I'm seize up Blackburn and I have a guest that I I've known literally my whole career. He's Kyle Metcalf. Certified in long term care with 26 years. Exclusively. Working with seniors and professionals to educate them on the benefits of long term care. -- you there. To that -- -- -- -- container port. How my gosh is an exciting. There's been so how much innovation in the -- 26 years my lord you remember when we started. And it was just the nursing home options than we were we heard literally developing the industry at that time -- way. Oh it's amazing if you remember back in that day never aren't. 1987. It was not you know totally. -- helped Kerry hadn't been invented. In assisted living facilities were nonexistent. So yeah it's night and day different it's so excited to be here and that -- Congratulations on your success apartment following your career has something to -- -- Well allow -- Q it's it's a service job I love it. And we're gonna talk about one of the most important topics I think in my career. Is dealing with this because part of what we do -- -- our financial. Is educate our consumers educate our clients. On the pitfalls. Of long term care -- state planning market risk all the different issues that would cause them harm in retirement. As a retirement specialist. You know as well as I do we have to deal with this issue so this this segment and the next is going to be dedicated. Too long term care and you are the guest of honor I'm so glad -- here. I'll -- -- -- heritage it's partly because November is long term care awareness month. So the timing couldn't be better we're going to like it starts. Well you know you're the expert you've done this for 26 years so I'm just gonna really. The the advocate for my client base silk which people are the most vulnerable to long term care and what problems do you see. Are the biggest threats to not having this issue dealt with Kyle. I need that didn't like you just touched on truck stop it's not age related anymore. I'm 53 years old have any long term care policy. I purchased it -- well I guess. Ten years ago when -- up 43. I'm -- hip replaced and I have a person stay home health care writer on my policy. When I had my hip replacement physical therapy took place in my house. And -- prosecute any additional costs that my major medical par and didn't try -- sol any relation and I try to stay away from I'd like to see your client start really put the planet plate. In their fifties if we can do it it is the perfect case to keep cars were they really need to start planning. The cost of the insurance is so much glass and to be honest with you there. The truth get to have a plan no matter what it is that's the biggest threat to anyone as. -- I -- -- financial portfolio but you're not gonna spend a lot of time talking about the stress these -- on family. So what are the planet comedy we need to have an in place an -- that's just a great place to start by. In a perfect world in your fifties. -- fifteen is the perfect time to start looking at long term care and extended illness if you would hand out pricing and underwriting definitely to your advantage. Well you know. Long term care costs run in Austin, Texas about anywhere from 5000 to 7000 a month. And there's just not a lot of people that have that extra money to spend on Matt. That's in today's costs so it's a new person is retiring. What is the inflation rate at this time of long term cared you know. Why don't tell you what the everybody's kind of run -- help the CPI Consumer Price Index it's wrong and about 2%. We grew up in an -- -- 5% compound an unlimited lifetime plan -- to be out with the issues that those plans of coming golf. Unlimited lifetime. Tom is no longer available. 5% compound is really price prohibitive as far as an inflation protection. In the market has come in dictated that changer and the way that we present the product. The way that we look at the risk in what you denied insurance professionals. As far as information gathering from your client -- Actually buying as much insurance as we can hope -- without breaking the bank on their investment side so. I -- Acosta appear in Austin this morning. Indicated how hard numbers on home health care and all -- an average of 45000 dollars a year. -- assisted living facility is 50000. A nursing home per bedroom in the alternate characters driving 81000. Dollars a year. And -- you know civic pride that we just kind of permit no Burton not many people do this -- certainly. But if you're -- sure this is kinda where people into going. Courtesy to call secretary the second semi courtroom is 56575. Dollar allow those are hard power call. On average in all -- do business to that. That Kyle let -- a lot of my client think Medicare is gonna cover this know what I got on the Medicare and is there gonna cover the first twenty days. And then after twenty days up to the next hundred. The co pay of the person and that's receiving the care. -- and African skilled nursing we're not talking about congregate care we'll talk about the different levels Karen amendment. But from 22 a hundred days at eighty days. You're paying your which you've got to -- your pocket that's not covered by any medical insurance or Medicare supplement is a 148 bucks a day. And that's up to the hundred then after a hundred. And he is an -- to speak in general terms because the market in fifty states and all the Medicare rules are a little bit different plan that's purchased. And what the state dictates. But many other and I wish you wish that we could rebuild a second time in -- famous product. Because when we say long term care what your client here is nursing home insurance and that's just not the case anymore. What I like to tell people in today's market is where we were working on major medical is paid by companies and lord knows those days are numbered. That we bought land stood still and not albeit disability and com some people critical element. Any number of plans to fill that gap. Why are major network got to pay they pick it up to an ancillary injured product. Junior senior years when you look at Medicare and it. And didn't tell on this. -- -- hole in that don't it is the market Medicare not gonna staple. On the average I tell people a hundred days. What problems you have a that you work about the sale are skilled and intermediate. The majority. Of your claims coming out of hospital all under custodial. And that is not covered by Medicare. Exactly custodial is when you're needing help with activities and daily living. Dressing eating bathing toilet -- transferring just getting up an out of that chair. Really and truly. My mother don't claim right now and she's a great advocate for me because. The reason why Mike Stanley make a decision to purchase private insurance for extended illness. Is that I sold my grandmother plan back in mid -- And my mother and hell and she injured her knee. She actually picked -- our -- -- the issue is worried about filing a claim on her policy woods -- couldn't believe they're actually. Claim reluctance from time to time in this market but what mothers receiving today is a lady comes in three days a week. She -- -- and take care of that aspect absolutely almost three days but she cooks. She cleaned. She takes care of that how. Insure and -- such as grocery shopping or my mother. Can be as simple as that would you and I talked about radio a lot of people get lost in the actual claims experience. That we now have at our disposal because we've been in the industry solo home. -- take functionalities -- Right are we gonna take a break Karen just to second but. These you know peace of mind is what this type of stuff does but we're gonna talk about because many -- listening you're thinking wow this is expensive. I can't afford it. And we're gonna get into that because there's a lot of innovation that's what Kyle's on the -- that's -- we've got an expert with 26 years of experience just in. This particular type of insurance long term care. The custodial care -- Can't really talk about that on the break and remember some folks their financial lives and the rest are otherwise. I'm sees it lectern. If you're planning for retirement you have lots of questions how long moment money last would need to support long term -- I don't I avoid unnecessary taxes that the most important question is did. Can I get retirement planning and advice I can trust. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Come investor advisory services offered through global financial broke Capitol Hill seem SEC registered investment advisor. Welcome back to financial life. Quit your home Suzanne Blackburn. All right welcome back and see that Blackburn with financial lives and we've got our host today Kyle Metcalf. With 26 years of experience in the long term care field and I want -- it's a privilege to have Kyle. Black beard couldn't I couldn't be happier. It's long term care awareness month right. November November. So we're going to be talking about that now there's a lot of myths. Around people in the understanding of living. With elements and I've had people that didn't wanna go unclaimed because they're scared to -- looser car keys you know so we had talked about. The myths that people are living under that Medicare is gonna pay for it it's not gonna happen and -- what are the steps on use of long term care. And people having claimed. All basically what you're looking at YouTube it's gonna happen in your lifetime in the region that is because it's so available on today's market about eight out of ten people what some time will need assistance and they're actors sixty -- after retirement. It's just because home health care is so readily available. Wow eight at a ten of us are gonna need that and you already quoted the costs were looking at upwards of 80000 a year. Down to 4000 a month somewhere in the neighborhood right. Yeah I don't think people don't realize -- that is that when they're -- hard dollar out of pocket not only are they spending that money. But their lives in the investment potential on that dollar is -- so it. Actually. It's it's more than they have such issues the 81000 dollars usually -- you lose the investment power. And 81000. Dollars in your portfolio is well and a lot of people don't realize that aspect. Oh my gosh and if you're married you've just eliminated your spouse's opportunity for a lot of life without worrying about money. Did you -- -- so right in that that the people just don't recognize. Lot it really. Hit and how it can affect them adversely not only financially. But emotionally on the same -- it has to be the most stressful time. That they would situation and like usually. In life insurance when you don't check the family has come together. Everybody's haven't fond memories and everybody's kind of brought together around that table. In an extended element to our long term care situation nothing could be further from the truth the that certainly is stressed that point fingers they want to know who's been compliant why. Don't those taking care -- no matter what they are it's. It's just absolutely players believed the part. Well if you lost your independence. And -- last year capacity to deal with life and you deal you've lost control. And that's the number one thing not only be lost physically. You've lost control but now you're out of control with your money. And if you really want to lose control of your family lose control of your money situation and then also the health capacity so. It does to -- families and it ends well. Volatility in the freedom of choice that you can know that your mom's taking care of your dad taking care are. It's convenient to your house for -- everything. Freedom but actually it's just it that's one of the most important. Elements of these policies is that you can't comment and now as cheaply. Can get that share in a manner which everybody comfortable lit. As long as the media requirement of cognitive impairments and also want the parties trigger. The world -- you -- and assisted living facility an adult daycare situation at home health care actual nursing home. Any level of care can be matched and met and you have a care coordinator from the carrier that help cure friendly seat guru. The claim process. We'll give me an idea that we don't need a Cadillac to get careless talk about the Chevrolet you know what I talked about that. Just the mid range policy somebody 65 in pretty get help what would that will be the cost for a couple in a situation like that. A couple 65. Is gonna run riot act. 213. Dollars a -- hundred dollars ahead. So to give a family peace of mind and not worry about what they need to take care of now. You know we haven't defined the policy in all that's clear this is just averaging I'm not saying that it was gonna -- front. Call as far as what it would rod all that a policy that I. I would build it they were my client what you need to look at. In that machine that you're Stanley history right. You have a family history of alzheimer's and dementia we know beyond a shadow of doubt that a genetic -- That we need to design a different type of client if you're -- however goes to sleep one night in May you know they have a tendency not to be so. There's no reason to. Over in short because we know based ultimately history what we're looking at. The average -- out there is between three and five years in late. Aren't we get any numbers. You've got -- hard sell it to -- play and no I mean. About hundred. Would run out of it while I LE three here benefit only 8800. We exceeded benefit. If we get so I think you're seeing that one person or one and 100. Put exhaust their benefits. So you don't need a five year in general terms I mean it if you aren't just cover the cost. Look at denote yes so weird look at net and sent a Cadillac we -- machete. We want to preserve. Your independence we wanna preserve your capacity. To not lose control. You know people lost control of your physical self and your -- gone. You also don't want a couple that with the the disintegration of assets and so by covering this. We're trying to increments of time so we can run into that worst case scenario you have the financial planner. Have they wait to adjust appropriately. To offset that risk right. We're back in the day we sold like kind plant but he did that which is no way we actually overture people. Yes. Let's try one did you on the line because you've got all the information on the national level of what's happening out there so folks in Austin. I really want you to pay attention this is great media information about long term care call my office. It's 5122159030. And will help you design. A life plan not just around long term care. Because that's an issue that may or may not happen that you want to make sure that you've at least dealt with that and you know the facts because it can devastate your family. Devastate your your ability to not run out of money right out. Absolutely and apparently the most important well it just that's -- that's the deal in a nutshell. You're insuring the freedom of choice for your family. Will make sure that you're taking care of in a manner which their comfortable. And cats -- financial we're looking out for you folks in Austin we wanna make sure that you have a life plan. That we've dealt with the retirement issues when you're in the accumulation phase of money. And your working. These are not top priorities. But when you cross the bridge to retirement. And you have to deal with your health is starting to fail you have to deal with. So security issues in your money not running out withdrawals of your pension with -- of your retirement planning. You've got to deal with some of these issues so I have. The expert of the day Kyle -- Catholic 26 years in the business of long term care on the line. To assist you know call my office 512215. 9030. And get the skinny on this will do a plan and will audit your long term care policies that you've got now how that's the best way to see what they have right. Absolutely and don't think for a moment -- that need to be a threat to have a plan. Just let that make sure you understand how it's gonna work. If you don't have a plant sit down bid that was -- let. Put a plan to get no lateral walker decision it is he still think. I happen to me and I'm gonna -- our dollar how those dollars set aside. And so everybody knows what their purpose here -- what they're designed to be useful. Exactly and believe me we have watched you and I together we've watched people spend down everything they have. And leave the spouse basically impoverished to make you know he's just a nightmare when this kind of issue hasn't been dealt with it destroys families. It leaves you not only physically and kept incapacitated. But financially incapacitated. So this is one of the pillars of health and a good retirement plan would you say that's true. I think is the most important but you know -- 26 years I decided just to get. The most important piece mentioned it. It's right up there I would agree and for 200 or whatever it is I mean it's. It's something to look at and let's and they are innovative things that are available for no cost. We can do insurance products with no cost for this type of thing to be at least help in this capacity so called cats are. 51221590305122159030. And remember folks some folks their finance line and the rest are otherwise I'm sees that black. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Come investor advisory services offered through global financial broke Capitol Hill seem SEC registered investment advisor. Welcome back to financial lives. -- you post who's at Blackburn. Welcome back to funny -- like this this season at Blackburn. And listen we have had a group. Rate talked with comment -- 26 years exclusively. In the long term care business we've worked together in the past that's how I cut my teeth. In this industry. And I wanna tell you we are excited because that's a pillar of health in your retirement planning. And we talked about that a lot of recap that real quick. We've talked about you know many people think Medicare is gonna pay for a let me -- -- folks they're not they're gonna pay the first twenty days you're on your -- after a hundred. Your insurance plans are gonna take care of that you've got to have some planning around that. It's not -- you know to to say the kids are gonna take care of it or you're gonna pay for daddy -- pocket. You know you've lost it ended in a long term care setting you've lost. Your physical health you don't want -- also lose. Your financial health and lose control of your assets. And destroy your family by -- in on them to take care at this. It's very easy to fix he can come into the office call my office at 512. 215903830. We will come up with a plan will help EU. No what. Are the options that are out there Kyle and I have worked together I'm independent. I'm not bound by any proprietary product line I can offer what ever is -- best. In the marketplace. For you. So it doesn't matter we can sit out and just discuss that make sure you've got something in place. Go to capstar financial dot com. And watch some of my segments from KV I did talk about this when I was on the news and we've got some great options on -- long term care. Now we just did our last luncheon learned at the north office it was really rich we talked a lot about different things. And I will be inviting guests on the show that will help you locally here in Austin. To deal with this topic OK so called cats -- financial at 512215. 9030. And join me next week Kyle will be there again we've got so much to talk about. This is a deep dive in to long term care you're gonna get the best. Information. In Austin, Texas on this topic folks don't miss it 130. Next Saturday. Financial life and remember that some folks are financial lies and the rest are otherwise I'm Suzanne Blackburn. No individual tax legal or investment advice is given an investment advisory services offered through global financial private capital LLC. SEC registered investment advice. Global financial private capital has no affiliation with the news agencies represented here the views expressed do not necessarily reflect the views of global financial private capital global financial private capital makes no representation or warranty is about the accuracy reliability. Completeness or timeliness of the continent and not recommend or endorse any specific information contained their. 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Completeness or timeliness of the content and do not recommend or endorse any specific information contained -- insurance services and products offered through -- financial LLC extra insurance and annuity product guarantees are subject to the claims paying ability of the issuing company any comments regarding safe and secure investments in guaranteed income streams refer only to the fixed insurance products. They do not recur in any way to securities or investment advisory products global financial private capital LLC in capstar financial LLC or unaffiliated companies.