Dec 21, 2013|
Automatically Generated Transcript (may not be 100% accurate)
Good Saturday Austin. Broadcasting from that talk thirteen seventy studios you're listening to a financial wise with your host -- it Blackburn. Innovation and new 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 debut. So stayed -- yeah and she brings the same helpful life changing information act and talk radios listening audience. Here's your host and Suzanne Blackburn. Welcome to finance to life I'm seize up Blackburn and I have a guest that 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. -- in there. To that I'm so glad that they -- -- dinner or. How my gosh is an exciting. There's been so how much innovation in the -- -- six 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. Obviously it's amazing if you remember back in that day never -- 1987. It was -- -- only. Called health care hadn't been invented. In assisted living facilities were not -- -- you're right it's not -- -- -- is so excited to be here and that -- Congratulations on your success but the following your career and it sucked into the hole. Well wow thank you 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 it kept 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. We you know is well aside do we have to deal. With this issue so this this segment and the -- is going to be dedicated. To long term care and you are the guest of honor I'm so glad -- here. Could be -- 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 -- 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 did what you just touched -- -- -- it's not age related anymore. I'm 53 years old have any long term care policy. I purchased a battle against. Ten years ago when I was about 43. -- the hip replaced and I have a -- stay home health -- writer on my policy. When I had my hip replacement physical therapy took place in my house. In my prosecute any additional costs that my major medical client didn't try -- soul -- relation and I try to stay away from I'd like to see your client start really put up. -- -- -- In their fifties if we could do it it is a perfect eight feet deep pockets where they really need to start planning. The cost of the insurance is so much less and to be honest with you there. The truth get to have a plan no matter what it is that the biggest threat to anyone as. Like to a financial portfolio but you're not gonna. Spent a lot of time talking about the stress these -- -- family. So one of the planet going to be we need to happen and placed an -- that's just a great place to start -- In a perfect world in your fifty. Nick fifteen is the perfect time to start looking at long term care and extended illness if you look and now 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 that. 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 -- you know. -- not saying what the everybody's kind of run and help the CPI consumer price and that it's wrong and -- about 2%. Oh lead grew up in an -- -- 5% compound an unlimited lifetime plan and to be out with the issues that those plans -- 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 kind of dictated it changes in the way that we present the product. The way that we look at the risk and what you and I is in -- professionals. It's part information gathered from your client can. Actually buying into my insurance -- we can hope for without breaking the bank on their investment side so. -- -- -- cost of care in Austin this morning. He became kind of hard numbers home health care and all -- -- that -- 45000 dollars a year. -- assisted living facility is 50000. A nursing home -- -- in the Balkans look at -- as early in 81000. Dollars a year. And there you know civic pride that we just kind of permit no curtain not many people do this -- apparently. But if you're not insured to this kind of where people into going. Conducive to call secretary the second semi brother released 56575. Dollar Lal those are hard power call. On average in all projected -- to business today. That countless willow lot of my -- 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 two when he to 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 you're on your own mind. He didn't want to speak in general terms because the market in fifty states and all the Medicare rules are a little bit different plan -- purchased and what the state dictates. But thank -- and I it's you wish that we could rebuild a second time in reading this 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 when we were working on major medical paid by companies and lord knows those days are numbered. But we thought plans -- -- enough albeit disability and com some people critical element that. Any number of plans to fill that gap. Why are major network got to pay they pick it up to an ancillary insert product. In your senior years when you look at Medicare and extended. Illness. At that hole in -- Daytona in the market Medicare not gonna faithful. On average I tell people at 200 day. What problem you have -- that you work without the say are skilled and intermediate. The majority. Of your claims coming out of obstacles all under custodial. And that is not covered by Medicare. Exactly custodial is when you're needing help with activities of daily living. Dressing eating bathing toilet seeing transferring just getting up and out of that chair. Really and truly. My mother don't claim right now achieved a great advocate for me because. The reason -- Mike Stanley make a decision to purchase private insurance for extended illness. Is that I sold my grandmother a plan back in the -- And my mother bell. And she injured her knee. She actually bring the power copy call me you're worried about -- acclaim on her policy -- -- just couldn't believe they're actually. Claim reluctance from time to time in this market but what my mothers receiving today is a lady comes in three days a week. -- today drafted and take care that aspect absolutely almost three days but she cooks. She cleaned. She takes care of the -- NG run errands such as grocery -- for my mother who can be as simple as that would you and I talked about -- DL a lot of people get lost in the actual claims experience. That we have at our disposal because we've been in the industries solo home. -- -- -- -- -- Right -- we got to take a break here and 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 what we've got an expert with 26 years of experience just in. This particular type of insurance long term care. The custodial care skilled can't really talk about that on the break and remember some folks their financial lives and their. Are otherwise. I'm -- at Blackburn. Contrary to what you've heard. There is such thing as a complimentary lunch. It serves up in -- valuable financial advice for you it's a lunch and learn hosted by Susan Blackburn we can't start financial. As the unbiased financial condition you've seen on TV TV and heard on the talk radio thirteen seventy billion financial -- show. -- Blackburn is -- a specialist on retirement planning. During her complimentary lunch you'll learn -- managing money is harder these days kind of making keep more money in volatile times what strategies are low risk and high return. How to avoid probate and attorneys' fees and how to create income streams that you can't help list. Reserve your place today for the complimentary lunch and learn Monday February 3 register by calling 5122159. -- thirty. Five when June 02159. B 34 on minding capstar financial dot com. It's your money protected. Investment advisory services offered through global financial private capital Pelosi and it's easy 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 -- tell -- it's a privilege to have Kyle. Black -- couldn't I couldn't be happier. It's long term care awareness month right. 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 of the I've had people that didn't wanna go unclaimed because they're skidding or lease a 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 to me what the stats on use of long term care. And people having claimed. All basically -- -- -- -- -- is gonna happen in your lifetime and the reason is because it's so available on today's market about eight out of ten people what some time will need assistance in there after 65 -- retirement. It is because home health care is so readily available. Wow eight at a ten of us are gonna need that and you already quoted the cost we're 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 really -- that is that when they're gone hard dollar out of pocket not only are they spending that money. But their lives in the investment potential -- dollar as well so it. Actually it's it's more than what you're used the 81000 dollars -- -- you'd lose the investment power. An 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 -- opportunity for a lot of life without worrying about money. Did you EU summit so -- investment people just don't recognize. What they really. Did and how it can affect them adversely not only financially. But mostly on the same -- it has to be most stressful time. In the daily situation and like you'd like. In life insurance when you don't let it check the family has come together. Everybody's happened on memory and everybody's kind of brought to get around that table. In an extended illness our long term care situation nothing could be further from the truth that. The Stanley is -- that their point fingers they wanted to know who's been compliant why it worked on those taking care mom in America which they are it's. It's just absolutely fair Stanley to park. Well if you lost your independence. And you've last year capacity to deal with life and you deal you 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 -- families and it ends well. -- -- can have freedom of choice that you can know that your mom's taking care of your dad taking care or. It's convenient here count -- -- think everything. Freedom of choice. It's just it that's one of the most important. Element of these policies is that you can count and get now as -- lead. Can get that chair in a manner which everybody comfortable -- As long as the radio requirement of cognitive impairments and also what the policy triggered. The world -- force assisted living facility an adult daycare situation and home health care actual nursing home. -- you need level -- 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 Chevrolet know what I talked about that. Just the mid range policy somebody 65 in pretty good -- what would that will be the cost for a couple in a situation like that. A couple 65 is gonna run right. 213. Dollars a month 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 let's clear this is just averaging I'm not saying and that was gonna -- -- Call as far as what it would rod all that a policy that -- I would build it if they were my client what you need to look at. In an issue that you Stanley history right. Even have a family history of alzheimer's and dementia we know beyond a shadow of a doubt that it genetic. -- we need to design a different type -- -- it here Palin however goes to sleep one night in May you know they have a tendency not to be so. There's no reason to -- short because we know -- actually history what we're looking. The average player now there is between three and five years in late. Are there any numbers. You've gotten -- -- sell a two year plan not -- -- About hundred. Would run out of -- that allow -- three here benefit only eat in a hundred. We exceeded benefit. If we get so I think you're seeing that one person or one in 100. Would 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 -- look at net and sent a Cadillac we -- -- -- 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 health -- on you also don't want a couple that with the the disintegration of assets and so by covering this. I want mine picked 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 and today we sold lifetime plan by the and 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. At 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 wanna 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 part it just that's it that's the deal in a nutshell. You're insuring that freedom of choice for your family. Will make sure that you're taking care of in a manner which their comfortable. -- 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 help 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. -- that's the best way to see what they have right. Absolutely and don't think for a moment did eight that need to be a threat to have a plan. -- let that make sure you understand how it's gonna war. If you don't have a plant sit down bid that was -- Put a plan to get no matter walker decision it -- he still think. It's gonna happen to me and I'm gonna play our dollar have those dollars set aside. And so everybody knows what their purpose here is 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 is 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 since I decided just to get. The most important piece mentioned it's. Yeah it's right up there I would agree and for 200 or whatever it is I mean it's. If something to look at and -- 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 Blackburn. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Investor advisory services offered to global financial -- Capitol Hill seem SEC registered investment by. Welcome back to financial wise. -- -- -- -- -- -- Welcome back it's funny to like this is seized at Blackburn. And listen we have had -- -- Great talk with comment calf 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 want to recap that real quick. We talked about you know many people think Medicare is gonna pay for many tea folks they're not they're gonna pay the first twenty days you're on your own after a hundred. Your insurance plans aren't 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 -- 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. 21590830. 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 the best in the marketplace. For you so. It doesn't matter we can sit down and just discuss it make sure you've got something in place. Go to capstar financial dot com and watch some -- segments from KV I did talk about this when I was on the news. And we've got some great options around 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 -- -- financial. At 512. 2159030. And join me next week Kyle will be there again we've got so much to talk about. This is a deep dive into 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 their financial lives 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. And 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. Contain their insurance services and products offered through capstar 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 your unaffiliated companies no individual tax legal or investment advice is given investment advisory services offered through global financial private capital. LLC an SEC registered investment advisor 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 representations or warranties about the accuracy reliability. 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 -- insurance products. They do not recur in any way to securities or investment advisory products global financial private capital LLC and capstar financial LLC or unaffiliated companies. Contrary to what you've heard. There is such thing as a complimentary lunch. It serves up in -- valuable financial advice for you it's a lunch and learn hosted by Suzanne Blackburn -- can't start financial. As the unbiased financial condition you've seen on TV TV and heard on the talk radio thirteen 70 -- financial -- show. Susan Blackburn is a specialist of retirement planning. During her complimentary lunch you'll learn -- managing money is harder these days how to make and keep more money in volatile times what strategies are low risk and high return. How to avoid probate and attorneys' fees and how to create income streams that you can't help list. Reserve your place today for the complimentary lunch and learn Monday February 3 register by calling 5122159. -- thirty. That's why -- June 2159. B thirty. -- on minding capstar financial dot com. It's your money protected. Investment advisory services offered through global financial private capital Pelosi and it's easy registered investment advisor.