Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Good Saturday morning to all on this last week in
July twenty twenty four, Dick Chilligere and this is safe
money boy. Lots of things going on in our community
today and next week, especially with the fiftieth running of
(00:20):
the Big Seven which is going on right now in
downtown Davenport. We are here every Saturday to share with
you our listeners on the strategies we use with our
clients to manage and protect assets and to manage and
protect those assets safely in today's very very unsafe world.
(00:44):
A reminder. First thing this morning is at the thirtieth
annual Run with Carl will be held on Labor Day,
September second, only, thirty seven days from now. Run with
Carl benefits Pleasant Valley High School and Bettendorf High School
students by offering scholarships to their graduates. Plan on helping
(01:07):
our local schools continue to provide this great tradition. Gosh
so Run with Carl has provided over fifty over fifty
scholarships to graduates attending schools or technical schools throughout the country.
The second thing this morning is I want to again
(01:28):
remind you that I received an email from Social Security
last week which was indicating that Social Security statements are
now available in a new streamlined form. Maybe many of
you have also received this email from Social Security, So
(01:48):
I'll read this to you now. That says your Social
Security statement is now streamlined and easier to read. More
easier to read than ever before. This is because us
we have redesigned the statement to provide you the most
useful information upfront and added glance. We encourage you to
(02:09):
check your statement at least once a year, but in
order to review what the Social Security Statement gives is
it gives your earnings record. To make sure to make
sure that it's accurate and notify us if you see
any errors. Your personalized monthly retirement benefit estimates, which now
(02:34):
display how much you can expect to receive depending upon
when you decide to start their benefits between the ages
of sixty two and age seventy, other useful information that
will explain your benefits and help you prepare for your
financial future. And a new fact sheet that provides additional
information based upon your specific age group and earnings situation.
(03:00):
Like I say, you can now access your new statement
by signing into your account, So go to wwwsocial Security
dot gov. Forward slash review your statement once again. That
website is www. Social Security dot gov forward slash review
(03:25):
your statement so you can now access your statement instantly
and anytime outline. We will automatically send you one by
mail if you request that as well. We hope you
find your new statement useful and informative. Listeners. I use
(03:46):
that website oftentimes with my clients. My clients oftentimes we
come into my office and we go on that website
to determine to determine what their retirement income will be
and to help them plan if they want to retire early,
retire at age sixty two, or if they want to
(04:09):
postpone their retirement to age seventy. That information that's available
on that website is just tremendous and it will really
really help you do your planning. If we can help
with that, please remember to give us a call. Call
us at five sixty three three three two twenty two hundred,
(04:32):
or go to my website. Go to www. Dickshilling dot com,
scroll over to the contact icon and drop that down
for my email address, and if you'd like to correspond
in that matter, send me any email address. Send me
your email address and we'll be happy to correspond in
that manner. Okay, So I assume if you are on
(04:59):
Social Security but are not on email, I assume the
letters were mailed to you announcing this improved Social Security benefit.
But if you do not have access to the Internet,
then we can help with that. Call us five six
three three three two twenty two hundred call us, and
(05:22):
we can help you get access to that information that
is available. I think in doing retirement planning, if you
are not retired yet or if you are retired, I
think the information that you get from that website is
very very helpful. You know, last week we held our
(05:43):
virtual community meeting with very very good attendance. These virtual
meetings are for persons who are aging into Medicare and
receiving all that solicitation material from many, many different insurance companies.
As you may know, some time ago, we conducted these
meetings in person. We go to a meeting room somewhere
(06:06):
and we'd host these meetings. But now with COVID, we've
learned to utilize the Internet and we now host virtual
community meetings. And our next virtual community meetings will be Tuesday,
August twentieth and Thursday August twenty second, on Tuesday, August twentieth,
(06:32):
at ten o'clock in the morning, Greig from our office
reviews the basics of Medicare. Then he focuses on the
Medicare supplement programs and the prescription drug programs that are available.
Two days later, on Thursday, August twenty second, again at
ten o'clock in the morning, Greg reviews the basics of
(06:53):
Medicare and then focuses on the alternative to Medicare, and
that alternative to original Medicare is the advantage plans, and
what we believe is the more competitive of the advantage plans.
There are eight different advantage plans available in these Medicare regions.
(07:15):
Now we emphasize on Thursday, August twentieth, what we believe
is the more competitive of those advantage plans in that
most competitive plan is the AAARP Medicare Complete Plan offered
by United Healthcare. These meetings in August will be virtual meetings.
(07:40):
They are done with you remaining in the privacy of
your own home using your own computer equipment. Call Craig
in advance of August twentieth to receive instructions on how
to participate in these meetings. You know in the last
several safe money programs. We spend time talking about the
(08:02):
risks that we face in retirement, and these risks are numerous,
but one of the most significant risks is health care.
In maintaining good health at any age, health care is
a priority, So when you retire, however, you will probably
(08:22):
focus more on health care than ever before. Research has
found that the following habits were linked to a substantially
longer lifetime. And these habits, I'll mention them to you now.
There are eight habits that are linked to a substantially
(08:42):
longer life. The first is being physically active, The second
is being free from opioid addiction, The third is not smoking,
The fourth is managing stress, the fifth is having a
good diet, the sixth is not regularly binge drinking, Number
(09:09):
seven is having good sleep hygiene, and number eight is
having positive social relationships. The resourchers discovered that men who
have adopted all eight habits by age forty are predicted
to live an average of twenty four years longer than
(09:30):
men who have none of these habits. Women who have
all these habits will live and predicted twenty one years
longer than women with none of these habits. According to
the findings, staying healthy as your goal, and this can
mean more physicis to the doctor for preventive tests and
(09:51):
routine checkups. There's also a chance that your health will
determine as you grow older, increasing your need for costly
prescription drugs or medical treatments. That's why health insurance is
extremely important, and that's why we spend so much time
(10:14):
on our website and on our Safe Money radio shows
talking about Medicare and talking about this prescription drug plans,
because my gosh, there are eighteen prescription drug plans in
(10:35):
these Medicare regions. There are ten Medicare supplements. We get
to choose one of those ten Medicare supplements. There are
eight advantage plans. We get to choose one of those
eight plans. But in retirement, you're changing health insurance needs.
(10:58):
If you are sixty five or oer, when you retire,
your worries made lesson when it comes to pain for
health care. You are most likely eligible for certain benefits
from Medicare. Medicure is a federal health insurance program that
you acquire normally at your age sixty five, but if
(11:18):
you retire before age sixty five, you'll need some way
to help pay for your health care costs until Medicare
kicks in. Generous employers may offer may offer extensive health
insurance coverage to their retiring employees, but this is the
(11:39):
exception rather than the rule. If your employer doesn't extend
health benefits to you, you may need to buy a
private health insurance policy, which may be very costly. So
extend your employer sponsor coverage through COBRA that is very costly,
(12:01):
or you can purchase a health insurance policy through either
a state based or a federal Health Insurance Exchange health
insurance marketplace. But either way, purchasing individual health insurance prior
to age sixty five is very expensive. Now, there are
(12:24):
premium subsidies that are available through the health insurance exchange.
The Health Insurance Exchange is very very helpful in determining
which major medical insurance plan that we should be carrying.
But remember that occurs before Medicare kicks in and before
(12:47):
age sixty five. But remember Medicare does not pay four
long term care. If you ever need it, you'll need
to pay for that out of pocket or rely on
benefits from long term care insurance. Now, when it comes
(13:10):
to planning for your retirement income, it's easy to overlook
some of the gumon factors that can't affect how much
you'll be able to spend. If you don't consider how
your retirement income can be If you don't consider how
your retirement income can be impacted by investment risk, inflation risk,
(13:33):
catastrophic illness, including long term care, and taxes, you may
not you may not enjoy the retirement that you envisioned. First,
let's talk about long term care and what is long
(13:53):
term care. Sometimes with a long term illness, a disability,
or or cognitive impairment, such as Alzheimer's disease, we often
need long term care. Many different long term care services
can help people with these conditions. Long term care is
(14:14):
different from medical care because long term care generally helps
you to live as you are, instead of improving or
correcting medical problems. Long term care services may include help
with activities of daily living ADLs excuse me, home health care,
(14:38):
respite care, hospice care, or adult daycare. Care can be
given in a nursing home and assisted living facility, a
hospice facility, a day care facility, or in your own home.
Long term care also includes care in a facility or
(15:05):
remember in your own home. Long term care may include
care management services which evaluate your needs and coordinates and
monitors your long term care services. Someone with a physical
illness or disability often needs hands on assistance or stand
(15:27):
by assistance with activities of daily living. Activities of daily living,
or ADLs, is the most common way insurance companies decide
when you are eligible for benefits most companies most insurance
companies use six adeals. The adels are bathing, continents, dressing, eating, tordenting,
(15:58):
and trans Typically a policy, a long term care policy
pays benefits when you can't do a certain number of ADLs,
such as two of the six or three of the ADLs.
People with cognitive impairments often need supervision, protection or verbal
(16:24):
reminders to do everyday activities. Medical personnel, such as registered
nurses or professional therapists, provide skilled care for medical conditions.
This care usually is needed twenty four hours a day,
is ordered by a physician and follows a plan. Individuals
(16:48):
usually get skilled care in nursing homes, but also may
get in other places. For example, you may get skilled
care in your own home with help from visiting nurses
or therapists. Skill care includes services such as physical therapy,
(17:08):
wound care, or a professional who gives you medicine through
an iv. Personal care, sometimes called custodial care, helps a
person with activities of daily living. Now what are these
activities of daily living? These activities include bathing, eating, dressing,
(17:33):
toilenting continents, and transferring. Personal care is less involved than
skill care and may be given in many settings. Remember,
personal care is not insured by Medicare. Long term care
(17:55):
insurance insures these conditions, and long term care can be expensive.
The cost of long term care depends upon the amount
and type of care needed and when you get it
at home or in a facility. Long term care may
(18:18):
be needed when physical or mental disabilities impair your capacity
to perform basic task. As life expectancies increase, so does
the potential need for long term care. Pain for long
term care can have a significant impact on retirement income
(18:40):
and savings, especially for the healthy spouse. That's why long
term care is such a risk or such a threat
to marry couples. While not everyone needs long term care
during your life, ignoring the possibility of such care and
failing to plan can leave you or your spouse with
(19:04):
little or no income or savings if such care is needed.
Even if you decide to buy long term care insurance,
don't forget to factor the premium costs into your retirement
income needs. The premium costs for long term care insurance
is pretty high, and if you ever need long term care,
(19:30):
that insurance is extremely extremely valuable, extremely valuable for married
couples especially, But long term care insurance is very expensive now.
Long term care insurance can be acquired through long term
(19:51):
care insurance policies, or the long term care can be
acquired through other ways. There are special long term care annuities,
annuities that provide some benefit for long term care. There
are some special benefits on some life insurance policies that
(20:15):
offer that are offered for long term care purposes, but
you have to qualify for these policies. You have to
qualify for the long term care insurance policy, you have
to qualify for the annuity with long term care benefits,
and you have to qualify for the life insurance policy
(20:37):
that has the long term care benefit on it. That's
why I encourage you listeners. If you haven't planned for
long term care boy to do some planning for it.
Keep in mind of all the risks every face and retirement,
one of the greatest risks is the healthcare risks. That
(20:58):
includes that includes the costs of long term care. Acquiring
insurance or acquiring a combination of insurance policies. May be
acquire long term care insurance policy. In addition to that
long term care insurance policy. You may acquire a life
insurance policy which has some long term care benefits included
(21:22):
with it, or you may consider a an annuity which
has long term care benefits. And I say that because
if we are retired or for playing on retirement, we
may have other qualified monies available like an I R A,
(21:42):
or like a four O one K or a four
O three B, or any of these qualified accounts, and
those qualified accounts may have a long term care benefit
attached with him. I've been in the long term I've
been in the insurance business for a long, long time,
over close to forty years. In the insurance business. Long
(22:07):
term care insurance came out originally about twenty five or
thirty years ago, and at that time when long term
care insurance was available, there were many many insurance companies
that offered long term care insurance. Now as the years
have gone by, the number of insurance companies offering long
(22:31):
term care insurance. The number of companies have dwindled. Today.
I think there are only maybe five or six life
insurance companies that continue to offer long term care insurance.
So I say that to you because it is so important, listener,
that you plan for long term care. You do some planning,
(22:56):
and there are different ways that you can plan for
long long long term care. Long term care insurance is
one way, but there's long term care annuities, and there's
long term care life insurance policies that have some factors
which may be helpful. Oftentimes, when I talk to my clients,
(23:17):
I recommend the combination of those factors. If you have
annuities or if you have life insurance, maybe maybe those
policies can be converted to a long term care of
friendly annuity or long term care of friendly life insurance policies.
(23:38):
Those policies are especially especially important for married couples to have.
So if you are retired, if you are married spouses,
take a look at long term care planning. If you
have not planned for long term care, let me encourage
(23:58):
you to do some planning. Give me a call, call
me at five six three three three two twenty two
hundred and will be happy to talk with you about
your situation and the importance of planning for those expensive
When we talk about the risks associated when we are retiring,
the risk of our retirement, among the other things, remember
(24:22):
the number one risk that we talk about is the
health care risk. Included in that health care risk is
the risk of long term care long term care costs,
and those costs of long term care are especially a
risk for merried couples. So if you are planning for retirement,
(24:46):
or if you are now retired and you have not
looked at long term care, all of us think about
the fact that we don't need or we will not
need long term care. But most of the people who
are receiving long term care benefits have said the same
thing at some point in their life. They've said that
(25:08):
we don't need or we will not need long term care,
and that's ended up being absolutely false, because the statistics
show that most people who are retired will at some
point in their life need some type of long term care.
And remember the number of facilities that are available, the
(25:31):
number of resources that are available for long term care.
I encourage you to take a look at those resources.
Remember I have those barograph charts attracting the history of
the market going history of the stock market going back
to the latter part of the decade the nineteen nineties.
(25:53):
If you'd like to have a copy of that, please
give me a call as well. Have a great, great weekend,
good day,
Good Saturday morning to all on this last week in
July twenty twenty four, Dick Chilligere and this is safe
money boy. Lots of things going on in our community
today and next week, especially with the fiftieth running of
(00:20):
the Big Seven which is going on right now in
downtown Davenport. We are here every Saturday to share with
you our listeners on the strategies we use with our
clients to manage and protect assets and to manage and
protect those assets safely in today's very very unsafe world.
(00:44):
A reminder. First thing this morning is at the thirtieth
annual Run with Carl will be held on Labor Day,
September second, only, thirty seven days from now. Run with
Carl benefits Pleasant Valley High School and Bettendorf High School
students by offering scholarships to their graduates. Plan on helping
(01:07):
our local schools continue to provide this great tradition. Gosh
so Run with Carl has provided over fifty over fifty
scholarships to graduates attending schools or technical schools throughout the country.
The second thing this morning is I want to again
(01:28):
remind you that I received an email from Social Security
last week which was indicating that Social Security statements are
now available in a new streamlined form. Maybe many of
you have also received this email from Social Security, So
(01:48):
I'll read this to you now. That says your Social
Security statement is now streamlined and easier to read. More
easier to read than ever before. This is because us
we have redesigned the statement to provide you the most
useful information upfront and added glance. We encourage you to
(02:09):
check your statement at least once a year, but in
order to review what the Social Security Statement gives is
it gives your earnings record. To make sure to make
sure that it's accurate and notify us if you see
any errors. Your personalized monthly retirement benefit estimates, which now
(02:34):
display how much you can expect to receive depending upon
when you decide to start their benefits between the ages
of sixty two and age seventy, other useful information that
will explain your benefits and help you prepare for your
financial future. And a new fact sheet that provides additional
information based upon your specific age group and earnings situation.
(03:00):
Like I say, you can now access your new statement
by signing into your account, So go to wwwsocial Security
dot gov. Forward slash review your statement once again. That
website is www. Social Security dot gov forward slash review
(03:25):
your statement so you can now access your statement instantly
and anytime outline. We will automatically send you one by
mail if you request that as well. We hope you
find your new statement useful and informative. Listeners. I use
(03:46):
that website oftentimes with my clients. My clients oftentimes we
come into my office and we go on that website
to determine to determine what their retirement income will be
and to help them plan if they want to retire early,
retire at age sixty two, or if they want to
(04:09):
postpone their retirement to age seventy. That information that's available
on that website is just tremendous and it will really
really help you do your planning. If we can help
with that, please remember to give us a call. Call
us at five sixty three three three two twenty two hundred,
(04:32):
or go to my website. Go to www. Dickshilling dot com,
scroll over to the contact icon and drop that down
for my email address, and if you'd like to correspond
in that matter, send me any email address. Send me
your email address and we'll be happy to correspond in
that manner. Okay, So I assume if you are on
(04:59):
Social Security but are not on email, I assume the
letters were mailed to you announcing this improved Social Security benefit.
But if you do not have access to the Internet,
then we can help with that. Call us five six
three three three two twenty two hundred call us, and
(05:22):
we can help you get access to that information that
is available. I think in doing retirement planning, if you
are not retired yet or if you are retired, I
think the information that you get from that website is
very very helpful. You know, last week we held our
(05:43):
virtual community meeting with very very good attendance. These virtual
meetings are for persons who are aging into Medicare and
receiving all that solicitation material from many, many different insurance companies.
As you may know, some time ago, we conducted these
meetings in person. We go to a meeting room somewhere
(06:06):
and we'd host these meetings. But now with COVID, we've
learned to utilize the Internet and we now host virtual
community meetings. And our next virtual community meetings will be Tuesday,
August twentieth and Thursday August twenty second, on Tuesday, August twentieth,
(06:32):
at ten o'clock in the morning, Greig from our office
reviews the basics of Medicare. Then he focuses on the
Medicare supplement programs and the prescription drug programs that are available.
Two days later, on Thursday, August twenty second, again at
ten o'clock in the morning, Greg reviews the basics of
(06:53):
Medicare and then focuses on the alternative to Medicare, and
that alternative to original Medicare is the advantage plans, and
what we believe is the more competitive of the advantage plans.
There are eight different advantage plans available in these Medicare regions.
(07:15):
Now we emphasize on Thursday, August twentieth, what we believe
is the more competitive of those advantage plans in that
most competitive plan is the AAARP Medicare Complete Plan offered
by United Healthcare. These meetings in August will be virtual meetings.
(07:40):
They are done with you remaining in the privacy of
your own home using your own computer equipment. Call Craig
in advance of August twentieth to receive instructions on how
to participate in these meetings. You know in the last
several safe money programs. We spend time talking about the
(08:02):
risks that we face in retirement, and these risks are numerous,
but one of the most significant risks is health care.
In maintaining good health at any age, health care is
a priority, So when you retire, however, you will probably
(08:22):
focus more on health care than ever before. Research has
found that the following habits were linked to a substantially
longer lifetime. And these habits, I'll mention them to you now.
There are eight habits that are linked to a substantially
(08:42):
longer life. The first is being physically active, The second
is being free from opioid addiction, The third is not smoking,
The fourth is managing stress, the fifth is having a
good diet, the sixth is not regularly binge drinking, Number
(09:09):
seven is having good sleep hygiene, and number eight is
having positive social relationships. The resourchers discovered that men who
have adopted all eight habits by age forty are predicted
to live an average of twenty four years longer than
(09:30):
men who have none of these habits. Women who have
all these habits will live and predicted twenty one years
longer than women with none of these habits. According to
the findings, staying healthy as your goal, and this can
mean more physicis to the doctor for preventive tests and
(09:51):
routine checkups. There's also a chance that your health will
determine as you grow older, increasing your need for costly
prescription drugs or medical treatments. That's why health insurance is
extremely important, and that's why we spend so much time
(10:14):
on our website and on our Safe Money radio shows
talking about Medicare and talking about this prescription drug plans,
because my gosh, there are eighteen prescription drug plans in
(10:35):
these Medicare regions. There are ten Medicare supplements. We get
to choose one of those ten Medicare supplements. There are
eight advantage plans. We get to choose one of those
eight plans. But in retirement, you're changing health insurance needs.
(10:58):
If you are sixty five or oer, when you retire,
your worries made lesson when it comes to pain for
health care. You are most likely eligible for certain benefits
from Medicare. Medicure is a federal health insurance program that
you acquire normally at your age sixty five, but if
(11:18):
you retire before age sixty five, you'll need some way
to help pay for your health care costs until Medicare
kicks in. Generous employers may offer may offer extensive health
insurance coverage to their retiring employees, but this is the
(11:39):
exception rather than the rule. If your employer doesn't extend
health benefits to you, you may need to buy a
private health insurance policy, which may be very costly. So
extend your employer sponsor coverage through COBRA that is very costly,
(12:01):
or you can purchase a health insurance policy through either
a state based or a federal Health Insurance Exchange health
insurance marketplace. But either way, purchasing individual health insurance prior
to age sixty five is very expensive. Now, there are
(12:24):
premium subsidies that are available through the health insurance exchange.
The Health Insurance Exchange is very very helpful in determining
which major medical insurance plan that we should be carrying.
But remember that occurs before Medicare kicks in and before
(12:47):
age sixty five. But remember Medicare does not pay four
long term care. If you ever need it, you'll need
to pay for that out of pocket or rely on
benefits from long term care insurance. Now, when it comes
(13:10):
to planning for your retirement income, it's easy to overlook
some of the gumon factors that can't affect how much
you'll be able to spend. If you don't consider how
your retirement income can be If you don't consider how
your retirement income can be impacted by investment risk, inflation risk,
(13:33):
catastrophic illness, including long term care, and taxes, you may
not you may not enjoy the retirement that you envisioned. First,
let's talk about long term care and what is long
(13:53):
term care. Sometimes with a long term illness, a disability,
or or cognitive impairment, such as Alzheimer's disease, we often
need long term care. Many different long term care services
can help people with these conditions. Long term care is
(14:14):
different from medical care because long term care generally helps
you to live as you are, instead of improving or
correcting medical problems. Long term care services may include help
with activities of daily living ADLs excuse me, home health care,
(14:38):
respite care, hospice care, or adult daycare. Care can be
given in a nursing home and assisted living facility, a
hospice facility, a day care facility, or in your own home.
Long term care also includes care in a facility or
(15:05):
remember in your own home. Long term care may include
care management services which evaluate your needs and coordinates and
monitors your long term care services. Someone with a physical
illness or disability often needs hands on assistance or stand
(15:27):
by assistance with activities of daily living. Activities of daily living,
or ADLs, is the most common way insurance companies decide
when you are eligible for benefits most companies most insurance
companies use six adeals. The adels are bathing, continents, dressing, eating, tordenting,
(15:58):
and trans Typically a policy, a long term care policy
pays benefits when you can't do a certain number of ADLs,
such as two of the six or three of the ADLs.
People with cognitive impairments often need supervision, protection or verbal
(16:24):
reminders to do everyday activities. Medical personnel, such as registered
nurses or professional therapists, provide skilled care for medical conditions.
This care usually is needed twenty four hours a day,
is ordered by a physician and follows a plan. Individuals
(16:48):
usually get skilled care in nursing homes, but also may
get in other places. For example, you may get skilled
care in your own home with help from visiting nurses
or therapists. Skill care includes services such as physical therapy,
(17:08):
wound care, or a professional who gives you medicine through
an iv. Personal care, sometimes called custodial care, helps a
person with activities of daily living. Now what are these
activities of daily living? These activities include bathing, eating, dressing,
(17:33):
toilenting continents, and transferring. Personal care is less involved than
skill care and may be given in many settings. Remember,
personal care is not insured by Medicare. Long term care
(17:55):
insurance insures these conditions, and long term care can be expensive.
The cost of long term care depends upon the amount
and type of care needed and when you get it
at home or in a facility. Long term care may
(18:18):
be needed when physical or mental disabilities impair your capacity
to perform basic task. As life expectancies increase, so does
the potential need for long term care. Pain for long
term care can have a significant impact on retirement income
(18:40):
and savings, especially for the healthy spouse. That's why long
term care is such a risk or such a threat
to marry couples. While not everyone needs long term care
during your life, ignoring the possibility of such care and
failing to plan can leave you or your spouse with
(19:04):
little or no income or savings if such care is needed.
Even if you decide to buy long term care insurance,
don't forget to factor the premium costs into your retirement
income needs. The premium costs for long term care insurance
is pretty high, and if you ever need long term care,
(19:30):
that insurance is extremely extremely valuable, extremely valuable for married
couples especially, But long term care insurance is very expensive now.
Long term care insurance can be acquired through long term
(19:51):
care insurance policies, or the long term care can be
acquired through other ways. There are special long term care annuities,
annuities that provide some benefit for long term care. There
are some special benefits on some life insurance policies that
(20:15):
offer that are offered for long term care purposes, but
you have to qualify for these policies. You have to
qualify for the long term care insurance policy, you have
to qualify for the annuity with long term care benefits,
and you have to qualify for the life insurance policy
(20:37):
that has the long term care benefit on it. That's
why I encourage you listeners. If you haven't planned for
long term care boy to do some planning for it.
Keep in mind of all the risks every face and retirement,
one of the greatest risks is the healthcare risks. That
(20:58):
includes that includes the costs of long term care. Acquiring
insurance or acquiring a combination of insurance policies. May be
acquire long term care insurance policy. In addition to that
long term care insurance policy. You may acquire a life
insurance policy which has some long term care benefits included
(21:22):
with it, or you may consider a an annuity which
has long term care benefits. And I say that because
if we are retired or for playing on retirement, we
may have other qualified monies available like an I R A,
(21:42):
or like a four O one K or a four
O three B, or any of these qualified accounts, and
those qualified accounts may have a long term care benefit
attached with him. I've been in the long term I've
been in the insurance business for a long, long time,
over close to forty years. In the insurance business. Long
(22:07):
term care insurance came out originally about twenty five or
thirty years ago, and at that time when long term
care insurance was available, there were many many insurance companies
that offered long term care insurance. Now as the years
have gone by, the number of insurance companies offering long
(22:31):
term care insurance. The number of companies have dwindled. Today.
I think there are only maybe five or six life
insurance companies that continue to offer long term care insurance.
So I say that to you because it is so important, listener,
that you plan for long term care. You do some planning,
(22:56):
and there are different ways that you can plan for
long long long term care. Long term care insurance is
one way, but there's long term care annuities, and there's
long term care life insurance policies that have some factors
which may be helpful. Oftentimes, when I talk to my clients,
(23:17):
I recommend the combination of those factors. If you have
annuities or if you have life insurance, maybe maybe those
policies can be converted to a long term care of
friendly annuity or long term care of friendly life insurance policies.
(23:38):
Those policies are especially especially important for married couples to have.
So if you are retired, if you are married spouses,
take a look at long term care planning. If you
have not planned for long term care, let me encourage
(23:58):
you to do some planning. Give me a call, call
me at five six three three three two twenty two
hundred and will be happy to talk with you about
your situation and the importance of planning for those expensive
When we talk about the risks associated when we are retiring,
the risk of our retirement, among the other things, remember
(24:22):
the number one risk that we talk about is the
health care risk. Included in that health care risk is
the risk of long term care long term care costs,
and those costs of long term care are especially a
risk for merried couples. So if you are planning for retirement,
(24:46):
or if you are now retired and you have not
looked at long term care, all of us think about
the fact that we don't need or we will not
need long term care. But most of the people who
are receiving long term care benefits have said the same
thing at some point in their life. They've said that
(25:08):
we don't need or we will not need long term care,
and that's ended up being absolutely false, because the statistics
show that most people who are retired will at some
point in their life need some type of long term care.
And remember the number of facilities that are available, the
(25:31):
number of resources that are available for long term care.
I encourage you to take a look at those resources.
Remember I have those barograph charts attracting the history of
the market going history of the stock market going back
to the latter part of the decade the nineteen nineties.
(25:53):
If you'd like to have a copy of that, please
give me a call as well. Have a great, great weekend,
good day,
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