Haven Financial Group Radio - 6/15/25

Episode Transcript

Speaker 1 (00:00):
You worked hard for your money, but do you know
how to make it work hard for you. You need
a team with experience, vigilance, and a strategy to help
you live the retirement you deserve. Find your financial safe
haven with Haven Financial Group. Today you're listening to the
new and improved Haven Financial Group Radio Show, where we
bring you comprehensive weekly financial wisdom from the professionals. It's

(00:23):
all about helping you solve retirement problems so you can
make your nest egg last. Your tune to the Haven
Financial Group Radio Show with your host, Larry Kolvig and
Kim Karrigan your guides to weekly retirement confidence. If you're
interested in protecting and growing what you have, let us
be your financial safe haven. The full nines are always

(00:43):
open at six point two five four eighty four hundred.
Now get your financial questions ready because the Haven Financial
Group Radio Show starts now.

Speaker 2 (00:54):
Good morning, and welcome to the Haven Financial Group Radio Show.
I'm Larry Kolvig, Founder and CEO of the Haven Financial Group.
Feel free to give us a call six one two
five oh four eighty four hundred. Are always visit us
online at Havenfinancialgroup dot com.

Speaker 3 (01:09):
Kim great to be with you.

Speaker 2 (01:12):
It's Father's Day weekend, and so we're certainly greet all
the fathers out there, but again, good to be with you.
We got Glenn Raimi with us this week because we're
going to talk about a lot of insurance topics, really
exciting stuff but extremely important.

Speaker 4 (01:26):
Right yeah, absolutely, Well, Happy Father's Day to you, sir
and Glenn. You know, I don't think I've ever asked
you should I be wishing you happy Father's Day as well?

Speaker 2 (01:34):
Yeah?

Speaker 5 (01:35):
Yes, indeed we go with your old daughter who just
finished second grade this week.

Speaker 4 (01:39):
Well, congratulations to you, and I hope both of you
have a wonderful weekend and enjoy it with your families,
that's for sure. Thank you. Yeah, we're going to talk
about insurance. You know, I've learned a lot about insurance, Larry,
since you and I have started to work together here
to doing this show, because I think a lot of
times people think about they think about medical lunch insurance

(02:00):
and they think about life insurance, and they think of
them as medical insurance is used for medical purposes and
life insurance is used when you die. It insures your life.
But that's not necessarily the case anymore. There's a lot
of other means by which to use insurance, and in fact,
the theme of our show today is how insurance and
retirement really go together, and I think a lot of

(02:22):
people may not think of them in that way. So
I'm anxious to hear from both of you and Glenn
about this subject. We're going to begin with healthcare and
long term care, insurance and retirement. Then we'll talk about
how life insurance can support your retirement, understanding annuities for
your retirement, and then finally we'll wrap things up talking
about some of the biggest mistakes that people make when

(02:44):
it comes to insurance and their retirement. So let's get started, gentlemen,
first by talking I think you know and Glenn, we
have had the chance to talk to you about this
so many times, and I don't think that we can
talk about it enough. And that's this whole idea of
healthcare and long term insurance, because when you get to retirement,
these are two expenses that are some of the greatest

(03:08):
for those who are in retirement. So planning for this
can't start early enough, it doesn't seem to me.

Speaker 5 (03:12):
Yeah, absolutely right. As of twenty twenty four, they're expecting
that a sixty five year old average sixty five year
old entering retirement could be expecting one hundred and sixty
five thousand in healthcare cost excluding I went, not counting
long term care costs. These are our health insurance premiums,
our out of pockets and cops and medication costs in retirement,

(03:35):
not counting assisted living facilities, nursing homes, and home healthcare,
because again, as we've talked before, our healthcare doesn't give
us benefits for those services. Those are something that we
have to plan outside of our health insurance for absolutely.

Speaker 4 (03:48):
Let's talk about Medicare and the fact that this is
a very there's a lot the abcs of Medicare, and
there's a lot of confusion related to it. And if
you are approaching sixty five, there are some dates you
need to know. There's really a lot that you need
to know.

Speaker 5 (04:05):
Yeah, So one of the most important things to remember
about Medicare is that for most of us, it begins
when we turn sixty five in the birth month that
we turn sixty five. And there are another some exceptions.
That rule of collecting Social Security disability payments for twenty
four months on the twenty fifth month you're automatically enrolled
into Medicare, or if you have diagnosis of certain health
care conditions like kidney failure als, you become eligible for

(04:28):
Medicare prior to AID sixty five. But most of it's
going to be that sixty fifth birth month and the
seven month enrollment period that revolves around that birth month,
three months before it and three months after it to
get our Medicare in order without facing any penalties are
being late for it. In that regard, if we're collecting
Social Security prior to sixty five, we get automatically enrolled,

(04:50):
and sometimes we have to disenroll because we don't want
it all at that moment. Other times we're going to
want to actively apply for those benefits because we're not
collecting Social Security, or even delayed Medicare because we're under
work insurance instead.

Speaker 4 (05:03):
Absolutely, but really quickly, before we get too much further
into this, we just want to remind everyone that we
don't anticipate that at the end of this hour long
program you're going to have all the answers when it
comes to insurance. But what we do hope is that
this answers a few of your questions and you realize
that maybe you need a partner when it comes to

(05:23):
making decisions associated with insurance and retirement and in all
things retirement, and the folks here at Haven Financial Group
are certainly there to partner with you. Six one two
five zero four eight four zero zero is their number.
If we strike a chord with you throughout the hour
here and you have more questions, please be sure that
you call that number and set up an appointment with

(05:45):
the folks here at Haven Financial Group. It's six one
two five zero four eight four zero zero. So let's
just you know, again, we can't get into this too
terribly deep because we don't have enough time for it
to be known. But let's talk a little bit about
the ABC of Medicare and how this works if we could.

Speaker 3 (06:08):
Yeah, so let's start with Part A of Medicare.

Speaker 5 (06:10):
In the simplest terms, it's our inpatient benefits in Medicare. Hospitalization,
hospice care, inpatient skilled nursing facility for rehab, and a
limited home healthcare, all covered by Part A of Medicare.
As long as we or our spouses have ten years
of work history forty quarters, we qualify for Part A
at no cost. We've prepaid for it with our taxes right.

(06:32):
Part B of Medicare is the out patient benefits. In
the simplest term, our doctor appointments are testing our day surgeries,
but also includes durable medical equipment. Injections and infusions done
at a doctor's office as well as ambulatory services are
covered by Part B. And with that one, there's a
premium today one hundred and eighty five dollars per month.
Although we can talk about some means testing on that,

(06:53):
we'll say that for later, but right now, the most
individuals pay that one hundred and eighty five dollars a month.
Part C is a reference to a type of Medicare
plan we do called a Medicare advantage plan otherwise referred
to as Part C, that can include our A and
B benefits as well as our D benefits, our prescription
drug benefits under medicare either integrated into a Medicare advantage

(07:14):
plan or something purchased as a standalone benefit for those
that do Medicare supplements or medic gap policies, which is
i'd say, not a letter to it. But another component
of Medicare is the Medicare supplement or medigap policy, where
Part see Medicare advantage. We assign our Medicare over to
an insurance company to manage on behalf of the government.
People with Medicare supment plans are using those original Medicare

(07:37):
benefits along with the Medicare subtment plan to join in
and cover those medical bills for us.

Speaker 4 (07:41):
Okay, fantastic.

Speaker 5 (07:43):
This can get expensive, I can, yeah, I mean technically
Medicare plans can start usually as low as just your
Part B premium. But I have clients, at least in
Minnesota here that easily can pay up to five hundred
dollars a month for a package of Medicare benefits, right,
And that a lot depends on what you're looking for
out of your insurance, who you want in charge, how

(08:04):
you want those benefits to work. Larry hears me all
the time say, there's two reasons I tell people they
want to pursue other insurance above and beyond what the
government provides us for healthcare. That's the limited nature of
Part a's benefits, only covering one hundred and fifty consecutive
days in a hospital's day, us being responsible for the
one hundred and fifty first day, God forbid, where they
are that long, which I know none of us want

(08:25):
to do. And the fact that Part A and Part
B of Medicare do not have out of pocket caps
to them, so by themselves, there's no limit on our
exposure to medical bills. So we introduce these advantage plans,
these subment plans to fix those problems with Medicare. And
Larry hears me and centivize all the time, and fine
the fact that with Medicare on the advantage and someone side,

(08:46):
you really need to get educated on both options in
Medicare and understand the rules of both and the pros
and cons of both to make sure a decision about
healthcare is use yours and not someone else's right, because
they're leaving out information that you might find important in
that decision making process.

Speaker 4 (09:03):
And Larry, one of the things that's really interesting about
this is that these vary from state to state. So
it's important you know, if you are listening to us,
because in the summer months you live in Minnesota, but
in the winter months you live in Florida, and you
actually call Florida your home, it may vary from what
it would have been when you lived in Minnesota.

Speaker 2 (09:25):
It does vary, which is another reason why you should
have a good partner, and I can tell you that
Glenn here has the knowledge on the ins and outs
of the insurance side of the business, as well as
Isabelle at our office. You know, navigating healthcare can be
very complicated. It can be overwhelming for many people. Where
do you even start. We're just scratching the surface here
in medicare, long term care, other insurance. So you got

(09:49):
to understand what your choices are, and Glenn said it
very eloquently, getting educated. You don't pay anymore to have
somebody do the work and educate you about Medicare and
all the different options are out there, So you know,
I encourage folks. You know, insurance is one of those
things we don't want to talk about. If you need it,
you wished you had it, and if you're paying for
it you don't need it, then it was a waste

(10:09):
of money and some people would just rather skip it.
So maybe not a good idea. Maybe it's a good
idea to give us a call just to have a conversation,
and that's really where it starts, getting the information so
you can make an educated decision.

Speaker 4 (10:24):
Absolutely, let's give everybody that number again. It's six one
two five zero four eight four zero zero. That's how
you reach out to the folks there at Heaven Financial
Group six one two five zero four eight four zero zero.
You can also go to Heavenfinancialgroup dot com. Glennrami is
our guest and he's an insurance expert who works there
with the team at Haven Financial Group. We want to

(10:45):
get into long term insurance. But I think what we'll
do here, gentlemen, because I think it's so important, Let's
take a quick break and then we would come back
on the other side. Let's talk more about long term
health insurance or long term care insurance rather, and then
we'll also talk a little bit about life insurance and
how that can support your retirement. Again that number six
one two five zero four eight four zero zero. You're

(11:07):
listening to the Haven Financial Group Radio Show.

Speaker 1 (11:10):
Don't go too far. We're gathering more important insights and
retirement pays Devin the Haven Financial Group Radio Show. We'll
be right back. Stick around. You've got questions, We've got answers.
Your tune to the Haven Financial Group Radio Show with
your host Larry Kulvig and Kim Karragan. Now back to

(11:30):
the show.

Speaker 3 (11:32):
Welcome back listeners.

Speaker 2 (11:33):
My name is Larry Kalvig, founder and CEO of the
Haven Financial Group.

Speaker 3 (11:37):
And if you're just tuning in, you are.

Speaker 2 (11:39):
Listening to the Haven Financial Group Radio show where weekly
we discussed you know, crucial retirement and financial topics. Can
that could really make the difference between surviving retirement and
thriving through it? This week, it's really how insurance and
retirement go together. Yes, insurance some like to talk about
others would rather not talk about it. And if we

(12:00):
need it, we better have it. That's why we got
Glenn here today.

Speaker 4 (12:03):
Well, Glen's a guy who likes to talk about it,
so that's good. We are really glad that he is
with us today. Glenn Rami with us, an insurance expert
with Haven Financial Group. We started the show talking a
little bit about Medicare. There's a lot to discuss about Medicare,
and we've pointed out already that you know, if we've
left you confused, we apologize, but you know, it really

(12:23):
is one of those things that you want to sit
down and have a conversation about. You also want to
talk about long term care insurance, and we thought we'd
pick up the conversation here Glenn talk through exactly what
long term care insurance is and why people might need it.

Speaker 5 (12:40):
Yeah, absolutely, so, long term care insurance is a type
of insurance. It's meant to pick up certain health care
costs we're going to have that are not compensated by
our health insurance. Right, we're talking about home health care
above and beyond rehab after a medical situation, but the
maintaining of us living facilities and nursing homes, or typically

(13:02):
the three categories we think of that long term care
insurance is helping us with and helping with the cost
of this. As we said, Medicare doesn't cover this stuff. Example,
Medicare will cover up to one hundred days of impatient
skilled nursing care preceded by a three day hospital stay,
but statistical average actually paid by Medicare is only twenty
seven days. Most of us don't even get the full

(13:24):
hundred out of that before we're not recovering anymore and
we have permanent needs that now we need help with
that our health insurance isn't helping out with. So we
turn to these other types of insurance vehicles to help
protect against this potential cost of Again, just median cost
in our state right now nursing homes is ten thousand
a month. We're talking over one hundred and twenty thousand
a year for healthcare cost in a nursing home and

(13:47):
the average day being three years. That's three hundred and
sixty thousand of today's dollars to try to cover the
averages people are facing in long term care.

Speaker 4 (13:55):
Glenn, when I think about the long term care insurance,
immediately what comes to mind is a high cost, and
you start weighing, saying to yourself, well, you know, maybe
I could stay with the kids if I had an issue,
or would find other means because the cost is so exorbitant.

Speaker 5 (14:13):
Yeah, I say, like anything, it costs what it costs
because of what it pays for. So the fact that
there's a seventy percent likelihood we're going to need assistance
is making that insurance expensive. But it doesn't have to
be as expensive as people think it is. There's reasons
why we do it, sometimes strategic and preserving assets. We
want to make sure that the end of our life

(14:34):
doesn't see all of our money going to a nursing
home and noneing of it going to our family. Right, well,
if we do nothing about long term care. That could
very well be the likelihood of the circumstances you're going
to face. But if we plan for long term care,
we can include asset preservation in these long term care
policies to make sure that even in the most extreme scenarios,
there's something left of what we worked hard for that

(14:57):
gets passed on to our family and not get paid
for health care costs.

Speaker 4 (15:01):
Long term care insurance needs to be taken out a
full five years before you can use it. Is that true?
Or is there some kind of rules and regulations associated
with that.

Speaker 5 (15:12):
Yeah, so the five year isn't specifically that I'll tell
you where that five year comes into play. Technically, you
need to do it when you're healthy enough to qualify
for it. Okay, right, that's the real issue. The challenges
for me is when I'm facing a consumer that has
already had a healthcare experience that has either put them
very close to or already in long term care. After that,
it's too late. What you're referring to the five year

(15:34):
rules about gifting our ability to give money to others
or to give like a wedding gift. I'll use this
example because it was horrible, but it was real. Client
approaches us saying, Hey, my husband's going into a nursing home.
We're talking to medical Assistance in Minnesota Medicaid federally to
pay for these costs because we don't have the money.
And oh, by the way, I want to share with

(15:55):
you that we have just had a wedding two years ago,
and at that wedding, we gave a twenty thousand dollars
way gift to the couple and hoping to help them
start this new life together. And we're finding out that
that's a gift counted against us in this spend down
for long term care. And now we've got to go
and ask for that money back from that couple and
instead pay for the services of the wedding that didn't

(16:15):
come close to the twenty thousand dollars gift we wanted
to give because the state wants to use that money
to pay for care instead.

Speaker 4 (16:22):
Wow. Now these are all things again, folks, that you
know I didn't know, And chances are very good you
don't know if you're not an expert about insurance. Again,
we keep saying it over and over, but it is
so true. This is why you need a partner to
sit down and to talk through these issues related to
insurance and really everything related to retirement. We say this
each and every week. Working with a partner, I think

(16:44):
gives you confidence and it certainly answers a lot of
the questions that you might have. Six one two five
zero four eight four zero zero. That is the heven
financial group. That is their number. If anything we're talking
about today strikes a chord with you, be sure you
pick up the phone and give them a call. Let's
switch just a little bit here. I'm glad we want
to talk about life insurance and how that supports retirement.

(17:07):
There are some life insurance policies now that you can
take out though that can be used for things like
long term care. Correct.

Speaker 5 (17:15):
Absolutely, yeah, that definitely exists. So let's put life insurance
into three different categories. We have term life insurance, right.
These are when we're buying a duration of insurance, usually
to protect against the liability. Right, this is what I'm working,
and I'm worried about passing way prematurely and replacing my
income for my family because I'm not the gared to
encourre it anymore. We're taking on debts like mortgages we're

(17:35):
trying to buy take life insurance to cover those liabilities.
So term is a great temporary insurance policy to cover
those liabilities that we might have during our working years,
and often we'll go away during our non working years
in retirement. Then we have the two more permanent types
of life insurance whole life insurance policies, which is a
fixed set design of insurance that's great for US state planning,

(17:58):
legacy planning and guaranteed value growth inside policies. And then
you have universal life policies. These are kind of a
mixture between term and whole life policies that are permanent.
They have a cash value component similar to a whole
life policy, but it's not at a guaranteed rate of return.
It mirrors the markets to take out on more of
the upside of the markets. They have more flexible premium functions.

(18:21):
They can offer be cheaper than whole life insurance policies
to do with tax growth on the cash found side
of those policies. And nowadays you can have riters for
long term care on either of those permanent policies, whether
it be whole life insurance or universal life insurance, where
we can have the death benefit not just be for
someone else upon our passing, but if we need it

(18:43):
today for health care costs, we can draw down that
death benefit towards paying towards those long term care costs
that we might incur.

Speaker 4 (18:49):
And what is the cost difference for a life insurance
policy that has that writer versus just taking out long
term care insurance policies?

Speaker 1 (18:59):
Not that much.

Speaker 5 (19:00):
You might be talking maybe like a ten to twenty
percent increase in the premiums to add liquidity and provisions
that allow again that death benefit to not be for
someone else only, but to be here for us, just
in case that's how it's best used.

Speaker 4 (19:13):
What are the tax ramifications associated with something like that?

Speaker 5 (19:18):
Wonderful? So life insurance is tax free in its benefit.
So not only does the people who receive it as
our beneficiaries receive that money one hundred percent themselves, Uncle
Sam does not get a piece of that pie. And
as well, if we're drawing it down for long term
care needs, we are receiving it as a tax free
distribution where no income tax is applied to it at all.

Speaker 4 (19:39):
Larry, talk to us about your feeling about all these
different kinds of life insurances.

Speaker 3 (19:44):
Well as Glen as talking.

Speaker 2 (19:45):
You know insurance, there's a variety pack of what's available
out there, and choosing the right life insurance policy or
long term care policy could be a key part of
securing your retirement and protecting your legacy. For those that
want to protect the legacy, understanding these options is so
so very important to make informed decisions. I think the

(20:06):
takeaway from this segment could be, if you're listening and
you have long term care.

Speaker 3 (20:11):
Get it reviewed.

Speaker 2 (20:12):
We see lots of people paying way too much and
not much value. They got sold something they really didn't
maybe understand. Maybe you don't have long term care insurance
like a whole bunch of Americans because they got scared
about from the Cadillac plan. There's other options that are
available that are much more entertainable and pocketbook positive, if

(20:34):
you will. I don't know about that that's the right terminology,
but you know what I mean. And then if you
have life insurance, maybe you're listening and you have life insurance,
my guess is you've got it sold to you years ago.
That person that sold it to you probably hasn't contacted
you in quite some time. You have not had it
reviewed in a very long time. We call that a
life insurance X ray, a life insurance review. Come on

(20:58):
in and have us review it to see the good, bad, right,
wrong or indifferent?

Speaker 3 (21:02):
Is it doing what it's supposed to do?

Speaker 2 (21:04):
Or is it going to cannibalize itself with Glenn and
I see this happen and eat itself up and not
have the benefits that you think are going to be
there in the timing of when they're supposed to be there.

Speaker 3 (21:15):
So or if you don't. If you need life insurance,
We're not here to say you need more life insureds.

Speaker 2 (21:20):
But does it fit into your overall plan for your
immediate needs, your long term needs, death benefit if that's important.
These are all the things that we're going to have
a detailed discussion. If it sounds complicated, that might be
ever more reason to pick up the phone and give
us a call at six one two five zero four

(21:41):
eighty four hundred.

Speaker 4 (21:42):
All right, terrific. You can also go to Havenfinancialgroup dot
com to learn more about the folks that are at Haven
Financial Group. They also have a number of educational seminars
throughout the year. People are welcome to attend. You don't
have to be a client you can attend. They just
asked that you check out those seminars and then you
make sure that you sign up so they have a

(22:03):
sense of how many people will be there. They do
fill very quickly. All right, we're talking about insurance and
how it relates to your retirement. Today. Glynn Raymie is
with us. He is an insurance expert who works there
at Haven Financial Group. And again the number is six
one two five zero four eight four zero zero. When
we come back, we want to understand annuities and other

(22:24):
type of insurance and we'll walk through annuities and how
those could enhance or maybe they're not for you, but
we'll talk whether those are something that might be an
option for you when it comes to retirement. You're listening
to the Haven Financial Group Radio Show.

Speaker 1 (22:40):
Ready to find your financial safe haven. Your dream retirement
is in reach. Don't go away, The Haven Financial Group
Radio Show will be right back. Are you worried that
your financial strategy might be missing something, Well, you're in
the right place. Larry Kolvig is back and ready to
help you find your financial safe haven.

Speaker 2 (23:02):
Good morning, and once again welcome to the Haven Financial
Group Radio Show.

Speaker 3 (23:06):
Thanks for listening.

Speaker 2 (23:07):
My name's Larry Kalvig, founder and CEO of the Haven
Financial Group, on with Glenn Ramy, insurance specialists in all
areas at Haven Financial Group, discussing these options that are
out there. I encourage you to go to our website,
Havenfinancialgroup dot com. You can see all the classes that
we discussed on a weekly basis. Actually, Glenn and I
just had a Medicare Made Simple class this past week,

(23:29):
very well attended at Dakota County Tech and numerous other classes,
truth about annuities, maximize Social Security and tax other classes
that Kim you said it very well. It's open to
the public and to our existing clients because education isn't
something that should just stop. But we continue to learn, modify,

(23:51):
make changes, updates, and that's really what's going to give
the confidence into retirees that they're in a good spot,
or maybe we're not as in a good as as
we think we are.

Speaker 4 (24:01):
All right, terrific. The number is six one, two, five
zero four EAED for zero zero or Tavenfinancialgroup dot com. Glenn,
let's talk a little bit about annuities, which can be
a real source of income in retirement. But I will
say and I've said this to Larry before. I think
a lot of people hear annuities and they say, MM,

(24:21):
you're trying to sell me something here, and I don't
know that I want to be sold, you know, an annuity.
So talk to us about what annuities are and maybe
who they're good for or who they may not be
good for.

Speaker 2 (24:32):
Yeah, before Glenn actually touches on how they could be
used for long term care or hybrids, we do teach.

Speaker 3 (24:38):
A lot on annuities.

Speaker 2 (24:40):
Again, I teach the truth about annuities a couple times
a year. Go to our website if you want to attend,
or just come on in and we'll have that education
right in our office.

Speaker 3 (24:49):
You know, annuities.

Speaker 2 (24:50):
There's a lot of financial marketing in our industry and
all industries probably, but there's four types of annuities. First
of all, understanding there's variable annuities, immediate annuities, fixed annuities,
and fixed index annuities. All annuities are through insurance companies.
All annuities, Okay, we may not like insurance companies. That
doesn't change things. They're still all through insurance companies. They

(25:13):
are two of them are very different than the others.
Two of them start with fixed and fixed index. It's
just exactly what it is. You can't lose any principle.
Again more conservative, but there's features that it can be
very attractive to be part of a portfolio. Variable annuities
is exactly what the name says. It goes up and
it goes down. And immediate annuities you may give up

(25:35):
control for a paycheck annuities and this is just an oversight.
Kim annuities can be used for guaranteeing a future income,
which kind of the stereotype of annuity means payments. Yes,
but they don't have to be They've come a long
way in the last twenty years. They can be used
just for accumulation purposes. The protected piece of a fixed

(25:57):
income side of the portfolio may be a bond replace.
Or they can be used for legacy if that's important
and Glenn can speak. They can also be used now
for long term care. So they've come a long way.
But just understand standing in these options, what are your
goals and objectives? And I'll preface again with this conversation

(26:18):
by saying nobody has to have an annuity at all,
and they may not.

Speaker 3 (26:22):
Be appropriate for a lot of people. But they also
may be appropriate for a lot of people. You've just
been given.

Speaker 2 (26:29):
Only some of the information, not all of the information,
so you haven't been able to make a good educated decision.

Speaker 4 (26:36):
Absolutely so, Glenn, having said all of that, yeah, talk
to us a little bit about annuities from your point
of view and what you suggest.

Speaker 5 (26:46):
Absolutely so, Larry hit on two key points there, right,
for income purposes and for preservation of principle with upside
of growth and no risk of downside of loss. And
certain of those new to products where newties come to
play in long term care, there are actual long term
care annuities. So when I'm working with clients who are
good savers, they saved really well for their retirement, right,

(27:07):
and they don't like the idea of paying premiums to
an insurance company giving away that money to someone else,
basically often with the terms that if nothing happens and
I don't need long term care, that insurance begets to
keep all the money I gave them over in my
lifetime and give nothing back to my family because I
didn't get sick.

Speaker 4 (27:25):
Right.

Speaker 5 (27:25):
So, now there are options in long term care that
are annuity policies where I can set aside a lumpsum
of my savings. I'm not giving that savings away though,
I'm just setting it aside. Right, it's still mine. And
then the interest that money that would generate some of
that not all of it, will be used to cover
provisions that are connected to long term care benefits within

(27:48):
that policy. So I see that as one way that
long annuities are being used in long term care. Another
could be annuitizing income for a spouse to make sure
it can't be used on the nursing home instead. Right,
So there are strategies to create some guaranteed income for
our surviving spouse and making sure those assets are not
not available for Medicaid to require us to spend down

(28:10):
for care. And third, I've definitely used income producing annuities
creatively for clients who have already had a health diagnosis.
That might mean that qualifying for long term care is
no longer available to them, they can't get through the
underwriting anymore. I had a client whose husband or wife
was already diagnosed with Alzheimer's at sixty five, Right, wasn't

(28:32):
planned on, definitely wasn't thinking that would be happening that
early in their life. And here there are facing a
known cost that could extend well beyond the average of
three years, but might be six to eight, even ten
years of memory care for his wife who was physically
healthy but again memory declining. So because she couldn't qualify,
we used an income producing annuity as a way to

(28:55):
make sure that there was a stream of money coming
in for as long as she might live in that
facility that was going to help cover those long term
care costs during that time. And if she passed away
before that time that money was used up, it would
go back to the husband and he would lose out
on none of the money that wasn't used for long
term care. And if he stay extended well longer, this

(29:17):
money was now not going to run out for that client.
It was going to be a guaranteed income source coming
in for as many years as she might live to
help cover those long term care costs for her.

Speaker 4 (29:27):
Glinn are annuities. I know we have people who are
listening and they're saying annuities are for people who have
a lot of money. This is not something for me.
This is not something I'd be able to do. Is
that true? Our annuities just for high income earners.

Speaker 5 (29:44):
Not at all alarial test to this, I'm sure, and
that annuities can be used again for guaranteed income. So
if we need that paycheck coming in to bridge the
gap of what our needs are, taking a portion of
our retirement savings and creating that guaranteed pension for those
of us that don't have them is a very smart strategy.
And it doesn't take a million dollars in savings to

(30:04):
be able to do that type of long term or
that income producing annuity. And then the asset protection is
the protection of principle, making sure that when the market turns,
not all of our money turned with that market, right,
that it's preserved and protected from those corrections. And if
Larry wants to expand a let them.

Speaker 2 (30:20):
Yeah, And I would add to that that is a misconception,
just like in estate planning, trust or only for rich people.
Couldn't be further from the truth. And we've talked about
that same with annuities. They're not appropriate for everybody, but
could they be appropriate for maybe if you haven't saved
much and you need to guarantee a little bit of
an income stream for life. Sure, maybe you don't want

(30:40):
any you don't need income because you're blessed with pensions
and social security, you have enough income, and you just
want some principal protection because this volatile stock market just
keeps you up at night and it makes you jitterate.
Maybe that's a good reason to replace some of those
bonds in the portfolio. There's a whole bunch of reasons
that they may fit into your retirement plan, or they

(31:00):
may not may not fit into your retired plan, and
that's where you know, let's get to exploit together and
explore these options. So I guess a takeaway from this
segment would be if you have a new if you
currently have annuities and you don't know, come on in
for what we call an annuity x ray will help
you understand which you already have.

Speaker 3 (31:19):
You may we may not.

Speaker 2 (31:20):
You may not be able to do anything different even
if you wanted to, but at least you're going to understand.

Speaker 3 (31:24):
So an annuity X ray.

Speaker 2 (31:25):
Maybe you're listening and you don't know if it's appropriate
for you, or maybe somebody's not brought it up now.
Maybe they don't haven't brought it up because they're not
familiar with it. Maybe they're not licensed in it. Maybe
they only do only do annuities. You just have to
know how to navigate through some of this stuff. So
there's a variety of reasons to come on in and

(31:47):
have a conversation. Again, it's the same conversations. You get
to know us, we get to know you. And guess what,
at the end of the day, if you have more
information than they started with, well you're well ahead.

Speaker 4 (31:57):
Let me ask you one final question, gentlemen, Are there
advantages to annuities?

Speaker 2 (32:02):
Can be All annuities are tax deferred. Okay, but we
know roth iras and iras are already deferred. Anyways, there
can be advantages if it makes sense. Where if you
had some cash type of CDs in the bank and
they're getting interests, they're tax on an annual basis. All
annuities are tax deferred. That may be positive or it

(32:23):
may be negative, depending upon the situation.

Speaker 5 (32:26):
Right.

Speaker 4 (32:26):
Again, something that you need to discuss with someone before
you make those decisions about an annuity and how that
plays into your portfolio. Six one two five zero four
eight four zero zero is the number called the folks
that have in financial group, set up an appointment, go win,
sit down chat with them, ask them some of the
questions that you might have. Maybe some of them are
related to insurance like we're talking about today, Maybe they're

(32:49):
just about retirement portfolios in general. The first appointment to
sit down and chat with them costs you nothing, gives
you an opportunity to get to know them and they
get to know you again. At six one two five
zero four eight four zero zero. You can also go
to Havenfinancialgroup dot com to learn more about those educational
classes that are coming up for the remainder of the summer.

(33:11):
When we come back, we want to talk about the
mistakes that you'll want to avoid when it comes to
insurance and your retirement. We all want to avoid mistakes, certainly,
but when it comes to insurance, these are our sometimes,
as we said with the annuities, sometimes these are mistakes
that are a little harder to rectify, certainly when you're
in retirement. So we'll chat about that on the other
side of the break. Everybody, this is the Haven Financial

(33:33):
Group Radio Show.

Speaker 1 (33:35):
Don't go too far. We're gathering more important insights and
retirement ways. Devinent, the Haven Financial Group Radio Show. We'll
be right back. Stick around. You've got questions, We've got answers,
Your tune to the Haven Financial Group Radio Show with
your host Larry Kolvig and Kim Karragan. Now back to

(33:55):
the show.

Speaker 2 (33:57):
Good morning, and welcome back to the Haven Financial Group
Radio Show.

Speaker 3 (34:00):
Happy Father's Day. Thanks for listening.

Speaker 2 (34:03):
Feel free to give us a call at six' one
two five zero four eighty four hundred or visit us
online At havenfinancialgroup dot. Com, kim you, know it's our
tenth anniversary this year and we're just finishing up our
fourth construction add on project At haven fourth in the
last ten. Years so we're, growing expanding and we're very
blessed to help lots of. People and this segment is

(34:26):
how to avoid some, mistakes and we all want to
avoid as many.

Speaker 3 (34:30):
Mistakes as possible, possible correct.

Speaker 4 (34:32):
Now that's for, sure that is for. Sure and sometimes
we don't read that fine, print or maybe we don't
understand the ramifications of the fine. Print Today Glenn raimi
is with. Us he is an insurance specialist With Haven
financial and he certainly understands that fine. Print let's talk About.
Glenn first, off what you think is maybe the number
one mistake that people make when it comes to, insurance.

Speaker 5 (34:57):
Assuming they already know it, right assuming they already know the,
price assuming are they understand whether it fits within their.
SITUATION i can't count how many Times i'll have a
meeting with an individual or a couple and they have
a question and they tell me what they know about that,
topic and it's a very small fraction of the total
wealth of knowledge that's revolved around that. Topic as you said,

(35:20):
earlier people get discouraged from long term care planning because they're,
here the price is really, high there's very expensive to
plan for. IT i can tell You i've seen policies
start at fifty dollars a month right. Now i've seen
also policies be one thousand dollars a. Month are the
benefits the same between those. Policies absolutely. Not but then
the benefit you might get out of that insurance might

(35:40):
very well adjustify the expense to. You so not understanding the,
cost not understanding how it, works not understanding all the
options is the biggest mistake people, think because they assume
they already know it and are already ruling that, out
when actually they don't.

Speaker 4 (35:55):
KNOW i have to. Assume another one of the big,
mistakes and we talked about this, earlier is just not
recognizing how costly health insurance and retirement can.

Speaker 5 (36:05):
Be, absolutely we see it every. Day we see individuals
that say that we're going to be, fine and they're not.
Right they say that we got this, handled and we.
Don't they underestimate the cost of care significantly because they
think of it through a smaller lens than the bigger.
Picture they look at the premium and that's all they
think about their. Healthcare, RIGHT i have My medicare is

(36:26):
this much per? Month that's not the only cost you,
Have right you have your out of pocket on Your medicare.
Policy you have your prescription drug out of, pocket two
separate amounts where you might be incurring an additional two
To i'd say five thousand more per year in cost
because you're undergoing a major health event and that might
be a one time, thing or it might be a

(36:47):
chronic issue where Now i'm dealing with this cost every
year for the rest of my. Life was that incorporated
into our income planning when we discussed how much we
would need per month to cover our healthcare?

Speaker 4 (36:59):
Cost, ABSOLUTELY i think overlooking long term, CARE i think,
again we talk about this each time we talk about
long term care. Insurance it's everybody assumes it's expensive And
i'm just going to go stay with the, kids.

Speaker 5 (37:14):
Right AND i say the biggest disservice is not going
out and gathering the, information, right not speaking to someone
to actually understand whether or not that that is a
true statement or, not or whether there is reasons and
options that will fit within someone's retirement, planning but they
don't know about it because they're not having the. Conversation
now pursuing the help of individuals that dedicate their lives

(37:35):
to this, topic, right that make this their day.

Speaker 4 (37:36):
Job And larry likes to, say your kids love, you
and you love your, kids but they may not be
ready for you when you need to go and live
in their. House AND i think we can all understand
that for.

Speaker 5 (37:47):
Sure and remember that you're asking your son or daughter
in that circumstances step away from their kids and their
husbands and, wives, right and the impact that's going to
have on their relationships with their.

Speaker 4 (37:58):
Family, larry you hit on this. Earlier not reviewing insurance
policies that you've had for a long period of. Time,
oh you, know.

Speaker 2 (38:08):
We see it all the, time you, Know, Well i've
had a life insurance. Policy you haven't looked at it
in fifteen years or twenty, years get a life insurance review.

Speaker 3 (38:16):
Again if what you're, doing if it's.

Speaker 2 (38:17):
Good what's better than confirmation and affirmation that you're doing
what you should be doing and there'll be no negative.

Speaker 3 (38:22):
Surprises that is WHEN i see it all the.

Speaker 2 (38:24):
Time you, know we talked about annuities getting sold a
bill of goods and the miss having a misunderstanding of
what which one of the four if you HAVE i
asked that question you and they, say, oh we have
an annuity which one of the? Four, well, well not exactly,
Sure and oftentimes they have one of the four that
they probably wish they didn't, Have so there's a. Misunderstanding

(38:46):
AND i would add something that's you, know maybe people
aren't thinking, of but you AND i talk about, it
whether it's long term care, insurance life, insurance, annuities wealth.
Management people are oftentimes are paying way too much for
what they're getting in. Value they might be paying two
to three percent for a management fee all in on

(39:06):
their brokerage. Account, okay you can pay more if you want,
to but most people don't know what they're paying because
do you know your variable annuity has three to five
percent in. Fees, WELL i didn't know. That of course
you wouldn't otherwise you would have never bought. It so
understanding that some of these life insurance and long term
care re views that That glenn, does when we see
what companies they, are we know there's going to be an.

(39:29):
Enlightening we know that there's going to Be oh my,
GOODNESS i didn't KNOW i was paying this. MUCH i
didn't know this was going to be the. RESULT i
thought it was going to be. Differently and you want
to find these things out, proactively not just waiting till
everything festers and then, go oh my, GOODNESS i didn't
know this was going to.

Speaker 3 (39:48):
Happen.

Speaker 4 (39:49):
Absolutely you know another one that sort of goes hand
in glove with this idea of reviewing your. Policies it's
making sure that your beneficiaries are up to. Date it's
it seems pretty, simplistic but it's funny how quickly that
maybe can get it away, WITH i mean get away from,
you because life.

Speaker 2 (40:06):
CHANGES i just two new clients this week that we're
in our office that were privileged to.

Speaker 3 (40:12):
Help one of them had no beneficiaries.

Speaker 2 (40:16):
None the others had one. Person the beneficiaries was, deceased
and they seems so, elementary yet we see it all the.
Time you, know if you have outdated, beneficiaries that's going
to be a potential real problems for disputes on intended,
payouts just a, headaches maybe not for, you but for

(40:37):
many others of your loved, ones which you don't. Want
so it seems so, elementary but we see it all the.
Time make sure your beneficiaries are current. UPDATED i can
give you all kinds of funny stories about people That
i've seen over the, years but you, know for the
sake of, time we'll leave it.

Speaker 3 (40:51):
Alone but don't be one of, those.

Speaker 4 (40:53):
Please, yeah it could be a real surprise for people
when the ex wife or the ex husband suddenly is
the beneficiary on somebody's. Policy right for, sure for.

Speaker 3 (41:06):
Sure so you, know we talked a lot about.

Speaker 2 (41:09):
Insurance if there's any, confusion let's help you get rid
of this. Confusion give us a, call come on and
talk through these questions you. Have AND i always say
our job description is really to answer.

Speaker 3 (41:20):
Questions retirement has a bunch of puzzle.

Speaker 2 (41:23):
Pieces, okay do you have all the puzzle pieces to
the retirement?

Speaker 3 (41:28):
Puzzle are you?

Speaker 2 (41:29):
Missing some are you working with a partner that's spending
time with, you or do you get forty five minutes
to an hour once a. YEAR i can tell you
that's what a lot of people are.

Speaker 3 (41:37):
Getting what are you? Paying you say you don't. KNOW
i think you should.

Speaker 2 (41:42):
Know are they coordinating the estate planning with the taxes
and the tax, planning and the, investments and the wealth,
management and the, insurance long term care and life medicare
and the list the retirement puzzle pieces goes on and
on and you don't have to have them under the same.
Up it was the goal WHEN i started the company
ten years. Ago and thankfully we have multiple personalities in

(42:05):
all these, areas like minded that are willing to spend
the time and. Educate and, yes do we help a
lot of. People, yes we're very. Fortunate SO i encourage
come out and visit with. Again give us a call
at six one two FIVE o four eighty four Hundred
orhavenfinancialgroup dot.

Speaker 3 (42:21):
Com. Kim, Well, larry you've said it very.

Speaker 4 (42:23):
Well you know the idea that everyone is under one.
ROOF i think that one stop shopping is a good
thing when it comes to trying to put together a
retirement plan that works and puts all those puzzle pieces.
Together Glenn raimi has been our. Guest he is an insurance,
specialist and we've been talking about all different facets of
insurance and how it can enhance your. Retirement before we go, Today,

(42:46):
glenn some final thoughts from you about This what you
hope people walk away from this show.

Speaker 5 (42:51):
With, Yeah, so the two Things i'd say THAT i
think are most important you should be walking away with
is understanding that we don't know, everything and that we
should reach out to professionals know these things for us
so we can better understand the things that we. Have
and then the importance of, reviews whether that be reviewing your,
annuities reviewing your life, insurance reviewing your medicare insurance at

(43:11):
the end of the. Year, right these are all opportunities
for people to make sure that they're in good positions
for their plans and their goals and to catch problems
before they happen and find savings where they're. At and
we get, complacent that's when we miss these.

Speaker 4 (43:24):
Opportunities, sure ever, changing isn't. It it's a world of
ever changing deadlines and, numbers and so that too is
a reason to come and see you, guys, right, absolutely, absolutely,
YEAH i don't want to keep up with all those, Dates.
LARRY i want somebody else to keep up with them for.

Speaker 3 (43:39):
Me let somebody do the work for.

Speaker 2 (43:41):
You it oftentimes doesn't cost you. More it often costs
you more not to have somebody. Partner AND i mean
when when you see that you don't have to pay,
more you should be getting. More, YEAH i might take
away is thanks for listening. Today feel free to give
us a call at six one two five four eighty
four hundred Or havenfinancialgroup dot.

Speaker 3 (44:00):
Com Happy Father's day to all the.

Speaker 2 (44:02):
Listeners Happy Father's, Day, glenn AND i am a happy
father BECAUSE i have all four daughters home for This Father's,
Day SO i am a proud.

Speaker 3 (44:10):
Dad This Father's. Day And Happy Father's date to my
Dad wendell as. Well thank you so, Much.

Speaker 4 (44:16):
Kim thanks to you, guys and have a great rest
of your.

Speaker 6 (44:18):
Weekend investment advisory service is offered Through Guardian Well STRATEGIES.
Llc Haven Financial group And Guardian Well STRATEGIES llc are
not affiliated, companies and investments involve, risk, and unless otherwise,
stated are not. Guaranteed please consult with the qualified financial
advisor and or tax professional before implementing any strategy discussed

(44:38):
herein and comments regarding it safe and. Secure investments and
guaranteed income streams only refer to fixed insurance. Products they
do not refer in any way to securities or investment advisory.
Products fixed insurance and annuity product guarantees are subject to
the claims paying ability of the issuing.

Speaker 1 (44:53):
Company