Over 70% of adults 65+ will need Long Term Care: Nursing, Assisted Living or In Home Health Care

Show Transcript:

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Announcer

And now America's Healthcare Advocate, Cary Hall.

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Cary Hall

Hello, America. Welcome to America's Health Care Advocate Show, broadcasting coast to coast across USA. Our producer, Mr. Sean Floyd. I'm your host, Cary Hall. This is your show, America. Thank you for joining us and making us one of the most listened to talk shows throughout the United States. You know, in addition to our national syndication on radio across the country, we have a very vibrant YouTube and podcast channel, thanks to my great producer, Dave Thiessen, who pulls all this stuff together. Here's a little update. We had 113700 minutes of YouTube in just in just the month of March, if you can believe that. It is truly amazing how this is growing 5900 hours in the last nine months. In addition to that and our our podcast, 168,773 downloads in the last 90 days. That's all because of you. I do have one request when you go to that YouTube channel, if you would click like and subscribe, we would really appreciate that. Then you'll get notified every time we do one of these easily posted up there and you'll know what it is. But we really appreciate all of you. This thing has grown so fast. You know, we only really started doing this about nine months ago and now it has gotten huge and it continues to grow. And I continue to get your feedback and I'm going to talk about a couple of those phone calls I got in the last couple of weeks regarding the topic of our show.

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Cary Hall

If you have any questions about Medicare, if you're chronologically challenged and you're looking for help. Carolee Steele or the lovely Joyce Thompson are happy to help you. RPS Benefits by Design. You can reach them at 877 385 2224 anywhere in the country. I don't care where you are. You could be in Mississippi. You can be in Florida, you could be in Phoenix, you could be here in Kansas City, wherever they can help you, any place in the country, whatever you may be looking for. And by the way, you may qualify for one of those special needs programs. If you have a you know, maybe maybe you're that sandwich generation. You've got a mom in a nursing home. Something along those lines, those special needs programs are available for people with chronic disease, people that are in institutions or home health care in some cases. And if you're on Medicaid, they can help you with that. Those those plans are very vibrant. They have a lot of benefits of the plans don't have. So give them a call at 877 385. 2224. If you are looking for employer sponsored health care, Maria Ahlers is happy to help you with that. She's also at 877 385 2224. If you're one of those folks losing your Humana Group health insurance because they're canceling the plans, you might want to get a hold of them and start thinking about that. There are plans out there now that have rate guarantees clear through the year 2024. So you might want to give them a call and find out about that. Okay.

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Cary Hall

So this is a show that was a long time. How many times did we do? We scheduled this, never rescheduled this. Jeff Mark.

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Jeff Imlay

I think a couple of times at least.

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Cary Hall

Yeah. So in studio with me today are Mark Holder and Jeff Imlay. They are from Northwestern Mutual. This is show that I've wanted to do for a long time. We had it. We had to move it. I got sick and we had a bunch of other things going on. But they are here today and I'm happy to do this. So what is our topic? What are you going to talk about today? We're going to talk about long term care. Now, let me explain this to you so you understand it. Okay. I've had a long term care policy since I was 52 years old. Okay? I'm a firm believer in it. I saw what goes on when I was a broker agent and had Benefits by Design with my company. And I made a decision that Lauren and I, my wife, were going to get a long term care policy and put it in place, obviously, to take care of us, but also to take that burden off of my kids so they don't have to make a decision about where I'm going to go. We're going to talk about that in this show today with Jeff and with Mark. We're also going to talk about who needs it. Why do you need it? Okay. And I'm going to give you a couple of examples. In the last two weeks, I've had two phone calls, one from a gentleman whose mother-in-law is in a nursing home at 91 and another one who whose mother is 87 years old, has Alzheimer's, and they're not quite sure what they're going to do. And here's the problem. Neither one of them have long term care. The houses have been sold and they're out of money. They're out of money. This is the problem. Okay, here. And this is what you're going to find interesting. Jeff, how many people in this country on a percentage basis have a long term care policy.

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Jeff Imlay

But 6%.

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Cary Hall

Okay. See, I thought it was ten. It's worse than that. Okay. So 94% of the people out there don't have this policy. And I'm not talking today to people that are 81 or 90 years old. I'm talking to you if you're 50, 55, 60, 65, 70, okay. And you haven't thought about this, you need to think about it. All right? Because not only is it for your welfare, but it's also do you want to shift this burden to your kids and then what are they left to do? How are they going to figure it out? Okay, Those are, you know, Steve Kuker who who does Senior Care Consulting is a good friend of mine. You know, he deals with this every day when people don't have the money to get into a facility. Okay. And then what are they going to do? Yeah, I used to run a commercial that would say, How do you know when you walk into a medicaid facility? I can tell you how the first thing you do when you walk in the door is you smell it. Okay. You can always tell. All right. So they're not exactly the place where you want to wind up.

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Cary Hall

You know, in a room with two people sharing one television. It's not exactly a great way to go. There's a way to solve that problem. So I ask Mark to come in today and I’ve asked Jeff to come in a little bit about these guys. Mark Holder has been providing quality expertise to his clients at Northwestern Mutual. He is a financial planner for 22 years, focusing in areas of strategic planning and wealth accumulation. Mark has his series 6, 65, 63 and 7 Security licenses, he’s a CLU, ChFC from the American College of Financial Services. Mark has his CFP Certified Financial Planner certification as well. He and his wife Lesley have been married for 11 years, have two daughters. They live here in Leawood.

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Cary Hall

Jeff Imlay has enjoyed a successful career with Northwestern Mutual for 32 years. Actually, you look younger than him, so I don't know why.

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Jeff Imlay

Well, thank you. I'll take that as a compliment.

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Cary Hall

He served in the field as a director at the Home Office and specialty product lines for group disability, individual disability, long term care, which is why he's here today. He's also served on several committees, has been a mentor to new associates as they've begun their career. He is a chartered life underwriter, chartered financial consultant, certified long term care, and holds a 6, 7, 63 and 66 license. Yes, he knows his way around the block with all the stuff. He's been married 30 years and has three children and two grandchildren. So welcome, gentlemen. And finally, I'm glad we finally got you guys in studio today.

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Jeff Imlay

Thank you.

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Cary Hall

So you heard me do that introduction. Okay. And you and I talked off air just a minute ago. And this was what I want to start with this that story you told me a minute ago here, Here are the kids. Here's the here's the here's the daughter and here's the son sitting down with you and tell that story. I want people to hear this.

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Jeff Imlay

So I had a client, Cary, that I was meeting with the son and with the daughter. The father unfortunately had Alzheimer's and that we were talking about their financial planning. And the daughter was coming from the perspective that I want the best care for my father. And the son certainly wanted the best care for his father as well. But what was interesting about it was the the daughter did not really care how much it cost. So this dad's money, let's spend it. I want the best to care. The son was saying, well, not so fast. I think the place down the street is a little less expensive and actually dad's not going to really know where he's at and what it smells like. To your point you made earlier and whether the tile is missing on the floor when you walk in. So it's an interesting point. Just part of the human condition as parents age. I know when I'm 86, if I need care, I want the best of care. I want to be pampered. And so by having a plan in place, my kids know that that's what I want.

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Cary Hall

You know. Market It is interesting, isn't it? You know, and this this is where this gets into this discussion. You've got you've got the kids and now Dad's got Alzheimer's and you've got the one going, Well, he's really not going to know what difference does it make. Right. And you've got the daughter who's like, No, it's his money. He has a right to the best care possible. That's the situation people find themselves in if they don't plan for this at a time, right?

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Mark Holder

Absolutely. It's a big push pull and it creates a lot of problems among, you know, siblings.

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Cary Hall

That's yeah, he creates a lot of problems because what happens, Jeff, is then we have then we have the family knockdown drag out where where the daughter's like, no, we're not doing this. And the son is like, well, no, I think we are going to do we're going to have to reevaluate this and we need to talk about this. And then who knows, attorneys get involved and the executor who's the executor of the estate. And I've seen this time and time again where it gets ugly. All right? And it gets ugly fast. And there's a simple solution to this. Okay. Yeah, I said it and I'll say it again. I picked I got one of these policies when I was 52 years old for Laura and I, because I saw this go on every day. We had people come to us that had parents or, you know, people who thought about this and came to us and said, hey, this is something we want to do. And I remember sitting in, you know, conferences with husband, a wife, and the wife's one. We do get long term care and the husband's going, No, we really don't need to do that. No, no, no, no, no. And, you know, there would be some back and forth. It sometimes got a little unpleasant. But the point is, it's something you need to think about. And that's why we're doing this show today. So when we come back from the break, we're going to continue this discussion with Mark Holder and Jeff Imlay talking about long term care, why it's important, what you can do, who should have it, what's it cost and can you afford it? We've got more. Stay tuned. You're listening to America's Healthcare Advocate broadcasting here on the HIA radio network, Coast to Coast across the USA. Don't go anywhere. We'll be right back.

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Steve Kuker

The golden rule, treat others as you want to be treated. I'm Steve Kker and this is one of the founding principles of my firm, Senior Care Consulting. Since 2002, our value statement has included honor, our mother and father, respect our elders, care for those in need, and treat your family as our own. We've been honored to help hundreds of families make one of the most difficult decisions they could ever make, serving them in their greatest time of need. If you're looking for someone who can provide you experienced and objective guidance when searching for a senior care community, reach out today and discover the services of Senior Care Consulting at 913 945 2800. Know your options and choose with care at senior care consulting dor com.

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Cary Hall

Welcome back. You're listening to America's Health Care Advocates show broadcasting coast to coast across the fruited plain here on the HIA Radio Network, you can learn about us at America's Health Care Advocate dot com, That's the website for us. All the shows are posted up there are a lot of information there, by the way, YouTube channels, there are 13 now, so we have listen on Pocket Casts, Spreaker, Spotify, Google, RSS feed, TuneIn, Apple, SoundCloud, Stitcher, Overcast, Pandora, Amazon Music, YouTube, and now on Audacy. So we're on 13 channels that that should just about cover it. You can easily find us on any of those those numbers that I gave you in the opening segment. We're getting a lot of people listening, a lot of people downloading these shows. So if you want to send me an email, I saw one this morning when I started working about 530 in the morning. Get ready for the show. Someone had sent me an email about about an issue they were having. We are happy to help with anything we can. The website is America's Healthcare Advocate dot com, and I will get your email and try to get a lot of them. I answer each and every one of them not necessarily same day, but I do answer them.

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Cary Hall

The website if you want to talk to Jeff or you want to talk to Mark is imlayholderwealth.com. It's spelled I M L A Y Holder wealth dot com. That's their website. Go up there. There's a lot of information up there. You can reach out to him directly if you just want to know what would this thing cost and does it make any sense or you can call him at 913 676 8038.

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Cary Hall

The lovely Kathy Lisbon and will be happy to help you. She is quite remarkable. They just had a key man life insurance policy for me and did a wonderful job of it. I think Kathy did most of the work but anyway probably.

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Mark Holder

Probably saying you no, she.

00;12;24;28 - 00;12;36;24

Cary Hall

Did a great job. I just had to get that in there for her, so when she hears this... So so let's just start with this. First of all, why have a long term care policy? I think we just covered that. But I want you to I want you to go into this a little bit.

00;12;37;06 - 00;12;41;18

Jeff Imlay

We'll actually carry many of our clients don't think this is important.

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Cary Hall

As I just said in the closing part of the last segment.

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Jeff Imlay

Until it is.

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Cary Hall

And then it's too damn late.

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Jeff Imlay

And then and then it's too late. And so it's like filing bankruptcy and then going to the bank and trying to get a loan. So important to have these conversations with your financial advisor early on. So with that being said, what we work with our clients with in terms of paying for care, we want to make sure we want to look at their assets, Let's see what assets they have, what would they be willing to sell if they were going to sell something to pay for care? We want to have consideration for the healthy spouse because they're in retirement. Think about this. You have your mortgage paid off about the time you retire. And then if one needs care between a two spouse situation, one needs care. They've now they're now picking up another mortgage and a half plus for the care of long term care for paying for the facility or home health care. But then also the healthy spouse still is retired, not something oftentimes.

00;13;42;24 - 00;14;03;13

Cary Hall

But the healthy spouse is now the caregiver. Okay. Taking care of the spouse, it's not healthy. So and the stress level that puts on the healthy spouse, if you don't have an option to do something else like home health care with a long term care policy or actually going into an assisted living facility, you just dumped all of this right on your spouse.

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Jeff Imlay

It's exactly right. Exactly right. And to your point, I'll I'll mention this here. My my mother went through that when my father became sick, my father had a stroke. And I very vividly remember the rehab physician saying a spouse should not be the caregiver. And what happened was my father did not have long term care. Insurers bought it at 56. Experts say wait till 60. He didn't have long term care. My mother took care of him for the most part in her life. She died young.

00;14;35;15 - 00;15;44;08

Cary Hall

Yeah, because and I've done shows and had doctors in here to talk about this, the stress level, the medical effects of being a caregiver, 24 seven where you are tied to that that person because that you you have to take care of them. You can't let you can't let them they can't take care of themselves. They can't be on their own if they've had a stroke or if they've had Parkinson's, if they got Alzheimer's. And I'll give you another example. We had a radio personality that we did a long term care policy for. And thank God she came to us when she did because she had early signs of dementia and we went through holy hell to get her through underwriting. We did. And she's no longer radio personnel, she's retired, but she recognized that she had a problem. She was in her sixties and we got her a policy. But my point in telling that story, ladies and gentlemen, is this you just heard Mark say you can't, you know, oh, the barn's on fire. We really should, you know, get some water, try to put it out. You solve the problem before it starts. So, you know, you don't wait till somebody gets a diagnosis of dementia or Alzheimer's. Okay? And then try to go get long term care because you're not going to get through the underwriting process.

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Jeff Imlay

Right? That's exactly right. It's as I said earlier, sight going. It's like following bankruptcy and they're trying to get a loan.

00;15;49;23 - 00;15;58;19

Cary Hall

Yeah. So and I'll give you an example of this. When Mark put my key man life insurance policy in place, you're not gonna believe this. I don't know if you knew this. I had to take a cognitive test.

00;15;58;19 - 00;15;59;22

Mark Holder

I know they did.

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Cary Hall

Yeah.

00;16;00;14 - 00;16;01;15

Mark Holder

I probably had. You made proud.

00;16;01;15 - 00;16;35;12

Cary Hall

To report that I got nine. I got 90% of it correct. Okay. And they do this over the phone with you where they. They go through a series of words and numbers, and you have to be then they want to talk about baseball, and then they come back and ask you for the words, the numbers again. But they test you and they do the same thing for you. You're not going to cheat on this. You can't because they they literally test you and they had somebody come to the house and they do a physical and they do the same thing. They did the same thing. They did it on the phone and they did it again when they came to the house to do the physical Mark, so this is this is definitely an issue as we age.

00;16;35;20 - 00;17;02;13

Jeff Imlay

You know, it is Cary, and something else that we when you say long term care planning, we also talk to our clients about having an advocate very important. If somebody is going through an illness to have an advocate and I referred to that advocate, I think most families have and I know we do a go to kid. So I find out early on who's the go to kid in your family that's going to help with if you if you need home health care, assisted living nursing home care.

00;17;02;22 - 00;17;48;17

Cary Hall

Yeah or back to your four story the daughter who says I don't care what it takes Dad's got to have the best. And the son's like, yeah, he's really not going to. No, let's move him over here to this other place. There is a difference between the go to kid and the kid that wants to see how much money he can put in his pocket. And I'm sorry to say this, people, but if you think that doesn't exist out there, you're living in another world because it's there all day long. Okay. And that's I'm doing this specific, you know, I'm 73 years old. Okay? I don't make any you know, I'm I'm happy to say that. Okay. But the point I'm making here is that you need to start thinking about this stuff when you're in your fifties and sixties. And up until. How long about where does that cutoff come with Northwestern on writing these kind of policies?

00;17;48;29 - 00;17;49;27

Jeff Imlay

Age 75.

00;17;49;29 - 00;18;15;05

Cary Hall

Okay. So if you haven't done this by age 70, you really need to be doing it as quickly as possible. And here's the other thing. Oftentimes, at least I found this. I don't know how what you guys find in your practice, Mark and Jeff, but oftentimes it's the women who are the ones that think about this and want to get it done. And it's the men who are the obstinate jackasses. Okay, I can say that. Yeah. Okay. Who dig their heels and go, I don't want to spend the money. I right or wrong.

00;18;15;10 - 00;18;36;25

Jeff Imlay

You're exactly right. And one of the designations you mentioned that I had that Mark has CLTC in that class. Harley Gordon is the instructor and he actually makes the point. It is a fact that men will say this is never going to happen to me. It's the women that say that are more responsible. I'm going to say and actually sign up.

00;18;37;05 - 00;19;18;03

Cary Hall

I know when I come back from the break, I'm going to ask Jeff and Mark to give me statistics on age and men versus women. You're going to enjoy this. Stay tuned. We'll be right back after the break. You're listing to America's Healthcare advocate broadcasting coast to coast across the USA. If you want to get a hold of these guys and just have a conversation, the website imlayholderwealth.com, Or call the lovely Kathy Lisbon at 913 676 8038. She'll be happy to help you. We'll be right back with more. Stay right where you are.

00;19;18;03 - 00;21;04;03

Cary Hall

Welcome back. You're listening to America's Health Care Advocates Show broadcasting coast to coast across USA. Here on the HIA radio network. You can find out more about us by going to the website America's Health Care Advocate dot com shows are posted up there every week, right, Dave? (Yep) Okay, so they're up there every week. So, you know, also if you if you do the YouTube thing in there, an awful lot of you doing YouTube, hit that like button and subscribe. I would greatly appreciate that. Okay my producer the always perfect Mr. Sean Floyd I'm your host Cary Hall, in studio with me, Mark Holder and Jeff Imlay from Northwestern Mutual. We are talking about long term care. And, you know, you heard me tell the stories in the opening segment about the two people in the last two weeks that have contacted me with mothers in nursing homes are about to go into a nursing home and they don't have long term care insurance and they're trying to figure out what they're going to do. The house is gone. They've spent that money. Now what's going to happen? It's a real problem and it's a real dilemma because you heard, Jeff, 6%, I thought it was ten. Only 6% of the people in this country have a long term care policy. That means you're going to have a problem somewhere down the road. That's the way I look at it. You want help? Look, you just want to understand what this is. I can't afford it. You don't know that. Okay? Until you take the time to ask somebody that's an expert on their website. Imlay I M L A Y Holder Wealth dot com They're with Northwestern Mutual. I've had Northwestern Mutual policies all my life. Okay. It's a great company. It's one of the few mutual companies still left out there. These guys do a great job. That's their website. If you just want to call and have a conversation anywhere in the country. 913 676 8038. The lovely Kathy Lisbon will probably answer and she'll be happy to help you. All right so let's let's go back to this. So men versus women. Okay go.

00;21;04;07 - 00;21;33;26

Jeff Imlay

So generally speaking, men are the ones that fight long term care. They think it's never going to happen to them where a female is seen. It could. And so let's let's let's take action. Let's own long term care less protect this risk. What's interesting in my personal experiences, I was just sharing at the break very was in my family. My father suffered a stroke in 1999 at the age of 56, and he needed home health care for eight years until he passed away.

00;21;34;01 - 00;21;34;25

Cary Hall

Eight years.

00;21;34;25 - 00;22;32;09

Jeff Imlay

Eight years. And this is this is I love my father. But he decided at age 56, you know, all the books are saying you'll wait till your 60 to buy this. And he he he thought he had a plan, even even at age 57, 58, 59, 60, he would say, Are you sure I can get long term care insurance? Dad, you can't. I mean, a stroke messes with your mind. And so he wasn't the same person. He couldn't remember that. But here's the sad reality. So he needed long term care for eight years, my home health care. And they spent a lot of money. Yeah, they went to a lot of money. My mother, who was for long term care insurance and bought long term care insurance, she died of complications of surgery. This just shows there's myth. There's conception and misconception. Misconception from the standpoint just because we say females usually use this more often than men, does it mean that men don't use it now?

00;22;32;09 - 00;22;56;16

Cary Hall

And in men, you know, the age discrepancy between men and women is fairly significant. A who's got to live the longest. Okay. And and, you know, the rate of stroke, heart attack and all the rest of it among men, dementia, all the rest of it is significantly higher to a lot of cases than is women. So that's another thing needs to be taken into consideration. Mark, do you find the same thing to be true in your practice as far as dealing with folks that this is in play with?

00;22;56;28 - 00;23;24;15

Mark Holder

No, absolutely. I mean, the main risk out there is we all think that nothing's going to happen to us and until us and a total financial plan is just really, you know, the fun stuff to talk about. A lot of people want to talk about creating wealth, stocks, bonds and, you know, watching their money grow. But then they don't want to talk about the what ifs, the risk management and and that's the biggest income sucker, you know, to your to your total plan.

00;23;24;16 - 00;24;05;00

Cary Hall

It certainly is. So let's get into this Northwestern Mutual, because this is a when you guys brought me up and I saw that we went through this, you guys showed it to me, I was floored because this is very, very different than than than the typical long term care policy. So so let's talk about this because, one, there are some features in this that are kind of interesting. There's a death benefit in this. There's this surrender value in this. And of course, then there are the long term care benefits. But some of the some of the for those people out there are never going to use it. Well, if you're one of those people, they've got a you're never going to use it deal here where you get the money back. So let's just go through this Northwestern mutual policy and kind of give people overview.

00;24;05;08 - 00;24;59;07

Jeff Imlay

So consumers backing up a little bit, consumers, we took consumer feedback, I should say, and consumers, generally speaking, we're saying we don't like to use it or lose it proposition. You mean? Jeff If I don't use this long term care policy, what's the value of it? Well, we know we just spent some time talking about that, right? Yeah, we did. If you don't use it, there's a segment of the population who didn't like that. Also consumers. The feedback was we don't like the fact that the premiums are not guaranteed to form a health insurance. Rates can go up. So as a company and there are other companies too, that developed a product that actually says if you don't use it, then there's a death benefit to the policy. There's a cash accumulation value to the policy. If you don't use the policy, if you do use it, the policy is meant to provide tax free, long term care benefits for home health care, nursing home care or assisted living care.

00;25;00;04 - 00;25;06;19

Cary Hall

So it does all of those things. Does it have an indexed increase based on on CPI?

00;25;06;27 - 00;25;29;08

Jeff Imlay

It does. And so one can pick either 3% cost of living or 5%. So if if here in Kansas City, the average cost of cares about 8000 per month. So one would put a 5% cost of living benefit on top of that. So if they're 60 now, by the time they use it, if they do use it at age 80, the benefits kept pace with inflation.

00;25;29;13 - 00;25;45;11

Cary Hall

Now I’m going to have to go back and do something because I want everybody to get the sticker shock on this just so you get a reality check. What's the This is Kansas City metropolitan area of Kansas City, Missouri. Okay. Here you've got like 32 counties around here. The average cost of care per month is what.

00;25;45;24 - 00;25;46;29

Jeff Imlay

$8,000?

00;25;46;29 - 00;26;22;20

Cary Hall

Do you hear that, people? It's $8,000. Okay. And here's the other thing. Medicare does not pay for this. Let me repeat that, because I get this all the time. Well, Medicare no, Medicare does not pay for your for long term care for a nursing home or assisted living facility. You have a finite benefit for skilled nursing facilities should you have a stroke, whatever the case may be. And you need to be in one that ends either at 90 or 120 days. And I can't remember which it is, but it's somewhere around there. Having said that, after that, you're on your own. Okay, so let's get this clear. Medicare does not pay for long term care. Am I.

00;26;22;20 - 00;26;23;26

Jeff Imlay

Correct? You are correct.

00;26;23;27 - 00;26;31;00

Cary Hall

Okay. Because that's a big misconception out there. What you get is Medicaid, okay? And in order to do that, you have to do what?

00;26;31;04 - 00;26;33;08

Jeff Imlay

Spend down your assets to the poverty level.

00;26;33;15 - 00;26;35;07

Cary Hall

Okay. Repeat that again.

00;26;35;10 - 00;26;37;20

Jeff Imlay

Spend your assets down to the poverty level.

00;26;37;20 - 00;26;52;29

Cary Hall

Okay. So that's what you're thinking about that that that's what ends up happening. Okay. So let's go back into a little bit about what, you know, this Northwestern Mutual, this is a great opportunity. It's not for everybody. You've got other policies for people that this is not for, but this is a pretty unique product.

00;26;53;05 - 00;27;25;12

Jeff Imlay

It is we call it a hybrid policy in today's marketplace. And one can put in a single premium if they just want to be one and done, one can pay premiums over ten years, one can pay premiums over 15 years. So it can be designed to fit a specific budget if it's paid for through a business. The business is doing it on their key executives. For example, there is a portion of it that is deductible at the from a corporation standpoint, individuals cannot deduct it, but corporations can.

00;27;25;15 - 00;27;38;09

Cary Hall

So you have an escort. Your family owns a business. Maybe you and your wife own a business. Like Lauren and I have owned businesses all our lives. Okay? This can be paid for out of the business, correct? That's huge.

00;27;38;18 - 00;27;39;05

Jeff Imlay

It is huge.

00;27;39;11 - 00;27;53;16

Cary Hall

Okay. It is huge. That's that's a tax benefit. That means the business is paying for it. And and you can you can spread it out over however long you want to spread it out. Correct. So the ideal time to start looking at this, guys, is what, 55 somewhere around there.

00;27;54;07 - 00;27;58;11

Jeff Imlay

I really say 45 to 55. Yes.

00;27;58;13 - 00;28;02;11

Cary Hall

Okay. It and it gets cheaper the younger you buy, it's.

00;28;02;11 - 00;28;04;12

Jeff Imlay

What you see 45. Yep. Right. Okay.

00;28;04;21 - 00;28;08;02

Cary Hall

So keep that in mind. Okay. You get, am I right, Mark.

00;28;08;06 - 00;28;12;09

Mark Holder

Absolutely. You get a lot of bang for your buck at 50 years old. 45.

00;28;12;09 - 00;28;25;15

Cary Hall

Yeah. It becomes a lot more affordable to do it than wedding. That doesn't mean, you know, if you're 65 that you shouldn't do it or take a look at it. But it does mean that when I opened in the opening monologue, the earlier you do this, the better off you are, right?

00;28;25;20 - 00;28;50;07

Jeff Imlay

That's exactly right. And one thing I didn't mention about this particular hybrid policy for long term care is this. And that is there's a premium refund component that's separate from the death benefit. So premium refund component gets paid regardless of whether you use a long term care policy or not. It's an extra right, an additional component of the long term care policy.

00;28;50;22 - 00;29;43;01

Cary Hall

I don't think there's another policy out there, at least that I know of that I've been doing this for a while, but that that is very unique, this premium refund part because that that gets now to the people out to the well, we're never going to use it. Well if you don't you get it back, right? Correct. Okay. So so that whole argument now goes away. Okay. Because if you if you take this policy and put it in place, if you don't use it, you do get your money back. So that that might help solve a lot of discussion around this. If you want to learn more, you want to reach out to Jeff, please do that. You can do it too. Jeff or Mark at Imlay, I M L A Y Holder dot com, the phone number 913 676 8038. Give them a call they will be happy to help you. When we come back from the break, we'll wrap it up. You're listening to America's Healthcare Advocate, broadcasting coast to coast across the U.S. Stay tuned. We've got more.

00;29;44;21 - 00;30;07;00

Cary Hall

Welcome back. You're listening to America's Health Care Advocate Show broadcasting coast to coast across USA here on the HIa Radio Network. If you want to talk to either one of these guys, look, have the conversation. All right? Hey, maybe you're maybe you're the you're the you're it's your parents we're thinking about here. All right. Maybe you need to have this conversation with these guys and then have your parents have this conversation with them.

00;30;07;00 - 00;31;06;15

Cary Hall

Right. The way to do that is get in touch with them, go to their website. imlayholderwealth.com. Or call them at 913 676 8038. That can help any place in the country. Kathy Lisbon will probably answer the phone and she will be happy to help you. But just have a, you know, knowledge is power. You need to understand. You don't presuppose you can't pay for it, you can't afford it or we don't, you know, you need you need to find out and learn is this makes sense and maybe, you know, like I said, if this is your parents we're talking about, make the phone call, get the information, then go talk to your parents and have them sit down with these guys and walk through it, because guess who's going to wind up taking care of them? You are whenever something happens and they can't take care of themselves, and if they burn to what they've got, then it becomes a very difficult conversation. It's a smart way to solve the problem. The website again, imlayholderwealth.com

00;31;06;15 - 00;31;38;24

Cary Hall

So I had a friend of mine, I told you about this. He is our neighbor, lived across the street from us in Brookside, he was 86 years old and he has long term care policy. But he fell down the stairs and hurt himself. And he had it was a two story house. He had the long term care policy so he could turn it on if he needed home health care and he could turn it back off. So talk about that feature, because I don't think a lot of people understand that part where you can, if somebody gets hurt, has a stroke or whatever the case may be, maybe they recover and they don't need. But talk about turning it on and turning it off.

00;31;39;03 - 00;32;22;28

Jeff Imlay

So I think that's it's really important. So I think stroke is a good example of that. For example, so individual has a stroke many times, not all the time, but many times people recover from that. So they might use home health care, maybe even assisted living for a year, year and a half. And let's say they have a policy that's meant to last six years or they turn it off at a year and a half and they still have four and a half years left of a benefit. So if they use it at age 56, had my dad had long term care, right? If he were to use it at 56, maybe he could have turned it off at 58 and a half and then used it later. He actually died of cancer at age 64, so maybe he could have turned it on later and used it for home health care or assisted living.

00;32;23;03 - 00;33;02;23

Cary Hall

Yeah. And that that that is really important. You know, the one thing you always hear from from parents, you know, when they're talking to it, I don't want to go to nursing home. Okay. All right. Get it. I understand that. But how do you going to avoid that? You know, it's like that call they got over the weekend. I literally left my men's Bible study class on Saturday morning, got in my car to drive, and there was the phone rang and I knew who it was. And I picked up the phone and she's got Alzheimer's and she's living with them. Well, that can't last much longer because she's going to go out, walk down the freeway while they're at work. So now what are they going to do? So that's the dilemma that people you put your kids in that situation and they got to figure it out. If the money's not there, how do they figure it out?

00;33;03;10 - 00;33;22;25

Jeff Imlay

It's very difficult, Cary And one thing that I say often is you can't out-invest insurance. And in many times our clients think that that is possible. And if you're Warren Buffett, maybe, but it's not possible to out-invest or I should say it's very difficult to out-invest insurance.

00;33;22;25 - 00;34;07;21

Cary Hall

Yeah. And the other thing is and, you know, do you want to have a legacy when you passed? You what do you want to leave for your children? What's important to you? And if that means that you do have wealth that you want to leave behind to your children, you don't want to burn through it whenever all you had to do was put something in place like this, it was going to make a lot of sense. Right, Right. So this policy that we're talking about now with Northwestern, it's got great features. You know, it's basically using a life insurance platform to put in place. If that doesn't if you don't if this doesn't work for you, because we talked about this. We met your office with both you guys. You have other options. Talk a little bit about that because there's something out there that'll fit your needs. You just have to take the time to find out about it.

00;34;08;06 - 00;34;52;01

Jeff Imlay

There is long term care insurance that we call traditional long term care insurance that came about in 1997 when HIPA was enacted. So traditional long term care insurance is simply the difference between what I just talked about or we just talked about and traditional long term care insurance is you pay a premium infinitum. It's not a bad thing. The policy we talked about previously is paid up in ten or 15 years or even maybe one year if you wanted to establish it that way. You can imagine a policy that's an ongoing premium payment, which is nice. Yeah, what I have and that's what I have to these hybrid policies only came about within the last two or three years. Northwestern introduced their policy in October of 2022.

00;34;52;07 - 00;34;54;05

Cary Hall

So this is committee that helped put this in place.

00;34;54;05 - 00;35;03;08

Jeff Imlay

I was on an FRA committee, as we call it, correct? Yeah. So this is a relatively new concept. Traditional long term care has been around since 1997.

00;35;03;09 - 00;35;26;23

Cary Hall

So let me give you an example. When Lauren and I bought ours, I think my benefit was $110 a day. It's $450 right now. And I have a John Hancock policy. It's a life. I don't have a term. I have a lifetime benefit. Okay? I have a lifetime benefit on mine. I bought the best policy I could buy when I got it. And his lifetime benefit, I've got $450 a day. That's pretty significant.

00;35;27;22 - 00;35;34;14

Jeff Imlay

Very significant... But you have above average care, which is good. You can also receive above average care. Correct.

00;35;34;14 - 00;36;41;14

Cary Hall

And you know, I've talked about this hopefully on the show before. You know, my wife has heart issues and if she needs home health care, in addition to what I do, I've got the option to have somebody there to help me with that. As time goes on, maybe it'll be me. I don't know. Okay. But that's the whole point. I don't have to worry about it. And more importantly, my kids don't have to worry about it. And I got to tell you something. There's a certain peace of mind in that. Okay? And I think that's important for you know, you're listening out there. You know, it's your kids, okay. That, you know, this isn't just for you. This is not this is for you and your and your children. And as I said, you know, I'm 73 years old. If you're when you reach this age, you start thinking about I had somebody I sat down and had a business lunch with the lady from Nashville, Tennessee, a couple of months ago, and she goes, okay, what's your legacy? And I fell over, I'm like, Yeah, right. I really have thought about it. That's that's a really good question. And it was a good I do think about it and what what what is your what is your legacy going to be with your kids? Are you going to leave a divided, angry family? It's fighting with each other over money or are you going to take care of all these issues upfront so that doesn't happen?

00;36;41;26 - 00;36;42;05

Jeff Imlay

Right.

00;36;42;17 - 00;36;55;15

Cary Hall

I think it's kind of important to understand that and I think a lot of people don't. So thank you both. I appreciate this. We'll get you guys back in here. We'll do some more of this kind of stuff. I think it's important to get this messaging out for folks and give them an opportunity.

00;36;55;15 - 00;37;25;14

Cary Hall

All right, ladies, gentlemen. So again, you know, I told you why I did this show. I hope you find it helpful. I hope you find it educational. Now, I'll leave you with this thought from Albert Einstein: “the one who follows the crowd will usually get no further than the crowd. The one who walks alone is likely to find himself in places no one ever been”. Remember friends. It's a funny thing about life. If you refuse to accept anything but the very best, you most often get it. Thank you for listening to America's Healthcare Advocate Show, Broadcasting Coast to coast across the USA. Goodbye, America.

00;39;32;17 - 00;39;49;01

Cary Hall

Hi, I'm Cary Hall in studio with me today, Jeff Imlay and Mark Holder from Northwestern Mutual. We're going to talk about long term care insurance today and some other issues. But the purpose of this show is to educate you as to why you should have a long term care policy and the fact that you can get it.

00;39;49;01 - 00;40;04;22

Cary Hall

They’re affordable. And there's a way to do this. It makes sense. And here's the thing. If you don't do this and you wind up with the problem, what's going to happen to your estate? You're going to eat through that money. Your kids are going to eat through that money trying to take care of you. And then what? Then who does the burden fall to?

00;40;04;26 - 00;40;20;24

Cary Hall

So the purpose behind this today is to educate you that you can get a long term care policy. Unfortunately, only 6% of the people in this country have one, right? Jeff? Yeah, and that's unfortunate. So that's why we did the show today. I hope you listen, learn and like it. Thanks for listening. I'm Cary Hall.