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KMBZ>Audio & Video on Demand>>The Radio Dish 12.27.13 Segment 3

The Radio Dish 12.27.13 Segment 3

Dec 27, 2013|

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Automatically Generated Transcript (may not be 100% accurate)

Good morning it's their radio -- Darcy Blake can be heart Mary McKenna and you the radio dish dot com retirement specialists. In studio today. And I know we're gonna talk long term care lots questions about that coming -- let's talk about some recent notoriety for human mr. Thompson can't we're gonna make -- less a little bit here. -- -- Let's get you are featured contributor to Fox Business right. -- happened for -- I have an angry authorities that you are also it nearly. And a contributor as an author of an article in success CNN fortune and money that's awesome. Yup I'm very very excited about it they're both regarding how to. Make money without losing money and in some of their strategies that I -- my clients -- -- if anybody wants to read these two articles they can go to www. Dave Thomson dot net and their boast their very prominently there's -- tabs for the fox and then and then priorities my picture whole thing about the scene and fortune article. That's very exciting because so many times we're talking money we don't know who to trust. When it when we're talking money and the fact that you have been included and fox business and the CN CNN fortune and money. That's a big deal because now people know that you. Are the real deal well certainly that's my hopes and -- mean not everybody publishes those folks and I mean it does give few people confidence that. There are some other entities well known that I think I know what I'm talking of. That's a good thing and we're gonna find -- what you have to say about long term care a subject that we have talked about in earlier shows that so many. Me included I skirted I don't want to think about it. Well most folks do but the real world is and I I pray every -- listen -- -- -- today it's all going to be about long term care really pull pull over if you're driving you really listen to it maybe take some notes if your homes just sit down and listen to this show because long term care is probably the most important thing that you could protect yourself and your family with and perhaps one of the most misunderstood types of insurance and I'm gonna give a lot of statistics today that when I'm done hopefully it will really compel people to give me collar call somebody. That has long term care and is an expert in long term care because that's probably one of the problems as people think it's too much money. Or they think that they won't need it and they end up talking with folks who really are not experts and long term care and they had some misinformation and that's when I don't wanna have happened to my listeners. So if you already know that is some plane to a family members going to need long term care because they already have some health issues. That will exacerbate on the road is there such a thing as pre existing condition and it comes to long term care. Yes there is. Long term care something you wanna get while you can qualify. But there are ways that we can help folks that cannot qualify there are different financial products that have long term care writers attached to them. That you do not need to qualify for and that's how we help folks out there just can't qualify what I wanna talk about today though are folks that can qualify. And why it's so important he did it why you can qualify. As opposed to waiting until you can't qualify and then have to look for other answers. It's always good to do it in advance. And Mary and Mary are you listening Mary. Well first probably the most common. Belief is that it's too expensive and let me give everybody Erin I'm gonna talk about our -- lose. Statistics. For forty years old -- also -- -- -- -- for a couple. OK so these prices and I'm gonna give you now are not for individuals -- for a couple. And it's for a benefit that would be a three year benefits starting at a 150 dollars today. Going up 3% compounded annually. So they start off with each one having a bucket of money. Over a 164000. Dollars each. And it's forty years old the cost would be 83 dollars a month -- fifty years old 110 dollars a month noses in the we're in decent health and they just they were approved -- standards so certainly cheaper to start earlier absolutely sixty years old 162 dollars a month. And 65225. Dollars month -- see how it really and those today's prices and it's so important understand these companies do not want. To increase prices in the future that's part of how they market this stuff it's it's never cheaper. And now so you -- tenor here ten years fifteen years at some point in the future. It is terror that they are underwriting for your group. Wasn't correct and they need to raise rates. Have to -- on everybody carries and every lifers in the state Kansas. Let's say that page view of purchase XYZ policy for. Let's say you're 55 years old for -- a couple 123 dollars a month and twenty years from now. You're using is your health has deteriorated they can't raise your rates they have to go to the commissioner of insurance for the -- Kansas. And justify raising rates for everybody says XYZ policies state Kansas so what they do as opposed to raising rates on current clients because they don't want to. If they do their underwriting correctly they won't have to. What they do is they stop selling XYZ policy and start selling a beastie policy. And since those rates are higher so they raise rates and future clients now in the past there have been -- rate increases in every ten years or so. But it's on a much like if you're. Forty years old when your rate increases on 83 dollars a month and I suppose if you're sixty years old you get a rate increase of 162 dollars and so on. Now let's talk about some other statistics here what are the odds. Folks listening to this radio show right now are gonna need long term care well there's a 52%. Chance. And everybody listening this radio show room. It's gonna need long term care for more than one year 52%. As of 12% chance you're gonna hear from one to two years. A 20% chance from two to five years in a 20% chance more magnified here against. -- peoples seriously out there that think that Medicare and we'll take here you laments I guarantee -- their people the thing Medicare and Medicaid well and neither. Medicaid will pay for some types of care in nursing home two best to the room next Serra. But you have to be destitute qualify for Medicaid. Medicare pays for very very little. A long term care very little and that's a -- and and and it's just gonna get worse is all these different health care reforms take place. Some other interest and information. When do individuals apply under 5426. Point 5%. The -- supplier under 54. 55 to 64. 54%. And a 65 and overnight. Nineteen point 5% -- now let's take these statistics and go back. Two when people are rejected for health or not an opera house aged fifty to 59. Only 14% -- rejected. Age sixty to 6923%. Sammy is saying 945%. In over 8080%. So. What is that telling us those two statistics the same in demographics. I believe that the people listening to a show her enough for his six year old -- It's right in and one out of 420%. Will need at five years or more that's correct. OK so this whole long term care works if somebody has something in their forties and they're gonna need long term care for. Twenty years as they cover that entire time. Absolute rather covers on his -- bucket of money. Pulls together like Francis -- -- that first example it's a 150 dollars a day in in the how'd you arrive at that is is this for three years so they take three -- 65 times three times under fifty seas are rough was 864 to fifty and that goes up at 3% compound and annually -- twenty years from now you've got twenty years of 3% -- -- that hopefully can set up with the costs costs of care. We need to really be looking into this because. The only people and -- look up presses us. It's an act of love guys that's what it is. It's an act of love your your spouse work all your life. For the assets and I know you wanna take care of them and when you passion wanting to be taking care you don't want everything you worked for getting eaten up -- chair for you phone number one last time before we close out here today to 9136816195. It's Darcy and Mindy and Mary and you add their radio dish dot com. Nice to -- makes up and thought about things got out of town and got out. He makes out yeah it makes outlet. Okay. Mind I game now -- and -- them.

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