Long-Term care and planning for your retirement

Long-Term Care

At Cardinal, Long Term Care planning is our passion. We see the difference it makes at the end of our clients lives, for them and their family, if they have properly planned for long term care.

Unfortunately, we also have experiences of helping families who did not properly plan and ended up in a long term care crisis.

Many people are scared to talk about long term care because they associate planning for care with nursing homes. This is not true anymore. There are so many options for care, where you receive care (like at home), and how you pay for it.

Questions we can answer

Need a plan?

Cardinal can help you come up with a plan for your care or your parents’ care. We start with an introductory phone call to learn about you and your situation, and then compile some recommendations for your next steps.

Cardinal Lessons on Long Term Care

Hybrid Life/Long Term Care Insurance-IRA Money

Welcome to the fourth video in our comprehensive series on Tom and Chelsey's retirement and financial planning journey. In today's Cardinal lesson, we jump into the topic of hybrid life/long-term care insurance purchased with IRA funds—a strategy that's proving to be a game-changer for many retirees. This planning could not only safeguard your quality of life but also provide peace of mind to your family. Check out our video to see how!

Long-Term Care Insurance – 5 Examples with Rates

In today’s Cardinal lesson, we're discussing the complexities of long-term care insurance, comparing five distinct policies to help you understand your options. We'll review pricing, benefit amounts, inflation protection, and health qualifications, so you can weigh the pros and cons of each policy. This episode isn’t just about policy details; it’s about planning for your family’s well-being. Long-term care events affect everyone, especially your loved ones who may have to make tough decisions without a plan in place. Click on the link and let us help you protect your future and your family’s peace of mind.

Can’t Get Long-Term Care Insurance Because of Your Health?

Welcome to Cardinal Advisors! In today's video, we're diving into a topic that brings us immense satisfaction: overcoming barriers to long-term care insurance due to health conditions. Many individuals have been told they can't qualify for long-term care insurance because of various health issues—but hold on! Today, we're excited to share success stories where individuals with conditions like rheumatoid arthritis, chronic kidney disease, cancer, and more have successfully secured the highest benefits under our unique long-term care insurance solution. Watch our video to know more!

Long-Term Care Insurance – Pay For It Yourself?

Cardinal Investors dives deep into the objection of paying for long term care insurance yourself. Why? Why Not? What is the impact of paying for your own long term care insurance? Learn if you're in a position that paying for your own Long-Term Care Insurance makes sense for you and your investments, or if it's better to find another solution! Cardinal Investors have decades of experience with Long-Term Care Insurance payments and their impacts on investment and potential retirement income. Contact us today to learn more! www.cardinalguide.com

Long-Term Care Annuity $100,000 Single Premium

Welcome to today’s educational video where we discuss the specifics of long-term care annuities. If you’ve been concerned about your insurability for long-term care or curious about how annuities can be structured to provide significant long-term care benefits, this video is for you.

7 Worries – Retirement Planning

Welcome to our special video where we explore the essence of what we do at Cardinal. Our journey on YouTube started somewhat accidentally, but it's blossomed into a thriving community. Today, we focus on the core of our mission: addressing the seven critical worries in retirement. These worries aren't just about what keeps you up at night; they're about making informed decisions in pivotal areas of your retirement planning, often in your 60s, but sometimes earlier or later.

Long-Term Care By The Numbers

In today's insightful video, Hans Scheil and Tom Griffith discuss the critical topic of long-term care insurance, breaking down the subject through compelling statistics and personal insights. This discussion is not just about numbers; it's about understanding the importance of long-term care insurance in protecting our loved ones from future uncertainties.

Long-Term Care Insurance From Your 401k/IRA

In today's cardinal lesson, we'll explore a transformative strategy that leverages IRA/401K funds for Long-Term Care Insurance, with a trusted company and satisfied clients. Many lack the liquidity for a significant $200,000 non-qualified transfer. We'll illustrate this through a 65-year-old couple's case, demonstrating a smart approach to secure lifelong Long-Term Care coverage. Tom and Hans emphasize the strategy's significance in addressing the substantial financial risk of Long-Term Care needs during retirement, showcasing how your IRA can provide protection.

Long-Term Care Insurance (Long Version)

Welcome to a unique experience we?re calling "The Cardinal Semester!" In this extensive 90-minute video, we dive deep into the nitty-gritty of long-term care insurance. Why so long? We initially designed this as a Continuing Education (CE) course for CPAs, so trust us?it's thorough! From the basics to tax considerations and innovative approaches to choosing the right policy for your health situation, we've got it covered. The cherry on top? We provide 8 detailed examples illustrating different ways to go about securing long-term care insurance. This is your ultimate guide to understanding this complex subject!

Retirees Running Out of Money Late in Life

In today's episode, Tom and I dive deep into what many consider the greatest retirement fear: running out of money. It's the elephant in the room that many of our clients are hesitant to address initially, but it's a fear that dictates their behaviors, decisions, and overall retirement planning. Remember, the right knowledge can pave the path to a stress-free retirement. #RetirementPlanning #FinancialSecurity #AvoidingRetirementPitfalls

Long Term Care ? Life Insurance

In today's Cardinal lesson, we delve into a crucial topic - Long-Term Care, one of the seven primary concerns our clients face. We aim to enlighten you on different types of long-term care or life insurance policies that can protect you and your family in the long run. We will present facts, figures, and insurance solutions available at Cardinal that can potentially save you from devastating consequences of Long-Term Care. The spectrum of policies ranges from traditional long-term care insurance to life insurance, with various hybrids in between. It's important to understand the nuances of these policies, their cost implications, health qualifications, and benefits. We also discuss how these policies fit into your overall financial planning, touching on areas such as taxes, estate planning, income creation, and the strategic use of your 401K or IRA. Remember, Medicare provides minimal assistance for Long-Term Care; hence, having a robust Long-Term Care plan is vital for your family's financial health.

Pays You For Care…Pays Life Insurance To Heirs

Welcome to today's Cardinal lesson, where we'll explore a unique long-term care solution that combines the benefits of life insurance and long-term care insurance. This innovative approach offers a comprehensive financial plan for retirees, addressing the often overlooked aspect of long-term care. In this video, we'll cover the seven essential topics of financial planning for retirees, with a focus on the importance of long-term care coverage. Medicare doesn't cover custodial care, leaving retirees responsible for their long-term care expenses. Without a separate plan in place, individuals often rely on their social security checks, which can hinder their financial goals. However, with the right insurance policy, you can protect your retirement income and ensure that you have the necessary funds to cover any future care needs. Join us as we discuss the key features of this combined life insurance and long-term care insurance policy. We'll explore how it can provide tax-free income, protect your estate, and offer flexibility in benefits. By understanding this comprehensive solution, you'll be better equipped to make informed decisions about your long-term care needs. Be sure to check out the show notes below for detailed illustrations and policy specifics. Let's dive into the world of long-term care planning and discover how this unique insurance policy can help secure your financial future.

The Cardinal Guide To: Long Term Care

Listen to learn:

Americans are living longer. Studies show that about 70% of the people turning 65 today are going to end up needing long term care services. The financial consequences of that care can be devastating to families who pay out of pocket.

Long-term care doesn’t mean you’ll end up in a nursing home. In fact, most of our clients prefer and opt into alternate options; this includes home health care, assisted living, and adult day care. Progressively more people are cared for at home with paid assistance coming in to help.

Short Term Care Insurance is a more affordable option for covering the long term care bill. These policies give you coverage for up to 1 year of care, usually in your home. If you need care for longer than a year, this year of coverage gives your family time to organize your finances to continue paying for care.

Traditional long term care insurance still exists, though less and less consumers are choosing it due to the cost and the “use it or lose it” nature. If you already have a traditional long term care policy, Cardinal can evaluate it to make sure it still fits your needs and budget.

Hybrid long term care insurance was created to contrast the “use it or lose it” factor of traditional long term care. Hybrid long term care combines long term care insurance and life insurance. If you need long term care services, the insurance will pay a significant amount for it. If you end up not needing care, your loved ones will get a life insurance benefit paid out to them.

You are not limited to one solution for long term care; many people mix and match insurance products, savings, and their Social Security benefit, coming up with a personal plan for paying for care.

Medicare does not pay much for long term care. Medicaid will pay for this care, though it should be your last resort. To be eligible for Medicaid, you must drain almost all your assets and you will not have much of a choice about the facility you end up in.

Consider a Partnership long term care policy, which allows you to go on Medicaid while protecting some of your assets. This means that if you buy a long term care policy and run out of benefits, you do not have to drain all of your assets in order to get Medicaid to start paying for some of the care.

There can be significant tax advantages in properly planning for long-term care. Work with a qualified professional to end up with a policy that will cover your long term care expenses and possibly lower your tax bill.