Long-Term Care Shield

ABOUT THIS EPISODE

On this episode, Eddie discusses the Long Term Care Shield. Tune in to learn how health insurance doesn't cover long-term care and how most of us have not even thought of planning for these costs. How will it affect you and your family? Get all the details on today's episode.

If you want to read the entire story, pick up a copy of his book Easy Retirement Solutions, now available on Amazon.com 

To learn more, visit Eddie online at: https://www.padlockretirement.com/ 

And welcome to the easy retirement solutions podcast with financial expert and number one Amazon bestselling author Eddie Bennett. Each episode features helpful insights, practical tips and reliable strategies to help make your retirement as enjoyable as possible. For the next few minutes, enjoyed listening as co host Dave Henning talks with Eddie Bennett about the retirement secrets your broker doesn't want you to know. So let's go into chapter six, which is, uh, this is a really interesting subject that you and Sean have written about, Long Term Care Shield, and this is a huge, huge deal. As you mentioned, we're all we're all living longer. Long Term Care Shield. Let's talk about that. Yeah. Well, first off, I love talking statistics because, Um, facts are just facts,...

...right, they're not my feelings, they're not they're not the things that I think, they're the things that are. And so, if you're sixty five years or older, Um, you you have a seventy percent chance that you will need some form of long term care in your life. Um. Now, Long Term Care, you know, traditionally speaking, a lot of people think, well, that's in a nursing home. Well, not necessarily. You may have in home care, right, you may have a nurse or someone that you love. They can get license to do it as well. Right, under certain circumstances, you can have someone come and take care of you in your own home. Um. You know, if you have Alzheimer's or dementia, you know there's there's memory wards that these nice nursing homes that you can go to. Um, these places can cost, you know, seven, eight nine dollars a month, a month, um. You know. So we can get all the way to retirement, can have checked every box and done everything right, and then something that we have zero control...

...over, which is you know, something like that happens to us and we need long term care. Um, and you can almost drain your retirement account down to nothing just to be able to pay for these things. that. I've seen it over and over and over again. Um. And you know, we get a lot of yeah, it's okay, people think this way, especially down here in the south. I get a lot of people say, Um, well, my kids will just take care of me. You should ask your kids that. Hello, hello, I think you need to ask them. They're like, we're busy raising in our children right. Um. So long term care is one of those things where it's I call it the capstone. So as far as, like you know, your financial pyramid goes Um, it's it's a very important piece. It's kind of the piece that cements the rest of your finite foundational block. Um. But traditional long term care as we know it Um is almost non existent. Um You know.

There used to be plans that would cover you for lifetime benefits and now those things have squeezed down to maybe even just two or three years of benefit. Well, if you stay in the nursing home or need assistance for more than two or three years, you've exhausted that policy. Or what if you're paying this premium for this long term care policy and you never need it? Well, you've kind of spent that money for no reason. And so there's multiple Um Solutions, Um you know, that go into long term care, um that don't include just a traditional policy. Thanks for listening to the easy retirement solutions podcast with retirement planning expert and number one Amazon bestselling author Eddie Bennett. Learn more or get a copy of Eddie's book when you reach out to him at easy retirement solutions DOT com. That's easy retirement solutions. Dot Com...

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