DeepSummary
The episode features a conversation between Austin Hankowitz and Robert Croak, the co-hosts of the Rich Habits podcast, with guests Russ and Todd from Suriance, a company providing term life insurance and long-term care insurance. The discussion revolves around the importance of having long-term care insurance, especially as people age and may require assistance with daily activities.
Robert Croak shares his personal experience of having to pay out-of-pocket for his mother's long-term care when her insurance coverage ran out. Russ and Todd explain how long-term care insurance can help mitigate the financial burden of caring for elderly or disabled family members, by providing a monthly benefit to cover various care expenses.
They also discuss the costs associated with long-term care, which can easily amount to thousands of dollars per month, and the potential risks of not having proper coverage in place, including the depletion of retirement savings and the possibility of bankruptcy. The guests provide insights into the different types of long-term care insurance policies available and how they can be tailored to individual needs and budgets.
Key Episodes Takeaways
- Long-term care insurance can help mitigate the financial burden of caring for elderly or disabled family members by providing a monthly benefit to cover various care expenses.
- The costs associated with long-term care can be staggering, easily amounting to thousands of dollars per month, and most Americans may not be financially prepared for such expenses.
- Some states are considering mandatory long-term care taxes to fund state-provided care through programs like Medicaid, and having a private long-term care policy may be the only way to avoid such taxes.
- Long-term care insurance policies have evolved in recent years, offering features like death benefits and return of premium options, making them more appealing to younger individuals.
- It's essential to have a financial plan in place for potential long-term care needs, as the costs involved can quickly deplete retirement savings and potentially lead to bankruptcy.
- Personal experiences, such as Robert Croak's situation with his mother, highlight the importance of being prepared for long-term care expenses and the potential consequences of not having proper coverage.
- Seeking professional advice and exploring customized long-term care insurance options tailored to individual needs and budgets can help mitigate risks and ensure adequate coverage.
- Long-term care insurance can provide the means to age in place and receive care in one's home, rather than relying solely on nursing home or assisted living facilities.
Top Episodes Quotes
- “And the reality is this. She got diagnosed four years ago and went into memory care. She was 74. Thank the Lord that she had an investment that did very well. That's covering her cost right now. But let me share with you what those costs are today. Today, over four years in memory care, she spent almost 400 that we've spent almost $400,000 of that money for her to be where she needs to be. Most Americans can't do that. They're not prepared for that.“ by Russ
- “The only way out of that tax is to have a private long term care policy in place. And so the reason why these states are doing this is to mitigate what you just said, Robert, the state funded Medicaid.“ by Russ
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Episode Information
Rich Habits Podcast
Austin Hankwitz and Robert Croak
7/1/24
In this episode of the Rich Habits Podcast, Robert Croak and Austin Hankwitz get personal with their own life situations and past traumas.
We share our own perspectives on aging parents, as well as how to prevent the #1 cause of bankruptcy in the USA.
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Learn more about long-term care insurance & term life insurance by visiting Suriance's website: suriance.com/richhabits
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