ORDERS,
ORDERS, THEN CLICK ON ARCHIVE. ALWAYS REMEMBER TO ERASE YOUR
BROWSING HISTORY WHEN YOU SHOP
FOR GIFTS. @>>> MILLIONS OF FAM
GOING THROUGH THIS RIGHT NOW.
THIS IS THE EXPENSE THAT IS
ASKED BIT -- ASTOUNDING.
MOVING APPARENT FROM A HOME TO
A FACILITY CAN BE BOTH A
FINANCIAL AND EMOTIONAL BURDEN.
HOW DO YOU PLAN FOR SOMETHING
SO HUGE FOR BOTH YOUR PARENTS
AND YOURSELF SOMEDAY?
>> I DID NOT UNDERSTAND HOW
MANY DECISIONS HAD TO BE MADE.
>> WHEN HIS MOM NEEDED
IMMEDIATE CARE, THE FAMILY
JUMPED IN TO HELP.
>> IN THE BEGINNING THERE'S SO
MUCH YOU HAVE TO DO TO JUST
ORDINATE AND DO THE PAPERWORK
AND THE APPLICATIONS AND THE
DISCUSSIONS AND THE MEETINGS,
AND THE PHONE CALLS AND EMAILS
AND THE SCANNING.
>> THEIR STORY IS NOT UNIQUE.
MOST FAMILIES AT SOME POINT
HAVE TO MAKE THE SAME KINDS OF
DECISIONS.
DECISIONS. >> MOST PEOPLE ARE VERY
OVERWHELMED BY IT.
>> SHE WOULD KNOW, IT IS HER
JOB AT PATH KIND -- PATHFINDER
CARE MANAGEMENT TO HELP OTHERS
NOW THE -- NAVIGATE THE SYSTEM.
>> THE GOOD NEWS IS THAT WE
HAVE A LOT OF OPTIONS.
THE BAD NEWS IS THAT WE HAVE A
LOT OF OPTIONS.
>> AREAS LEVELS OF IN-HOME
CARE, ASSISTED LIVING, ALL THE
WAY UP TO SKILLED NURSING
FACILITIES.
FACILITIES. THE KEY IS TO KNOW WHAT LEVEL
CARE UNIT, AND THEN OF
COURSE, WHAT YOU CAN AFFORD.
>> DO THE FINANCES DICTATE?
>> THEY REALLY DO, SO MUCH IS
DETERMINED BY WHAT YOUR
FINANCES ARE.
FINANCES ARE. >> THAT IS WHERE THIS GETS
REALLY TRICKY.
REALLY TRICKY. ACCORDING TO LONG-TERM CARE,
THE AVERAGE COST FOR ASSISTED
LIVING WAS $4500 A MONTH IN
2017.
2017.
2017. THE
2017. THE AVERAGE COST FOR NURSING
HOME IS 9000 A MONTH.
UNLESS YOU QUALIFY FOR
MEDICAID, YOU HAVE TO PAY OUT-
OF-POCKET.
OF-POCKET. FOR THOSE IN THE MIDDLE, MOST
PEOPLE, IT COULD DRAIN
EVERYTHING THAT YOU HAVE FROM
YOUR BANK ACCOUNT TO YOUR HOME.
>> MOST PEOPLE ARE NOT PLANNING
AHEAD FOR LONG-TERM CARE IN
RETIREMENT.
RETIREMENT. THERE JUST FOCUSING ON HAVING
ENOUGH MONEY TO RETIRE, BUT NOT
ENOUGH MONEY TO PLAN BEING IN A
NURSING HOME.
NURSING HOME. >> HE IS A FINANCIAL ADVISOR,
THE BEST WAY TO PLAN IS TO
START EARLY.
START EARLY. >> IF YOU'RE GOING TO WRITE A
LONG-TERM CARE POLICY, THE BEST
TIME TO GET THAT IS IN YOUR 40s
OR 50s WHEN YOUR HEALTH IS
GOOD.
GOOD.
GOOD. THE
GOOD. THE COST IS CHEAPER THAN.
>> INSURANCE IS ONE WAY TO DO
IT, THEY OFFERED AS PART OF A
BENEFITS PACKAGE FOR MANY
EMPLOYERS.
EMPLOYERS. THERE ARE MANY OPTIONS.
>> THERE ARE SOME LONG-TERM
POLICIES, THAT HAVE A RETURN ON
PREMIUM.
PREMIUM.
PREMIUM. WHAT IF I PAID INTO THIS FOR 20
YEARS, AND THEN I PASSED AWAY
AND IT IS WASTED?
WHAT YOU CAN PUT INTO AN
ACCOUNT THAT IF YOU NEVER USE
IT, IT STILL HOLDS THE MONEY FOR
A BENEFICIARY.
A BENEFICIARY. >> ALL OF THESE OPTIONS ARE
CONFUSING AND EVERY SITUATION
IS DIFFERENT.
IS DIFFERENT. >> I THINK PEOPLE ARE SURPRISED
TO LEARN THAT MEDICARE DOES NOT
COVER MORE LONG-TERM CARE
SERVICES.
SERVICES.
SERVICES. THERE IS A LIMITED IN EFFECT
FOR LONG-TERM SERVICES UNDER
MEDICARE.
MEDICARE.
MEDICARE. THAT BENEFIT IS INTENDED TO GET
SOMEBODY BACK TO INDEPENDENT
LIVING.
LIVING.
LIVING. IF IT BECOMES THE SITUATION
WHERE SOMEONE HAS ADVANCING
MEMORY LOSS AND THEY NEED
SUPPORT THROUGH THE REST OF
THEIR LIFE, MEDICARE IS NOT
GOING TO COVER THAT.
>> IF YOU THINK THAT THIS --
GIFTING YOUR ESTATE AWAY WILL
SAVE YOU MONEY, MINNESOTA HAS A
FIVE-YEAR LOOK BACK PLAN.
>> THEY HAVE THE ABILITY TO
COMB THROUGH THE BANK RECORDS,
BUT THEY ARE ASKING FOR A
VOLUNTARY DISCLOSURE.
VOLUNTARY DISCLOSURE. I GET ASKED ALL THE TIME, IF
THEY GO AFTER MY CHILDREN IF
THEY ARE THE ONES WHO RECEIVED
MY ESTATE?
MY ESTATE? >> TECHNICALLY, NO, THEY WILL
DENY A COVERAGE FOR THE PERSON
WHO MADE THE GIFT.
>> THE MORAL OF THE STORY IS TO
PLAN AHEAD IF YOU ARE ABLE.
IT IS TOUGH ENOUGH TO MAKE THE
DECISION TO PUT A PARENT IN
SOMEONE ELSE'S CARE, LET ALONE
TO WORRY ABOUT HOW TO PAY FOR
IT.
IT.
IT. >>
IT. >> IT
IT. >> IT WAS AND STILL IS, VERY
MUCH AN EMOTIONAL PROCESS.
>> THERE ARE WAYS TO PROTECT
ASSETS, AND AN ATTORNEY WOULD
HAVE ALL THE INFORMATION TO
MAKE SURE YOU DO IT LEGALLY.
VETERANS, YOU SHOULD KNOW THAT
THERE ARE MORE BENEFITS THAT
YOU MIGHT QUALIFY FOR.
IF YOU ARE IN THE MILITARY, YOU
LIKELY QUALIFY FOR SOME SORT OF
VETERANS BENEFITS.
VETERANS BENEFITS. THERE ARE SO MANY THINGS THAT
YOU JUST DON'T KNOW, AND AND
ELDER ATTORNEY WOULD BE THE
PERSON TO TALK TO.
>> IF YOU GAVE A GIFT TO A
CHILD, THAT WOULD MEAN THAT YOU
MIGHT NOT GET THE CARE THAT YOU