Hi, my name is Jason Bergquist and I am here today to talk to you about what we can do to plan for; and how to avoid a financial devastation in retirement due to a health crisis.
I have been in the financial services industry for over 20 years now. And it is my job to help empower you to Create the Retirement of Your Dreams.
I am a certified financial fiduciary and an independent financial professional. I have focused strictly on what I can do to help individuals plan for retirement, set up their retirement, structure that retirement plan.
Whatever, it looks like that we need to do, to make sure that you don’t outlive your money. One of the biggest scares out there when planning for retirement, is Outliving Our Money!
And actually, if you look it up, if you believe the surveys that you look up on Google, it says that more people are worried about running out of money than dying.
Now, that may sound like a morbid conversation.
And today it’s going to be a little bit of a difficult conversation because one of the things that has to come into our plan, whether we want to think about it or discuss it, maybe it’s a difficult thing that’s already happened in your family or to friends or to parents …
… but we’ve got to discuss Long-Term Care.
And when you’re going into retirement, you’re thinking about all of the different things that you need and funds that you need to be coming in every single month to cover those expenses that are going out.
One thing that we have to create a plan for, is what if those expenses get really expensive?
What do we do?
Not only to help cover inflation, as well as looking at the market, or looking at the economy, (all topics discussed in my other free videos) but on top of all of that, what if we have a health issue?
What if we have a health scare?
What if we have medical costs that we haven’t accounted for?”
Well, there’s a lot of medical bankruptcy that happens in this country. And one of the things that we can do is put into our plan a Long-Term Care benefit or an Enhanced LIVING Benefit …
… or something that helps us plan for that unforeseen possibility that “could” happen.
The world’s population is aging faster than it ever has before. People are living longer. Every day until about 2030 … 10,000 baby boomers will turn 65 and 7 out of 10 of those are going to require Long Term Care.
Now, that means that there’s a high possibility that you could be a part of that statistic, right?
Well, what can we do?
How do we make sure that we plan for that?
One of the things that I get questions about all the time is, “Well, do I just buy a Long-Term Care Insurance Plan?”
Those exist. And maybe that wouldn’t be bad to have that as part of your plan. But the biggest concern that I have with those, personally, is most of those are a use it or lose it plan.
In other words, it works like most insurance plans…
Car insurance, health insurance, you know, if you’re paying for it every single month, but you don’t end up having a Long-Term Care need, then you just paid for it.
And you don’t get anything back for it. It’s not like, if I don’t have that need, then they’re going to reimburse me some of those costs I’ve been paying.
Now, when we’re talking about Long-Term Care needs, let’s define that a little bit.
The main definition for Long-Term Care is if we can’t perform 2 of the 6 acts of daily living.
So, if we can’t bathe ourselves, if we can’t go to the bathroom by ourselves, if we can’t dress ourselves or feed ourselves.
If we can’t perform 2 of the 6 acts of daily living, or if we have a terminal illness, a critical illness or a chronical illness, and last but not least …
… if we obviously ended up in a nursing home or health care assisted facility or something like that …
… then we would qualify for a Long-Term Care need.
And once we then qualify for it, we’ve got to figure out how we’re going to pay for it. Whether that’s coming out of our pocket.
Whether we’re able to use Medicare or Medicaid or whatever the different options are that exist. But if we haven’t planned for it, this is where it get a little bit scary.
You know, not only will Medicare step in and then cover some of those costs … but you lose a lot of your ability to choose what it is that you want, or the level of care that you want for yourself or your spouse or your loved one.
And I know this can be a hard conversation, if any of you have dealt with taking care of an aging parent or individual.
Maybe not necessarily a parent.
But the cost, the time, the effort, the energy, the mental capacity, it’s a challenging experience to say the least!
I think we’ve all been there or at least have close family members who have dealt with this.
I personally, am working through this process right now with a very close family members and trying to figure out what we’re going to do and how we’re going to take care of this individual and these potential costs.
Who’s going to be around to help?
And part of the problem is, if we don’t have the funds to do it ourselves, you end up having to rely on others or the state or the government in which we live in.
And right now, when we are trying to create those plans, we just need to figure out, be aware of, the options that are out there.
My job is to bring those options to the table.
Maybe think outside the box in ways that you haven’t thought of before because it can be an overwhelming situation to figure out.
And the last thing we want to have to worry about is the financial side of that decision or the financial option dictating the decision that we ultimately make. At least we have that ability. And we have that coverage.
But it seems like these costs are getting out of hand. And if you’re having to go to a facility, the level of the help, aid, service, nursing and care in those facilities, maybe it’s costing you $3,000 a month.
Maybe it’s costing you $13,000 a month.
I recently had a conversation with an individual living in the state of Washington. And the facility that she has chosen to have her husband stay at is $19,000 a month.
Luckily, they have a plan. Luckily, they have something in place for that, but not always do we have that ability?
I want to help you create that plan.
I want to help you look at those options. I want to help you have that be part of the overall plan in case this does happen to you.
And in case you need to figure out where can I go? What can I do? What facility do I want my loved one to be in.
And not have to worry about it being a financial burden. So, click the links below. Let’s have that conversation.
Let’s start that conversation.
Let’s look at that part of your plan.
If you’ve never looked at that plan, we need to include that in the plan. There are documents below, click on the links to access them.
Open those documents, start filling that out and start understanding your situation.
Let’s create that baseline so we can create that plan for you. This is just one free video of a multi-part video series that can help walk you through a bunch of different options like this. And think about other things maybe you haven’t thought about going into retirement.
There’s also a free webinar that you can look at. That’s going to walk you through from start to finish. It’s about an hour and 20 minutes, it covers just about everything at a high level.
And then you can break it down into individual segments, I’ve done on a lot of the different topics that are in my webinar that go through each of them each in a little more specified detail.
Wherever you’re at in your financial planning, wherever you’re at in your retirement planning, wherever you’re at in making decisions on what’s going to be best for you and your family in the future …
… I would love to be a part of that team.
I would love to talk to you about what those goals are, what you’ve looked at, what you’ve planned for.
Even if you just need a second opinion.
And in the end, I’ll tell you, “Hey, what you’re doing is perfect. It’s great! Stay on that path. Keep moving forward.”
I’d love to be there to help! My goal and what I do in my practice, is again, to “Empower You to Create the Retirement of Your Dreams!
Whatever that looks like for you.
Again, my name is Jason Bergquist and I look forward to helping you Create the Retirement of Your Dreams.
Have a great day!
Next Steps:
1. Click here to download documents
2. Click here to register for our FREE Webinar
3. Click here to schedule your FREE Retirement of Your Dream Call