Senior Care Live 07.28.18

Senior Care Live
Saturday, July 28th

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

Welcome back. You're listening to senior care lions on the senior care broadcasting network. For more information about the services suffered on this program and how we can help you and your family. Sure the collar toll free number at any time that's 1803316445. Begin 180331. 6445. All right just wanna think Keith play and mark worth from mystery Mueller talking about remodeling your home to age in place such an important subject. In just such. Is such a I know for me it's it's going to be the right thing to do I'm I'm gonna live at home as long as I can't I'm gonna bring in home care services. I am going to have mystery Mueller pull out the corner jacuzzi I haven't used in ten years yeah. Convert ten into Roland shower I mean just makes sense. It's is pretty simple to do straightforward. Mr. remodel or does a fantastic job and then you know what. At helping to pay for that. One of the great ways to pay for senior care is through using a reverse. Mortgage and Josh buff them is the man to call. It you know he's so and he is a stickler for customer service and he and his entire team. They they respond very quickly. They will respond after hours if if possible. And and they're gonna do a good job for ia and they're gonna they're gonna shoot straight with Gary so here's what you qualify for. Here's how the process works here's how long it takes. And in and you do all. Retain ownership of your home I'm not sure where that came from if I hear one more time I'd I do need to do the myth vs fact in the consumer alert sometime and really drilled down on that but. If you have a mortgage on your home. You still own home your own home he is still on the title and on the deed etc. when you hope when you sell a house if you still have a mortgage on your house what do you do. Take the proceeds from the sale of your home and you pay after Morgan junior walk away. Well guess what happens with the reverse mortgage the same thing it's a mortgage. Except this mortgage is designed to help seniors. Stay in their home and pay for senior care submits. It's. It has some some other twists and turns and some other really nice options of oh by the way you don't have to have a mortgage payment if you don't need it. And he can you imagine being a senior year trying to find money to pay for senior care and you're bringing in home care you name some home remodeling done. And think oh go get a mortgage would guess what you just added 45 or 600 dollars a month. Two year to eat your monthly payments you've decreased your cash flow and now you have less money. To pay for the carry any gear you've gone backwards at that point. For a lot of people that is just not an option now if you can afford that that's fine but if you use a reverse mortgage. You can find that care. And not incur a mortgage payment or like Josh says you can have a mortgage payment if you would like. Or you can make a payment once a quarter or once a year or no mortgage payments at all. And then again. You retained title of your home your name is on the deed. When you sell the home. With the proceeds from that sale. You know you settle up on your mortgage and you walked away with a net it's the same thing. So I really appreciate I appreciate Josh buff from explaining mats and and you really is a good guy he'll do great jobs were. Ice so we only have about five minutes left. I've been running into this a lot here lately and is talking to a lot of people and kind of a similar situation. Just wanted to touch on this here just a few minutes at the end of the program today. And that's talking about what happens if you are in a senior care community. And it's your assets. Are are are really starting. Two. That to you is starting to deplete your assets in and you can look at dad you can say hey we have. X months until mom or dad you know. X months until mom is out of money your dad is is sagged going to you know going to be down debt down to zero or down to those Medicaid amounts of 2000 or 3000. I like we talked about many many times before what do you do. If you outlive your assets. You're living in a senior care community. What do you do if they don't accept Medicaid. What do you do. There are thousands of people. Right now. In the extended Kansas City metro area. Living in independent living. Or living in assisted living. They're running out of money and there any private pay only. Community. What are you going to do when you get down close to zero guess what's going to happen if you don't take action and guess what's going to happen. There are going to ask you to move because you can no longer pay for the services and the space that they provide. So don't get cut off guard in this can also happen by the way. In he can be living and a and a nursing home the long term care level of care that is a private pay only long term care community. Do not make the assumption that your long term care community. Well except Medicaid when your parent runs out of money. Or when you run out of money if he if you're living their listening to the program. You not you know what they say about a settlement. Right don't do that. You need to make sure. In the reason and then I'm really kind of putting out this. Really kind of a stern warning on that is because I get the phone calls I I get tons. And tons lots of phone calls. From someone calling up. Saying oh my gosh I had no idea. My mother has spent. The you know insert the number. 100001. Of my clients spent over 300000. In care community. And they get to discharge letter. You're gonna have to move your loved one because they're running out of money and we do not accept Medicaid don't make the mistake of assuming. That where you're at. Accepts Medicaid you need to find that out for sure if they do fantastic. Nothing to worry about. If they don't. Then you have to ask yourself what are you going to do. Lots and lots of people. A senior care consulting. And we help them find the best fit in the right fits. At the assisted living level. The long term care nursing home level may or may not involve memory care. But but the bottom line is we work with lots and lots of families lots of clients. Who are currently living in a price it paid. Facility or community. And they concede the end of their money. We have 30000 left we have 50000 let we have X dollars left. And that along with their monthly income will pay for their care for about six months. For about three months for about nine months whatever the number is that we can help. All people in any situation. But what I wanted to say today is I would take a look at that I would do some calculations. And ideally. You want to move. To a Medicaid. Certified community either assisted living or in the nursing home. Six months to twelve months before. Your loved one qualifies for Medicaid. Casey have to do the math. The limiting a place that's 4000. Enemy moved to a place that's 6000 you take the 6000 dollars a month. Minus there and come saint 2000 dollars that's a burn rate of 4000 dollars. If they have 48000 dollars left the and you can pay privately. At a place that charges 6000 Monty comprise that pay. For twelve months a lot of these places. I really require. They certain number of months of private pay before they will work with Medicaid I've talked about him many times on the program before. So you're gonna wanna make sure that we don't wait till the last second really be proactive about pet. If you need help with that we we work with families in the situation all the time. This feel free to give me a call 9139454800. And we can definitely walk you through that help you make sure you get it right. The only have to move one more time that appeals to you. Feel free to give me a call at any time and senior care consulting we can help you out. All right I'm your host Steve keep her and I wish you grace in peace. May god bless you and your family on this day and always. We'll see you next week right here on senior care life.