James Kroshus discusses long-term care
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-james-kroshus-president-of-treasure-valley-retirement-shield-discussing-long-term-care/
Kroshus delved into the often-overlooked subject of long-term care, debunking common misconceptions and highlighting the financial risks associated with it. James pointed out that a significant portion of long-term care residents are women and shared anecdotes to underline the emotional and financial toll it can take on families.
James also discussed various strategies to mitigate the costs of long-term care, such as adding riders to life insurance policies or opting for plans that allow for in-home care. He stressed the importance of planning ahead and understanding the triggers for long-term care needs, such as the inability to perform daily living activities over an extended period.
Plan Ahead for Long-Term Care
As individuals approach retirement, the importance of planning for long-term care becomes increasingly paramount. The podcast featuring James Kroshus sheds light on the often-overlooked realities of long-term care and the financial implications that can arise from inadequate preparation. With a significant percentage of individuals requiring long-term care being female, as noted in the podcast, it is crucial to understand the risks and take proactive steps to mitigate them.
One of the most critical misconceptions surrounding long-term care is the belief that “it will never happen to me.” This mindset can lead to devastating consequences, as illustrated by Kroshus’s anecdote about a family in Lake Tahoe that spent an astonishing $860,000 on long-term care over eight years. Such stories serve as stark reminders that long-term care can be a financial disaster waiting to happen, and it is essential to confront this reality head-on.
Planning for long-term care involves more than just acknowledging its existence; it requires a comprehensive understanding of the various options available. Kroshus emphasizes the importance of having a long-term care policy in place, citing the example of his clients, Lee and Marilyn. Their foresight in purchasing a long-term care policy provided them with a financial safety net that ultimately saved their home when Marilyn required care due to Alzheimer’s. This example underscores the necessity of planning ahead and investing in insurance solutions that can alleviate the burden of long-term care costs.
Moreover, James highlights the various triggers for long-term care needs, such as the inability to perform two of the six activities of daily living over a specified period.
Understanding these triggers is vital for individuals and families as they assess their potential future needs. Additionally, Kroshus points out that long-term care does not always necessitate institutionalization; there are options for receiving care at home, which many individuals prefer. Policies that cover in-home care can provide flexibility and peace of mind, allowing individuals to maintain some control over their care arrangements.
Kroshus also touches on the importance of working with a trusted financial advisor who can guide individuals through the complexities of long-term care planning. Engaging with a knowledgeable professional can help individuals navigate the myriad of insurance options and tailor a plan that fits their unique circumstances. As Kroshus aptly notes, the landscape of long-term care solutions has evolved, offering various innovative options that can help mitigate costs while ensuring adequate care.
Ultimately, the overarching message is clear: plan ahead and be educated about long-term care. The adage “knowledge is power” rings especially true in this context. By prioritizing education, seeking professional advice, and considering the potential financial implications of long-term care, individuals can make informed decisions that enhance their financial security and overall quality of life as they transition into retirement.
The need for long-term care is a reality that many will face, and the time to prepare is now. By taking proactive steps to understand the options available and working with a trusted advisor, individuals can secure a stable and fulfilling retirement, free from the financial burdens that often accompany unexpected health challenges. Planning for long-term care is not just about protecting assets; it is about ensuring peace of mind for oneself and one’s family during what can be a challenging time.
James shared: “If you go into any long-term care facility today, you will see that about 70% of the people in long-term care are female. Don’t ask me why. It’s just the way it is.”
About James Kroshus
James has devoted his life to assisting, clients, friends, and family by protecting their assets through insurance and estate planning. James has been in the world of finance and insurance since 1979. As James matured right along with his clients, James became painfully aware of the need that comes at the other end of rainbow, when remaining assets are passed to the next generation. His focus expanded beyond just protection and accumulation to the distribution of wealth after the passing of loved one. With over 45 years of experience James has nearly seen it all.
Learn more at website: jamekroshus.com
Email: tvrshield@gmail.com or call 775-233-2203
Recent News & Interviews:
- James Kroshus discussed Achieving Financial Peace of Mind https://authoritypresswire.com/james-kroshus-president-of-treasure-valley-retirement-shield-interviewed-on-the-influential-entrepreneurs-podcast-discussing-achieving-financial-peace-of-mind/
- James Kroshus discussed Long Term Care Estate Planning https://authoritypresswire.com/james-kroshus-president-of-treasure-valley-retirement-shield-interviewed-on-the-influential-entrepreneurs-podcast-discussing-long-term-care-estate-planning/
