Tag: Fiduciary Responsibility

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The Good, the Bad, and the Truth About Paying for Long-Term Care: Part 2 (Ep. 35)

The Good, the Bad, and the Truth About Paying for Long-Term Care: Part 2 (Ep. 35)

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When it comes to planning for retirement, many overlook one of the biggest financial threats—long-term care costs. Most women assume that Medicare or health insurance will cover their needs, but the reality can be a costly surprise.

In this episode of the Simply Retirement Podcast, host Eric Blake teams up once again with long-term care professional Nancy Dykeman for Part 2 of our series on paying for Long-Term Care and shedding light on these often-misunderstood expenses. With over 45 years of experience in the senior care industry, Nancy shares eye-opening insights on the financial realities of extended care, offering practical strategies to help women protect their assets and secure their financial future. From debunking common Medicare myths to offering actionable solutions, this conversation is a must-listen for anyone looking to safeguard their retirement.

Key Highlights:

  • Debunking Medicare Myths: Learn why Medicare doesn’t cover essential non-medical care, like help with bathing or feeding, and how these misunderstandings can lead to financial challenges
  • The Rising Challenges of Long-Term Care: With longer life expectancies, more people need care due to illness or cognitive decline. Nancy outlines why planning is essential to handle these unexpected costs
  • Smart Care Planning: Discover how a hybrid approach of self-funding and long-term care insurance can protect your assets without over-insuring
  • Managing Costs: The cost of long-term care can seem overwhelming, but Nancy offers practical tips for choosing policies that cover 3-4 years of care with inflation protection to keep up with rising costs
  • Flexibility in Insurance: Explore insurance options that allow flexible payment methods, including upfront payments and annuities, to suit your unique financial situation
  • And much more!

Actionable Takeaways:

  • Develop a Long-Term Care Plan: Having a plan—whether through self-funding, insurance, or a combination—reduces family stress and ensures you receive the care you need
  • Explore Flexible Insurance Policies: Look into policies with inflation protection and customizable payment options that align with your financial situation
  • Start Planning Early: The earlier you begin, the better your rates and coverage options. Aim to start by age 40 to ensure your retirement remains secure

This episode provides vital insights for women approaching retirement, empowering them to take control of their future and avoid the financial pitfalls of long-term care.

Resources:

Connect with Eric Blake: 

Connect with Nancy Dykeman: 

About our Guest: 

As a professional in the seniors industry for almost 45 years, Nancy Dykeman brings her experience to the planning table as a former funeral director/co-owner of a large funeral services company where she was responsible for all of the pre-need sales and management of development. She was a Licensed Nursing Home Administrator for over 15 years, opening and operating a number of luxury retirement communities as Executive Director. Nancy joined the funding-planning insurance and consulting business as owner of Long-term Care Planning Consultants, LLC, started in 2000, and operating as its President today. She has been a Senior Client Services Associate with LTCI Partners, LLC, for the last 11 years, training and supporting a nationwide network of specialists in long-term care planning. 

Nancy is a core instructor for the CLTC designation, challenging insurance and financial professionals to grow their businesses through planning, not product push. She is known as a national specialist and educator in this industry and a former instructor of the CSA designation as a Certified Senior Advisor. 

She brings her personal caregiving experiences for her parents, daughter, stepdaughter, and now her husband through education and planning, providing consumers and professionals with stories and interactive techniques to make her a very successful expert in planning for future health events.

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The Good, the Bad, and the Truth About Paying for Long-Term Care: Part 1 (Ep. 34)

The Good, the Bad, and the Truth About Paying for Long-Term Care: Part 1 (Ep. 34)

By |

Do you have a plan for the rising costs of extended healthcare as you approach retirement? 

Many women are caught off guard by the financial impact of caregiving, both for themselves and their aging loved ones.

In this episode of Simply Retirement, host Eric Blake sits down with long-term care professional Nancy Dykeman, who brings over 45 years of experience in caregiving, nursing home administration, and long-term care insurance advocacy. They discuss why it’s critical for women nearing retirement to think beyond traditional savings and begin planning for extended care. Nancy shares her personal journey and dispels common myths surrounding long-term care, offering practical strategies to safeguard your financial future.

Key Highlights:

  • Understanding Long-Term Care: Nancy dispels the myth that long-term care is just for the elderly. She explains the true scope of extended care, which includes in-home care, assisted living, and more
  • Women and Caregiving: Women over 55 face unique risks, often juggling caregiving for aging parents while managing their own retirement plans. Learn how to mitigate these risks with proper planning
  • Nancy’s Journey: Discover how Nancy’s personal and professional experiences led her to advocate for long-term care insurance, helping families stay financially secure while aging at home
  • The Financial Toll of Caregiving: With costs ranging from $5,000 to $10,000 per month, long-term care can cause significant financial strain. Nancy explains how to prepare financially to avoid these burdens
  • Cognitive Decline and Care: Memory loss and cognitive decline require extended care. Nancy shows how to protect your financial future through early planning
  • Fiduciary Responsibility: Financial advisors need to address long-term care with their clients—failure to do so could put retirement plans at risk. Nancy stresses the importance of including care planning in retirement strategies
  • And much more!

Actionable Takeaways:

  • Begin planning early to safeguard your financial future
  • Start open conversations with family about caregiving roles and financial resources
  • Consider long-term care insurance or alternative financial plans to cover care costs and protect your assets

This episode offers vital insights for women approaching retirement, helping them navigate long-term care planning with confidence.

Resources:

Connect with Eric Blake: 

Connect with Nancy Dykeman: 

 

About our Guest: 

As a professional in the seniors industry for almost 45 years, Nancy Dykeman brings her experience to the planning table as a former funeral director/co-owner of a large funeral services company where she was responsible for all of the pre-need sales and management of development. She was a Licensed Nursing Home Administrator for over 15 years, opening and operating a number of luxury retirement communities as Executive Director. Nancy joined the funding-planning insurance and consulting business as owner of Long-term Care Planning Consultants, LLC, started in 2000, and operating as its President today. She has been a Senior Client Services Associate with LTCI Partners, LLC, for the last 11 years, training and supporting a nationwide network of specialists in long-term care planning. 

Nancy is a core instructor for the CLTC designation, challenging insurance and financial professionals to grow their businesses through planning, not product push. She is known as a national specialist and educator in this industry and a former instructor of the CSA designation as a Certified Senior Advisor. 

She brings her personal caregiving experiences for her parents, daughter, stepdaughter, and now her husband through education and planning, providing consumers and professionals with stories and interactive techniques to make her a very successful expert in planning for future health events.

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More