American Republic Insurance Services

Updated : Oct 26, 2019 in Articles

American Republic Insurance Services


PLANNING FOR RETIREMENT CAN MEAN
MAKING IMPORTANT DECISIONS INCLUDING LIFESTYLE,
HOUSING, EVEN THE KIND OF HEALTH AND LIFE
INSURANCE COVERAGE YOU’LL NEED FOR OPTIMAL
PROTECTION. AND FOR PEACE OF MIND.
JOINING US THIS MORNING TWO INSURANCE EXPERTS.
MIKE ABBOTT, PRESIDENT AND LESLIE SCHROEDER, LOCAL
OFFICE MANAGER, BOTH OF AMERICAN REPUBLIC INSURANCE SERVICES
WITH REPRESENTATIVES AVAILABLE COAST TO COAST,
SERVING MORE THAT 20 U.S. STATES.
GOOD MORNING TO BOTH OF YOU! SO GLAD YOU’RE HERE.
GOOD MORNING. JULIE, THANK YOU FOR INVITING US
TO BE PART OF THIS IMPORTANT DISCUSSION.
IT IS AN IMPORTANT DISCUSSION, MIKE.
AND I WANT TO TURN TO YOU FIRST, BECAUSE RETIREMENT CAN BE A
GREAT TIME FOR A LOT OF FOLKS, BUT ALSO DEMANDS
THAT PEOPLE MAKE SOLID DECISIONS AND
WHY IS LIFE AND HEALTH INSURANCE PLANNING SO
IMPORTANT? ACCORDING TO THE PEAR RESEARCH
CENTER, ROUGHLY 10,000 BABY BOOMERS TURN
AGE 65 TODAY AND EVERY DAY FOR THE
NEXT 16 YEARS. THESE MEN AND WOMAN HAVE WORKED
HARD AND SAVED THEIR MONEY AND HOPES, WHILE
MAINTAINING THEIR LIFESTYLE AND THEIR
FINANCIAL SECURITY. BUT IF THEY DON’T UNDERSTAND THE
RISK THEY FACE IN RETIREMENT AND PLAN
ACCORDINGLY, THOSE HOPES MAY NOT BE REALIZED.
AFFECTIVE RETIREMENT PLANNING REQUIRES AN
UNDERSTANDING OF THE COMPLEX AND SOMETIMES
CONFUSING GOVERNMENT PROGRAMS, LIKE MEDICARE.
OUR COMPANY WORKS ONE ON ONE WITH ITS CLIENTS
TO INSURE THEY UNDERSTAND THE CHOICES THEY HAVE
UNDER THESE PROGRAMS. THE EXPENSES THEY MAY FACE
BECAUSE OF THOSE CHOICES AND THE OPTIONS THEY HAVE TO
PROTECT AGAINST THOSE EXPENSES.
TO HELP INSURE THEY MAINTAIN THEIR LIFESTYLE,
AND THEIR FINANCIAL SECURITY FROM UNEXPECTED
FINANCIAL BURDENS. SO IMPORTANT.
AND LESLIE WHAT KIND OF FINANCIAL BURDENS ARE WE
TALKING ABOUT HERE? THERE ARE A LOT OF THINGS THAT
MEDICARE DOES NOT COVER AND IF YOU DON’T
UNDERSTAND THAT, THAT CAN COMPLETELY UNDERMINE
SOMEONE’S FINANCIAL SECURITY.
WELL, SEE I’M CONFUSED ALREADY. DOESN’T MEDICARE COVER ALL
EXPENSES? NO, JULIE, THAT’S A COMMON MIS
PERCEPTION. MEDICARE DOES NOT COVER ALL
EXPENSES. LET ME JUST GIVE YOU SOME
EXAMPLES. FIRST OF ALL LET’S SAY SOMEONE
GETS SICK IN RETIREMENT YEARS AND THEY
NEED EXTENDED PERIOD OF CARE EITHER IN A
NURSING HOME OR POTENTIALLY AT HOME, MEDICARE
DOES NOT COVER THOSE EXTENDED PERIODS
OF CARE. ALSO, LET’S SAY THAT SOMEONE
POTENTIALLY NEEDS SOME SORT OF CARE AT A CANCER
CENTER OF EXCELLENCE, ACCOMMODATION, TRAVEL COSTS, TO
AND FROM THE FACILITY ARE NOT COVERED.
AND ALSO ONE OF THE BIGGEST HURDLES IS THE
PRESCRIPTION DRUG COST THAT MEDICARE DOES
NOT COVER AS WELL. ARE WE TALKING ABOUT A LOT OF
MONEY IN MEDICAL EXPENSES?
YES. FOR A COUPLE, RETIRING THIS
YEAR, BOTH AGE 65, FIDELITY INVESTMENTS
ESTIMATED THAT THE COST WILL BE
APPROXIMATELY $220,000. NOW, THAT ASSUMES THE MAN LIVES
17 YEARS AND THE WOMAN LIVES 20 YEARS.
BUT THOSE ARE JUST AVERAGES SO THE TOTAL
HEALTH CARE COSTS FOR A COUPLE CAN BE
FAR GREATER. LESLIE, LET’S SWITCH GEARS A
LITTLE BIT. CAN A SOLID RETIREMENT PLAN ALSO
PROTECT THE LIFESTYLES OF THE RETIREE’S CHILDREN?
ABSOLUTELY. IF PARENTS TO DO NOT HAVE A
PLAN IN PLACE THAT BURDEN CAN ABSOLUTELY FALL
ON THE CHILDREN. AND RESEARCH ACTUALLY SHOWS THAT
72 PERCENT OF PEOPLE RECEIVING CARE ARE
GETTING THAT BY THEIR CHILDREN AND MOST OFTEN
THAT BURDEN FALLS ON THE ADULT
DAUGHTER. IN FACT, JULIE, I’VE HAD SOME
PERSONAL EXPERIENCE WITH THIS.
MY GRANDPARENTS NEEDED ROUND THE CLOCK NURSING CARE,
SO MY MOTHER QUIT HER A JOB AS A VERY SUCCESSFUL
REAL ESTATE AGENT. TOOK ABOUT 12 YEARS OF HER LIFE
AND AS A RESULT, THAT DEPLETED THE FINANCIAL
SAVINGS THAT MY PARENTS HAD SAVED FOR
RETIREMENT. SURE IT DID.
ABSOLUTELY. WHAT SHOULD A WOMAN DO THOUGH?
IN THAT POSITION. WELL, WHAT A WOMAN SHOULD DO IS
SIT DOWN WITH SOMEONE AND ABSOLUTELY TALK
WITH SOMEONE ABOUT HER OPTIONS.
I AGREE. AS THE DAUGHTER AND THE
POTENTIAL CARE GIVER, THIS WILL NOT ONLY PROTECT THEIR
LIFESTYLE AND FINANCIAL INDEPENDENCE IT
WILL HELP PROTECT YOURS.
I WOULD ADD THAT MANY OF OUR CLIENTS
HAVE ONE OF THEIR CHILDREN PARTICIPATE IN
THE PLANNING SESSION. THESE DECISIONS ARE NOT NEW TO
AMERICAN REPUBLIC INSURANCE SERVICES.
WE ARE DEDICATED TO HELPING PEOPLE BE INFORMED,
SMART AND SECURE IN THEIR RETIREMENT PLANNING.
WE UNDERSTAND THAT DECISIONS THAT PEOPLE
MAKE ABOUT THEIR HEALTH AND LIFE INSURANCE
WILL HAVE IMPLICATIONS ON THEIR LIFESTYLE AND
FINANCIAL SECURITY AND WE ARE COMMITTED TO BE
SURE THEY UNDERSTAND THEIR CHOICES AND FEEL
SECURE IN THEIR DECISIONS. THANK YOU BOTH FOR COMING IN.
THIS IS VITAL AND REALLY IMPORTANT INFORMATION
THAT SO MANY OF US ARE A LITTLE BIT
IN THE DARK ABOUT, SO THANKS SO MUCH
FOR JOINING US TODAY. THANK YOU.
THANK YOU. AND IF YOU’D LIKE MORE
INFORMATION FOR YOUR RETIREMENT AND RELATED INSURANCE
PLANNING. CHECK US OUT AT
THEBALANCINGACT.COM OR SHARE WITH US YOUR QUESTIONS
OR YOUR THOUGHTS, LOG ON TO
FACEBOOK/THEBALANCINGACTFANS

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