Thrivent Financial, Ecumen team up to offer informational presentation on risks, options
There is a chance you will never need extended or long-term care in your lifetime. But for the majority of us, extended or long-term care is in our future. Being prepared for this time in your life is important to protecting your health, your savings and your assets.
Paul White, financial advisor for Thrivent Financial, with offices in Litchfield and Atwater, can help individuals and families navigate through long-term care insurance and find a customized plan to bring protection and peace of mind going into their retirement years.
“Seven out of 10 people will need some kind of care,” said White. “And if you get a policy for husband and wife, the chances of both of you never needing it at some point is very, very small. You are basically insuring for the inevitable.”
White wants to educate people about long-term care insurance and show people their options. He is teaming up with Blaine Gamst of Ecumen Litchfield to present “Preparing for Long Term Care” on Tuesday, Nov. 18, at Peter’s on Lake Ripley in Litchfield. The informative presentation, which includes a free dinner, is designed to inform people about their care options in the community, how to preserve their independence, protect their income and assets with a plan for funding their care, as well as reassuring their family about the future.
“Being prepared is one of the greatest gifts you can give yourself,” said White.
Preparing for the unknown is difficult, but is an important part of protecting your income and assets. And buying a policy is not just designed to cover those who enter a nursing home. In addition to nursing care, Thrivent Long-Term Insurance pays benefits for assisted living facilities, adult day care, memory care, hospice care, as well as any home care services that are needed along the way.
“Some of these home health services could include meal preparation, laundry, bathing or making sure a person takes their meds,” said White.
People are much more likely to ask for these services when they need them if they have a policy, said White. If they don’t have a policy they will often try to get by longer than they should and that is when bigger problems often arise. Some will not ask for help because they feel like it will drain their retirement funds.
“You don’t have to use it, but it is there if you do need it. And you can use the benefits in your own home, said White. “If things start to decline, there is nothing wrong with getting a little help.”
It can also protect the caregiver and family.
“When your spouse or family gets into a 24-hour caregiver situation, it is very hard on the caregiver, and often, their health will decline as a result,” said White.
The dynamics of the family can also change in these situations, with children often taking on more and more caregiver roles.
“When kids come to visit, instead of enjoying each other’s company the conversations can oftentimes turn into ‘are you taking your meds,’ ‘are you eating right,’ and so on. The parent/child relationship is changed to a parent/caregiver relationship,” said White.
For some, this is reason enough to get a long-term care policy.
“They will take out a policy like this not just for themselves, but they will say ‘I’m taking it out for my kids,’” said White.
The younger you take out a policy, the better.
“It is a good idea to start when you are in your 50s,” said White. “The cost is based on age. Typically people are in good health in their 50s and the underwriters take that into consideration.”
And the cost of this protection is not going to break the bank, said White.
Right now, for a good plan, the premium for a couple on an annual basis is often less than what it would cost for one month of care (out of pocket) for one person, according to White.
Thrivent also offers optional benefits that allow each family to customize their coverage to their individual needs. White offers a free consultation for all of the services he provides, and he can go through all of the options.
White is proud of the services he can provide at Thrivent. He believes in the company and products it produces and believes it stacks up very favorably against other insurance companies selling long-term care insurance.
“Thivent Financial is a very stable company financially and is going to be around, and it will pay the claims. If you are paying premiums for 20 years, you want to make sure the company will be there when you need it,” he said. “Thrivent will be there.”
In addition to helping people with their financial and insurance needs, White is also extremely active in the community, helping people and groups in a variety of ways. Thrivent Financial is a not-for-profit organization that is owned by its members. Because of this designation, giving back is an essential part of the company.
Thrivent and White have teamed up to build houses for Habitat for Humanity, both in west central Minnesota and in Guatemala.
“We are in the process right now of finishing a Habitat for Humanity house in Litchfield,” he said.
White is active in his church, is a member of the Litchfield Rotary Club, the former president of the Atwater Chamber of Commerce, and is on the Litchfield Ecument Board of Directors. He also organized a golf tournament called “Tournament of Duty” which is designed to raise money for the Wounded Warrior Project. A total of 23,000 has been donated to the Wounded Warrior Project so far as a result.
To attend the informative presentation “Preparing for Long Term Care,” RSVP by calling the Thrivent office at 320-593-2846 by Nov. 14. Space is limited. Call today to reserve your spot. The presentation will be held at Peter’s on Lake Ripley, which is located at 405 West Pleasure Drive in Litchfield.
If you would like to talk with Paul White about long-term care insurance or any of the services provided by Thrivent Financial, call 1-800-641-6803. The Litchfield office is located at 403 North Sibley Avenue, Litchfield, MN 55355. The Atwater office is located at 126 North 4th Street, Atwater, MN 56209. He can also be emailed at paul.white@thrivent.com.