Make the Most of Resources for Senior Care Financial Planning

Make the Most of Resources for Senior Care Financial Planning

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Mike Paladino: Welcome to CareSmartz360 on Air, a home care Podcast. I’m Mike Paladino, a senior account executive here at Caresmartz. To bring a very exciting topic of conversation today, which is making the most of resources when it comes to financial planning for senior care.

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Mike Paladino: Proactive financial planning is the cornerstone of a secure and dignified senior care. Experience, you know the cost of care, whether in home assistance, assisted living, skilled nursing, care. All of these things can be. Substantial.

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Mike Paladino: Planning ahead ensures. Your loved ones have the resources to afford the desired level of care, though jeopardizing financial security in the later years of life.

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Mike Paladino: The first step involves a comprehensive financial assessment.

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Mike Paladino: This includes calculating income streams like social security

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Mike Paladino: pensions and retirement savings, while also factoring in ongoing expenses.

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Mike Paladino: Understanding these numbers allows for realistic budgeting

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Mike Paladino: potential adjustments to lifestyle or care options

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Mike Paladino: exploring long-term care insurance can also be a wise strategy mitigating the financial burden of future needs.

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Mike Paladino: Next, you gotta consider optimizing your assets. Working with a financial advisor can help navigate strategies like downsizing a home or utilizing reverse mortgages. To free up capital for senior care, expenses.

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Mike Paladino: transparency with loved ones is crucial, fostering open communication about financial expectations and potential care needs as well.

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Mike Paladino: Today we have on the panel Gabrielle Pumpian, Chief Growth officer at Cheer Home Care which provides quality home care for seniors and their families in their homes, setting with home setting rather with support and oversight needed for them to receive high value services, welcome to the podcast gabby.

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Gabi Pumpian: Thanks, Mike, so excited to be here.

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Mike Paladino: Yeah. Likewise happy to have you on. Obviously, there’s such challenges across the board within our space. But financial planning is something that we’ve started to see as more of a burning platform topic of conversation, if you will. And it’s one of those things that I don’t know if there’s really no direct solution for. But I think naturally, in this space, the one thing we always try to push, especially for my own messaging, is clearly communicating what the possibilities are

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Mike Paladino: and what the expectation should be when it comes to home care and home care services. Now, it’s a tough thing to plan for. Sometimes there’s unexpected events that occur, and that’s why we’re so excited to talk to you about this topic as I’m sure you’ll have amazing insights to share that our audience can certainly take on.

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Mike Paladino: So Gabby, with that said, I’d love to start asking you a couple of questions to really better understand your expertise and obviously share this knowledge with our audience. So the first question I wanted to get to is, is long term care insurance a viable option, and what factors must be considered when evaluating the different plans?

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Mike Paladino: Great.

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Gabi Pumpian: Well, I think before we jump into the long term care insurance, we really need to just get a clear understanding of the shifting demographics and the growing population of of baby boomers who are now retiring, and and the silver tsunami, as it’s been called

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Gabi Pumpian: to help, and the baby boomer generation is super interesting, cause we’ve never had a population this large we’ve never had a population. This career focused. And so what we see is, we see people who are very driven in their mid-life to save money, have careers, and have a family, but we also see them having less children. And so it’s important to think about, how are those who don’t?

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Gabi Pumpian: We don’t have children or their children live far away, they’re gonna be able to manage with aging in place, because we know that 9 out of 10 people do want to age in their home. So one of the ways to plan and and think about that. And what I’ve seen recently is the amount of clients or older adults that do have a long term care, insurance policy, and how and when to utilize it.

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Gabi Pumpian: So I’m gonna talk about things like you said to consider if it’s a viable option. Yes, I think insurance is an extremely valuable tool to have in your back pocket. It’s a replacement for income, right? So.

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Mike Paladino: Yeah.

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Gabi Pumpian: We hope we never have to use it, but.

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Mike Paladino: Yeah.

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Gabi Pumpian: Need it, it’s there.

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Gabi Pumpian: So if we look at long term care insurance as a way to provide income when we have a higher cost of living. It’s very viable. A lot of people do want to self insure and so, first and foremost, working with a financial planner getting advice from trusted advisors around. Could I self insure, or should I think about investing in a long term? Care? Insurance is always the first place to start

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Gabi Pumpian: and then looking at options. Luckily, today and in the future we’re gonna have more and more options to purchase insurance back, you know, 40, 50 years ago. It was a typical straight policy. You invest in it. You pay a yearly premium, and then you use it, or if you don’t, you lose it.

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Gabi Pumpian: Well, nowadays insurance companies are getting more creative, and even life insurance companies are offering a hybrid policy or an underwriting process to tie in benefit for care, meaning needing assistance with activities of daily living, which is a non medical need

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Gabi Pumpian: as an inclusion into the policy for their beneficiaries. So in our business at cheer home care over half of our clients have a long-term care insurance policy, and that’s because we’re looking to be a long-term solution.

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Gabi Pumpian: So I think also, people think medical care or their medicare benefit may cover some of the cost of nonmedical care. But right now it doesn’t for the most part.

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Mike Paladino: Yeah, yeah.

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Mike Paladino: yeah, I think you’ve raised such amazing points. And I and what I always think about. And this is a topic I’ve been like researching and just hearing more about over the course of the last 6 months. Even was the baby boomer generation, and how there’s gonna be such a need, an influx, basically of individuals that are going to need services for medical needs. Nonmedical needs. Adl

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Mike Paladino: assistance, that kind of thing. And one thing that I’ve seen just just personally based on my experience in the industry. Just people I’ve spoken with over the past couple of years is since Covid.

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Mike Paladino: When Covid happened. There was such a push for individuals that need assistance, my grandfather being one person individual that I can think of off top my head. He’s 95. Love him strong as an ox, but he’s old, so he needs assistance right? But he was always super adamant. I’m not leaving my home. He’s an Italian guy straight off the boat, like typical old Italian guy. Barely speaks English, and he was like, you know what I’m happy to pay for it. And my home.

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Mike Paladino: And there was also those horror stories that we saw and people were, you know, in a facility or long term, care or assisted living, and they were ill, but family members couldn’t go and see them, and

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Mike Paladino: this just raised the topic of aging in place where now home care, nonmedical or healthcare. Related services through Medicare, Medicaid, etc, are now really a focal point for people that want to stay home. But with that

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Mike Paladino: comes an added cost. So there’s now the financial aspect of what it means to Agent Place or get assistance at home. And that’s again why I’m super excited to have this conversation with you, because there’s so many different like avenues, is like a web like a diagram, like how many different ways you can take the conversation. That’s just one of them. There’s so many. But again, I think that’s a really important aspect of this is then, to generations getting older.

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Mike Paladino: and that just changing of landscape, with how people perceive healthcare and homecare related services. Now.

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Gabi Pumpian: Yeah. And just to share some statistics that I recently heard, 70 of people who are 65 and older will develop a long term care need in their lifetime.

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Gabi Pumpian: And if you look at the population of 65 and older and the growth today, we have 56 million. See people 65 and older by 2050. So 25 years from now, we’re gonna have 85 million.

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Mike Paladino: That is a.

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Gabi Pumpian: Yeah.

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Mike Paladino: Sad. Yeah.

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Gabi Pumpian: And for those who are 85 and older. Right now we have about a 7 million population, and in 2,050 that’s going to be 20 million.

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Mike Paladino: That’s it’s pretty incredible to think about that, because what what’s staggering about that to like you mentioned is, that’s not that far away. 2050 seems light years away. It’s like, Oh, 2050. It’s so far. That’s 2526, 25 years from now. And that’s something that we really should be thinking of, because by that point, like you mentioned, those numbers are doubling, almost tripling in some cases. And that’s a huge problem that we keep put, yeah. And it’s hopefully, not gonna craze.

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Mike Paladino: create too many problems. But I think there’s been naturally the idea of like moving the goal posts further and further from the true challenges that we experience in our industry. And hopefully, we can work together. And this is part of the whole collaborative approach. Many people are now taking. Is just finding solutions. Cause, I think at the end of the day we have the same end goal. And it’s just a matter of how we all get there together right? And again, this is 1 one small component of that bigger picture.

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Gabi Pumpian: Yeah, and not to bring any gloom. But we’re also coupled at the same time with less people who are younger. Right? The scales are tipping for the first time ever in history, where we have a smaller, younger demographic than we do an older you know the declining fertility rate in the United States and across a lot of developed nations is going down.

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Mike Paladino: Yeah.

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Gabi Pumpian: So the question is, who’s gonna care for folks? If people don’t have their own family to do that which is typically free for them. They’re gonna need to hire assistance. And we, as a homecare industry, are growing. We need more entrepreneurial folks who are willing to get into this business.

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Mike Paladino: And fancy, and.

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Gabi Pumpian: And hire good people, but we also need to hire staff, and you survey any home care agency in the country or in Canada as well, and the number one pain point is, is staffing.

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Mike Paladino: Staffing shortages everywhere, and attrition rates are like an all time high and like I feel like every year I’m saying that where it’s like an all time high again and all time high again. And there’s a lot of it. I had a podcast on this topic a couple of weeks back, and there was a not to no derail our conversation, because there’s a few more questions I wanna get to. But one thing that stood out to me. And again, this very State by State, even country by country. But we’ll focus on North America.

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Mike Paladino: where caregivers in certain States are paid. No. 1516, $17 an hour to do the job, especially if it’s Medicaid programs or state funded programs. But minimum wage is now kind of close to that number, whereas people are having the conversation, should I go work at a fast food chain? Or should I

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Mike Paladino: do a thankless job in most cases, which is non medical or medical home care. So I know the private sector pays a lot more. But when you’re talking about like state funded programs, especially Medicaid, where we know has been a le like lagging behind immensely when it comes to payout rates and and things like that.

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Mike Paladino: People have those conversations. Do. I want to just go make maybe a dollar or 2 less per hour, but have a job that isn’t going to really create all these other things like that are stressful, right and thankless. Really.

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Gabi Pumpian: Yeah. And I mean, the cost of home care services in the last decade has increased. I just saw to statistic 40.

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Gabi Pumpian: And why has the cost increased. 40% in a 10 year period is because of the cost of labor.

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Mike Paladino: Yeah.

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Gabi Pumpian: Strictly, it’s not because we’re doing anything more expensive, or we have nicer offices or anything like that. It’s strictly because of the cost of labor like you said so. Agencies have to be really innovative. To attract clients who can afford them and and are willing to make that commitment and build that trust, and then agencies have to hire and retain

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Gabi Pumpian: high quality caregivers. So in

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Gabi Pumpian: in all of this, it’s coming back to like money and financial planning. And I think a lot of people think about home care and healthcare in like a crisis moment. Okay, if.

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Mike Paladino: Yeah.

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Gabi Pumpian: Hospital. Then I’ll call home care, or if I get dementia, then I’ll call, you know.

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Mike Paladino: Great Right.

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Gabi Pumpian: Living. Well, this help, this conversation today is about planning, and that’s my love language.

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Mike Paladino: Yeah.

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Gabi Pumpian: I have. I have so much personal experience with trying to plan, and having some of these hard conversations which I will share in a little bit, but also just ensuring that we’re setting ourselves up for success for the future and not waiting on a crisis. And then home care becomes a value based service because people start earlier. Same same with something like hospice care where the earlier you start, the more value and benefit you’re gonna get from the service.

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Gabi Pumpian: So I’m a huge proponent for finding a way. If you have a long-term care insurance policy that you’ve been investing in for the last 30 years.

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Gabi Pumpian: and you’re starting to notice that you’re having trouble. You know you’re 70 years old now, and you’re you’re retired, and you’re starting to have trouble with with some basic things like you fell recently while you were trying to get up off the toilet or you’re not driving anymore, because your eyesight’s going bad, whatever the thing is. You should try to submit a claim and see if you qualify to start using your policy.

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Mike Paladino: Yeah.

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Gabi Pumpian: Because then it’s not a big of an out-of-pocket cost burden at the beginning. We have clients on service that they’re just getting enough care

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Gabi Pumpian: during the week or during the day, to fall within the guidelines of their policies. So they’re not having any additional out of pocket. And then, when something, major happens. A turn of events. You know, needs needs change. They’re already with a trusted provider. It takes one phone call to get, you know, more care in place and the customer. The clients ultimately gonna have a better experience because they’ve already built trust with a provider.

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Mike Paladino: Yeah. And again, this, this proactive approach, the this is all part of the conversations I’ve been having of with similar influencers of different, like topics, right or different expertise. But it’s just that proactiveness and not waiting until

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Mike Paladino: no, I think one of the things that stood out to me was. When you’re reactive, you’re likely going to settle, and and maybe that’s not the right word. But we’ll use it in this case. Settle on a provider that maybe wasn’t the best fit, but they were available right, whereas when you’re proactive you can do your diligence, make sure it’s the right fit, and because we all know the outcomes of a Home care service or medical related service in the home. When you’re proactive and you have a really good fit.

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Mike Paladino: You’re likely to have a better outcome when you’re reactive and just get a first come first. Serve whoever’s there can that can, even, you know, provide assistance, not to say it’ll be a bad outcome. But you’re not really doing the best to set yourself up for success right, and I think that’s really where this conversation lies is being that proactive

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Mike Paladino: individual that’s really considering all the options, and no, when our loved ones, God forbid when they get to that point and need some sort of care or assistance. We’re there to support them both financially. And you know, as a person that’s looking out for them, too.

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Gabi Pumpian: Right, right? And so just to go back to your question about long term care in order to

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Gabi Pumpian: to qualify, you definitely have to meet certain criteria. I’m not an insurance expert, so I’m not gonna pretend, like I know all the nuts and bolts. I do know the basics. I believe you have to be under 65. I believe you cannot have a diagnosis of any kind of chronic condition. You have to be relatively healthy and younger to qualify to get a policy, and once that policy is in place and you’re paying into it. And then you come to a point like I said, you’re starting to see these kind of work

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Gabi Pumpian: morning signs of maybe wanting to file a claim, or at least start the process.

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Gabi Pumpian: It can be very overwhelming. We partner with a long-term care insurance advocate. Her sole job is to help

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Gabi Pumpian: claimants get the maximization of their policy. He has hundreds of stories where one little thing just like if you’re, you know, going through a government assistant program, you fill out something wrong. One little thing wrong on your insurance claim, you know, gets pushed out.

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Mike Paladino: Yep.

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Gabi Pumpian: Now and.

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Mike Paladino: Resubmitted again. You know.

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Gabi Pumpian: Yeah, when you’re disabled or you’re sick, or you’re you know, you’re going through a health situation or a big change.

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Gabi Pumpian: A lot of people give up. They’re like, you know, it’s too much of a bother. I’m not gonna use it.

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Mike Paladino: I’m just gonna be uncomfortable instead, right? And

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Gabi Pumpian: Spend more money, you know, and I’m not gonna get what I invested in so highly. There are a few, probably, of these long term care insurance advocates. I highly highly recommend people get in touch with them. If they’re having trouble filing their own claim. And then we, as a homecare agency in our assessment process. We’re always asking if the client has a policy.

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Gabi Pumpian: And then we offer for a small fee to manage the claim for them as well.

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Mike Paladino: Oh! Lovely!

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Gabi Pumpian: Yeah, so. But you gotta do your due. Diligence like you said not every home care company has a streamlined long term care insurance process. So you.

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Mike Paladino: Most that I’ve seen. Don’t actually be honest.

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Gabi Pumpian: Don’t. I’ve worked for some that don’t but it’s really important, because

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Gabi Pumpian: We still bill directly to the client, and then the client pays us, and then we submit everything necessary to the insurance company to back up the claim that they then reimburse the client. And that’s another thing like

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Gabi Pumpian: People should know that there still is this kind of this. Third.

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Gabi Pumpian: this, like wheel of payment for most home care agencies. So they still have to be able to have the means to pay for the service.

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Mike Paladino: Yeah.

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Gabi Pumpian: First minute.

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Mike Paladino: Yeah, it’s everything you’re you’re you’re sharing. I can echo with my experience of working with thousands of agencies across the country, Us. And Canada.

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Mike Paladino: It’s you know, I feel like most individual agencies are trying to solve for these things. Some have gotten it right, some have not a clue where to start and other cases. There’s just not a lot of resources or support to tell them how to do it properly, which is another issue. Right? But you know, that’s probably another conversation. But I think just kind of going circling back to the another main question. It was just being

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Mike Paladino: being proactive and also making sure you’re asking the right questions and leveraging the resources that are available. To make sure you’re taking full advantage of what is possible, based on the needs of that individual.

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Gabi Pumpian: Yeah. And just to share a story around long term care insurance.

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Gabi Pumpian: I’m an only child, and I don’t live near my parents. We live in the same state, but we’re like a thousand miles away. A few years ago I decided to have a kind of hard, uncomfortable conversation with my parents and ask them, Have you done any planning? I’m in this industry? I can’t. You know I can’t be a statistic, so.

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Mike Paladino: Yeah.

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Gabi Pumpian: This

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Gabi Pumpian: So we had a chat. We took a nice walk by a lake. You know this, the setting in the city.

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Mike Paladino: Serene. Yeah.

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Gabi Pumpian: Important, though, right, cause it’s stressful. It could be a tough conversation.

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Mike Paladino: Yeah.

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Gabi Pumpian: And I just asked them. I said, Do you guys feel like you’re financially set up for your future and the cost of aging? And do you realize how much it does cost? Let me explain, because I’m in this

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Gabi Pumpian: business? And they said, We’re not.

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Gabi Pumpian: And I said, Okay, and I was prepared to just receive whatever you know. Answer without judgment. And I said, since you haven’t prepared, you don’t have a financial planner that you’re working with. May I suggest one and one that I know will look at aging costs and see what kind of solutions or products that they can bring in to help support you guys, because

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Gabi Pumpian: I have a family? You know. Am I? Ex? I pretty much asked. Am I expected to help pay for your aging costs, and in a nicer way?

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Mike Paladino: Yeah, madam.

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Gabi Pumpian: So long story short, about 6 months later they had a financial plan drawn up by a planner here in San Diego that I trust, and I refer them to she did for both my dad and my mom, my mom.

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Mike Paladino: I’m sorry.

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Gabi Pumpian: To

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Gabi Pumpian: qualify for a long term care insurance hybrid policy through a life insurance policy, and the Ltc. Allotted a smaller amount, not full time, care, but part time, care. Once the policy is initiated for

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Gabi Pumpian: eternity. You know.

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Mike Paladino: Wow, yeah.

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Gabi Pumpian: Not

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Gabi Pumpian: 6 months later my mom was diagnosed with terminal cancer. My dad was diagnosed with Parkinson’s. I live a thousand miles away.

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Gabi Pumpian: How are we gonna do this? Well, my mom was able to enact her policy because she now could use it, and she is doing very well, largely because she has the support of a wonderful team of caregivers.

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Mike Paladino: Yeah.

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Gabi Pumpian: That not only helped her through her darkest moments and her hardest times going through Chemo, but gave my dad the space and respite that he needs to take care of himself so that they can have a healthy relationship. So

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Gabi Pumpian: It is important.

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Mike Paladino: Yeah, I don’t think you’re gonna get a better story than that one, right? Like, I think it’s so real. And it’s so raw. And it’s crazy to think that you had this almost like epiphany of like I need to have this conversation, and so close after that it was used, and there was a need. And I just think about all the individuals

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Mike Paladino: that

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Mike Paladino: don’t think that way and have these things that come up out of the blue. We can’t predict.

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Gabi Pumpian: Come on, it’s.

00:22:08.430 –> 00:22:10.999
Mike Paladino: Gonna happen right? Exactly. And

00:22:11.000 –> 00:22:15.100
Gabi Pumpian: You that age 65. So I knew my mom was turning 65,

00:22:15.280 –> 00:22:26.069
Gabi Pumpian: and usually that’s the cap for getting a long term care insurance policy, so you can use that age of your parents if they’re relatively healthy now, but talk to them before they turn 65

00:22:26.550 –> 00:22:28.949
Gabi Pumpian: and consider yourself what you can do before.

00:22:28.950 –> 00:22:29.590
Mike Paladino: Relaxing.

00:22:29.590 –> 00:22:30.080
Gabi Pumpian: 5, or.

00:22:30.080 –> 00:22:44.408
Mike Paladino: Yeah, yeah, thankfully. Both my parents, I have to say, have really well prepared for the later stages of life. Through a few moves with like buying and selling some homes. So I’ve really tried to set themselves up financially.

00:22:45.065 –> 00:23:12.479
Mike Paladino: and they’ve also moved into it. It’s like a town home condo community. So there’s like no snow removal. There’s grass cutting. There’s maintenance of everything. So they don’t have to do much around the house anymore other than like, maintain theirs. And you know they’ve also planned for these things. Given that my mom was actually a nurse in homecare. She worked in home care with the coordinators and hospitals, with case managers out in the field. So she saw first hand kinda

00:23:12.640 –> 00:23:33.070
Mike Paladino: what that looks like as an individual at that age, and she said to herself, I’m not going to struggle when these things ultimately, you know, become a need for me. And thankfully. They’re both, really. I’m gonna knock on wood. They’re both in very good health right now. My dad is turning 66 this year, and my mother is 62. So

00:23:33.260 –> 00:23:56.899
Mike Paladino: right in that prime age. And yeah, and you know, I think, they are well well prepared. And I’ve we’re a family of 5. I have 2 siblings, and we also kinda took it upon ourselves to make sure, like they did everything for us. We were kids. We’re gonna return the favor if needed, when when they’re at that, at that age. And the one thing I’ve committed to them was, if it ever becomes a need where you need.

00:23:56.900 –> 00:24:11.920
Mike Paladino: you know, assistance or care. We’ll do everything we can to keep you at home, and I think that was something that across the board. And my little family unit was something that was really meaningful to all of us. Just because again, we’ve got that first hand experience of long term care

00:24:11.920 –> 00:24:27.020
Mike Paladino: facilities or group homes, or assisted living centers. And you know the the challenges that that come with those and and and cases, not to say they’re not a great all option, because they certainly are, but I think there’s just inherently some challenges for those that can stay home. I think that’s usually the preferred way.

00:24:28.100 –> 00:24:36.609
Gabi Pumpian: Absolutely, but in order to do so it takes a lot of of planning, and it takes a it takes a village and.

00:24:36.610 –> 00:24:37.070
Mike Paladino: Does.

00:24:37.070 –> 00:24:48.639
Gabi Pumpian: Your baby right? It’s like you’re gonna have a baby. You prepare the nursery, you get the right type of bed, you get the changing table. Well, as you get older you get your walker, and you get your commode.

00:24:48.640 –> 00:24:52.819
Mike Paladino: You gotta also baby proof. Everything right like put on.

00:24:52.820 –> 00:24:53.180
Gabi Pumpian: Yeah.

00:24:53.180 –> 00:25:17.479
Mike Paladino: Things on the cupboards and the stairs, and make sure there’s so many things, especially when they start. I don’t have any children but my brother and my fiance’s sister do today each have 2 of their own, and seeing them go through the stages, especially when they start to walk or crawl and move around. It’s like a completely different world. You’re like the people think the first year I I can. I can’t say this by extension, not because of personal experience.

00:25:17.500 –> 00:25:33.050
Mike Paladino: but they say the first year seems tough, and then after the first year, like, I wish I was in the first year again, because they don’t move like little potatoes, or they just kind of sit around you just kind of watch them. But that’s when they start to get mobile, that it’s pretty challenging, but in a good way, right.

00:25:33.400 –> 00:25:38.629
Gabi Pumpian: Yeah, but there’s just it’s it’s an it’s a good parallel right with.

00:25:38.630 –> 00:25:39.749
Mike Paladino: Absolutely is. There’s.

00:25:39.750 –> 00:25:42.869
Gabi Pumpian: First 5 to 10 years of life in the last 5 to 10 years.

00:25:42.870 –> 00:25:43.410
Mike Paladino: Yeah, I did.

00:25:43.410 –> 00:25:51.630
Gabi Pumpian: Expensive. It takes equipment. It takes help. You’re not gonna get a lot of sleep. It’s gonna be stressful. You’re gonna really appreciate the good moments.

00:25:52.034 –> 00:25:58.029
Gabi Pumpian: Yeah, I I have a child myself. And so, after having her, I was like, Wow.

00:25:58.440 –> 00:26:02.010
Gabi Pumpian: what I do at work and at home can be is very similar. Yeah.

00:26:02.290 –> 00:26:20.050
Mike Paladino: Yeah, the parallels are like, as you mentioned, pretty pretty remarkable. Actually, it’s almost like, I think of the movie Benjamin Button when it’s like he goes from like the the old guy like the young child, and it’s like the 2 ends of the spectrum there were super similar, right? And that’s applicable to the conversation here. So.

00:26:20.280 –> 00:26:32.869
Gabi Pumpian: And and I I mean just going back to like how you approach some of these conversations with your own family or you think about them yourself. It’s it’s good to have like a baseline to compare it to too.

00:26:33.990 –> 00:26:36.619
Gabi Pumpian: I think a lot of people are talking about

00:26:36.760 –> 00:26:40.270
Gabi Pumpian: aging parents and helping parents. I think the pandemic showed.

00:26:40.270 –> 00:26:40.710
Mike Paladino: Yeah.

00:26:40.710 –> 00:26:51.710
Gabi Pumpian: Shift where people had their loved ones move in with them, or maybe they moved in with them. And so now you’re caught and like, Oh, wow! Now I live with my my aging parents.

00:26:52.290 –> 00:27:03.440
Gabi Pumpian: This is a lot, you know, still still important to have resources out there to to tap into for that restless force. You can still take a vacation. You can be a 45 year old, and still do what you want to do, even though.

00:27:03.440 –> 00:27:03.890
Mike Paladino: Yeah.

00:27:03.890 –> 00:27:07.029
Gabi Pumpian: You know you’re also caretaking for your for your loved ones.

00:27:07.030 –> 00:27:07.590
Mike Paladino: Yeah.

00:27:07.830 –> 00:27:22.819
Mike Paladino: yeah, it’s so true. And I think again, the the the best thing. And I always boil it down to to one main thing. But in this case it’s 2 things. It’s communication. As you mentioned with the story. With your parents. You prepared for the communication there, and you really tried to set yourself up to have

00:27:23.212 –> 00:27:47.539
Mike Paladino: as much of a frictionless conversation as you could with such sensitive topics. But I think it’s communication. But being proactive in most scenarios. Whether you work talking about a work or an industry, or talking to people, I think being proactive and clearly communicating, are the 2 things that really are gonna allow you to be successful in, in that you understand what you can achieve or accomplish or provide.

00:27:47.660 –> 00:28:13.260
Mike Paladino: And and that’s kind of the rules I live by. I I applied them to myself as best I can not gonna say do it perfectly by any means. But yeah, I think you wanna just try to do your best with those 2 things, especially when you apply it to home care or technology, even because it’s gonna allow you to just be you know, knowledgeable about whatever it is you’re trying to accomplish to right, and also clearly communicate what you can and cannot do, which I think is even more important.

00:28:13.560 –> 00:28:24.930
Gabi Pumpian: Yeah, you gotta set expectations. And understand your your parents. Expectations of you. And you gotta be vulnerable in order to ask that. Yeah.

00:28:24.930 –> 00:28:53.190
Mike Paladino: And that’s the hardest thing to do is is to be vulnerable and where I’ve seen it. Yeah. And I’ve seen it work well with usually like within the family unit in home care. But it’s when there’s, you know, somebody that’s maybe alone, or they’re widowed, or they don’t have much family. That’s where there’s some challenge, because they don’t have that capacity to be vulnerable because they’re kind of on their own. Maybe they’ve always been on their own. And that’s just kind of how they are right. So it’s almost like the changing in behavior to help them think differently about how others can

00:28:53.190 –> 00:28:55.210
Mike Paladino: support them. In those later stages, too.

00:28:55.860 –> 00:29:04.089
Gabi Pumpian: And that’s where coming back to kind of the the topic of a financial planner being a kind of a first point of contact for some of these

00:29:04.330 –> 00:29:19.130
Gabi Pumpian: conversations. That’s where they come in as a help. If the solo, if the person is alone they don’t have a lot of family, because financial planners have a fiduciary duty to act in the best interest of their clients.

00:29:19.708 –> 00:29:48.040
Gabi Pumpian: And more and more, I feel like financial planners want to be integrated with resources outside of their scope of practice. So I spend a lot of my time as a business development person talking to financial planners meeting with wealth advisors, investment folks, even bankers, and just saying like, Hey, when someone comes up, you know, when a client comes in and they they just kind of vent to you and say, Oh, my mom just got diagnosed with dementia. I don’t know what we’re gonna do.

00:29:48.280 –> 00:29:50.690
Gabi Pumpian: That should be kind of a little red flag does.

00:29:50.690 –> 00:29:51.320
Mike Paladino: Yeah.

00:29:51.320 –> 00:29:55.799
Gabi Pumpian: Okay, well, what other resources in the community can I help my client with? And

00:29:55.860 –> 00:30:11.719
Gabi Pumpian: you sometimes you don’t know until you meet someone that, you know. So that’s part of my my like marketing. And what cheers about is again long term solutions. A lot of people who use the financial planner have that planning mindset. And so they’re looking for those long term solutions.

00:30:11.720 –> 00:30:26.133
Mike Paladino: Yeah, no, absolutely. And I think, you said it beautifully. And I I think it’s really just doing due diligence and taking due process and setting people up for success and giving them access to the resources that can certainly help achieve those things, too.

00:30:27.133 –> 00:30:28.259
Mike Paladino: But yeah.

00:30:28.550 –> 00:30:41.019
Mike Paladino: well, that was quite a doozy of a question. Right? So we’ll move on to the next one. And I think largely, these are all gonna kind of work, hand in hand as we go through the questions here there are 5 in total. This is number 2.

00:30:41.160 –> 00:30:50.829
Mike Paladino: Do you have any recommendations for optimizing assets like home or other investments to potentially free up capital for future care needs.

00:30:52.643 –> 00:30:59.979
Gabi Pumpian: Yes, I think we’ve talked a little bit about it again. I’m not a financial planner, so I’m not gonna give any advice on what assets to invest in.

00:31:00.400 –> 00:31:27.200
Gabi Pumpian: But I just know that there are a lot of supportive tools out there for people to consider when they need to free up assets. And the best one again is to start with someone that you know and trust. A financial planner to help manage those assets long term. You want someone who’s gonna take a really comprehensive approach to. So sometimes you think of like a financial. Oh, how am I gonna plan for retirement, you know retirement when all my vacations I’m gonna go on.

00:31:27.200 –> 00:31:27.590
Mike Paladino: Yeah.

00:31:27.590 –> 00:31:32.529
Gabi Pumpian: Like my parents. My parents just recently retired, and they’re hit with these chronic illnesses. So.

00:31:32.530 –> 00:31:33.070
Mike Paladino: Yeah.

00:31:33.070 –> 00:31:50.029
Gabi Pumpian: Still taking small vacations. But it’s not that. It’s not what they thought their retirement was gonna be. And so they’ve had to shift and pivot into using their funds for managing their lifestyle so that they can still enjoy, but also take care of their you know themselves, and stay in their own home.

00:31:50.441 –> 00:32:14.440
Gabi Pumpian: I think that understanding what supplemental programs financial planners can offer products like, we talked about the hybrid long term care insurance policies. Is important also, and a financial planner can point you in the right direction with a good estate planning attorney. So estate, planning, and asset protection go hand in hand. There’s a lot of misconceptions. People think that they can only hire an estate planning attorney if they have all this money or.

00:32:14.440 –> 00:32:15.440
Mike Paladino: Yeah.

00:32:15.934 –> 00:32:33.799
Gabi Pumpian: Houses. That’s not true. Usually just takes a life event to to really take that first step. So if you’ve bought your first home. If you’re planning on having a child, if you’re getting married, those are all reasons to create a trust. And in the state plan that’s gonna protect your money.

00:32:33.900 –> 00:32:37.539
Gabi Pumpian: should you become incapacitated and can’t.

00:32:37.720 –> 00:32:43.129
Gabi Pumpian: it’s not only going to protect your money, it’s going to protect everything. If you become incapacitated and can’t make those decisions. So.

00:32:43.130 –> 00:32:43.800
Mike Paladino: Hmm.

00:32:43.800 –> 00:32:57.049
Gabi Pumpian: There’s no, that is a big part of the planning process. So I I’m working with the State, planning attorneys as well to say, hey? When I’m doing an assessment for a client who needs care? What question should I also be asking without kind of overstepping my back.

00:32:57.050 –> 00:32:57.730
Mike Paladino: Yeah.

00:32:57.730 –> 00:33:01.700
Gabi Pumpian: To ensure that they are set up for success, and that they have everything in place.

00:33:01.750 –> 00:33:22.539
Gabi Pumpian: gonna share another story about my parents which they. They love me, and they don’t mind that. I share this. They’re very supportive. But when last 2 years ago, I went up to, or a year ago. I can’t remember. I went to go visit them, and I had on my in my little brain. I gotta. I gotta ask about their estate planning documents. I’ve never seen them. I just. I have to do this. I have to.

00:33:23.280 –> 00:33:28.240
Gabi Pumpian: Conversation. So I did, and they pulled them out, dusted them off.

00:33:28.290 –> 00:33:30.519
Gabi Pumpian: you know. Paper copies.

00:33:30.660 –> 00:33:34.509
Gabi Pumpian: things, scribbled, names crossed out. I was just like.

00:33:36.010 –> 00:33:37.120
Gabi Pumpian: how about

00:33:37.520 –> 00:33:55.779
Gabi Pumpian: we get in touch with an estate planning attorney that I know here in San Diego, and let’s have him take a look at them because their attorney had retired, and they didn’t really have another go to. So luckily, love my parents. They’re they’re always willing to take my suggestions, which I know a lot of people don’t have that luxury.

00:33:55.780 –> 00:33:56.480
Mike Paladino: Yeah.

00:33:56.480 –> 00:34:00.869
Gabi Pumpian: Very stubborn. So we’re gonna talk a little bit about how you kind of approach that.

00:34:01.050 –> 00:34:19.440
Gabi Pumpian: But yes, got their estate plan dialed in. It took so much weight off of my shoulder. It took new considerations into play based on their health needs now, and they have a Dnr. And they have a pulse. And so these things that they didn’t have before in place we now have in place so.

00:34:19.440 –> 00:34:19.960
Mike Paladino: Nice, but.

00:34:19.969 –> 00:34:23.629
Gabi Pumpian: Something serious happens, and I’m not there.

00:34:24.110 –> 00:34:27.179
Gabi Pumpian: Physically yet. We have a plan in place. So.

00:34:27.179 –> 00:34:28.039
Mike Paladino: Yeah.

00:34:28.040 –> 00:34:29.270
Gabi Pumpian: Yeah, state planning is great.

00:34:29.721 –> 00:34:32.880
Mike Paladino: Absolutely. And you you’ve. It’s funny because

00:34:33.170 –> 00:35:00.910
Mike Paladino: the the for me, there’s a few key points that always just kinda keep coming back up. And it’s just being a clear communicator, knowing which questions to ask, or even further to that. If you don’t know which questions to ask, figuring out which questions you should be asking right? And being okay to kind of step out of the comfort zone and and be okay with not knowing something, but learning about that topic to then better advise others on how they can best be comfortable or plan, for

00:35:00.910 –> 00:35:07.049
Mike Paladino: you know these end of life events, or later stage life events right? I think one of the things that most people

00:35:07.796 –> 00:35:20.233
Mike Paladino: no think about when it comes to the later stages of life is kind of what you mentioned, where they think that retirements gonna be all these different things. And then they see, okay, well, actually.

00:35:20.640 –> 00:35:46.380
Mike Paladino: this thing came up or this plan changed. And then it’s like, you’re never really kind of getting to that point. And then then other things come up. You gotta manage and plan for and stuff. Right? So I think again, being proactive, we’re gonna probably talk about that 45 more times on this. Podcast but it’s being proactive and just communicating clearly in terms of you know what you can or cannot do or can achieve, or where you need to look for guidance. Right? And I think

00:35:46.380 –> 00:35:54.909
Mike Paladino: everything you’ve mentioned again is is just so impactful and so important that everyone should really be considering when you’re thinking about these topics, too.

00:35:55.280 –> 00:35:56.010
Mike Paladino: Yeah.

00:35:56.140 –> 00:36:06.719
Mike Paladino: absolutely. Yeah. Awesome. Well, I think the next question kinda you know piggybacks off of that one, and we’ve already somewhat talked about this. But again, I think it’s important to ask it.

00:36:06.790 –> 00:36:16.910
Mike Paladino: how do you best integrate a financial advisor into the planning process? And what specific expertise do you look for when selecting one?

00:36:17.140 –> 00:36:18.170
Mike Paladino: Okay.

00:36:18.865 –> 00:36:30.179
Gabi Pumpian: Yes, we’ve I’ve shared a little bit. I think I know, at least in the United States there’s a few different like licensing and credentials that financial planners have.

00:36:30.623 –> 00:36:46.990
Gabi Pumpian: We tend to work with certified financial planners. So they have a specific certification. They’ve passed certain exams. They have that fiduciary duty, and they typically provide more comprehensive services. So they’re not just like I said. It’s not just a one way path

00:36:46.990 –> 00:37:11.899
Gabi Pumpian: like life takes you in a million directions. So you need to have a a planner who’s going to take a comprehensive approach to what your wants are and what your needs may be in the future. And also they’re great for people who may have complex situations such as multiple properties, multiple businesses wanting to start a business in their future. So, looking for someone who has that comprehensive plan

00:37:11.900 –> 00:37:14.199
Gabi Pumpian: background is really important.

00:37:14.220 –> 00:37:15.570
Gabi Pumpian: There are

00:37:15.630 –> 00:37:20.150
Gabi Pumpian: hundreds of thousands, probably millions of certified financial planners out there.

00:37:20.160 –> 00:37:25.300
Gabi Pumpian: I also am a big proponent of getting an introduction from someone who’s had a good experience.

00:37:25.300 –> 00:37:26.139
Mike Paladino: Yeah, and plus.

00:37:26.140 –> 00:37:26.640
Gabi Pumpian: Right.

00:37:26.640 –> 00:37:28.160
Mike Paladino: Referrals. Yeah.

00:37:28.160 –> 00:37:32.880
Gabi Pumpian: Difficult, very overwhelming, to to fish in that giant ocean of financial.

00:37:32.880 –> 00:37:42.830
Mike Paladino: Yeah, well, that’s the thing, right, is there? There’s so. And this is probably a good thing. But there are a lot of say, options of individuals to work with, and I think you mentioned something

00:37:42.830 –> 00:38:05.569
Mike Paladino: that not only applies to financial planning, but in general referrals word of mouth that’s the most powerful tool, talking about marketing or getting in touch with the right individual. That’s really what sets people up for success is a somebody having a great experience. Talking about yours, you know. Set your parents up with somebody you trusted, and look at their experience right, and that’s likely going to be then

00:38:05.825 –> 00:38:20.640
Mike Paladino: used again and again and again, right? And I think not to say for those that don’t have any referrals, or have not experienced these things before that. It’s not a. It’s a not a bad thing to go and look through the ocean or the giant pond of options. But I do think that

00:38:20.880 –> 00:38:34.090
Mike Paladino: on that same topic it’s also doing your research on who you’re speaking to do? They have a profile. Have they been no reviewed before by by others that have used their services. What are they saying, you know, making sure they’re a good fit to work with you, doing your diligence and being

00:38:34.090 –> 00:38:50.899
Mike Paladino: proactive in these conversations and research. Is really going to ensure you’re finding the right person that’s gonna evaluate your needs, your current, no lifestyle statuses and and no financial assets. That kind of thing. And provide guidance. That’s gonna no truly help you right?

00:38:51.370 –> 00:39:18.369
Gabi Pumpian: Yeah. And I think, like I said, there’s misconceptions thinking you have to have, you know, 1 million dollars or something to to hire these folks or to retain them. You don’t. If you are a career, if you have a career and you’re putting money into a 4, one K or a 403 B, your financial planner can help you make sure that that’s being optimized. Or when you change jobs, your financial planner can help you with options, whether you roll that over into the new company, or maybe it’s invested somewhere else.

00:39:18.370 –> 00:39:25.719
Gabi Pumpian: That’s something that came up for me recently that I definitely took advantage of my financial planner to advise me on.

00:39:26.190 –> 00:39:38.720
Gabi Pumpian: Same thing with tax planning. If you have a child. And now you have childcare expenses, or you have medical expenses. A Cfp is usually connected to a really great Cpa. Who can help you with your tax

00:39:39.120 –> 00:39:43.750
Gabi Pumpian: needs and then planning for taxes, because I know a lot of people who

00:39:43.910 –> 00:40:04.889
Gabi Pumpian: who want to make their money last longer. Tax planning is a big strategy into that and the tax laws are always changing. So I just heard recently from a Cpa. Which blew my mind, which I don’t know how. I didn’t know this, but I didn’t. You can. You can submit your home, care bills as a tax as a tax. Write off.

00:40:04.890 –> 00:40:05.760
Mike Paladino: Oh, wow!

00:40:05.760 –> 00:40:07.869
Gabi Pumpian: With the Irs in the United States.

00:40:08.212 –> 00:40:09.100
Gabi Pumpian: I don’t know like.

00:40:09.100 –> 00:40:09.700
Mike Paladino: Be there.

00:40:09.700 –> 00:40:10.920
Gabi Pumpian: That than that.

00:40:11.890 –> 00:40:12.660
Mike Paladino: But it’s help.

00:40:12.660 –> 00:40:13.809
Gabi Pumpian: My clients, you know.

00:40:13.810 –> 00:40:14.470
Mike Paladino: Yeah.

00:40:14.470 –> 00:40:24.800
Gabi Pumpian: Of them already doing that. But that could be a huge educational piece value. Add for for people who have, you know, a lot of healthcare, a lot of care giving expenses.

00:40:24.800 –> 00:40:38.885
Mike Paladino: Yeah, well, I think that’s that kinda goes back to the point of like making sure you have the right resources that are supporting you, because otherwise we would have had no clue like, I just learned something new today, right? I’d had no idea that was something they could do. And I feel like there’s a lot of

00:40:39.496 –> 00:40:47.199
Mike Paladino: things you can send in claims for is tax deductible, and get money back for services provided or rendered, or whatever.

00:40:47.600 –> 00:40:51.230
Mike Paladino: That’s something that it’s for me. It’s new, but you don’t know unless you.

00:40:51.230 –> 00:40:53.240
Gabi Pumpian: Exactly reach out to them and.

00:40:53.240 –> 00:40:53.700
Mike Paladino: Yeah.

00:40:53.700 –> 00:40:55.710
Gabi Pumpian: I heard, this is this true? Can you look into the.

00:40:55.710 –> 00:40:56.350
Mike Paladino: Yeah.

00:40:56.350 –> 00:40:57.830
Gabi Pumpian: Me and explain it to me.

00:40:57.830 –> 00:41:22.000
Mike Paladino: It’s even just leveraging their experience, saying, Hey, you know, I’ve been doing this for 2530 years. These are the things we can help you with, and and make this the burden a bit less right? Or maybe you’re paying for it now. But at the end of the year there’s other benefits or no things that are going to be reimbursed, or something right? And I think again, if, unless you speak to those individuals, you get them included in your personal plan. You’re never gonna know these things that honestly are there to help you. But

00:41:22.080 –> 00:41:25.499
Mike Paladino: 90% of the people out there definitely don’t take advantage of them.

00:41:25.950 –> 00:41:54.350
Gabi Pumpian: Yeah. Cpas often are not Cpa Cfp certified financial planners. There’s all different types, too. There’s some that are fee based. There’s some that are like retention based there. So there’s there’s a lot of different options out there. For people to kind of see what fits best for them. But I highly. I highly recommend anyone who has a career who wants to set themselves up for their retirement. For themselves should definitely

00:41:54.420 –> 00:41:56.669
Gabi Pumpian: get it. Have a Cfp.

00:41:56.670 –> 00:42:04.550
Mike Paladino: Yeah, yeah, we can’t. You know, state the importance enough about these things. It’s it’s again having.

00:42:04.880 –> 00:42:15.119
Mike Paladino: you know, communication having access to these individuals like a Cfp. That’s really there to help you and support you and guide you, especially when their expertise and specialty is home. Care right?

00:42:15.430 –> 00:42:18.729
Gabi Pumpian: That early in that little investment is gonna save you.

00:42:18.730 –> 00:42:19.320
Mike Paladino: Oh, yeah.

00:42:19.320 –> 00:42:23.639
Gabi Pumpian: Down the line, which is something I think people in our industry really.

00:42:23.740 –> 00:42:38.469
Gabi Pumpian: really try to say more often is like, if you you know, if you invest in having a trust now, and you you work with an estate planning attorney. Then, when you pass away, your family is not going to be paying all your all your assets to the probate core.

00:42:38.470 –> 00:42:39.630
Mike Paladino: Yeah. Yup.

00:42:39.790 –> 00:42:47.130
Gabi Pumpian: By getting a trust in place, which is a one time, you know, 3 to 5,000 fee to save you so much money.

00:42:47.414 –> 00:43:07.035
Mike Paladino: Yeah, well worth it. 100%. Obviously, people have to do what’s what’s reasonable for them. But as you mentioned the the pay off, or the the value receive from that long term. It’s it speaks for itself, and it’s so worth it when you really break it down. But that’s again. The the Cfps can help people realize these things and and why? There’s the value there.

00:43:07.980 –> 00:43:28.550
Mike Paladino: I’m looking at the next question. And again, we’ve already kind of covered a lot of these just inherently and organically. But the next question and it’s something that you’ve already shared with us. But what are some strategies for having open and productive conversations with family members about financial expectations and potential contributions towards senior care.

00:43:29.210 –> 00:43:29.970
Mike Paladino: Yeah.

00:43:29.970 –> 00:43:31.000
Gabi Pumpian: Yes, we I have

00:43:32.180 –> 00:43:32.734
Gabi Pumpian: sorry.

00:43:33.825 –> 00:43:45.980
Gabi Pumpian: I think you know. I think place and timing is important, but not not putting it off too long where, you know you don’t have the conversation for 10 years.

00:43:46.525 –> 00:43:51.924
Gabi Pumpian: So I think, coming with an approach, it’s all about them, right? So I.

00:43:52.310 –> 00:43:53.400
Mike Paladino: Yeah, it’s.

00:43:53.400 –> 00:44:13.540
Gabi Pumpian: Well, actually, no, that’s not true. I I was like, what is my expectation? I think there’s multiple approaches. You can come from a place of concern. You can say, these are some of my concerns, mom and Dad, what are your concerns for? For you know your financial needs and your healthcare needs down the line so that I can be prepared, and I can hear them out. Now we can start solving for them.

00:44:13.540 –> 00:44:24.149
Gabi Pumpian: So asking with, Is it safety. Are you? You know you concerned that because you guys live on the second story that you’re not gonna be able to stay in your house long term, because you’re not gonna be able to enjoy your second story bedroom.

00:44:24.150 –> 00:44:24.790
Mike Paladino: Yeah.

00:44:24.790 –> 00:44:30.010
Gabi Pumpian: Live downstairs like. If if a parent said that 20 years in advance

00:44:30.090 –> 00:44:37.280
Gabi Pumpian: you could really plan, you could get a stair, you know, chair, lift many things that you could do to modify the home, to be able to stay there.

00:44:37.520 –> 00:44:37.880
Mike Paladino: Yeah.

00:44:37.880 –> 00:44:48.759
Gabi Pumpian: You know, versus oh, mom had a fall, and now the hospital is not going to release her home. She has to go to a facility because they know she has a 2 story house. Now she’s not going home right.

00:44:48.760 –> 00:44:49.110
Mike Paladino: Yeah.

00:44:49.480 –> 00:45:18.300
Mike Paladino: yeah, you know, what’s what’s funny about the conversation about the the 2 story home. This is something that my mom has always advocated for and explained when they’d move houses right? We used to live in a fairly large 2 story home. As soon as all the kids moved out, went away to school or gotten them moved on with their own lives. Personally, I know I moved away at a fairly young age, never went back, not for any reason other than I just know. Got lucky with careers and jobs and stuff. Okay, kinda explored the world a bit.

00:45:18.580 –> 00:45:30.759
Mike Paladino: But one thing that she said, was, as soon as we move and sell this house. We’re doing only bungalows, because, as I get older, I’ve she’s seen it many times with her home care, experience being a critical clinical nurse and a case managing nurse.

00:45:30.760 –> 00:45:45.040
Mike Paladino: People can’t use the second floor of their home, or they’re restricted to the first floor, after remodify their home, make a new bedroom or something, so they can have comfort at home. So for her, every house since that childhood home has been a bungalow every single one.

00:45:45.321 –> 00:46:12.040
Mike Paladino: Because again, she’s thinking about these things, which again, kudos to her, she has well thought out plans. So I think she’s in like the 1%. But like, really, really has had those critical thoughts about what it’s gonna look like when they’re at an age where, you know, they they have to think about getting support, or how they can best set themselves up for success in those later stages of life. So that’s something that that again resonated with with me. And and of course my family, too.

00:46:12.040 –> 00:46:21.359
Gabi Pumpian: Yeah, no thanks for sharing another. I just wrote out a couple of concerns. Another concern could be like financial exploitation.

00:46:21.360 –> 00:46:22.090
Mike Paladino: Yeah.

00:46:22.090 –> 00:46:38.960
Gabi Pumpian: It’s happening rampantly everywhere. Now. Again, it’s protecting your assets. It’s having proper documentation things in place, people having, you know, people who you wanna have access to those accounts, having that information ahead of time? Sure, you hear all these stories all the time

00:46:38.990 –> 00:46:43.960
Gabi Pumpian: my my parent passed away, and now we can’t access any of their accounts. Yeah.

00:46:43.970 –> 00:46:52.049
Gabi Pumpian: there’s ways to prevent that. It’s having a conversation early. It’s getting those passwords and things written out into and stored into a safe place.

00:46:52.719 –> 00:46:59.340
Gabi Pumpian: You know, to help avoid financial exploitation. Another thing could be. If someone is a wander, risk

00:46:59.822 –> 00:47:28.909
Gabi Pumpian: a lot of times we hear that with clients and people who have dementia or Alzheimer’s disease. And it’s a it’s a huge reason why people get moved out of their home because they’re a wander risk. So how can we set up the home and the person? And what support of services can we bring in to keep the person home in their lovely environment and not have to move into a memory care. Let’s start planning for that sooner. We all know there’s amazing technology that’s coming out every year for devices.

00:47:28.910 –> 00:47:29.450
Mike Paladino: Goals.

00:47:29.450 –> 00:47:36.849
Gabi Pumpian: Monitoring. I mean, it is the future of home care and keeping people at home. It’s it’s gonna be awesome.

00:47:37.635 –> 00:47:38.050
Mike Paladino: Yeah.

00:47:38.050 –> 00:47:42.296
Gabi Pumpian: There’s a lot a lot to. But if you don’t know about those resources,

00:47:42.680 –> 00:47:47.620
Gabi Pumpian: or you don’t do your due diligence early, it could be too late by the time you need to put those into play.

00:47:48.023 –> 00:47:51.470
Gabi Pumpian: So I think it’s just being curious with your folks like.

00:47:51.790 –> 00:48:05.470
Gabi Pumpian: or or whomever you’re having the conversation with is saying, what are some of these concerns for you? Your goal, my goal for my folks, is to help preserve and maintain their independence as long as possible. And so, if you come to your parents in that place

00:48:05.764 –> 00:48:24.879
Gabi Pumpian: what? What can we do in the next? You know few years to help ensure. We’re gonna preserve your independence so that you can live the way that you want to live. And you’re not. Gonna I’m not gonna have to parent you as your child, which a lot of people are in that situation in that situation, and that makes the dynamic sometimes

00:48:24.880 –> 00:48:29.510
Gabi Pumpian: very contentious and not sustainable long term.

00:48:29.840 –> 00:48:36.449
Gabi Pumpian: So how can you approach? This is all about preserving your independence. This is my role in that, you know.
00:48:36.850 –> 00:48:41.129
Gabi Pumpian: asking those types of questions is important, and like, I said earlier.

00:48:41.310 –> 00:48:56.539
Gabi Pumpian: is, is asking what the expectation of you is, and and you voicing some of your concerns around that, and starting starting early to find the resources. Those are my, those are kind of my key things. It’s just like talking about starting as early as possible.

00:48:56.920 –> 00:49:02.629
Gabi Pumpian: doing preventative care. A lot of people dropped off of preventative care during Covid, because

00:49:02.660 –> 00:49:08.560
Gabi Pumpian: we didn’t want to go in and using telehealth as a way to do. Preventative care is great as well.

00:49:08.997 –> 00:49:19.330
Gabi Pumpian: But going in for all those checks go in making sure that your parents or yourself are doing all the basic things to keep your health

00:49:19.430 –> 00:49:26.019
Gabi Pumpian: optimized as it is for for the long term, and not getting caught off guard with a surprise.

00:49:26.450 –> 00:49:31.080
Gabi Pumpian: If if possible. So all the preventative testing that you can do the better.

00:49:31.390 –> 00:50:00.239
Mike Paladino: Yeah, absolutely. And I think it’s one of those things where? And you know, I’m probably a culprit of this, too, where it’s like, that’s not a problem. Today I’ll deal with it as it comes. It’s kind of called a millennial mindset, I guess, which is certainly the category I fall into. But thankfully, my fiance is the one that does like to plan for these things always. No reminding me saying you gotta set your appointment for this, or you gotta go get this checked or gotta do these things. And you know.

00:50:00.300 –> 00:50:14.732
Mike Paladino: thank thank God that she’s here for me, because if I didn’t have someone like that reminding me. I don’t know if I would ever go and get checked for anything so, and it’s one of those it’s no bad to say, especially because I’m in homecare and healthcare services. But

00:50:15.010 –> 00:50:15.455
Gabi Pumpian: Honest.

00:50:15.900 –> 00:50:45.079
Mike Paladino: It’s, you know, it’s funny usually, and this is applicable to a lot of things. When you’re in doing something in practice. You’re a lot of the times portraying what messaging needs to be presented, but not practicing it yourself. And that’s something that we all we see. It’s all too common across the board nurses, for example, my mom just had surgery nurses make the worst patients because they know a lot of stuff, but they also don’t want to listen to anyone else. So it’ll tell. My mom, for example, shoots me a picture

00:50:45.200 –> 00:51:07.440
Mike Paladino: as her foot’s like elevated, and she has a PIN in her toe, and the bottom of her toe kind of looked a bit pale, but the the the like. The actual end of her toe was totally normal color like really normal looking right? And she’s like, does it look weird to you? I said. You know. No. But are you moving around? Are you laying in bed all day. No. Are you a ambulating enough? Are you moving around getting your circulation going?

00:51:07.440 –> 00:51:32.409
Mike Paladino: She’s like, well, no, I’m like well, there you go. You’re a nurse. You should know these things. You need to move around. You can’t lay in bed all with your foot elevator that you gotta be out there. Then she has like a scooter. She can put on her like what do you call it? Just like a knee scooter type thing, so she can kind of move Mose around the house like gotta just go go do like a lap for 10 min around the house, you know, like, have a drink of water and just go for a little walk around your home like it’s not that big of a home. You can kind of just do it and test

00:51:32.410 –> 00:51:47.169
Mike Paladino: 10, you know. 10 min couple of laps, and that’ll help you get circulation going, and that won’t have you worried about the maybe know the the paleness of the bottom of your toe, right? Like, so yeah, kind of a side topic. But it is.

00:51:47.170 –> 00:51:54.579
Gabi Pumpian: I mean the roles reverse quickly all of a sudden. Now you’re, you know, checking up on your mom and ways. You’ve never had to do with.

00:51:54.580 –> 00:51:55.930
Mike Paladino: Yeah, Yup.

00:51:55.980 –> 00:52:18.689
Mike Paladino: absolutely. And I think I’ve learned a lot by extension. Given that I spent 30 plus years hearing my mom talk about home care and doing her paperwork at home, manually, obviously, and that’s a separate topic. But and then, my my fiance being a a very highly skilled critical care. Nurse always tells me stories, or like what we should be doing, basically as individuals to help prevent

00:52:18.700 –> 00:52:34.749
Mike Paladino: things. So I’m surrounded by, you know, a lot of very intelligent folks in the healthcare world, and by extension of learned a thing or 2 which, you know, maybe I don’t apply to myself as I should, but I can certainly talk the talk, which is fine.

00:52:35.116 –> 00:52:59.320
Gabi Pumpian: That’s great. One other thing I wanna mention about having open communication. Unlike you and I, where we’re very fortunate. We have good relationships with our parents. Not everybody does right? So I wanna acknowledge that this is not easy. This is not. I’m not coming from a place because my parents listen to me. You know I’m kind of an anomaly.

00:52:59.530 –> 00:52:59.940
Mike Paladino: Yeah.

00:52:59.940 –> 00:53:08.416
Gabi Pumpian: I think the sooner one who maybe doesn’t have a good relationship with their parents may be willing to

00:53:09.140 –> 00:53:32.610
Gabi Pumpian: address some of the challenges of why they don’t have a good relationship. Because there may be a point right, especially if that adult child is dedicate, designated as a trustee or designated as someone in the Advanced Directive, that that person’s gonna have to come in and play a role for their for their parent at some point. So

00:53:32.720 –> 00:53:35.750
Gabi Pumpian: just again with the proactive planning.

00:53:36.147 –> 00:53:42.290
Gabi Pumpian: if you’re 40 or 50 years old and you haven’t talked to your mom or dad in 1020 years.

00:53:42.790 –> 00:53:58.100
Gabi Pumpian: I encourage you to maybe get some support in order to have a facilitated conversation. There are amazing mediation professionals. You don’t have to do it alone, but it could help prevent a lot of burden. Headache, stress challenge

00:53:58.290 –> 00:54:05.940
Gabi Pumpian: financial issues in the future. If you’re willing to start earlier and hat and try to resolve some of the resentment

00:54:06.400 –> 00:54:08.569
Gabi Pumpian: or whatever the whatever the thing is.

00:54:08.570 –> 00:54:09.230
Mike Paladino: Yeah.

00:54:09.230 –> 00:54:16.019
Gabi Pumpian: Or find a way to know if you really don’t want to have. And a lot of people don’t want to have any involvement.

00:54:16.160 –> 00:54:17.150
Gabi Pumpian: then

00:54:17.280 –> 00:54:24.310
Gabi Pumpian: then it’s just ensuring that the older adult does have someone designated. So do they have a fiduciary.

00:54:24.750 –> 00:54:27.630
Gabi Pumpian: They have a aging life care

00:54:28.253 –> 00:54:32.736
Gabi Pumpian: manager, do they have a trustee from, you know, a bank or

00:54:33.120 –> 00:54:37.200
Gabi Pumpian: a financial institution that will help make decisions.

00:54:37.240 –> 00:54:40.940
Gabi Pumpian: I see so many people who are older

00:54:41.000 –> 00:54:42.500
Gabi Pumpian: who have nobody.

00:54:42.560 –> 00:54:49.869
Gabi Pumpian: and they are left flailing, and they’re left with like the need for help and support, and they’ve

00:54:50.200 –> 00:54:51.759
Gabi Pumpian: they don’t have anyone, whether.

00:54:51.760 –> 00:54:52.250
Mike Paladino: Yeah.

00:54:52.250 –> 00:55:16.339
Gabi Pumpian: They’ve like ousted everyone in their life, or they have all these, you know, past issues that were never resolved. But I just think that we can be a better society if we’re willing to try to face some of the challenges and just try to overcome. If it doesn’t, if it doesn’t work out. It doesn’t work out. At least you tried, and you can’t go back, you know, when that say, your mom passes away and you never resolve something, and you have no idea now her estates and probate, and you’re like

00:55:16.470 –> 00:55:17.440
Gabi Pumpian: shoot.

00:55:17.440 –> 00:55:18.040
Mike Paladino: Yeah.

00:55:18.040 –> 00:55:19.420
Gabi Pumpian: Really should have

00:55:20.027 –> 00:55:27.359
Gabi Pumpian: maybe tried something. It just. I see so many people who have to back pedal regret and

00:55:27.832 –> 00:55:32.629
Gabi Pumpian: disgrace that if if we can try to resolve some of these things earlier, the better.

00:55:32.630 –> 00:56:01.059
Mike Paladino: It’s one of those things cause I’ve seen. I’ve seen similar stories, right? Just know locally here personal friends, family, that kind of thing. And you always think there’s time to resolve until there’s no time left, right? And I feel like that’s something that is often lost on that conversation or that topic, because it’s again always moving the goal posts. I’ll get to it, or I don’t have time for that, or I gotta focus on other things in my life that I deem at the moment more important. Right? So it’s kind of the

00:56:01.170 –> 00:56:07.890
Mike Paladino: the nature of the selfishness we kind of have as a society now, but also the the unwillingness

00:56:07.970 –> 00:56:28.490
Mike Paladino: to put ourselves in uncomfortable situations too right, and those most difficult conversations are often the ones we need to be having. But we avoid them. 60 avoidance technique right where? We, we do it because it’s easy to avoid it until it’s not. And then you experience something that makes it 10 times harder than it was when that person was still around.

00:56:28.490 –> 00:56:35.049
Gabi Pumpian: Yeah. And I, I think the millennials who are, you know, who are going to be that role for their baby boomer

00:56:35.120 –> 00:56:36.150
Gabi Pumpian: parents?

00:56:36.780 –> 00:56:37.710
Gabi Pumpian: Ums.

00:56:37.840 –> 00:56:39.000
Gabi Pumpian: we

00:56:39.130 –> 00:56:46.310
Gabi Pumpian: we were. Our generation was raised a little bit more openly, and encouraged to talk about ourself, our feelings, our needs.

00:56:46.310 –> 00:56:46.790
Mike Paladino: Yeah.

00:56:46.790 –> 00:56:50.577
Gabi Pumpian: Like. I think, the baby boomers. They were their parent, you know. The greatest generation.

00:56:50.830 –> 00:56:51.810
Mike Paladino: It all inside.

00:56:51.810 –> 00:57:19.679
Gabi Pumpian: Bit more like shut down. We don’t talk about our feelings. We don’t talk about what happened during the war. We don’t, you know we don’t. We leave all that in the past, and we just move forward. So our generation has an opportunity to really uncover a lot to help prevent. Because, like you said earlier, you hope that it. This demographic shift doesn’t, you know, disrupt too much in society? It’s going to. These numbers are so massive and drastic.

00:57:19.680 –> 00:57:20.366
Mike Paladino: It’s crazy.

00:57:20.710 –> 00:57:26.429
Gabi Pumpian: No way. Every single human is gonna feel the effects of this.

00:57:26.480 –> 00:57:34.890
Gabi Pumpian: either because they can’t work anymore because they have to take care of their parent. And now we lose a a worker in the workforce

00:57:35.379 –> 00:57:57.310
Gabi Pumpian: or someone dies alone. Or you know the Medicaid. I know we’re gonna talk about some government programs. Those systems are so impacted that people can’t get the services that they they were banking on. You know, social security Medicaid. Those systems are too impacted. There’s too many people who need them, because there wasn’t planning done earlier enough. So

00:57:57.570 –> 00:57:58.550
Gabi Pumpian: we

00:57:58.810 –> 00:58:00.210
Gabi Pumpian: have to have these conversations.

00:58:00.210 –> 00:58:02.993
Mike Paladino: Yeah, absolutely. And you know.

00:58:03.750 –> 00:58:26.020
Mike Paladino: it’s a. It’s a topic we can probably keep talking about for hours on end, because there’s there’s the thing is, there’s no right solution. There’s just ideas, right? And I think we have an I. We have, you know, a semblance of what it looks like to find success or what we should be doing. But there’s so many variables where or other nuance that comes in where we just we didn’t account for or like. Huh!

00:58:26.210 –> 00:58:34.629
Mike Paladino: That made us think a bit differently right? And I think that that’s all part of the ever changing landscape of things. And hopefully, I think one of the

00:58:35.180 –> 00:58:52.939
Mike Paladino: things will help bridge the gap for the challenges we’re going to be facing is technology, right? I think it is going to be a huge focus, because there’s, as you mentioned, certainly only going to be less and less people to be caregivers or provide care or assistance. Right? So with that

00:58:53.090 –> 00:59:01.022
Mike Paladino: largely. What solves those challenges is technology. I don’t want to say AI, because it probably is going to be some sort of AI, but

00:59:01.340 –> 00:59:24.370
Mike Paladino: it’s gonna be some sort of wearables or devices, or, you know, something like that. That’s gonna at least just alert people quicker and provide more relative more relatable type of assistance, quicker based upon whatever that new tech is which maybe we’ll see it in 5 years, maybe 10, maybe next year. Who knows? But something’s gonna gotta give. And then largely, we’ll be a technology based solution.

00:59:24.800 –> 00:59:41.019
Gabi Pumpian: Yeah, I think people in the tech world who are investing and innovating in in, in home solutions for people or better communication across providers. I met with someone yesterday who’s in that world and who was talking about some of these

00:59:41.080 –> 01:00:09.080
Gabi Pumpian: AI based technologies that he’s working on that are really tools for communication to re to reduce the amount of time or time laps or gaps in communication that happens so frequently in healthcare, even in caregiving. You know, the the typical standard agency is probably leaving a binder or notebook in the home, asking the caregivers to document with a pay, pen and paper, and that’s the communication.

01:00:09.160 –> 01:00:35.349
Gabi Pumpian: No, that doesn’t work in 2025. That’s certainly not gonna work in 2,035, right? So there are. I’m you know, you. You are in the technology space. You’re working on software that automates and optimizes communication. And we as our company to your home care, that is our biggest differentiator is, we use technology to its full capability to provide the best value for the home care service.

01:00:35.350 –> 01:00:41.481
Mike Paladino: Yeah, and you kinda have to. It’s one of those things where there’s not really any choice to lag behind. I’ve seen

01:00:42.088 –> 01:01:06.300
Mike Paladino: you’d be very. Maybe you wouldn’t be surprised. But there are so many agencies that are still doing it by pen and paper. And when I have those conversations, I’m like. On the one hand, Ouch! On the other hand, let me help because I definitely am gonna save you. Time make things less painful, and I think the biggest challenge we solve in that in area. There’s 2 things, really, it’s better access to data, you know, getting accessing it from anywhere which is important

01:01:06.300 –> 01:01:15.328
Mike Paladino: lot of the times, especially smaller agencies, the owners, the Admins. They also do care giving. So it’s like, how can I manage both things from one spot? Well tech right?

01:01:15.620 –> 01:01:16.780
Mike Paladino: The other thing

01:01:16.950 –> 01:01:22.649
Mike Paladino: which I’ve just lost, my train of thought on which hopefully comes back to me. It’s

01:01:23.030 –> 01:01:25.099
Mike Paladino: it’s the access to data.

01:01:25.520 –> 01:01:31.670
Mike Paladino: But also the note taking too right, like the actual, the the you know, the sheer

01:01:32.100 –> 01:01:54.570
Mike Paladino: tasks that we’re completing, right. If I can do like voice to text dictation, not writing things down, taking a photo of something that went wrong, or that I have to submit for some sort of report. Getting sign off electronically, like, just mitigates, reduces those steps. Because, oh, this is what my point was. It reduces the time spent on more of the manual monotonous tasks, and gives agencies, more time to focus on growing

01:01:54.570 –> 01:02:03.580
Mike Paladino: the business, acquiring more clients, no focusing on helping as many people as they can and hiring people to provide more services. Right? So

01:02:03.888 –> 01:02:33.240
Mike Paladino: it all goes hand in hand. It’s almost like the no, the the flywheel, slash, trickle, effect like the domino of when we solve one challenge. These things all get a bit easier that it optimizes your time right? But I’ve seen agencies manage like 50 plus clients manually, 100 plus clients manually. I’m working with a franchise right now, hopefully getting them on boarded soon. That has 500 plus clients, and across 13 locations, all tracked by paper, and I’m like the I’m speaking to the guy. And he’s like, you know.

01:02:33.380 –> 01:02:57.950
Mike Paladino: we inherited the business and we’re really trying to solve for all these things now via Tech, and I don’t know how they scaled the agency or the franchise to this scale, doing it by pen and paper. I really have no clue cause. If I was doing this all the time I wouldn’t have right. So it’s it’s interesting, right? Sometimes it’s the change in behavior from the tech side if it was always done a certain way right. That’s just the way it was. We didn’t know any better. We just made it work.

01:02:58.220 –> 01:03:04.089
Mike Paladino: But then that’s helping them think differently like, Hey, there’s an easier way to do this right. Check this out right? So.

01:03:04.090 –> 01:03:12.849
Gabi Pumpian: I mean, like you said. I’m glad you know you can make a difference with that franchise, because we have to pivot, too. And

01:03:13.159 –> 01:03:18.659
Gabi Pumpian: I just brought up like, remember, when you used to have to use a travel agent and a phone

01:03:18.700 –> 01:03:20.290
Gabi Pumpian: to book an airline ticket.

01:03:20.290 –> 01:03:21.676
Mike Paladino: Yeah, yeah.

01:03:22.370 –> 01:03:25.760
Gabi Pumpian: Can you imagine people now thinking that that’s how you had to.

01:03:25.760 –> 01:03:45.399
Mike Paladino: No, I couldn’t imagine not going on my like my points. I have a visa that’s like a travel visa. I go to my expedia or whatever. And I book my flight. And it’s like, basically, I mean, it’s free because I have points right. And we spend everything on the credit card, but it’s like I couldn’t imagine not doing it that way, because I can do it in 5 min versus calling somebody

01:03:45.420 –> 01:03:46.590
Mike Paladino: waiting.

01:03:46.600 –> 01:03:52.679
Mike Paladino: getting my requirements out, seeing the options. It’s like a day or 2 process that’s not done in like 5 or 10 min right.

01:03:52.680 –> 01:04:10.340
Gabi Pumpian: Right, and the tech is only gonna help reduce the cost for the consumer in the end, because homecare agencies, the number one cost is labor. And then you have all the other overhead. Operational costs, too. But if we can reduce those costs and just focus on the labor

01:04:10.673 –> 01:04:23.720
Gabi Pumpian: and automate a lot of the, you know, more expensive back office work. Then we’re gonna be able to offer services to more people. More people are gonna be able to afford it. It’s gonna shift, just like now, more people can travel

01:04:24.360 –> 01:04:27.540
Gabi Pumpian: on airplanes because of the technology.

01:04:27.540 –> 01:04:28.150
Mike Paladino: Yeah, me.

01:04:28.150 –> 01:04:31.299
Gabi Pumpian: To book flights you can cost. Compare you can, you know.

01:04:31.300 –> 01:04:33.065
Mike Paladino: Yeah, with a couple of clicks.

01:04:33.360 –> 01:04:59.439
Gabi Pumpian: So many ways. So I think you know, as far as private pay, it’s the biggest hurdle that people have when committing to getting care in the home is the cost. So it’s it’s important for for me to have conversations, and for us as a industry to talk about. How can we reduce costs without jeopardizing the cost. That we pay our the. You know the rates that we pay our caregivers because, I mean, that’s a whole nother podcast on.

01:04:59.690 –> 01:05:00.190
Mike Paladino: Oh, yeah.

01:05:00.190 –> 01:05:13.190
Gabi Pumpian: On on the employee and the caregiver, and, you know, paying people so that they can support their lifestyle so that they cannot be so stressed so that they can show up better for clients. That’s a whole nother. Podcast.

01:05:13.190 –> 01:05:40.909
Mike Paladino: Yeah, I’ve already had a smidge. Yeah, I’ve already had a smidge of a conversation on that. And that podcast. Was like 2 h. And it was like we could have kept going. It was crazy. But it’s we’ll definitely have to table that one. But yeah, it’s that. That is a whole beast of a conversation that I really have a hard time finding a clear solution to. Honestly, unless we get, I think, the best way not to go down the rabbit hole. But it’s just advocating

01:05:40.910 –> 01:06:04.620
Mike Paladino: reaching out to your local government officials really just being a voice and making it something that they have to care about because so many people are focusing on it. I think that’s really the main thing most people can do at like a basic level. And then, obviously, there’s more you can do as you run out of chain. But it’s just being vocal about it, communicating it, advocating for it. Right? I think that’s the main thing.

01:06:05.430 –> 01:06:18.160
Mike Paladino: Alright. Well, Gabby, the last and final question today kind of already touched on a little bit, but I’d love to learn more? Are there government assistance programs or benefits available to help offset the cost of senior care?

01:06:19.370 –> 01:06:39.340
Gabi Pumpian: Yes, is the short answer. There are some programs. I will just preface that most of the home care companies that I’ve worked with including home care. We do not work with any government programs. So I’m not the expert. There’s certainly our amazing industry folks who are much more well versed in the Medicaid and the Va.

01:06:40.102 –> 01:06:46.099
Gabi Pumpian: Support programs. Those are the 2 main ones that I will just share a little bit about

01:06:46.545 –> 01:06:55.780
Gabi Pumpian: and I think that, like I mentioned a little earlier. I think that managed care organizations are, you know, other medical insurance providers are starting to

01:06:56.154 –> 01:07:05.459
Gabi Pumpian: create benefits that do cover some not quote nonmedical needs. But again, you have to be an in network provider, a contracted provider with those management.

01:07:05.460 –> 01:07:06.060
Mike Paladino: Yeah.

01:07:06.060 –> 01:07:26.819
Gabi Pumpian: To be able to service those patients and and clients. And I’m we are not doing that right now. So, based on what I do know. The 2 most common and most popular and wonderful programs through the government is the Medicaid Medical program, which focuses mostly on supp providing supportive services to low income individuals.

01:07:27.320 –> 01:07:31.640
Gabi Pumpian: You typically have to be 65, and older. You have.

01:07:31.886 –> 01:07:32.380
Mike Paladino: To be.

01:07:32.680 –> 01:07:53.109
Gabi Pumpian: You don’t have to be. But or you could be blind or disabled. Living in a long term, care, facility. So there definitely are qualifications. And then there’s also a financial component which I heard recently, that is changing. And I think you I’m not going to give those numbers, because, again, I’m not an expert in that. But if your qualification for medical does,

01:07:53.630 –> 01:08:19.579
Gabi Pumpian: is determined by your income, and then, once you qualify, you have access to an in network, you know, amount of providers that do everything from outpatient care, support hospitalizations, er visits, mental health, newborn and maternity care rehab in the home chronic Disease Management hospice, a bunch of other things. And here in California we have in home support services paid for by medical.

01:08:19.580 –> 01:08:20.080
Mike Paladino: Right.

01:08:20.615 –> 01:08:22.219
Gabi Pumpian: Some caregiving support.

01:08:22.220 –> 01:08:47.230
Mike Paladino: Yeah, I do work with a lot of agencies out in California. So Medicaid is a program I’m pretty familiar with and you know we are a compliant vendor for that. So when it comes time to have, like Ev or no for Va or medical medicaid it’s important, right? And and I think those programs certainly provide a lot of value. I think the biggest gap that I’ve seen is, you know, just the funding from the State. California does a great job. New York does a pretty good job.

01:08:47.502 –> 01:09:15.247
Mike Paladino: So other States, mid mid Mid Midwest States do decent job. But there are some that are really lagging behind to the point where there’s that conversation right of does it make sense to be a caregiver or still work at Mcdonalds. So that that just to be blunt like that’s literally conversations people are having now, because they’re evaluating the the quality of the work and the happiness they’re getting. And a lot of times on these these, you know, lower income programs where it’s not a lot of funding. It’s, kinda you know, a forced program. If you will.

01:09:15.520 –> 01:09:16.290
Gabi Pumpian: Hmm.

01:09:16.290 –> 01:09:26.590
Mike Paladino: Those are the ones that generally don’t have a positive experience, because it’s already with like, no, very, very, very low funding, which kind of speaks for itself.

01:09:27.700 –> 01:09:33.829
Gabi Pumpian: Yeah, I mean, the program is there, but it is very, very limited to who, with who it can reach.

01:09:33.830 –> 01:10:00.399
Mike Paladino: Yeah. But I I do think, though in a more positive sense, which really want to focus on those there are really, you know a lot more people advocating for the program because the ones that do it well, like medical right or others. No programs where there’s a lot more funding and Medicaid or Va when it works well, it’s such an amazing solution, right? When it’s given the proper resources. Given the proper funding. When the Mcos contract out with a lot of different agencies that.

01:10:00.650 –> 01:10:17.010
Mike Paladino: you know, provide these services where it’s tracked and managed properly that you’ve seen the value of of how well it can work. And we just hope that no other States can kind of get on board with those programs that have been working successfully and kind of model themselves after those ones that have seen success right?

01:10:17.010 –> 01:10:20.969
Gabi Pumpian: Yeah, absolutely. And you know, with the income or the

01:10:21.150 –> 01:10:32.439
Gabi Pumpian: the assets. Sometimes people have to kind of spend down. This just made me think of a client that we had when we first started cheer, who lived in probably a 5 million dollar home.

01:10:32.460 –> 01:10:37.100
Gabi Pumpian: and she had services 3 times a week for 4 HA day.

01:10:37.370 –> 01:10:53.030
Gabi Pumpian: And then one day her son call, and she was on service, probably a couple of months. One day her son called and said, Hey, we’re gonna have to cancel services. We’re we love you. We’re really happy. We love the caregivers, but we have to make a change, and and we were shocked. We were like what everyone.

01:10:53.030 –> 01:10:53.730
Mike Paladino: Yeah.

01:10:53.910 –> 01:11:19.240
Gabi Pumpian: She loves her caregiver. And then we said, Why? And he said, Well, my mom just qualified for medical. And so we’re gonna use some other programs to get the care to really preserve her assets. So she didn’t. She could still live in her beautiful 5 million dollar home. But she has, you know, changed providers and get some additional services through the program which we weren’t contracted with, and so we had to split ways, but

01:11:19.460 –> 01:11:24.379
Gabi Pumpian: happy for her. But if this is what you want in order to stay in your home, this is the best way to do it.

01:11:24.520 –> 01:11:25.420
Gabi Pumpian: You know where he.

01:11:25.420 –> 01:11:26.180
Mike Paladino: Yeah, okay.

01:11:26.180 –> 01:11:27.139
Gabi Pumpian: Future. But yeah.

01:11:27.140 –> 01:11:27.790
Mike Paladino: Yeah.

01:11:27.940 –> 01:11:30.129
Gabi Pumpian: Yeah, so you never know, like.

01:11:30.570 –> 01:11:54.169
Mike Paladino: That’s a good example of of why medical is so advantageous, and it works well. And and I think my hope and goal is that other states follow suit because that’s the model that does really help out in those financial assistance programs. Right? And I, just again, I hope that’s a a follow suit elsewhere, because some States definitely have a bit more of a challenge than that than California.

01:11:54.520 –> 01:12:05.140
Gabi Pumpian: Yeah, absolutely. And then this new legislation just came out with this 80 20 rule. So a lot of home care industry leaders are talking about that which is like a wage labor.

01:12:05.140 –> 01:12:05.830
Mike Paladino: And hmm.

01:12:06.871 –> 01:12:12.150
Gabi Pumpian: Rule. I’m learning a lot about it, so I I will not speak on it at all today, but it’s.

01:12:12.150 –> 01:12:31.791
Mike Paladino: We did touch on that one of our last, the last. Podcast, it just came up kind of similar in conversation, where it’s this new legislation that is, hopefully, if implemented the right way should provide a lot of help and support. But again, I’m not going to pretend I’m an expert on that topic right now, cause it’s such a new thing. And a lot of a lot of nuance, too. So

01:12:32.050 –> 01:12:46.894
Gabi Pumpian: That’s a tricky industry. You know, this human service industry is like none other right? So it’s like, on the one hand, we want to support caregivers. They deserve adequate pay they deserve to, you know, have stability in their economic life.

01:12:47.240 –> 01:13:08.329
Gabi Pumpian: But the other hand, it it can’t just come at a cost, the customer or to the agency like, there’s gotta be better ways. And I think that’s one of the biggest issues with this 80 20 role is that it’s paying, you know, it’s mandating a certain pay for the caregiver, and no one’s thinking about what’s that gonna do for the employer? So anyway, it’s a lot.

01:13:08.330 –> 01:13:08.860
Mike Paladino: Yeah.

01:13:08.860 –> 01:13:29.219
Gabi Pumpian: The other. The other main governmental program that we know of is the Va. Here in the United States don’t know what it’s like in Canada. But the Va. From what I research has about 5 programs that they offer for home based care. One is a primary care in the home. So they have doctors that will go out and do house calls, which is wonderful and convenient, especially.

01:13:29.870 –> 01:13:48.069
Gabi Pumpian: Our patients don’t drive anymore. They have a directive care program where the veteran, I think it’s a flexible budget, and they can use that money to either do home modifications, or hire caregivers, or do something, so they qualify for an allotment of money. I don’t know if it’s annually or monthly, not an expert. Again.

01:13:48.900 –> 01:14:01.640
Gabi Pumpian: Then there’s the homemaker and the Home Health Aid program, which is assigns caregivers typically contracted through an agency to assist with the activities of daily living. So I know. We don’t do. We don’t have a contract.

01:14:01.650 –> 01:14:10.239
Gabi Pumpian: San Diego, but I know 2 other agencies that do. The Va. Homemaker program really? Well, so I always refer to them. If if someone’s not a good fit for us.

01:14:10.240 –> 01:14:10.950
Mike Paladino: Yeah.

01:14:11.310 –> 01:14:22.339
Gabi Pumpian: And then they have a home health, and then they have a community care which is additional resources that can that can be offered to the Va. And just a quick story cause. I always have

01:14:22.380 –> 01:14:24.559
Gabi Pumpian: personal testimonials with these subjects.

01:14:24.560 –> 01:14:25.962
Mike Paladino: The best kind.

01:14:26.430 –> 01:14:31.790
Gabi Pumpian: My my grandfather lives in Chicago, and he’s a hundred, and he.

01:14:31.790 –> 01:14:32.330
Mike Paladino: Wow!

01:14:32.350 –> 01:14:51.400
Gabi Pumpian: Or 2 veteran, and he lives in an independent living community, and he was living in one place and really loved it, lived there for like 6 years, and then his money is about was about to run out, and he never thought he was gonna live to, you know, 98 at the time.

01:14:52.780 –> 01:15:01.749
Gabi Pumpian: And, you know, could have done some things, maybe differently, planning wise. But here he is and wasn’t taking advantage of any veterans program.

01:15:01.750 –> 01:15:02.830
Mike Paladino: Oh, wow!

01:15:03.130 –> 01:15:20.070
Gabi Pumpian: So now he so luckily my uncle and my parents and I. We all kind of said like, let’s get him some more help cause. He’s a hundred now, and I know that these benefits out there that he qualifies for. So you know, it’s the Va. Nothing happens quickly.

01:15:20.070 –> 01:15:33.400
Gabi Pumpian: but they are pretty efficient once things get moving, and he was able to get back pay for like years that he could have with this program, and now has a little bit of an income coming in to help provide

01:15:33.804 –> 01:15:39.069
Gabi Pumpian: that financial support, so that he does get care in his independent living

01:15:39.090 –> 01:15:43.920
Gabi Pumpian: and the weight and the stress that it lifted off of him, I’m sure, was.

01:15:43.920 –> 01:15:45.359
Mike Paladino: Oh, my! Gosh! Absolutely!

01:15:45.360 –> 01:15:51.370
Gabi Pumpian: Knowing everyone’s like, How’s your grandpa? And I? I would always be like, he’s great. He’s just worried. He’s gonna run out of money.

01:15:51.810 –> 01:15:54.749
Gabi Pumpian: and that worry is

01:15:54.950 –> 01:15:59.890
Gabi Pumpian: is, it is probably one of the number one worries, I think, like people who are in their eighties, and.

01:15:59.890 –> 01:16:00.570
Mike Paladino: Oh, yeah.

01:16:00.570 –> 01:16:04.859
Gabi Pumpian: Right now who didn’t prepare for the baby boomers who may not have a retirement.

01:16:04.860 –> 01:16:05.440
Mike Paladino: Yeah.

01:16:05.440 –> 01:16:19.750
Gabi Pumpian: Or an investment. You know, portfolio that they’ve saved on so finding ways, utilizing every program that’s out there and making sure that you do utilize it and ask questions around it.

01:16:19.750 –> 01:16:20.430
Mike Paladino: Yeah.

01:16:20.430 –> 01:16:21.170
Gabi Pumpian: Important, to.

01:16:21.540 –> 01:16:29.449
Mike Paladino: Yeah 100. It’s being curious. And it’s also just knowing what’s out available. So it’s amazing to hear that you know your your grandpa

01:16:29.754 –> 01:16:55.059
Mike Paladino: was able to get the back pay. But again, like, that’s stress, it’s it’s something that we hope to not have to worry about at that age, right? And thankfully, the Va program. Yeah, as you mentioned the Va program once it does get its wheels turning, it’s a really great program. It just sometimes takes a while to get going, but once it’s done, and then and fully, you know, implemented for the individual. It’s it’s really a fantastic resource.

01:16:55.610 –> 01:16:56.290
Gabi Pumpian: I agree.

01:16:57.150 –> 01:17:22.090
Mike Paladino: Well, that was quite the conversation. That’s all the questions I got for you today. But hopefully, you know, those that tuned in learn something new. We peaked interest and and help, you know, or will help you think differently about. You know certain topics, sometimes uncomfortable topics, too. So that said, Thank you, Gabrielle, for sharing these great insights. I’m sure the audience got to know pertinent financial planning strategies for senior care.

01:17:22.090 –> 01:17:28.460
Mike Paladino: And to you the wonderful audience. Thanks for tuning in, and until the next episode. This is Mike signing off.

01:17:28.610 –> 01:17:29.410
Mike Paladino: Thanks, Gabby.

01:17:29.410 –> 01:17:30.070
Gabi Pumpian: Them.